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
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(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
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(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JULY 31
Date of reporting period: 07/31/2007
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreement 18.3%
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Special Assessment 12.2
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Hospital/Health Care 8.9
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Gas Utilities 6.9
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Higher Education 6.6
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Tax Increment Financing (TIF) 6.2
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Special Tax 4.2
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Education 3.9
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Multifamily Housing 3.9
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Electric Utilities 3.0
Portfolio holdings are subject to change. Percentages are as of July 31, 2007,
and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 9.8%
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AA 14.8
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A 15.1
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BBB 39.6
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BB or lower 20.7
Allocations are subject to change. Percentages are as of July 31, 2007, and are
dollar-weighted based on the total market value of investments. Securities rated
by any rating organization are included in the equivalent Standard & Poor's
rating category in the allocation above. The allocation above also includes
unrated securities whose ratings have been assigned by the Manager; these
unrated securities, currently 36.43% of the portfolio's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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15 | OPPENHEIMER AMT-FREE MUNICIPALS
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN STATES
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Florida 20.1%
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California 15.1
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Texas 13.8
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Illinois 6.3
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Virginia 4.7
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Colorado 4.3
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Louisiana 4.1
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Georgia 3.8
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Washington 3.7
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Missouri 3.5
Portfolio holdings and allocations are subject to change. Percentages are as of
July 31, 2007, and are based on net assets.
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16 | 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, 2007, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE. We are pleased to report that
Oppenheimer AMT-Free Municipals distributed high levels of tax-free income to
its shareholders during this reporting period, outperforming many fixed-income
alternatives on an after-tax basis. As of July 31, 2007, Oppenheimer AMT-Free
Municipals Class A shares provided a distribution yield of 4.75% at net asset
value. Lipper Inc.--an independent mutual fund rating service--reported an
average distribution yield of 3.87% among the 240 funds in its General Municipal
Debt Funds category as of the same date. 1
Tax-free income generated 100% of the Fund's positive total return for the
reporting period, providing significant benefit to our yield-oriented investors.
The Fund's Class A shares generated a 1-year total return of 4.37% without sales
charge. By comparison, the Lehman Brothers Municipal Bond Index produced a total
return of 4.27% in the same period. On July 31, 2007, the Fund was ranked in the
top 10% of funds in its Lipper category in total return for periods of 1, 3, 5
and 10 years. 2 These results clearly demonstrate how the Fund's income-oriented
approach continued to provide significant benefit to our investors in the past
12 months.
Throughout this reporting period, the monthly dividend for Class A shares
held steady at 4 cents per share. We believe this demonstrates the benefits of
investing with seasoned fund managers who are skilled at finding bonds with
generous yields even in challenging credit markets. In all, the Fund distributed
48 cents per Class A share in the reporting period ended July 31, 2007,
including a small amount of taxable income.
The Fund's holdings in tobacco Master Settlement Agreement (MSA) bonds
continued to provide significant benefit this reporting period. These so-called
tobacco bonds are backed by state and/or U.S. territory proceeds from a national
litigation settlement with tobacco manufacturers. At the end of this reporting
period, MSA-backed tobacco bonds accounted for nearly one-fifth of Fund
investments and comprised the Fund's largest industry category.
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
2. Lipper Inc. As of July 31, 2007, Lipper Inc. ranked Oppenheimer AMT-Free
Municipals 14th among 236 funds for the past year, 3rd among 220 funds for the
past 3 years, 4th among 207 funds for the past 5 years and 8th among 132 funds
for the past 10 years in its New York Municipal Debt Funds category. Lipper
rankings are based on total returns, but do not consider sales charges. Lipper
rankings are for the A share class only; other classes may have different
performance characteristics. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
17 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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This sector contributed strongly to the Fund's total return this reporting
period, which included two large pre-refundings that elevated bond prices.
Tobacco manufacturers continue to face litigation, but we believe the risks have
been overstated. In the history of MSA-backed tobacco bonds, interest payments
and scheduled payments of principal on the bonds held by our funds have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity.
Some recent courtroom decisions, nonetheless, are worth noting. Tobacco
manufacturers received good news in August 2006 when a judge ruled that she
could not authorize financial remedies, despite a finding that federal
racketeering laws had been violated. In November 2006, the U.S. Supreme Court
declined to review a 2005 ruling by the Illinois Supreme Court that reversed a
$10.1 billion judgment against Philip Morris USA. Late in this reporting period,
a federal judge in the Southern District of New York ruled that a smoker's claim
for punitive damages cannot be awarded because New York State, which had sued
the tobacco industry in 1997, ultimately agreed to participate in the MSA.
The Fund's current weighting in MSA-backed bonds reflects our belief that
these bonds can continue to help the Fund deliver high levels of tax-free
income.
In this reporting period, the Fund continued to favor bonds issued to
finance the infrastructure of new real estate development projects. The credit
structure of these Special Tax and Special Assessment bonds (known as "dirt
bonds") are advantageous, we believe, because the payments that secure the bonds
are on parity with real estate taxes. Additionally, the responsibility for
servicing the debt passes to all subsequent property owners as the land is
developed and subdivided. Thus, as the number of owners increases, the risk
bondholders face decreases. Further, the fear of foreclosure leads most property
owners to stay current with their debt service payments--to the benefit of the
Fund.
In all, Special Tax and Special Assessment bonds constituted about
one-sixth of the portfolio's market value as of July 31, 2007, included largely
attractive holdings and contributed positively to total return. The Fund's small
position in bonds issued to finance infrastructure development in the Roripaugh
Community Facilities District, in Temecula, California, however, was a concern
this reporting period. The construction timeline was delayed and various
building permits were withheld when a financial institution affiliated with both
the lead developer and a participating home builder filed for bankruptcy
protection this reporting period. The prices of the bonds held by the Fund fell
as a result and detracted from overall performance. All scheduled payments were
made this reporting period, with the affiliated developers using a letter of
credit to offset any payment
18 | OPPENHEIMER AMT-FREE MUNICIPALS
shortfalls. We expect payments to remain timely after the financial institution
emerges from bankruptcy protection and construction resumes. Importantly, we
continue to believe that our tax-free investments in "dirt bonds" represent
valuable and relatively low-risk opportunities to participate in today's
challenging housing market.
Credit spreads were relatively stable this reporting period, and Fund
managers continued to scour the municipal markets for securities that offered an
attractive balance of risk and reward. At the end of the reporting period, about
80% of the Fund's portfolio consisted of investment-grade securities, and the
Fund's average credit quality was A-minus.
Including the effects of leverage, the Fund increased its position this
reporting period in municipal inverse-floating-rate securities, which are
tax-exempt securities whose interest payments move inversely to changes in
short-term interest rates. Most of the Fund's new investments in these bonds
were PLNs (percentage of LIBOR notes), which are designed to have minimal (if
any) reaction to interest rate fluctuations. Additionally, PLNs reset quarterly
and, to the benefit of the Fund, these "inverse floaters" offered yields that
were higher than market averages during this reporting period.
During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE (KENTUCKY) V. DAVIS this fall or early in 2008,
with a ruling to follow. The question posed in the case is whether Kentucky can
tax the income that state residents earn on out-of-state municipal securities if
the income that residents earn from in-state municipal securities is exempt from
taxation. While the Court's decision could have implications for other states,
exemption from federal taxes, which provides investors with the greatest
benefit, is not in question. We cannot confidently predict what the Court will
decide. However, we will continue to serve our shareholders by focusing on how
best to create tax-free yield advantages in any current and future market
scenario. We remain committed to helping fixed-income investors achieve their
financial goals for tax-free income and will continue to offer a full complement
of municipal bond funds to serve our shareholders' diverse needs.
Our approach to municipal bond investing is flexible and responsive to
market conditions; our strategies are intended to balance many different types
of risk to reduce overall portfolio risk. Shareholders should note that market
conditions during this reporting period did not affect the Fund's overall
investment strategies or cause it to pay any capital gain distributions. In
closing, we believe that the Fund's structure and composition as well as our
time-tested strategies will continue to benefit long-term investors through
interest rate and economic cycles.
19 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND PERFORMANCE DISCUSSION
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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, 2007. 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.
20 | 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 PRINTED MATERIAL.]
Oppenheimer AMT-Free Lehman Brothers
Municipals (Class A) Municipal Bond Index
07/31/1997 $ 9,525 $10,000
10/31/1997 $ 9,588 $10,088
01/31/1998 $ 9,908 $10,402
04/30/1998 $ 9,838 $10,367
07/31/1998 $10,053 $10,599
10/31/1998 $10,297 $10,897
01/31/1999 $10,515 $11,093
04/30/1999 $10,526 $11,087
07/31/1999 $10,311 $10,904
10/31/1999 $ 9,927 $10,704
01/31/2000 $ 9,730 $10,691
04/30/2000 $ 9,995 $10,986
07/31/2000 $10,224 $11,374
10/31/2000 $10,410 $11,615
01/31/2001 $10,730 $12,111
04/30/2001 $10,638 $12,125
07/31/2001 $11,044 $12,521
10/31/2001 $11,155 $12,835
01/31/2002 $11,054 $12,825
04/30/2002 $11,210 $12,974
07/31/2002 $11,529 $13,361
10/31/2002 $11,522 $13,588
01/31/2003 $11,697 $13,782
04/30/2003 $11,965 $14,076
07/31/2003 $11,812 $13,842
10/31/2003 $12,328 $14,283
01/31/2004 $12,840 $14,635
04/30/2004 $12,776 $14,453
07/31/2004 $12,947 $14,643
10/31/2004 $13,555 $15,145
01/31/2005 $13,984 $15,346
04/30/2005 $14,247 $15,438
07/31/2005 $14,589 $15,573
10/31/2005 $14,578 $15,529
01/31/2006 $14,917 $15,780
04/30/2006 $15,022 $15,771
07/31/2006 $15,287 $15,970
10/31/2006 $15,807 $16,422
01/31/2007 $15,963 $16,458
04/30/2007 $16,239 $16,683
07/31/2007 $15,954 $16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -0.59% 5-Year 5.68% 10-Year 4.78%
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 24 FOR FURTHER INFORMATION.
21 | 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
07/31/1997 $ 10,000 $ 10,000
10/31/1997 $ 10,046 $ 10,088
01/31/1998 $ 10,363 $ 10,402
04/30/1998 $ 10,270 $ 10,367
07/31/1998 $ 10,475 $ 10,599
10/31/1998 $ 10,708 $ 10,897
01/31/1999 $ 10,914 $ 11,093
04/30/1999 $ 10,905 $ 11,087
07/31/1999 $ 10,661 $ 10,904
10/31/1999 $ 10,243 $ 10,704
01/31/2000 $ 10,019 $ 10,691
04/30/2000 $ 10,273 $ 10,986
07/31/2000 $ 10,489 $ 11,374
10/31/2000 $ 10,660 $ 11,615
01/31/2001 $ 10,967 $ 12,111
04/30/2001 $ 10,852 $ 12,125
07/31/2001 $ 11,246 $ 12,521
10/31/2001 $ 11,338 $ 12,835
01/31/2002 $ 11,201 $ 12,825
04/30/2002 $ 11,339 $ 12,974
07/31/2002 $ 11,639 $ 13,361
10/31/2002 $ 11,611 $ 13,588
01/31/2003 $ 11,764 $ 13,782
04/30/2003 $ 12,012 $ 14,076
07/31/2003 $ 11,844 $ 13,842
10/31/2003 $ 12,361 $ 14,283
01/31/2004 $ 12,875 $ 14,635
04/30/2004 $ 12,811 $ 14,453
07/31/2004 $ 12,982 $ 14,643
10/31/2004 $ 13,592 $ 15,145
01/31/2005 $ 14,022 $ 15,346
04/30/2005 $ 14,286 $ 15,438
07/31/2005 $ 14,629 $ 15,573
10/31/2005 $ 14,617 $ 15,529
01/31/2006 $ 14,957 $ 15,780
04/30/2006 $ 15,063 $ 15,771
07/31/2006 $ 15,328 $ 15,970
10/31/2006 $ 15,850 $ 16,422
01/31/2007 $ 16,006 $ 16,458
04/30/2007 $ 16,283 $ 16,683
07/31/2007 $ 15,998 $ 16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year -1.42% 5-Year 5.57% 10-Year 4.81%
22 | 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
07/31/1997 $ 10,000 $ 10,000
10/31/1997 $ 10,047 $ 10,088
01/31/1998 $ 10,363 $ 10,402
04/30/1998 $ 10,270 $ 10,367
07/31/1998 $ 10,475 $ 10,599
10/31/1998 $ 10,708 $ 10,897
01/31/1999 $ 10,914 $ 11,093
04/30/1999 $ 10,905 $ 11,087
07/31/1999 $ 10,661 $ 10,904
10/31/1999 $ 10,243 $ 10,704
01/31/2000 $ 10,020 $ 10,691
04/30/2000 $ 10,273 $ 10,986
07/31/2000 $ 10,489 $ 11,374
10/31/2000 $ 10,660 $ 11,615
01/31/2001 $ 10,967 $ 12,111
04/30/2001 $ 10,853 $ 12,125
07/31/2001 $ 11,247 $ 12,521
10/31/2001 $ 11,338 $ 12,835
01/31/2002 $ 11,202 $ 12,825
04/30/2002 $ 11,339 $ 12,974
07/31/2002 $ 11,640 $ 13,361
10/31/2002 $ 11,611 $ 13,588
01/31/2003 $ 11,763 $ 13,782
04/30/2003 $ 12,011 $ 14,076
07/31/2003 $ 11,834 $ 13,842
10/31/2003 $ 12,327 $ 14,283
01/31/2004 $ 12,817 $ 14,635
04/30/2004 $ 12,729 $ 14,453
07/31/2004 $ 12,874 $ 14,643
10/31/2004 $ 13,442 $ 15,145
01/31/2005 $ 13,856 $ 15,346
04/30/2005 $ 14,090 $ 15,438
07/31/2005 $ 14,402 $ 15,573
10/31/2005 $ 14,348 $ 15,529
01/31/2006 $ 14,655 $ 15,780
04/30/2006 $ 14,746 $ 15,771
07/31/2006 $ 14,962 $ 15,970
10/31/2006 $ 15,443 $ 16,422
01/31/2007 $ 15,567 $ 16,458
04/30/2007 $ 15,808 $ 16,683
07/31/2007 $ 15,500 $ 16,651
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
7/31/07
1-Year 2.60% 5-Year 5.89% 10-Year 4.48%
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 24 FOR FURTHER INFORMATION.
23 | 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.
24 | 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, 2007.
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
25 | OPPENHEIMER AMT-FREE MUNICIPALS
FUND EXPENSES Continued
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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
2/1/07 7/31/07 JULY 31, 2007
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Class A Actual $ 1,000.00 $ 999.40 $ 6.86
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Class A Hypothetical 1,000.00 1,017.95 6.93
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Class B Actual 1,000.00 995.50 10.84
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Class B Hypothetical 1,000.00 1,013.98 10.94
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Class C Actual 1,000.00 995.60 10.65
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Class C Hypothetical 1,000.00 1,014.18 10.74
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, 2007 are as follows:
CLASS EXPENSE RATIOS
- ----------------------------
Class A 1.38%
- ----------------------------
Class B 2.18
- ----------------------------
Class C 2.14
The expense ratios reflect reduction to custodian expenses. The "Financial
Highlights" tables in the Fund's financial statements, included in this report,
also show the gross expense ratios, without such waivers or reimbursements and
reduction to custodian expenses, if applicable.
- --------------------------------------------------------------------------------
26 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS July 31, 2007
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--119.9%
- -----------------------------------------------------------------------------------------------------------------------------------
ALABAMA--0.4%
$ 20,000 AL 21st Century Authority Tobacco Settlement 5.500% 12/01/2021 $ 20,723
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 AL HFA (Pelican) 6.550 03/20/2030 15,146
- -----------------------------------------------------------------------------------------------------------------------------------
1,520,000 AL Space Science Exhibit Finance Authority 6.000 10/01/2025 1,517,021
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Bessemer, AL Water, Series A 5.750 07/01/2026 25,286
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 Birmingham, AL Airport Authority 5.625 07/01/2026 106,093
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Birmingham, AL Baptist Medical Centers
(Baptist Health System) 5.625 11/15/2015 36,639
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Birmingham, AL Baptist Medical Centers
(Baptist Health System) 5.875 11/15/2024 15,705
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Birmingham, AL Private Educational Building Authority
(Birmingham-Southern College) 6.125 12/01/2025 161,386
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Birmingham, AL Special Care Facilities
(Children's Hospital of Alabama) 5.500 06/01/2022 15,316
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Birmingham, AL Special Care Facilities Financing Authority
(Daughters of Charity) 5.000 11/01/2025 90,241
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Camden, AL Industrial Devel. Board
(Weyerhaeuser Company), Series A 1 6.125 12/01/2024 1,076,750
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 Cooperative District, AL Fort Deposit 6.000 02/01/2036 245,737
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 DCH Health Care Authority, AL (Health Care Facilities) 5.000 06/01/2021 50,661
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Fayette, AL Waterworks 5.250 10/01/2016 188,213
- -----------------------------------------------------------------------------------------------------------------------------------
435,000 Greater Montgomery, AL Educational Building Authority
(Huntingdon College) 5.100 05/01/2016 434,026
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Jefferson County, AL Sewer 5.375 02/01/2027 125,134
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Lauderdale County & Florence, AL Health Care Authority
(Coffee Health Group) 5.250 07/01/2024 15,447
- -----------------------------------------------------------------------------------------------------------------------------------
975,000 McIntosh, AL Industrial Devel. Board
(CIBA Specialty Chemicals) 1 5.375 06/01/2028 989,196
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Montgomery, AL Special Care Facilities Financing Authority
(Baptist Medical Center) 5.375 09/01/2019 15,318
- -----------------------------------------------------------------------------------------------------------------------------------
5,800,000 Phenix City, AL Industrial Devel. Board (Meadwestvaco) 6.100 05/15/2030 6,143,070
--------------
11,287,108
- -----------------------------------------------------------------------------------------------------------------------------------
ALASKA--1.3%
10,000 AK HFC 5.200 06/01/2021 10,223
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 AK HFC (Veterans Mtg.) 6.150 06/01/2039 10,259
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 AK HFC, Series A 2 5.000 12/01/2033 8,081,040
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 AK HFC, Series A 6.000 06/01/2049 61,864
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 AK HFC, Series C 2 5.250 06/01/2032 10,182,950
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 AK Industrial Devel. & Export Authority (Anchorage
Sportsplex/Grace Community Church Obligated Group) 6.150 08/01/2031 746,273
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 5.875 12/01/2027 608,292
27 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ALASKA Continued
$ 500,000 AK Industrial Devel. & Export Authority Community
Provider (Boys & Girls Home) 6.000% 12/01/2036 $ 510,175
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 AK Northern Tobacco Securitization Corp. (TASC) 5.000 06/01/2046 10,063,570
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Aleutians East Borough, AK (Aleutian Pribilof Islands) 5.500 06/01/2025 1,049,110
- -----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Aleutians East Borough, AK (Aleutian Pribilof Islands) 5.500 06/01/2036 1,737,729
--------------
33,061,485
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA--2.6%
30,000 Apache County, AZ IDA (Tucson Electric Power Company) 5.875 03/01/2033 30,013
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Buckeye, AZ Watson Road Community Facilities District 5.750 07/01/2022 1,007,920
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Buckeye, AZ Watson Road Community Facilities District 6.000 07/01/2030 2,029,520
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Centerra, AZ Community Facilities District 5.150 07/15/2031 196,616
- -----------------------------------------------------------------------------------------------------------------------------------
673,950 Central AZ Irrigation & Drain District, Series A 6.000 06/01/2013 674,772
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Estrella, AZ Mountain Ranch Community Facilities District 5.625 07/15/2025 204,624
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Estrella, AZ Mountain Ranch Community Facilities District 5.800 07/15/2030 102,329
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Flagstaff, AZ (Aspen Place Sawmill Improvements) 5.000 01/01/2032 2,501,575
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Gladden Farms, AZ Community Facilities District 5.500 07/15/2031 253,788
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Glendale, AZ IDA (Midwestern University) 5.375 05/15/2028 10,198
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Litchfield, AZ Park Community Facility District 6.375 07/15/2026 835,080
- -----------------------------------------------------------------------------------------------------------------------------------
1,855,000 Maricopa County, AZ IDA (Christian Care Apartments) 6.500 01/01/2036 1,941,313
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Maricopa County, AZ IDA (Christian Care Mesa II) 6.625 01/01/2034 2,059,000
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Maricopa County, AZ IDA (Immanuel Campus Care) 8.500 04/20/2041 502,755
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 11/01/2018 1,541,985
- -----------------------------------------------------------------------------------------------------------------------------------
785,000 Maricopa County, AZ IDA (Sun King Apartments) 6.750 05/01/2031 803,236
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Maricopa County, AZ Pollution Control Corp.
(Public Service Company of New Mexico) 6.300 12/01/2026 56,244
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Maricopa County, AZ School District No. 24 (Gila Bend) 3 5.500 07/01/2022 1,100,363
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Marley Park, AZ Community Facilities District 5.300 07/15/2031 200,292
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Merrill Ranch, AZ Community Facilities District No. 1
Special Assessment Lien 5.300 07/01/2030 501,210
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Mesa, AZ IDA (Mesa Student Hsg.) 6.000 07/01/2032 286,781
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Mesa, AZ IDA Student Hsg. (Arizona State University East) 6.000 07/01/2026 212,186
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Palm Valley, AZ Community Facility District No. 3 5.300 07/15/2031 379,279
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Peoria, AZ IDA (Sierra Winds) 6.375 08/15/2029 3,084,510
- -----------------------------------------------------------------------------------------------------------------------------------
5,535,000 Phoenix, AZ IDA (Christian Care) 1 5.500 07/01/2035 5,530,793
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Phoenix, AZ IDA (Espiritu Community Devel. Corp.) 6.250 07/01/2036 514,290
- -----------------------------------------------------------------------------------------------------------------------------------
775,000 Phoenix, AZ IDA (Summit Apartments) 1 6.550 07/20/2037 831,443
- -----------------------------------------------------------------------------------------------------------------------------------
1,735,000 Pima County, AZ IDA (Arizona Charter School) 6.100 07/01/2024 1,812,121
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (Arizona Charter School) 6.300 07/01/2031 524,695
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Pima County, AZ IDA (Arizona Charter School) 6.500 07/01/2023 1,479,548
- -----------------------------------------------------------------------------------------------------------------------------------
1,315,000 Pima County, AZ IDA (Arizona Charter School) 6.750 07/01/2031 1,397,963
28 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ARIZONA Continued
$ 2,150,000 Pima County, AZ IDA (Christian Senior Living) 5.050% 01/01/2037 $ 2,023,043
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (Facility Choice Education &
Devel. Corp.) 6.250 06/01/2026 516,205
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Pima County, AZ IDA (Facility Choice Education &
Devel. Corp.) 6.375 06/01/2036 774,698
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Pima County, AZ IDA (Noah Webster Basic School) 6.125 12/15/2034 1,143,483
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (P.L.C. Charter Schools) 6.750 04/01/2036 526,210
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Pima County, AZ IDA (Paradise Education Center) 5.875 06/01/2033 120,341
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Pima County, AZ IDA (Paradise Education Center) 6.000 06/01/2036 252,793
- -----------------------------------------------------------------------------------------------------------------------------------
2,845,000 Pima County, AZ IDA (Phoenix Advantage Charter School) 5.600 07/01/2023 2,945,770
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Pima County, AZ IDA (Sonoran Science Academy) 5.670 12/01/2027 487,535
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 Pima County, AZ IDA (Sonoran Science Academy) 5.750 12/01/2037 628,680
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pinal County, AZ IDA (Florence West Prison) 5.250 10/01/2021 1,030,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Pinal County, AZ IDA (Florence West Prison) 5.250 10/01/2022 1,029,250
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Quail Creek, AZ Community Facilities District 5.550 07/15/2030 508,485
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 San Luis, AZ Facility Devel. Corp.
(Regional Detention Center) 7.000 05/01/2020 1,001,530
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Show Low Bluff, AZ Community Facilities District
Special Assessment 5.200 07/01/2017 99,027
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Show Low, AZ IDA (Navapache Regional Medical Center) 5.000 12/01/2035 4,001,080
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Somerton, AZ IDA (Bienestar) 5.750 07/01/2017 3,992,400
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 University AZ Medical Center Corp.
(University Medical Center) 5.000 07/01/2021 55,037
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Verrado, AZ Community Facilities District No. 1 5.350 07/15/2031 3,015,810
- -----------------------------------------------------------------------------------------------------------------------------------
4,775,000 Verrado, AZ Community Facilities District No. 1 6.500 07/15/2027 5,088,049
- -----------------------------------------------------------------------------------------------------------------------------------
1,375,000 Vistancia, AZ Community Facilities District 5.500 07/15/2020 1,456,634
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Vistancia, AZ Community Facilities District 5.750 07/15/2024 1,283,616
- -----------------------------------------------------------------------------------------------------------------------------------
1,775,000 Vistancia, AZ Community Facilities District 6.750 07/15/2022 1,943,998
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Westpark, AZ Community Facilities District 5.250 07/15/2031 488,330
--------------
67,018,446
- -----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS--0.2%
2,550,000 Cave Springs, AR Municipal Property
(Creeks Special Sewer District) 6.250 02/01/2038 2,554,514
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Hot Springs, AR New Public Hsg. Authority 5.125 02/01/2011 51,629
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Independence County, AR Hydroelectric Power 5.300 05/01/2033 101,435
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Little Rock, AR Municipal Property Owners 5.250 03/01/2023 123,489
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Little Rock, AR Municipal Property Owners 5.350 03/01/2032 172,988
- -----------------------------------------------------------------------------------------------------------------------------------
295,000 Pine Bluff, AR IDA (Colt Industries) 6.500 02/15/2009 295,525
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Pope County, AR Pollution Control
(Arkansas Power & Light Company) 6.300 11/01/2020 706,223
29 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS Continued
$ 1,820,000 Sebastian County, AR Health Facilities Board
(Sparks Regional Medical Center) 5.625% 11/01/2031 $ 1,722,084
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 University of AR (Phillips College) 5.000 09/01/2017 15,009
--------------
5,742,896
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--15.1%
3,255,000 Apple Valley, CA Redevel. Agency Tax Allocation 1 5.000 06/01/2035 3,291,586
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Azusa, CA Redevel. Agency Tax Allocation 5.300 08/01/2036 1,005,780
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Azusa, CA Special Tax Community Facilities District No. 05-1 5.000 09/01/2027 495,910
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Azusa, CA Special Tax Community Facilities District No. 05-1 5.000 09/01/2027 198,364
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Azusa, CA Special Tax Community Facilities District No. 05-1 5.000 09/01/2037 1,878,055
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Azusa, CA Special Tax Community Facilities District No. 05-1 5.000 09/01/2037 490,445
- -----------------------------------------------------------------------------------------------------------------------------------
2,220,000 Beaumont, CA Financing Authority, Series B 1 5.875 09/01/2023 2,343,987
- -----------------------------------------------------------------------------------------------------------------------------------
665,000 Brentwood, CA Infrastructure Financing Authority 5.000 09/02/2026 660,525
- -----------------------------------------------------------------------------------------------------------------------------------
1,125,000 Brentwood, CA Infrastructure Financing Authority 5.000 09/02/2034 1,107,720
- -----------------------------------------------------------------------------------------------------------------------------------
16,500,000 CA County Tobacco Securitization Agency 5.714 4 06/01/2046 1,829,520
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 CA County Tobacco Securitization Agency 6.500 4 06/01/2046 623,910
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 CA County Tobacco Securitization Agency 6.650 4 06/01/2046 503,520
- -----------------------------------------------------------------------------------------------------------------------------------
129,820,000 CA County Tobacco Securitization Agency 6.700 4 06/01/2050 8,000,807
- -----------------------------------------------------------------------------------------------------------------------------------
38,650,000 CA County Tobacco Securitization Agency 7.550 4 06/01/2055 1,185,009
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 7,573,280
- -----------------------------------------------------------------------------------------------------------------------------------
4,060,000 CA County Tobacco Securitization Agency (TASC) 5.125 06/01/2038 3,843,440
- -----------------------------------------------------------------------------------------------------------------------------------
93,000,000 CA County Tobacco Securitization Agency (TASC) 6.650 4 06/01/2046 7,568,340
- -----------------------------------------------------------------------------------------------------------------------------------
14,000,000 CA GO 5.250 02/01/2025 14,715,680
- -----------------------------------------------------------------------------------------------------------------------------------
20,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 2 5.000 06/01/2045 20,121,000
- -----------------------------------------------------------------------------------------------------------------------------------
45,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 2 5.750 06/01/2047 46,411,050
- -----------------------------------------------------------------------------------------------------------------------------------
40,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 0.000 5 06/01/2037 29,794,400
- -----------------------------------------------------------------------------------------------------------------------------------
14,500,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.000 06/01/2045 14,587,725
- -----------------------------------------------------------------------------------------------------------------------------------
20,300,000 CA Golden State Tobacco Securitization Corp. (TASC) 1 5.125 06/01/2047 18,965,681
- -----------------------------------------------------------------------------------------------------------------------------------
55,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.750 06/01/2047 56,724,250
- -----------------------------------------------------------------------------------------------------------------------------------
364,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 5.900 4 06/01/2047 36,512,840
- -----------------------------------------------------------------------------------------------------------------------------------
110,000,000 CA Golden State Tobacco Securitization Corp. (TASC) 6.000 4 06/01/2047 10,555,600
- -----------------------------------------------------------------------------------------------------------------------------------
1,125,000 CA Municipal Finance Authority (Cancer Center of
Santa Barbara) 5.000 06/01/2026 1,136,531
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 CA Statewide CDA (East Campus Apartments) 5.625 08/01/2034 6,201,600
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Chino, CA Community Facilities District Special Tax No. 2 5.000 09/01/2026 198,654
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Chino, CA Community Facilities District Special Tax No. 2 5.000 09/01/2036 490,580
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Corona-Norco, CA Unified School District Community
Facilities District No. 04-1 1 5.200 09/01/2036 2,010,700
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Corona-Norco, CA Unified School District Public
Financing Authority Special Tax 5.000 09/01/2036 1,962,320
30 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 1,000,000 Davis, CA Special Tax Community Facilities District
No. 2007-2 3 5.200% 09/01/2027 $ 998,100
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Davis, CA Special Tax Community Facilities District
No. 2007-2 3 5.250 09/01/2037 1,992,400
- -----------------------------------------------------------------------------------------------------------------------------------
5,060,000 East Palo Alto, CA Public Finance Authority
(University Circle Gateway) 1 5.000 10/01/2029 5,097,798
- -----------------------------------------------------------------------------------------------------------------------------------
970,000 Elk Grove, CA Special Tax Community Facilities
District No. 2005-1X 5.250 09/01/2037 971,833
- -----------------------------------------------------------------------------------------------------------------------------------
420,000 Hemet, CA Unified School District 5.050 09/01/2026 414,666
- -----------------------------------------------------------------------------------------------------------------------------------
590,000 Independent Cities, CA Lease Finance Authority
(Morgan Hill-Hacienda Valley) 5.950 11/15/2039 616,981
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Jurupa, CA Community Services District Special Tax 1 5.000 09/01/2036 981,160
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Jurupa, CA Community Services District Special Tax
Community Facilities District No. 17 1 5.125 09/01/2025 1,207,740
- -----------------------------------------------------------------------------------------------------------------------------------
1,685,000 Jurupa, CA Community Services District Special Tax
Community Facilities District No. 17 5.200 09/01/2036 1,694,015
- -----------------------------------------------------------------------------------------------------------------------------------
1,270,000 Lake Elsinore, CA Special Tax 5.150 09/01/2025 1,271,422
- -----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Lake Elsinore, CA Special Tax 5.250 09/01/2030 1,199,123
- -----------------------------------------------------------------------------------------------------------------------------------
2,450,000 Lake Elsinore, CA Special Tax 5.250 09/01/2035 2,456,542
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Lammersville, CA School District Community Facilities
District No. 2002 (Mountain House) 1 5.125 09/01/2035 1,491,090
- -----------------------------------------------------------------------------------------------------------------------------------
14,600,000 Los Angeles, CA Community Redevel. Agency
(Manchester Social Services) 5.000 09/01/2030 14,975,074
- -----------------------------------------------------------------------------------------------------------------------------------
4,175,000 Los Angeles, CA Regional Airports Improvement Corp.
(Delta Airlines) 1 6.350 11/01/2025 4,173,581
- -----------------------------------------------------------------------------------------------------------------------------------
610,000 Menifee, CA Union School District Special Tax 5.000 09/01/2026 598,575
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Menifee, CA Union School District Special Tax
Community Facilities District No. 2006-3 5.000 09/01/2037 355,295
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Modesto, CA Special Tax Community Facilities
District No. 4 5.150 09/01/2036 2,490,550
- -----------------------------------------------------------------------------------------------------------------------------------
660,000 Moreno Valley, CA Unified School District Community
Facilities District Special Tax No. 2004-3 5.000 09/01/2027 642,437
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Moreno Valley, CA Unified School District Community
Facilities District Special Tax No. 2004-3 5.000 09/01/2037 1,207,525
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 North Natomas, CA Community Facilities District
Special Tax No. 4 5.000 09/01/2026 1,099,285
- -----------------------------------------------------------------------------------------------------------------------------------
2,110,000 North Natomas, CA Community Facilities District
Special Tax No. 4 5.000 09/01/2033 2,081,156
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Northstar, CA Community Services District 5.000 09/01/2037 1,992,200
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Palmdale, CA Improvement Bond Act 1915 5.000 09/02/2036 490,580
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 Perris, CA Community Facilities District Special Tax No. 2001 5.000 09/01/2026 576,097
- -----------------------------------------------------------------------------------------------------------------------------------
1,605,000 Perris, CA Community Facilities District Special Tax No. 2001 5.000 09/01/2037 1,574,328
- -----------------------------------------------------------------------------------------------------------------------------------
660,000 Perris, CA Community Facilities District Special Tax No. 2005-1 5.000 09/01/2037 647,387
31 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA Continued
$ 3,000,000 Redding, CA Electric System COP Linked SAVRS & RIBS 1 6.368% 6 07/01/2022 $ 3,504,000
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Santa Rosa, CA Rancheria Tachi Yokut Tribe Enterprise 6.625 03/01/2018 7,596,890
- -----------------------------------------------------------------------------------------------------------------------------------
1,225,000 South Tahoe, CA Redevel. Agency 5.000 10/01/2031 1,227,340
- -----------------------------------------------------------------------------------------------------------------------------------
13,675,000 Southern CA Tobacco Securitization Authority 6.400 4 06/01/2046 1,222,819
- -----------------------------------------------------------------------------------------------------------------------------------
47,250,000 Southern CA Tobacco Securitization Authority 7.100 4 06/01/2046 3,322,148
- -----------------------------------------------------------------------------------------------------------------------------------
1,465,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2022 1,495,501
- -----------------------------------------------------------------------------------------------------------------------------------
1,450,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2023 1,475,897
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2024 1,270,488
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Stockton, CA Public Financing Authority, Series A 5.000 09/01/2025 1,368,144
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2031 3,083,850
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Stockton, CA Public Financing Authority, Series A 5.250 09/01/2034 3,079,440
- -----------------------------------------------------------------------------------------------------------------------------------
935,000 Temecula Valley, CA Unified School District Community
Facilities District No. 2004 5.000 09/01/2037 917,132
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.450 09/01/2026 1,859,800
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Temecula, CA Public Financing Authority Community
Facilities District (Roripaugh) 5.500 09/01/2036 911,780
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Victor Valley, CA Union High School District 5.050 09/01/2025 99,002
- -----------------------------------------------------------------------------------------------------------------------------------
1,160,000 Victor Valley, CA Union High School District 5.100 09/01/2035 1,157,367
- -----------------------------------------------------------------------------------------------------------------------------------
2,025,000 Westside, CA Unified School District Community Facilities
District Special Tax No. 2005-2 5.000 09/01/2036 1,986,849
--------------
391,864,196
- -----------------------------------------------------------------------------------------------------------------------------------
COLORADO--4.3%
500,000 Andonea, CO Metropolitan District No. 2 6.125 12/01/2025 516,740
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Andonea, CO Metropolitan District No. 3 6.250 12/01/2035 1,034,980
- -----------------------------------------------------------------------------------------------------------------------------------
2,800,000 Arista, CO Metropolitan District 6.750 12/01/2035 2,980,180
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Aurora, CO Single Tree Metropolitan District 5.500 11/15/2031 503,020
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Beacon Point, CO Metropolitan District 6.125 12/01/2025 516,740
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Bent County, CO School District No. RE-2 (McClave) COP 5.000 12/01/2026 126,176
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Black Hawk, CO Excise Tax Revenue 5.000 12/01/2021 600,162
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Bromley Park, CO Metropolitan District No. 2 5.125 12/01/2037 3,530,520
- -----------------------------------------------------------------------------------------------------------------------------------
4,660,000 Broomfield, CO Village Metropolitan District No. 2 6.250 12/01/2032 4,679,852
- -----------------------------------------------------------------------------------------------------------------------------------
985,000 Central Marksheffel, CO Metropolitan District 7.250 12/01/2029 1,051,655
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 CO Conservatory Metropolitan District Arapahoe
County Limited Tax 3 5.125 12/01/2037 2,017,440
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CO E-470 Public Highway Authority 5.000 09/01/2021 60,656
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 CO E-470 Public Highway Authority 5.000 09/01/2026 146,585
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 CO Educational & Cultural Facilities Authority
(Banning Lewis Ranch Academy) 6.125 12/15/2035 510,675
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 CO Educational & Cultural Facilities Authority (Carbon
Valley Academy Charter School) 5.625 12/01/2036 502,660
32 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 5,000,000 CO Educational & Cultural Facilities Authority
(Inn at Auraria) 6.000% 07/01/2042 $ 5,061,150
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CO Educational & Cultural Facilities Authority
(University of Northern Colorado) 5.000 07/01/2031 10,260
- -----------------------------------------------------------------------------------------------------------------------------------
9,080,000 CO Health Facilities Authority (Catholic Health Initiatives) 2 5.500 03/01/2022 9,691,129
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CO Health Facilities Authority (Denver Options) 5.375 02/01/2022 10,247
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CO Health Facilities Authority (Denver Options) 5.625 02/01/2032 30,735
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 CO Health Facilities Authority
(Northern Colorado Medical Center) 6.000 05/15/2020 31,187
- -----------------------------------------------------------------------------------------------------------------------------------
1,825,000 CO International Center Metropolitan District No. 3 6.500 12/01/2035 1,889,824
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CO State Board of Agriculture COP 5.250 05/01/2014 50,057
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Colorado Springs, CO Utilities 5.250 11/15/2022 100,359
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Colorado Springs, CO Utilities 5.375 11/15/2026 45,166
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Confluence, CO Metropolitan District 5.450 12/01/2034 245,278
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Copperleaf, CO Metropolitan District No. 2 5.850 12/01/2026 510,915
- -----------------------------------------------------------------------------------------------------------------------------------
625,000 Copperleaf, CO Metropolitan District No. 2 5.950 12/01/2036 630,056
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Crystal Crossing, CO Metropolitan District 6.000 12/01/2036 507,620
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Deer Creek, CO Metropolitan District 5.000 12/01/2026 10,335
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Denver, CO City & County Airport 5.125 11/15/2015 86,120
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 Denver, CO City & County Airport 5.250 11/15/2023 314,179
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Denver, CO City & County Airport 5.500 11/15/2025 35,498
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 Denver, CO Urban Renewal Authority 9.125 09/01/2017 339,020
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Elbert & Highway 86, CO Metropolitan District 5.750 12/01/2036 488,530
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Elkhorn Ranch, CO Metropolitan District 1 6.375 12/01/2035 1,039,820
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Fairplay, CO Sanitation District 5.250 12/15/2031 170,644
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Fallbrook, CO Metropolitan District 5.625 12/01/2026 496,235
- -----------------------------------------------------------------------------------------------------------------------------------
2,460,000 Goodman, CO Metropolitan District 12.000 06/01/2019 3,732,066
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Heritage Todd Creek, CO Metropolitan District 5.500 12/01/2037 484,550
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 High Plains, CO Metropolitan District 6.250 12/01/2035 512,165
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Horse Creek, CO Metropolitan District 5.750 12/01/2036 487,850
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Huntington Trails, CO Metropolitan District 6.250 12/01/2036 517,265
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Kiowa, CO Water & Sewer 5.500 12/01/2030 1,206,672
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Lambertson Farms, CO Metropolitan District No. 1 6.100 12/01/2035 1,222,688
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Liberty Ranch, CO Metropolitan District 6.250 12/01/2036 516,540
- -----------------------------------------------------------------------------------------------------------------------------------
625,000 Madre, CO Metropolitan District No. 2 5.500 12/01/2036 608,538
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Metex, CO Metropolitan District 5.300 12/01/2012 50,737
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 Midcities, CO Metropolitan District No. 2 1 5.125 12/01/2030 7,082,390
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Municipal Subdistrict Northern CO Water
Conservancy District 5.250 12/01/2015 35,518
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Murphy Creek, CO Metropolitan District No. 3 6.000 12/01/2026 1,026,590
33 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
COLORADO Continued
$ 2,850,000 Murphy Creek, CO Metropolitan District No. 3 6.125% 12/01/2035 $ 2,926,352
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 North Range, CO Metropolitan District No. 2 5.500 12/15/2018 1,271,063
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 North Range, CO Metropolitan District No. 2 5.500 12/15/2037 495,225
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Northwest CO Metropolitan District No. 3 6.125 12/01/2025 1,034,150
- -----------------------------------------------------------------------------------------------------------------------------------
1,875,000 Northwest CO Metropolitan District No. 3 6.250 12/01/2035 1,941,844
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2030 2,090,320
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Park Creek, CO Metropolitan District 5.500 12/01/2037 5,203,550
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Park Meadows, CO Business Improvement District 5.300 12/01/2027 250,080
- -----------------------------------------------------------------------------------------------------------------------------------
360,000 Park Meadows, CO Business Improvement District 5.350 12/01/2031 360,680
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Prairie Center, CO Metropolitan District No. 3 5.250 12/15/2021 487,415
- -----------------------------------------------------------------------------------------------------------------------------------
815,000 Prairie Center, CO Metropolitan District No. 3 5.400 12/15/2031 784,503
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Regency, CO Metropolitan District 5.750 12/01/2036 748,455
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Ridges, CO Metropolitan District Mesa County 6.100 10/15/2013 20,037
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 SBC Metropolitan, CO District 5.000 12/01/2020 2,038,080
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 SBC Metropolitan, CO District 5.000 12/01/2025 2,271,218
- -----------------------------------------------------------------------------------------------------------------------------------
1,440,000 SBC Metropolitan, CO District 5.000 12/01/2029 1,441,843
- -----------------------------------------------------------------------------------------------------------------------------------
5,330,000 SBC Metropolitan, CO District 5.000 12/01/2034 5,282,563
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Silver Dollar, CO Metropolitan District 5.100 12/01/2030 272,425
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Silver Peaks, CO Metropolitan District 5.750 12/01/2036 488,530
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Sorrell Ranch, CO Metropolitan District 6.750 12/15/2036 1,000,500
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Southlands, CO Medical District 7.000 12/01/2024 1,187,360
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Southlands, CO Medical District 7.125 12/01/2034 4,778,120
- -----------------------------------------------------------------------------------------------------------------------------------
685,000 Tallgrass, CO Metropolitan District 5.250 12/01/2037 649,675
- -----------------------------------------------------------------------------------------------------------------------------------
540,000 Tallyns Reach, CO Metropolitan District No. 3 5.100 12/01/2026 522,239
- -----------------------------------------------------------------------------------------------------------------------------------
2,695,000 Tower, CO Metropolitan District 1 5.000 12/01/2029 2,717,665
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Tower, CO Metropolitan District 5.000 12/01/2035 1,995,360
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Traditions, CO Metropolitan District No. 2 5.750 12/01/2036 490,575
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 University of CO Hospital Authority 5.200 11/15/2017 30,691
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 Vista Ridge, CO Metropolitan District 1 5.125 12/01/2040 4,768,525
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Wheatlands, CO Metropolitan District 6.000 12/01/2025 1,028,540
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Wheatlands, CO Metropolitan District 6.125 12/01/2035 515,030
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Wildgrass, CO Metropolitan District 6.200 12/01/2034 521,715
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Woodmen Heights, CO Metropolitan District No. 1 6.750 12/01/2020 262,545
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Woodmen Heights, CO Metropolitan District No. 1 7.000 12/01/2030 4,738,500
--------------
112,671,347
- -----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--1.5%
75,000 CT Devel. Authority (Church Homes) 5.800 04/01/2021 77,297
- -----------------------------------------------------------------------------------------------------------------------------------
1,220,000 CT Devel. Authority Pollution Control
(Connecticut Light & Power Company) 5.850 09/01/2028 1,260,553
34 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT Continued
$ 3,465,000 CT Devel. Authority Pollution Control
(Western Massachusetts Electric Company) 5.850% 09/01/2028 $ 3,580,177
- -----------------------------------------------------------------------------------------------------------------------------------
660,000 CT H&EFA (Bridgeport Hospital) 5.375 07/01/2025 667,253
- -----------------------------------------------------------------------------------------------------------------------------------
1,010,000 CT H&EFA (Bridgeport Hospital) 6.625 07/01/2018 1,013,929
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 CT H&EFA (Bridgeport Hospital/Bridgeport Hospital
Foundation Obligated Group) 5.250 07/01/2015 55,596
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 CT H&EFA (Canterbury School) 1 5.000 07/01/2036 1,001,740
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 CT H&EFA (Day Kimball Hospital) 5.375 07/01/2016 25,277
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 CT H&EFA (DKH/CHHC/HNE Obligated Group) 5.375 07/01/2026 222,418
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.000 07/01/2025 3,038,010
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 CT H&EFA (Eastern Connecticut Health Network) 5.125 07/01/2030 5,064,700
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 CT H&EFA (Hospital for Special Care) 5.250 07/01/2037 4,113,520
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 CT H&EFA (Lawrence & Memorial Hospital) 5.000 07/01/2013 20,016
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 CT H&EFA (Middlesex Hospital) 5.125 07/01/2017 50,545
- -----------------------------------------------------------------------------------------------------------------------------------
755,000 CT H&EFA (New Britain General Hospital), Series B 6.000 07/01/2024 766,876
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 CT H&EFA (Sacred Heart University) 5.000 07/01/2028 10,033
- -----------------------------------------------------------------------------------------------------------------------------------
4,430,000 CT H&EFA (University of Hartford) 5.250 07/01/2036 4,545,579
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 CT HFA 5.600 06/15/2017 61,252
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Georgetown, CT Special Taxing District 5.125 10/01/2036 1,457,880
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Mashantucket, CT Western Pequot Tribe, Series B 5.500 09/01/2036 1,275,450
- -----------------------------------------------------------------------------------------------------------------------------------
10,150,000 Mashantucket, CT Western Pequot Tribe, Series B 5.750 09/01/2027 10,263,376
- -----------------------------------------------------------------------------------------------------------------------------------
970,000 New Britain, CT Senior Citizens Hsg.
(Nathan Hale Apartments) 1 6.875 07/01/2024 1,005,444
--------------
39,576,921
- -----------------------------------------------------------------------------------------------------------------------------------
DELAWARE--0.4%
4,000,000 Bridgeville, DE Special Obligation (Heritage Shores) 1 5.450 07/01/2035 3,991,240
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 DE EDA (General Motors Corp.) 5.600 04/01/2009 253,697
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 DE EDA (Peninsula United Methodist Homes) 6.200 05/01/2015 314,858
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 DE Health Facilities Authority (Bayhealth Medical Center) 5.200 07/01/2029 5,126
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 DE Health Facilities Authority
(NMH/DDC/NAC Obligated Group) 5.625 05/01/2032 206,660
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Kent County, DE Student Hsg.
(Delaware State University Student Hsg. Foundation) 5.000 07/01/2025 1,104,422
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kent County, DE Student Hsg.
(Delaware State University Student Hsg. Foundation) 5.000 07/01/2030 997,250
- -----------------------------------------------------------------------------------------------------------------------------------
2,310,000 Millsboro, DE Special Obligation (Plantation Lakes) 5.450 07/01/2036 2,271,908
--------------
9,145,161
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--0.6%
5,130,000 District of Columbia Friendship Public Charter School 5.000 06/01/2035 5,046,330
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 District of Columbia Friendship Public Charter School 5.250 06/01/2033 2,025,040
35 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA Continued
$ 180,000 District of Columbia Hospital (MH/NRH/MEDE/MRI/
MLTCC/MCAS Obligated Group) 5.750% 08/15/2026 $ 182,066
- -----------------------------------------------------------------------------------------------------------------------------------
610,000 District of Columbia Tobacco Settlement Financing Corp. 1 6.750 05/15/2040 652,194
- -----------------------------------------------------------------------------------------------------------------------------------
19,015,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 6.250 4 06/15/2046 1,814,031
- -----------------------------------------------------------------------------------------------------------------------------------
72,125,000 District of Columbia Tobacco Settlement Financing Corp.
(TASC) 6.375 4 06/15/2046 6,541,738
--------------
16,261,399
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA--20.1%
930,000 Aberdeen, FL Community Devel. District 5.250 11/01/2015 919,817
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Aberdeen, FL Community Devel. District 5.500 05/01/2036 989,220
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Amelia Walk, FL Community Devel. District Special
Assessment 5.500 05/01/2037 692,349
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Amelia, FL Concourse Community Devel. District 5.750 05/01/2038 2,005,120
- -----------------------------------------------------------------------------------------------------------------------------------
16,000,000 Arborwood, FL Community Devel. District (Centex Homes) 5.250 05/01/2016 15,835,200
- -----------------------------------------------------------------------------------------------------------------------------------
1,185,000 Arlington Ridge, FL Community Devel. District 5.500 05/01/2036 1,172,226
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 Ave Maria Stewardship, FL Community Devel. District 5.125 05/01/2038 2,545,923
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 Avelar Creek, FL Community Devel. District 5.375 05/01/2036 1,529,987
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Avignon Villages, FL Community Devel. District 5.300 05/01/2014 493,715
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Avignon Villages, FL Community Devel. District 5.400 05/01/2037 238,638
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Bahia Lakes, FL Community Devel. District 5.450 05/01/2037 451,651
- -----------------------------------------------------------------------------------------------------------------------------------
1,620,000 Bainebridge, FL Community Devel. District 5.500 05/01/2038 1,585,753
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Baker County, FL Hospital Authority 5.300 12/01/2023 65,830
- -----------------------------------------------------------------------------------------------------------------------------------
5,230,000 Bartram Park, FL Community Devel. District 5.300 05/01/2035 5,063,477
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Bay Laurel Center, FL Community Devel. District 5.450 05/01/2037 1,865,515
- -----------------------------------------------------------------------------------------------------------------------------------
195,000 Bay, FL Medical Center (Bay Medical Center) 5.650 10/01/2026 198,297
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Bay, FL Medical Center (Bay Medical Center) 5.000 10/01/2022 25,397
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Bay, FL Medical Center (Bay Medical Center) 5.550 10/01/2015 60,950
- -----------------------------------------------------------------------------------------------------------------------------------
180,000 Bay, FL Medical Center (Bay Medical Center) 5.600 10/01/2019 183,312
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 Baywinds, FL Community Devel. District 5.250 05/01/2037 1,530,620
- -----------------------------------------------------------------------------------------------------------------------------------
1,775,000 Beacon, FL Tradeport Community Devel. District 7.250 05/01/2033 1,896,818
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Bluewaters, FL Community Devel. District Special
Assessment 6.000 05/01/2035 125,465
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Brevard County, FL Second Guaranteed Entitlement 5.500 11/01/2014 100,411
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Broward County, FL Educational Facilities Authority
(Nova Southeastern University) 5.625 04/01/2034 25,832
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Callaway, FL Capital Improvement 5.000 08/01/2026 2,009,380
- -----------------------------------------------------------------------------------------------------------------------------------
5,615,000 Callaway, FL Capital Improvement 5.250 08/01/2032 5,724,436
- -----------------------------------------------------------------------------------------------------------------------------------
5,620,000 Callaway, FL Capital Improvement 5.250 08/01/2037 5,707,391
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Cape Coral, FL Health Facilities Authority (Gulf Care) 5.625 10/01/2027 204,382
36 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 155,000 Cape Coral, FL Health Facilities Authority (Gulf Care) 6.000% 10/01/2025 $ 155,439
- -----------------------------------------------------------------------------------------------------------------------------------
820,000 Cascades, FL Groveland Community Devel. District 5.300 05/01/2036 791,210
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 Century Gardens, FL Community Devel. District 5.100 05/01/2037 323,099
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Chapel Creek, FL Community Devel. District Special
Assessment 1 5.500 05/01/2038 3,461,255
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Charlotte County, FL Utility 5.000 10/01/2023 10,184
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 City Center, FL Community Devel. District 6.000 05/01/2038 1,484,865
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Clearwater Cay, FL Community Devel. District 5.500 05/01/2037 989,070
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Clearwater, FL Gas System 5.000 09/01/2023 100,959
- -----------------------------------------------------------------------------------------------------------------------------------
355,000 Clearwater, FL Hsg. Authority (Hamptons at Clearwater) 5.350 05/01/2024 361,947
- -----------------------------------------------------------------------------------------------------------------------------------
3,635,000 Concorde Estates, FL Community Devel. District 1 5.850 05/01/2035 3,708,318
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Connerton West, FL Community Devel. District 5.125 05/01/2016 1,336,770
- -----------------------------------------------------------------------------------------------------------------------------------
1,685,000 Copperstone, FL Community Devel. District 5.200 05/01/2038 1,578,323
- -----------------------------------------------------------------------------------------------------------------------------------
2,700,000 Cordoba Ranch, FL Community Devel. District Special
Assessment 5.550 05/01/2037 2,666,817
- -----------------------------------------------------------------------------------------------------------------------------------
2,650,000 Creekside, FL Community Devel. District 5.200 05/01/2038 2,482,229
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Crestview II, FL Community Devel. District Special
Assessment 5.600 05/01/2037 402,572
- -----------------------------------------------------------------------------------------------------------------------------------
875,000 Crosscreek, FL Community Devel. District 5.500 05/01/2017 865,051
- -----------------------------------------------------------------------------------------------------------------------------------
425,000 Crosscreek, FL Community Devel. District 5.600 05/01/2039 411,192
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Cypress Creek of Hillsborough County, FL Community
Devel. District 5.350 05/01/2037 5,804,460
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Dade County, FL Aviation (Miami International Airport) 5.125 10/01/2027 101,198
- -----------------------------------------------------------------------------------------------------------------------------------
1,225,000 Dade County, FL Aviation (Miami International Airport) 1 5.600 10/01/2026 1,245,470
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Dade County, FL GO (Seaport) 5.125 10/01/2026 267,949
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Dade County, FL GO (Seaport) 5.450 10/01/2016 254,668
- -----------------------------------------------------------------------------------------------------------------------------------
1,640,000 Dade County, FL IDA (Miami Cerebral Palsy Residence) 8.000 06/01/2022 1,659,631
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Dade County, FL Special Obligation 5.000 10/01/2035 100,609
- -----------------------------------------------------------------------------------------------------------------------------------
780,000 Dade County, FL Water & Sewer System 5.250 10/01/2026 789,165
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Dania, FL Sales Tax 5.000 10/01/2025 10,008
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Destin, FL Community Redevel. Agency (Town Center Area) 5.300 05/01/2027 25,251
- -----------------------------------------------------------------------------------------------------------------------------------
1,930,000 Double Branch, FL Special Assessment Community
Devel. District 6.700 05/01/2034 2,089,958
- -----------------------------------------------------------------------------------------------------------------------------------
1,065,000 Durbin Crossing, FL Community Devel. District Special
Assessment 5.250 11/01/2015 1,053,338
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Duval County, FL HFA (CAU Eagles Point North/CAU
Cedars Obligated Group) 5.650 07/01/2022 10,134
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 East Homestead, FL Community Devel. District 5.000 05/01/2011 570,791
- -----------------------------------------------------------------------------------------------------------------------------------
1,240,000 East Homestead, FL Community Devel. District 5.375 05/01/2036 1,197,666
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 East Homestead, FL Community Devel. District 5.450 11/01/2036 1,367,100
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Easton Park, FL Community Devel. District 5.200 05/01/2037 351,559
37 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 500,000 Enclave at Black Point Marina, FL Community
Devel. District 5.200% 05/01/2014 $ 497,265
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Enclave at Black Point Marina, FL Community
Devel. District 5.400 05/01/2037 239,843
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Escambia County, FL Health Facilities Authority
(Baptist Manor) 5.125 10/01/2019 50,462
- -----------------------------------------------------------------------------------------------------------------------------------
920,000 Fiddlers Creek, FL Community Devel. District 5.875 05/01/2021 947,710
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Fiddlers Creek, FL Community Devel. District No. 2
Special Assessment 6.000 05/01/2038 7,674,225
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 FL Capital Trust Agency (AHF Florida LLC) 8.125 10/01/2038 864,354
- -----------------------------------------------------------------------------------------------------------------------------------
2,550,000 FL Capital Trust Agency (American Opportunity) 1 5.875 06/01/2038 2,587,307
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.300 07/01/2035 9,992,300
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 5.350 07/01/2040 4,980,550
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 6.000 07/01/2040 6,201,120
- -----------------------------------------------------------------------------------------------------------------------------------
1,955,000 FL Capital Trust Agency (Atlantic Hsg. Foundation) 8.000 07/01/2040 1,995,410
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 FL Capital Trust Agency (Seminole Tribe Convention) 8.950 10/01/2033 1,437,360
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 FL Correctional Private Commission (350 Bed Youthful) COP 5.000 08/01/2017 25,024
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 FL Gateway Services Community Devel. District
(Sun City Center) 6.500 05/01/2033 256,296
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 FL HFA (The Vinyards) 6.500 11/01/2025 355,607
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 FL Principal One Community Devel. District 5.650 05/01/2035 971,280
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 FL State Board of Education 5.000 06/01/2024 60,046
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 FL Turnpike Authority (Dept. of Transportation) 5.000 07/01/2019 30,269
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Flora Ridge, FL Educational Facilities Benefit District 5.300 05/01/2037 475,920
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Forest Creek, FL Community Devel. District 5.450 05/01/2036 1,232,536
- -----------------------------------------------------------------------------------------------------------------------------------
5,750,000 Glades, FL Correctional Devel. Corp.
(Glades County Detention) 7.375 03/01/2030 5,996,158
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Grand Bay at Doral, FL Community Devel. District 3 6.000 05/01/2017 10,018,600
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Grand Bay at Doral, FL Community Devel. District 3 6.000 05/01/2039 3,005,370
- -----------------------------------------------------------------------------------------------------------------------------------
3,625,000 Greater Lakes/Sawgrass Bay, FL Community Devel. District 5.500 05/01/2038 3,584,871
- -----------------------------------------------------------------------------------------------------------------------------------
3,820,000 Harrison Ranch, FL Community Devel. District 5.300 05/01/2038 3,633,660
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Hawks Point, FL Community Devel. District 5.300 05/01/2039 356,490
- -----------------------------------------------------------------------------------------------------------------------------------
3,950,000 Heritage Bay, FL Community Devel. District 1 5.500 05/01/2036 3,907,419
- -----------------------------------------------------------------------------------------------------------------------------------
965,000 Heritage Harbour South, FL Community Devel. District 6.500 05/01/2034 1,031,517
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Heritage Isles, FL Community Devel. District 7.100 10/01/2023 212,793
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Heritage Plantation, FL Community Devel. District 5.400 05/01/2037 1,218,288
- -----------------------------------------------------------------------------------------------------------------------------------
1,375,000 Hialeah, FL Capital Improvement 5.500 10/01/2018 1,376,884
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Hialeah, FL Hsg. Authority 5.800 06/20/2033 10,493
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Highland Meadows, FL Community Devel. District
Special Assessment, Series A 5.500 05/01/2036 316,550
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Highlands County, FL Health Facilities Authority (Adventist) 5.250 11/15/2028 10,282
38 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 3,270,000 Highlands, FL Community Devel. District 1 5.000% 05/01/2011 $ 3,246,064
- -----------------------------------------------------------------------------------------------------------------------------------
5,800,000 Highlands, FL Community Devel. District 5.550 05/01/2036 5,721,526
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Hillsborough County, FL IDA (Senior Care Group) 6.750 07/01/2029 762,023
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hillsborough County, FL IDA (Tampa General Hospital) 5.400 10/01/2028 25,597
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Hillsborough County, FL IDA
(University Community Hospital) 1 5.625 08/15/2023 3,064,470
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Hillsborough County, FL School Board COP 5.375 07/01/2021 61,287
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Indian River County, FL Water & Sewer 5.250 09/01/2020 25,836
- -----------------------------------------------------------------------------------------------------------------------------------
920,000 Indigo, FL Community Devel. District 5.750 05/01/2036 923,735
- -----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Islands at Doral, FL Southwest Community Devel. District 6.375 05/01/2035 1,702,112
- -----------------------------------------------------------------------------------------------------------------------------------
4,235,000 Jacksonville, FL Electric Authority 5.100 10/01/2032 4,286,371
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Jacksonville, FL Electric Authority 5.100 10/01/2032 50,607
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Jacksonville, FL Electric Authority (Water & Sewer) 5.250 10/01/2039 10,269
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 Jacksonville, FL Electric System 2 4.625 10/01/2022 7,489,238
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Jacksonville, FL Health Facilities Authority
(Daughters of Charity Health Services of Austin) 5.250 08/15/2027 35,386
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Jacksonville, FL Sales Tax 5.000 10/01/2030 25,445
- -----------------------------------------------------------------------------------------------------------------------------------
2,115,000 K-Bar Ranch, FL Community Devel. District Special
Assessment 5.450 05/01/2036 2,077,142
- -----------------------------------------------------------------------------------------------------------------------------------
2,935,000 Keys Cove, FL Community Devel. District 5.500 05/01/2036 2,903,361
- -----------------------------------------------------------------------------------------------------------------------------------
1,185,000 Keys Cove, FL Community Devel. District 5.875 05/01/2035 1,219,152
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Lake County, FL School Board COP 2 5.000 06/01/2030 10,276,550
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Lake Frances, FL Community Devel. District Special
Assessment 5.300 05/01/2037 237,960
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Lakeland, FL Hospital System (Lakeland Regional
Medical Center) 5.250 11/15/2025 76,061
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Lakeside Landings, FL Devel. District 5.500 05/01/2038 243,293
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Landmark at Doral, FL Community Devel. District
Special Assessment 5.500 05/01/2038 988,930
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Lee County, FL IDA (Cypress Cove Healthpark) 6.750 10/01/2032 4,800,690
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Legends Bay, FL Community Devel. District 5.500 05/01/2014 499,840
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Legends Bay, FL Community Devel. District 5.875 05/01/2038 497,130
- -----------------------------------------------------------------------------------------------------------------------------------
2,150,000 Lucaya, FL Community Devel. District 5.375 05/01/2035 2,089,435
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Madeira, FL Community Devel. District 5.250 11/01/2014 2,469,275
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Madeira, FL Community Devel. District 5.450 05/01/2039 2,390,875
- -----------------------------------------------------------------------------------------------------------------------------------
585,000 Madison County, FL Mtg. (Twin Oaks) 6.000 07/01/2025 599,093
- -----------------------------------------------------------------------------------------------------------------------------------
1,775,000 Magnolia Creek, FL Community Devel. District 5.900 05/01/2039 1,750,984
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Magnolia West, FL Community Devel. District Special
Assessment 5.350 05/01/2037 1,451,115
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Marion County, FL Hospital District
(Munroe Regional Medical Center) 5.625 10/01/2024 99,413
39 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,925,000 Marsh Harbor, FL Community Devel. District, Series A 5.450% 05/01/2036 $ 1,890,543
- -----------------------------------------------------------------------------------------------------------------------------------
1,615,000 Meadow Woods, FL Community Devel. District
Special Assessment 6.050 05/01/2035 1,674,917
- -----------------------------------------------------------------------------------------------------------------------------------
3,050,000 Mediterranea, FL Community Devel. District Special
Assessment 5.600 05/01/2037 3,008,398
- -----------------------------------------------------------------------------------------------------------------------------------
2,390,000 Miami Beach, FL Health Facilities Authority
(Mt. Sinai Medical Center) 6.800 11/15/2031 2,583,399
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Miami, FL Health Facilities Authority (Catholic Health East) 5.250 11/15/2028 50,988
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Miami-Dade County, FL GO 5.125 11/01/2022 15,333
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Midtown Miami, FL Community Devel. District
Special Assessment 6.500 05/01/2037 2,582,950
- -----------------------------------------------------------------------------------------------------------------------------------
90,000 Mira Lago West, FL Community Devel. District 5.375 05/01/2036 87,428
- -----------------------------------------------------------------------------------------------------------------------------------
2,595,000 Miromar Lakes, FL Community Devel. District 6.875 05/01/2035 2,833,870
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monterra, FL Community Devel. District Special Assessment 5.000 11/01/2010 992,100
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 Monterra, FL Community Devel. District Special Assessment 5.125 11/01/2014 1,611,301
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Monterra, FL Community Devel. District Special Assessment 5.500 05/01/2036 729,360
- -----------------------------------------------------------------------------------------------------------------------------------
985,000 Moody River, FL Estates Community Devel. District 5.350 05/01/2036 953,332
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Myrtle Creek, FL Improvement District Special Assessment 5.200 05/01/2037 1,406,235
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Naples, FL Hospital Revenue (Naples Community Hospital) 5.250 10/01/2014 25,025
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Naples, FL Hospital Revenue (Naples Community Hospital) 5.500 10/01/2026 203,024
- -----------------------------------------------------------------------------------------------------------------------------------
590,000 Naturewalk, FL Community Devel. District 5.300 05/01/2016 577,876
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Naturewalk, FL Community Devel. District 5.500 05/01/2038 476,210
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 New Port Tampa Bay, FL Community Devel. District 5.300 11/01/2012 1,001,500
- -----------------------------------------------------------------------------------------------------------------------------------
7,310,000 New Port Tampa Bay, FL Community Devel. District 5.875 05/01/2038 7,434,197
- -----------------------------------------------------------------------------------------------------------------------------------
1,800,000 Northern Palm Beach, FL Improvement District 5.350 08/01/2041 1,722,726
- -----------------------------------------------------------------------------------------------------------------------------------
495,000 Oak Creek, FL Community Devel. District Special Assessment 5.800 05/01/2035 502,925
- -----------------------------------------------------------------------------------------------------------------------------------
7,835,000 Oakland, FL Charter School 6.950 12/01/2032 8,301,418
- -----------------------------------------------------------------------------------------------------------------------------------
1,345,000 Oakmont Grove, FL Community Devel. District Special
Assessment 5.250 05/01/2012 1,334,200
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Oakmont Grove, FL Community Devel. District Special
Assessment 5.400 05/01/2038 478,450
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Ocala, FL Capital Improvements COP 5.375 10/01/2022 25,058
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 8.875 07/01/2021 329,010
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Orange County, FL Health Facilities Authority
(GF Orlando/CFGH Obligated Group) 9.000 07/01/2031 879,544
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Orange County, FL Health Facilities Authority
(Orlando Lutheran Tower) 5.500 07/01/2032 245,498
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 Orange County, FL Health Facilities Authority
(Orlando Lutheran Tower) 5.500 07/01/2038 365,468
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Orange County, FL School Board COP 5.375 08/01/2017 30,336
40 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 25,000 Orange County, FL Tourist Devel. Tax 5.125% 10/01/2021 $ 25,304
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Orlando & Orange County, FL Expressway Authority 5.000 07/01/2028 25,337
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Palm Bay, FL Educational Facilities (Patriot Charter School) 7.000 07/01/2036 1,357,725
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.500 12/01/2021 36,355
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Palm Beach County, FL Health Facilities Authority
(Boca Raton Community Hospital) 5.625 12/01/2031 25,923
- -----------------------------------------------------------------------------------------------------------------------------------
2,125,000 Palm Coast Park, FL Community Devel. District Special
Assessment 5.700 05/01/2037 2,142,659
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Palm Glades, FL Community Devel. District 4.850 05/01/2011 1,071,455
- -----------------------------------------------------------------------------------------------------------------------------------
1,025,000 Palm Glades, FL Community Devel. District 5.300 05/01/2036 976,302
- -----------------------------------------------------------------------------------------------------------------------------------
460,000 Palm River, FL Community Devel. District 5.150 05/01/2013 457,364
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 Palm River, FL Community Devel. District 5.375 05/01/2036 257,426
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Parker Road, FL Community Devel. District 5.350 05/01/2015 495,460
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Parker Road, FL Community Devel. District 5.600 05/01/2038 484,985
- -----------------------------------------------------------------------------------------------------------------------------------
2,820,000 Parkway Center, FL Community Devel. District, Series A 6.125 05/01/2024 2,948,705
- -----------------------------------------------------------------------------------------------------------------------------------
1,815,000 Parkway Center, FL Community Devel. District, Series A 6.300 05/01/2034 1,909,525
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Pinellas County, FL Educational Facilities Authority
(Barry University) 5.375 10/01/2028 101,578
- -----------------------------------------------------------------------------------------------------------------------------------
17,410,000 Pinellas County, FL Educational Facilities Authority
(Eckerd College) 5.250 10/01/2029 17,802,770
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Pinellas County, FL Health Facility Authority (St. Mark Village) 5.650 05/01/2037 1,460,880
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Polk County, FL School Board COP 5.000 01/01/2023 10,076
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Port Everglades, FL Authority, Series A 5.000 09/01/2016 24,998
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Port St. Lucie, FL Special Assessment (Peacock & Lowry) 5.350 07/01/2027 485,375
- -----------------------------------------------------------------------------------------------------------------------------------
175,000 Port St. Lucie, FL Utility, Series A 5.125 09/01/2027 176,885
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Portfino Springs, FL Community Devel. District Special
Assessment 5.500 05/01/2038 292,800
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Portico, FL Community Devel. District 5.450 05/01/2037 728,963
- -----------------------------------------------------------------------------------------------------------------------------------
2,670,000 Portofino Cove, FL Community Devel. District
Special Assessment 5.250 05/01/2012 2,659,373
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Portofino Cove, FL Community Devel. District
Special Assessment 5.500 05/01/2038 488,000
- -----------------------------------------------------------------------------------------------------------------------------------
285,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.200 05/01/2017 281,463
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Portofino Landings, FL Community Devel. District
Special Assessment 5.400 05/01/2038 971,440
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Quarry, FL Community Devel. District 5.250 05/01/2016 8,903,610
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Quarry, FL Community Devel. District 5.250 05/01/2036 601,368
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Quarry, FL Community Devel. District 5.500 05/01/2036 2,473,050
- -----------------------------------------------------------------------------------------------------------------------------------
11,350,000 Renaissance Commons, FL Community Devel.
District, Series A 5.600 05/01/2036 11,365,890
41 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 250,000 Reunion East, FL Community Devel. District 5.800% 05/01/2036 $ 254,368
- -----------------------------------------------------------------------------------------------------------------------------------
6,025,000 Reunion East, FL Community Devel. District, Series A 7.375 05/01/2033 6,626,175
- -----------------------------------------------------------------------------------------------------------------------------------
2,470,000 Reunion West, FL Community Devel. District 6.250 05/01/2036 2,561,859
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Ridgewood Trails, FL Community Devel. District 5.650 05/01/2038 738,953
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 River Glen, FL Community Devel. District Special Assessment 5.450 05/01/2038 2,454,050
- -----------------------------------------------------------------------------------------------------------------------------------
930,000 Riverwood Estates, FL Community Devel. District
Special Assessment 5.350 05/01/2037 884,681
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Rolling Hills, FL Community Devel. District 5.450 05/01/2037 245,463
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Santa Rosa Bay, FL Bridge Authority 6.250 07/01/2028 369,135
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Sarasota, FL National Community Devel. District
Special Assessment 5.300 05/01/2039 2,376,600
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Seminole County, FL GO 5.125 04/01/2010 25,026
- -----------------------------------------------------------------------------------------------------------------------------------
2,290,000 Shingle Creek, FL Community Devel. District 6.100 05/01/2025 2,368,913
- -----------------------------------------------------------------------------------------------------------------------------------
6,350,000 Shingle Creek, FL Community Devel. District 6.125 05/01/2037 6,516,942
- -----------------------------------------------------------------------------------------------------------------------------------
2,375,000 Six Mile Creek, FL Community Devel. District 5.875 05/01/2038 2,363,363
- -----------------------------------------------------------------------------------------------------------------------------------
1,285,000 Sonoma Bay, FL Community Devel. District, Series A 5.450 05/01/2036 1,261,999
- -----------------------------------------------------------------------------------------------------------------------------------
1,950,000 South Bay, FL Community Devel. District 5.125 11/01/2009 1,944,111
- -----------------------------------------------------------------------------------------------------------------------------------
2,750,000 South Bay, FL Community Devel. District 5.375 05/01/2013 2,709,080
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 South Bay, FL Community Devel. District 5.950 05/01/2036 5,582,885
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 South Lake County, FL Hospital District
(Orlando Regional Healthcare System) 5.800 10/01/2034 77,129
- -----------------------------------------------------------------------------------------------------------------------------------
1,280,000 South-Dade, FL Venture Community Devel. District 6.125 05/01/2034 1,336,768
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 St. John's Forest, FL Community Devel. District, Series A 6.125 05/01/2034 3,101,670
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 St. Johns County, FL IDA (St. John's County
Welfare Federation) 5.250 10/01/2041 398,708
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Stonebrier, FL Community Devel. District 5.500 05/01/2037 989,070
- -----------------------------------------------------------------------------------------------------------------------------------
915,000 Stonegate, FL Community Devel. District 6.000 05/01/2024 979,041
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Stonegate, FL Community Devel. District 6.125 05/01/2034 1,054,050
- -----------------------------------------------------------------------------------------------------------------------------------
1,055,000 Stoneybrook, FL South Community Devel. District 5.800 05/01/2039 1,041,317
- -----------------------------------------------------------------------------------------------------------------------------------
765,000 Summerville, FL Community Devel. District 5.500 05/01/2036 734,553
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Sunrise, FL Utility System 5.250 10/01/2019 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Sweetwater Creek, FL Community Devel. District 5.500 05/01/2038 1,952,000
- -----------------------------------------------------------------------------------------------------------------------------------
2,535,000 Tern Bay, FL Community Devel. District 5.000 05/01/2015 2,504,377
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Tern Bay, FL Community Devel. District 5.375 05/01/2037 475,085
- -----------------------------------------------------------------------------------------------------------------------------------
4,880,000 Town Center, FL at Palm Coast Community Devel. District 6.000 05/01/2036 4,959,202
- -----------------------------------------------------------------------------------------------------------------------------------
6,555,000 Two Creeks, FL Community Devel. District 5.250 05/01/2037 6,174,286
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 University of Central FL (University Hsg.) 5.500 10/01/2021 35,097
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 University of South FL (University Bookstore) 5.900 07/01/2010 25,042
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Verandah East, FL Community Devel. District 5.400 05/01/2037 2,454,375
- -----------------------------------------------------------------------------------------------------------------------------------
1,645,000 Verandah, FL Community Devel District 5.250 05/01/2036 1,550,742
42 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 1,000,000 Villa Portofino East, FL Community Devel. District 5.200% 05/01/2037 $ 937,490
- -----------------------------------------------------------------------------------------------------------------------------------
1,755,000 Villa Portofino West, FL Community Devel. District 5.350 05/01/2036 1,698,577
- -----------------------------------------------------------------------------------------------------------------------------------
2,565,000 Villa Vizcaya, FL Community Devel. District
Special Assessment 5.350 05/01/2017 2,539,068
- -----------------------------------------------------------------------------------------------------------------------------------
420,000 Villa Vizcaya, FL Community Devel. District
Special Assessment 5.550 05/01/2039 409,861
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Village, FL Community Devel. District, Series A 6.100 05/01/2034 936,963
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Village, FL Community Devel. District, Series A 6.500 05/01/2033 797,475
- -----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Villages of Westport, FL Community Devel. District 5.700 05/01/2035 1,603,328
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Villagewalk of Bonita Springs, FL Community Devel. District 5.150 05/01/2038 929,430
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Vista, FL Community Devel. District Special Assessment 5.375 05/01/2037 1,922,420
- -----------------------------------------------------------------------------------------------------------------------------------
10,200,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 2 5.000 10/15/2025 10,277,775
- -----------------------------------------------------------------------------------------------------------------------------------
31,600,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 2 5.000 10/15/2035 31,384,962
- -----------------------------------------------------------------------------------------------------------------------------------
1,660,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 1 5.000 10/15/2025 1,672,666
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 Volusia County, FL Educational Facility Authority
(Embry-Riddle Aeronautical University) 5.000 10/15/2035 168,842
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Waterford Estates, FL Community Devel. District
Special Assessment 5.125 05/01/2013 1,489,575
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Waterford Estates, FL Community Devel. District
Special Assessment 5.500 05/01/2037 2,472,675
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Watergrass, FL Community Devel. District Special Assessment 4.875 11/01/2010 4,454,460
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Watergrass, FL Community Devel. District Special Assessment 5.125 11/01/2014 1,239,463
- -----------------------------------------------------------------------------------------------------------------------------------
790,000 Watergrass, FL Community Devel. District Special Assessment 5.375 05/01/2039 759,948
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Waterlefe, FL Community Devel. District Golf Course 8.125 10/01/2025 1,029,420
- -----------------------------------------------------------------------------------------------------------------------------------
4,920,000 Waters Edge, FL Community Devel. District 5.300 05/01/2036 4,686,251
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Waters Edge, FL Community Devel. District 5.350 05/01/2039 869,931
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Waters Edge, FL Community Devel. District 5.400 05/01/2039 243,498
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Waterstone, FL Community Devel. District 5.500 05/01/2018 1,233,438
- -----------------------------------------------------------------------------------------------------------------------------------
4,405,000 Wentworth Estates, FL Community Devel. District 5.125 11/01/2012 4,376,676
- -----------------------------------------------------------------------------------------------------------------------------------
3,775,000 Wentworth Estates, FL Community Devel. District 5.625 05/01/2037 3,774,623
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 West Palm Beach, FL Utility System 5.000 10/01/2027 20,016
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 West Villages, FL Improvement District 5.350 05/01/2015 1,189,548
- -----------------------------------------------------------------------------------------------------------------------------------
4,200,000 West Villages, FL Improvement District 5.500 05/01/2037 4,058,922
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 West Villages, FL Improvement District 5.500 05/01/2038 3,366,790
- -----------------------------------------------------------------------------------------------------------------------------------
7,450,000 West Villages, FL Improvement District 5.800 05/01/2036 7,476,597
- -----------------------------------------------------------------------------------------------------------------------------------
5,075,000 Westridge, FL Community Devel. District 5.800 05/01/2037 5,021,256
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Westside, FL Community Devel. District 5.650 05/01/2037 6,042,420
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Winter Garden Village at Fowler Groves, FL Community
Devel. District Special Tax 5.650 05/01/2037 1,501,395
43 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
FLORIDA Continued
$ 690,000 World Commerce, FL Community Devel. District
Special Assessment 5.500% 05/01/2038 $ 672,460
- -----------------------------------------------------------------------------------------------------------------------------------
2,800,000 World Commerce, FL Community Devel. District
Special Assessment 6.500 05/01/2036 2,932,188
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Wyld Palms, FL Community Devel. District 5.400 05/01/2015 2,228,220
- -----------------------------------------------------------------------------------------------------------------------------------
1,465,000 Wyld Palms, FL Community Devel. District 5.500 05/01/2038 1,407,206
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Zephyr Ridge, FL Community Devel. District 5.250 05/01/2013 493,745
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Zephyr Ridge, FL Community Devel. District 5.625 05/01/2037 977,310
--------------
522,758,568
- -----------------------------------------------------------------------------------------------------------------------------------
GEORGIA--3.8%
13,140,000 Athens, GA Area Facilities Corp. COP
(Georgia Dept. of Labor) 2 5.000 06/15/2037 12,998,548
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Athens, GA Area Facilities Corp. COP
(Georgia Dept. of Labor) 5.000 06/15/2037 267,092
- -----------------------------------------------------------------------------------------------------------------------------------
13,100,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 6.000 07/01/2036 14,131,625
- -----------------------------------------------------------------------------------------------------------------------------------
3,905,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 1 6.250 07/01/2024 4,334,941
- -----------------------------------------------------------------------------------------------------------------------------------
2,470,000 Atlanta, GA Devel. Authority Student Hsg.
(ADA/CAU Partners) 1 6.250 07/01/2036 2,712,603
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Atlanta, GA HDC (Bedford Tower) 6.250 01/01/2015 15,124
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Atlanta, GA Tax Allocation (Eastside) 5.400 01/01/2020 1,017,670
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Atlanta, GA Tax Allocation (Eastside) 5.600 01/01/2030 2,547,375
- -----------------------------------------------------------------------------------------------------------------------------------
1,235,000 Atlanta, GA Tax Allocation (Princeton Lakes) 5.500 01/01/2031 1,245,275
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Chatham County, GA Hospital Authority
(Memorial Health University Medical Center) 5.500 01/01/2034 20,537
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Clark County, GA Hospital Authority
(Athens Regional Medical) 5.250 01/01/2029 10,238
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Columbus, GA Building Authority 5.500 04/01/2013 51,065
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Dalton, GA Devel. Authority (Hamilton Health Care System) 5.000 08/15/2028 15,205
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Dalton, GA Devel. Authority (Hamilton Health Care System/
Hamilton Medical Center Obligated Group) 5.375 08/15/2016 30,623
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 De Kalb County, GA Devel. Authority (General Motors Corp.) 6.000 03/15/2021 20,227
- -----------------------------------------------------------------------------------------------------------------------------------
9,545,000 De Kalb County, GA Devel. Authority Public Purpose 5.500 12/10/2023 9,701,252
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 De Kalb County, GA Hsg. Authority
(Spring Chase Apartments) 5.400 11/01/2030 10,159
- -----------------------------------------------------------------------------------------------------------------------------------
3,805,000 East Point, GA (Camp Creek), Series B 8.000 02/01/2026 4,267,916
- -----------------------------------------------------------------------------------------------------------------------------------
5,695,000 East Point, GA (Camp Creek), Series B 8.000 02/01/2026 6,387,854
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Fulton County, GA Devel. Authority
(Georgia Tech Foundation Facilities) 5.000 09/01/2027 45,565
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Fulton County, GA Hospital Authority (Northside Hospital) 5.125 10/01/2016 100,092
44 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 10,000 Fulton County, GA Hospital Authority (Northside Hospital) 5.375% 10/01/2012 $ 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Fulton County, GA Residential Care Facilities
(Canterbury Court) 6.125 02/15/2034 2,087,220
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 GA Hsg. & Finance Authority (Hunters Grove) 5.850 01/01/2017 25,489
- -----------------------------------------------------------------------------------------------------------------------------------
11,260,000 GA Municipal Electric Authority 2 6.500 01/01/2017 13,030,522
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 GA Municipal Electric Authority, Series A 5.000 11/01/2024 120,280
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 GA Municipal Electric Authority, Series X 6.500 01/01/2012 529,065
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Gainesville & Hall County, GA Hospital Authority
(NEGHS/NEGMC/NEGHR Obligated Group) 5.375 05/15/2024 31,592
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Gainesville & Hall County, GA Hospital Authority
(NEGHS/NEGMC/NEGHR Obligated Group) 5.500 05/15/2031 52,871
- -----------------------------------------------------------------------------------------------------------------------------------
4,450,000 Gainesville, GA Redevel. Authority
(Riverside Military Academy) 5.125 03/01/2027 4,436,161
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Gainesville, GA Redevel. Authority
(Riverside Military Academy) 5.125 03/01/2037 3,426,780
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Gwinnett County, GA Hospital Authority
(Gwinnett Hospital System) 5.000 09/01/2013 95,076
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Gwinnett County, GA Hospital Authority
(Gwinnett Hospital System) 5.000 09/01/2019 145,091
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Henry County, GA Water & Sewerage Authority 5.000 02/01/2026 40,714
- -----------------------------------------------------------------------------------------------------------------------------------
2,340,000 Northwestern Gwinnett County, GA Facilities Corp. COP
(Dept. of Labor) 2 5.000 06/15/2021 2,357,141
- -----------------------------------------------------------------------------------------------------------------------------------
8,000 Northwestern Gwinnett County, GA Facilities Corp. COP
(Dept. of Labor) 5.000 06/15/2021 8,066
- -----------------------------------------------------------------------------------------------------------------------------------
930,000 Northwestern Gwinnett County, GA Facilities Corp. COP
(Dept. of Motor Vehicle Safety) 2 5.000 06/15/2021 936,812
- -----------------------------------------------------------------------------------------------------------------------------------
4,465,000 Northwestern Gwinnett County, GA Facilities Corp. II COP
(Georgia Dept. of Driver Services) 2 5.000 06/15/2028 4,497,707
- -----------------------------------------------------------------------------------------------------------------------------------
1,770,000 Northwestern Gwinnett County, GA Facilities Corp. II COP
(Georgia Dept. of Driver Services) 2 5.000 06/15/2028 1,782,966
- -----------------------------------------------------------------------------------------------------------------------------------
3,160,000 Northwestern Gwinnett County, GA Facilities Corp. II COP
(Georgia Dept. of Driver Services) 2 5.000 06/15/2029 3,183,148
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Private Colleges & Universities Authority, GA
(Emory University) 5.125 11/01/2027 35,407
- -----------------------------------------------------------------------------------------------------------------------------------
860,000 Private Colleges & Universities Authority, GA
(Mercer University) 5.375 10/01/2029 870,157
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Private Colleges & Universities Authority, GA
(Mercer University) 5.375 06/01/2031 5,073
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Richmond County, GA Water & Sewer 5.125 10/01/2017 15,224
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Savannah, GA EDA (Skidway Health & Living Services) 7.400 01/01/2024 538,225
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2020 32,405
- -----------------------------------------------------------------------------------------------------------------------------------
205,000 Savannah, GA EDA (University Financing Foundation) 6.750 11/15/2031 221,234
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Savannah, GA Resource Recovery Devel. Authority 5.100 08/01/2014 20,020
45 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
GEORGIA Continued
$ 25,000 Smyrna, GA Hospital Authority (Emory-Adventist Hospital) 5.500% 08/01/2016 $ 25,280
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Smyrna, GA Hospital Authority (Emory-Adventist Hospital) 5.500 08/01/2026 30,332
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Ware County, GA Hospital Authority
(Southeast Health Unit) 6.625 03/01/2017 46,221
--------------
98,567,276
- -----------------------------------------------------------------------------------------------------------------------------------
HAWAII--0.2%
4,200,000 HI Dept. of Budget & Finance Special Purpose (Kahala Nui) 8.000 11/15/2033 4,786,740
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 HI Dept. of Budget & Finance Special Purpose
(Kahala Senior Living Community) 7.875 11/15/2023 568,630
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 HI HFDC (Single Family Mtg.) 5.450 07/01/2017 174,644
--------------
5,530,014
- -----------------------------------------------------------------------------------------------------------------------------------
IDAHO--1.7%
17,125,000 ID Health Facilities Authority (Portneuf Medical Center) 2 5.000 09/01/2035 17,103,942
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 ID Hsg. Agency (Multifamily Hsg.) 6.700 07/01/2024 20,019
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 ID Hsg. Agency (Single Family Mtg.) 5.800 07/01/2025 20,016
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Madison County, ID Hospital COP 5.250 09/01/2037 1,881,475
- -----------------------------------------------------------------------------------------------------------------------------------
16,870,000 Nez Perce County, ID Pollution Control (Potlatch Corp.) 6.000 10/01/2024 17,030,602
- -----------------------------------------------------------------------------------------------------------------------------------
5,360,000 Pocatello, ID Devel. Authority Revenue Allocation
Tax Increment, Series A 1 6.000 08/01/2028 5,312,671
- -----------------------------------------------------------------------------------------------------------------------------------
2,980,000 Twin Falls, ID Urban Renewal Agency, Series A 5.450 08/01/2022 2,969,421
--------------
44,338,146
- -----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--6.3%
600,000 Annawan, IL Tax Increment (Patriot Renewable Fuels) 5.625 01/01/2018 589,590
- -----------------------------------------------------------------------------------------------------------------------------------
1,825,000 Bedford Park, IL Tax 5.125 12/30/2018 1,832,355
- -----------------------------------------------------------------------------------------------------------------------------------
990,000 Bryant, IL Pollution Control (Central Illinois Light Company) 5.900 08/01/2023 997,168
- -----------------------------------------------------------------------------------------------------------------------------------
355,000 Carol Stream, IL Tax (Geneva Crossing) 5.000 12/30/2021 349,434
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Cary, IL Special Tax (Special Service Area No. 1) 5.000 03/01/2030 1,000,990
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Cary, IL Special Tax (Special Service Area No. 2) 5.000 03/01/2030 2,001,980
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Chicago, IL Board of Education (Chicago School Reform) 5.250 12/01/2018 76,807
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Chicago, IL Board of Education (Chicago School Reform) 5.250 12/01/2022 148,461
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Chicago, IL Board of Education (Chicago School Reform) 5.250 12/01/2027 373,552
- -----------------------------------------------------------------------------------------------------------------------------------
545,000 Chicago, IL Board of Education (Chicago School Reform) 5.250 12/01/2030 557,769
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Chicago, IL GO 5.125 01/01/2029 40,794
- -----------------------------------------------------------------------------------------------------------------------------------
10,030,000 Chicago, IL Midway Airport, Series A 5.500 01/01/2029 10,143,138
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Chicago, IL Midway Airport, Series B 5.000 01/01/2035 238,415
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Chicago, IL O'Hare International Airport (Delta Airlines) 6.450 05/01/2018 5,150,000
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Chicago, IL O'Hare International Airport (Passenger
Facility Charge) 5.625 01/01/2014 50,350
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Chicago, IL Sales Tax 5.250 01/01/2028 10,274
46 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 5,000,000 Chicago, IL Tax (Pilsen Redevel.) 6.750% 06/01/2022 $ 5,396,100
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 Chicago, IL Waterworks 5.000 11/01/2025 186,902
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Cook County, IL (Jewish Federation) 6.000 08/15/2022 20,232
- -----------------------------------------------------------------------------------------------------------------------------------
2,400,000 Cook County, IL Community School District GO 7.125 06/01/2024 3,073,200
- -----------------------------------------------------------------------------------------------------------------------------------
1,012,000 Cortland, IL Special Tax (Sheaffer System) 1 5.500 03/01/2017 1,011,271
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Deerfield, IL Educational Facilities
(Chicagoland Jewish High School) 6.000 05/01/2041 511,725
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Du Page County, IL Special Service Area No. 31 Special Tax
(Monarch Landing) 5.400 03/01/2016 274,342
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Du Page County, IL Special Service Area No. 31 Special Tax
(Monarch Landing) 5.625 03/01/2036 320,154
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Gilberts, IL Special Service Area No. 19 Special Tax
(Conservancy) 5.375 03/01/2016 1,222,738
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 Hampshire, IL Special Service Area No. 16
(Crown Devel.-Prairie Ridge) 6.000 03/01/2046 1,116,335
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Hampshire, IL Special Service Area No. 17
(Crown Devel.-Oakstead) 6.000 03/01/2045 2,527,975
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Hampshire, IL Special Service Area No. 19
(Crown Devel.-Prairie Ridge East) 6.000 03/01/2046 1,516,785
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 IL Devel. Finance Authority
(Community Rehabilitation Providers) 5.700 07/01/2019 315,462
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 IL Devel. Finance Authority
(Geneva School District School 304) 6.300 06/01/2010 10,081
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.700 08/15/2026 145,196
- -----------------------------------------------------------------------------------------------------------------------------------
12,250,000 IL Devel. Finance Authority Pollution Control
(Central Illinois Public Service Company) 5.950 08/15/2026 12,314,068
- -----------------------------------------------------------------------------------------------------------------------------------
745,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 1 5.400 03/01/2028 745,775
- -----------------------------------------------------------------------------------------------------------------------------------
475,000 IL Devel. Finance Authority Pollution Control
(Illinois Power Company) 1 5.400 03/01/2028 475,494
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 IL Educational Facilities Authority (Augustana College) 5.625 10/01/2022 1,681,079
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Educational Facilities Authority (Augustana College) 5.700 10/01/2032 3,096,270
- -----------------------------------------------------------------------------------------------------------------------------------
1,450,000 IL Educational Facilities Authority
(Plum Creek Rolling Meadows) 6.500 12/01/2037 1,495,168
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 IL Educational Facilities Authority (University of Chicago) 5.125 07/01/2038 20,365
- -----------------------------------------------------------------------------------------------------------------------------------
1,920,000 IL Finance Authority (Bethel Terrace Apartments) 1 5.125 09/01/2025 1,883,328
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 IL Finance Authority (Central Baptist Village) 5.375 11/15/2039 397,112
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 IL Finance Authority (Clare Oaks) 6.000 11/15/2039 1,809,588
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2027 757,568
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 IL Finance Authority (Franciscan Communities) 5.500 05/15/2037 751,905
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.375 02/15/2025 2,009,780
47 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 2,000,000 IL Finance Authority (Friendship Village Schaumburg) 5.625% 02/15/2037 $ 2,028,140
- -----------------------------------------------------------------------------------------------------------------------------------
3,440,000 IL Finance Authority (Illinois Charter Schools) 5.375 09/01/2027 3,571,408
- -----------------------------------------------------------------------------------------------------------------------------------
2,450,000 IL Finance Authority (Illinois Charter Schools) 5.375 09/01/2032 2,525,877
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 IL Finance Authority (Luther Oaks) 5.700 08/15/2028 502,740
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 IL Finance Authority (Luther Oaks) 6.000 08/15/2039 519,950
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 IL Finance Authority (Lutheran Hillside Village) 5.250 02/01/2037 5,070,950
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IL Finance Authority (Lutheran Social Services of Illinois/
Vesper Management Corp. Obligated Group) 5.125 08/15/2028 972,380
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 IL Finance Authority (Noble Network Charter Schools) 5.000 09/01/2027 1,755,425
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 IL Finance Authority (Noble Network Charter Schools) 5.000 09/01/2031 1,977,820
- -----------------------------------------------------------------------------------------------------------------------------------
3,495,000 IL Finance Authority (Noble Network Charter Schools) 5.000 09/01/2032 3,460,330
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 IL Finance Authority Student Hsg.
(MJH Education Assistance) 5.125 06/01/2035 2,973,420
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 IL GO 5.125 12/01/2010 170,850
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 IL GO 5.125 12/01/2010 30,129
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 IL GO 5.125 12/01/2011 85,425
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 IL GO 5.125 12/01/2011 15,064
- -----------------------------------------------------------------------------------------------------------------------------------
455,000 IL GO 5.125 12/01/2017 457,275
- -----------------------------------------------------------------------------------------------------------------------------------
1,395,000 IL GO 5.125 12/01/2017 1,400,985
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IL GO 5.250 07/01/2022 1,010,970
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 IL Health Facilities Authority
(Covenant Retirement Communities) 5.625 12/01/2032 5,190,500
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 IL Health Facilities Authority (Decatur Memorial Hospital) 5.375 11/15/2021 35,476
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 IL Health Facilities Authority
(EMH/EMHH/EMHS Obligated Group) 5.625 01/01/2028 62,305
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 IL Health Facilities Authority (Holy Family Medical Center) 5.000 08/15/2027 10,067
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 IL Health Facilities Authority (Holy Family Medical Center) 5.125 08/15/2022 10,088
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 IL Health Facilities Authority (Lake Forest Hospital) 6.000 07/01/2033 4,259,320
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 IL Health Facilities Authority (Loyola University) 5.000 07/01/2024 75,793
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 IL Health Facilities Authority
(Northwestern Medical Faculty Foundation) 5.125 11/15/2028 15,242
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 IL Health Facilities Authority (Rockford Memorial Hospital/
Rockford Memorial Health Services Corp. Obligated Group) 5.000 08/15/2021 80,585
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 IL Health Facilities Authority
(Sarah Bush Lincoln Health Center) 5.500 02/15/2016 25,354
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 IL Health Facilities Authority
(Sarah Bush Lincoln Health Center) 5.750 02/15/2022 86,264
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 IL Health Facilities Authority (Sherman Health System) 5.500 08/01/2012 252,793
- -----------------------------------------------------------------------------------------------------------------------------------
14,000,000 IL Health Facilities Authority (Sinai Health System) 2 5.100 08/15/2033 14,361,410
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 IL Metropolitan Pier & Exposition Authority 5.250 06/15/2012 100,086
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 IL Metropolitan Pier & Exposition Authority 1 5.250 06/15/2027 509,626
48 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS Continued
$ 10,000,000 IL Metropolitan Pier & Exposition Authority
(McCormick Place Expansion) 2 5.000% 12/15/2028 $ 10,262,800
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 Lake County, IL HFC, Series A 6.700 11/01/2014 95,145
- -----------------------------------------------------------------------------------------------------------------------------------
3,735,000 Lakemoor Village, IL Special Tax 5.000 03/01/2027 3,759,464
- -----------------------------------------------------------------------------------------------------------------------------------
2,725,000 Lincolnshire, IL Special Service Area No. 1 Special Tax
(Sedgebrook) 6.250 03/01/2034 2,866,455
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 1 5.250 01/01/2025 3,108,210
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.250 01/01/2036 30,893
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 5.500 01/01/2030 3,129,090
- -----------------------------------------------------------------------------------------------------------------------------------
1,575,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 1 5.500 01/01/2036 1,630,676
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Lombard, IL Public Facilities Corp.
(Conference Center & Hotel) 7.125 01/01/2036 3,174,180
- -----------------------------------------------------------------------------------------------------------------------------------
1,455,000 Manhattan, IL Special Service Area Special Tax
(Groebe Farm-Stonegate) 6.125 03/01/2040 1,459,714
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Plano, IL Special Service Area No. 5 6.000 03/01/2036 1,287,525
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Schaumburg, IL Multifamily Hsg. (Plum Grove) 6.050 02/01/2031 511,635
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Southwestern, IL Devel. Authority (Eden Retirement Center) 5.850 12/01/2036 509,090
- -----------------------------------------------------------------------------------------------------------------------------------
1,150,000 Southwestern, IL Devel. Authority (Village of Sauget) 5.625 11/01/2026 1,152,760
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Springfield, IL Water 5.400 03/01/2015 30,335
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 University of IL Health Services Facilities 5.800 10/01/2018 306,948
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Volo Village, IL Special Service Area (Lancaster Falls) 5.750 03/01/2036 988,190
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Volo Village, IL Special Service Area (Remington Pointe) 1 6.450 03/01/2034 4,169,480
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Wilmette, IL GO 5.500 12/01/2021 75,398
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Woodridge, IL Multifamily Hsg. (Hawthorn Ridge) 5.650 12/20/2032 10,251
- -----------------------------------------------------------------------------------------------------------------------------------
1,820,000 Yorkville, IL United City Special Services Area Special Tax
(Bristol Bay) 5.875 03/01/2036 1,844,224
- -----------------------------------------------------------------------------------------------------------------------------------
1,744,000 Yorkville, IL United City Special Services Area Special Tax
(Raintree Village II) 6.250 03/01/2035 1,823,805
--------------
164,477,390
- -----------------------------------------------------------------------------------------------------------------------------------
INDIANA--2.3%
1,425,000 Anderson, IN Economic Devel. (Anderson University) 5.000 10/01/2032 1,378,360
- -----------------------------------------------------------------------------------------------------------------------------------
4,815,000 Boone County, IN Redevel. Commission, Series A 5.250 02/01/2034 5,000,378
- -----------------------------------------------------------------------------------------------------------------------------------
4,080,000 Dekalb City, IN Hospital Authority
(Dekalb Memorial Hospital) 5.000 08/01/2016 4,126,553
- -----------------------------------------------------------------------------------------------------------------------------------
1,600,000 Hamilton County, IN Redevel. District (Thomas Electrics) 5.100 02/01/2031 1,594,576
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 IN Devel. Finance Authority (USX Corp.) 5.600 12/01/2032 56,151
- -----------------------------------------------------------------------------------------------------------------------------------
330,000 IN Devel. Finance Authority (USX Corp.) 6.150 07/15/2022 337,042
49 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
INDIANA Continued
$ 1,625,000 IN H&EFA (Community Foundation Northwest Indiana) 5.500% 03/01/2037 $ 1,636,343
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 IN Health Facility Financing Authority (Ancilla System) 5.250 07/01/2022 30,332
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 IN Health Facility Financing Authority
(Community Hospital of Anderson) 6.000 01/01/2023 15,016
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 IN Health Facility Financing Authority (Deaconess Hospital) 5.500 03/01/2029 15,292
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 IN Health Facility Financing Authority
(Hancock Memorial Hospital & Health Services) 6.125 08/15/2017 20,218
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 IN Health Facility Financing Authority
(Kings Daughters Hospital Assoc.) 5.625 08/15/2027 76,581
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 IN HFA (Single Family Mtg.) 6.800 01/01/2017 15,345
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 IN Municipal Power Agency, Series A 5.300 01/01/2023 25,228
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Indianapolis, IN Gas Utility (Distribution System) 5.000 08/15/2024 10,091
- -----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Indianapolis, IN Local Public Improvement Bond Bank 2 5.250 07/01/2033 13,822,705
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Marion County, IN Convention & Recreational Facilities
Authority 5.000 06/01/2027 70,636
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Marion County, IN Convention & Recreational Facilities
Authority 5.000 06/01/2027 55,757
- -----------------------------------------------------------------------------------------------------------------------------------
6,820,000 Nobelsville, IN Redevel. Authority (146th Street Extension) 5.250 02/01/2030 7,138,562
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 North Manchester, IN (Estelle Peabody Memorial Home) 7.125 07/01/2022 4,912,118
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Petersburg, IN Pollution Control
(Indianapolis Power & Light Company) 5.400 08/01/2017 66,314
- -----------------------------------------------------------------------------------------------------------------------------------
1,195,000 Portage, IN Economic Devel. (Ameriplex) 5.000 07/15/2023 1,202,684
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Portage, IN Economic Devel. (Ameriplex) 5.000 01/15/2027 1,001,410
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 St. Joseph County, IN Economic Devel.
(Holy Cross Village Notre Dame) 6.000 05/15/2038 250,152
- -----------------------------------------------------------------------------------------------------------------------------------
13,000,000 St. Joseph County, IN Hospital Authority 2 4.460 6 08/15/2046 12,870,000
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Vanderburgh County, IN Redevel. Commission 1 5.250 02/01/2031 1,455,986
- -----------------------------------------------------------------------------------------------------------------------------------
1,625,000 Vigo County, IN Hospital Authority (Union Hospital) 5.800 09/01/2047 1,636,619
--------------
58,820,449
- -----------------------------------------------------------------------------------------------------------------------------------
IOWA--2.5%
400,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.125 11/15/2020 396,964
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Bremer County, IA Retirement Facilities (Bartels Lutheran) 5.375 11/15/2027 702,030
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Coralville, IA Urban Renewal 5.125 06/01/2039 124,894
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Coralville, IA Urban Renewal 5.000 06/01/2047 194,896
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Coralville, IA Urban Renewal 5.750 06/01/2028 254,775
- -----------------------------------------------------------------------------------------------------------------------------------
1,050,000 Coralville, IA Urban Renewal 6.000 06/01/2036 1,077,069
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Dickinson County, IA Hsg. (Spirit Lake) 5.875 12/01/2036 971,340
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Dubuque County, IA Private College Facility
(Clarke College of Dubuque Iowa) 5.250 09/01/2013 450,675
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hills, IA (Mercy Hospital) 5.000 08/15/2028 25,396
50 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
IOWA Continued
$ 750,000 IA Finance Authority (Amity Fellowserve) 6.500% 10/01/2036 $ 762,795
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 IA Finance Authority (Boys & Girls Home & Family Services) 5.900 12/01/2028 409,788
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 IA Finance Authority (Boys & Girls Home & Family Services) 6.250 12/01/2028 51,603
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 IA Finance Authority (Mercy Health Services) 5.250 08/15/2027 328,575
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 IA Finance Authority Health Care Facilities
(Genesis Medical Center) 5.200 07/01/2017 50,041
- -----------------------------------------------------------------------------------------------------------------------------------
1,235,000 IA Finance Authority Health Facilities (Care Initiatives) 5.500 07/01/2025 1,268,641
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 IA Finance Authority Multifamily Hsg.
(Forest Glen Apartments) 5.600 11/01/2022 51,884
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 IA Finance Authority Retirement Community
(Friendship Haven) 5.750 11/15/2019 502,020
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.000 11/15/2024 1,009,980
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 IA Finance Authority Retirement Community
(Friendship Haven) 6.125 11/15/2032 918,216
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 IA Finance Authority Senior Hsg. (Bethany Manor) 5.450 11/01/2026 344,761
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 IA Finance Authority Senior Hsg. (Wedum Walnut Ridge) 5.375 06/01/2025 489,300
- -----------------------------------------------------------------------------------------------------------------------------------
4,185,000 IA Higher Education Loan Authority (Wartburg College) 5.250 10/01/2030 4,214,253
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 IA Higher Education Loan Authority (Wartburg College) 5.300 10/01/2037 3,020,940
- -----------------------------------------------------------------------------------------------------------------------------------
520,000 IA Tobacco Settlement Authority 5.500 06/01/2042 517,161
- -----------------------------------------------------------------------------------------------------------------------------------
46,250,000 IA Tobacco Settlement Authority (TASC) 2 5.625 06/01/2046 46,507,822
- -----------------------------------------------------------------------------------------------------------------------------------
1,280,000 IA Tobacco Settlement Authority (TASC) 5.625 06/01/2046 1,287,130
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Iowa City, IA Sewer 5.500 07/01/2022 25,032
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Iowa City, IA Sewer 5.750 07/01/2021 30,047
--------------
65,988,028
- -----------------------------------------------------------------------------------------------------------------------------------
KANSAS--0.7%
1,680,000 Hays, KS Sales Tax 1 6.000 01/01/2025 1,728,922
- -----------------------------------------------------------------------------------------------------------------------------------
2,735,000 KS Devel. Finance Authority (Luther Gardens) 5.600 05/20/2034 2,958,805
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 KS Devel. Finance Authority (Stormont-Vail Healthcare) 5.800 11/15/2021 50,073
- -----------------------------------------------------------------------------------------------------------------------------------
1,850,000 KS Independent College Finance Authority
(Newman University) 4.875 10/01/2023 1,774,317
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 KS Independent College Finance Authority
(Newman University) 5.000 10/01/2028 526,757
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 La Cygne, KS Pollution Control
(Kansas Gas & Electric Company) 5.100 03/01/2023 95,083
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Labette County, KS Hospital Revenue 5.750 09/01/2029 309,669
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Labette County, KS Hospital Revenue 5.750 09/01/2037 282,524
- -----------------------------------------------------------------------------------------------------------------------------------
735,000 Overland Park, KS Transportation Devel. District
(Grass Creek) 4.850 09/01/2016 736,683
- -----------------------------------------------------------------------------------------------------------------------------------
3,135,000 Overland Park, KS Transportation Devel. District
(Grass Creek) 5.125 09/01/2028 3,132,868
51 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
KANSAS Continued
$ 2,485,000 Pittsburgh, KS Special Obligation
(North Broadway Redevel.) 4.900% 04/01/2024 $ 2,466,114
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Sterling, KS Educational Facilities (Sterling College) 5.375 11/01/2027 48,087
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Sterling, KS Educational Facilities (Sterling College) 5.500 11/01/2032 288,693
- -----------------------------------------------------------------------------------------------------------------------------------
3,640,000 Wyandotte County/Kansas City, KS Transportation
Devel. District (Legends Village West) 4.875 10/01/2028 3,573,752
--------------
17,972,347
- -----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY--0.0%
15,000 Jefferson County, KY Health Facilities
(Alliant Health System) 5.125 10/01/2027 15,171
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Jefferson County, KY Health Facilities
(University Medical Center) 5.250 07/01/2022 75,813
- -----------------------------------------------------------------------------------------------------------------------------------
510,000 Jefferson County, KY Health Facilities
(University Medical Center) 5.500 07/01/2017 515,687
- -----------------------------------------------------------------------------------------------------------------------------------
970,000 Kenton County, KY Airport (Delta Airlines) 7,8,9 8.000 12/01/2015 29,100
- -----------------------------------------------------------------------------------------------------------------------------------
215,000 KY EDFA (St. Claire Medical Center) 5.625 09/01/2021 215,273
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 KY Hsg. Corp. 5.200 07/01/2022 81,777
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Louisville & Jefferson County,
KY Metropolitan Sewer District 5.200 05/15/2025 40,524
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Springfield, KY Educational Devel. (St. Catherine College) 5.750 10/01/2035 15,377
--------------
988,722
- -----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--4.1%
25,000 Ascension Parish, LA Gravity Drain District No. 1
(East Ascension) 5.450 12/01/2009 25,032
- -----------------------------------------------------------------------------------------------------------------------------------
5,010,000 Calcasieu Parish, LA Industrial Devel. Board (Olin Corp.) 6.625 02/01/2016 5,302,183
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Calcasieu Parish, LA Industrial Devel. Board
Pollution Control (Entergy Gulf States) 5.450 07/01/2010 10,052
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Epps, LA COP 8.000 06/01/2018 61,551
- -----------------------------------------------------------------------------------------------------------------------------------
24,000,000 Jefferson Parish, LA Finance Authority (Single Family Mtg.) 2 5.250 12/01/2032 24,827,640
- -----------------------------------------------------------------------------------------------------------------------------------
1,645,000 Jefferson Parish, LA Finance Authority (Single Family Mtg.) 5.250 12/01/2032 1,701,736
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Jefferson Parish, LA Finance Authority (Single Family Mtg.) 5.700 12/01/2048 5,459,300
- -----------------------------------------------------------------------------------------------------------------------------------
4,645,000 LA HFA (Homeownership) 5.000 12/01/2032 4,715,000
- -----------------------------------------------------------------------------------------------------------------------------------
5,280,000 LA HFA (Homeownership) 5.600 06/01/2039 5,843,006
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 LA Local Government EF&CD Authority
(Baton Rouge Student Hsg.) 5.250 09/01/2035 35,682
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2022 1,026,980
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2027 1,790,968
- -----------------------------------------------------------------------------------------------------------------------------------
3,825,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 6.000 09/01/2035 3,902,648
52 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA Continued
$ 815,000 LA Local Government EF&CD Authority
(Bellemont Apartments) 7.500% 09/01/2016 $ 844,226
- -----------------------------------------------------------------------------------------------------------------------------------
1,325,000 LA Local Government EF&CD Authority
(Capital Projects and Equipment) 6.550 09/01/2025 1,471,068
- -----------------------------------------------------------------------------------------------------------------------------------
1,225,000 LA Local Government EF&CD Authority
(Oakleigh Apartments), Series A 7.500 06/01/2038 1,463,116
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 LA Public Facilities Authority (Dillard University) 5.300 08/01/2026 26,112
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 LA Public Facilities Authority (Touro Infirmary) 5.500 08/15/2019 45,759
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 LA Public Facilities Authority (Xavier University of Louisiana) 5.250 09/01/2027 50,821
- -----------------------------------------------------------------------------------------------------------------------------------
24,015,000 LA Tobacco Settlement Financing Corp. (TASC) 5.875 05/15/2039 24,882,422
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Lakeshore Villages Master, LA Community Devel. District 5.250 07/01/2017 2,466,675
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 New Orleans, LA Aviation Board (Passenger Facility Charge) 6.000 09/01/2019 250,348
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial) 5.000 07/15/2027 75,377
- -----------------------------------------------------------------------------------------------------------------------------------
135,000 New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial) 1 5.500 07/15/2018 135,170
- -----------------------------------------------------------------------------------------------------------------------------------
290,000 New Orleans, LA Exhibit Hall Special Tax (Ernest N. Morial) 5.600 07/15/2025 290,392
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 New Orleans, LA GO 5.500 12/01/2021 269,450
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Orleans Parish, LA Parishwide School District 5.125 09/01/2018 40,186
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Orleans Parish, LA Parishwide School District 5.375 09/01/2021 20,016
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Orleans Parish, LA School Board 5.300 09/01/2013 25,024
- -----------------------------------------------------------------------------------------------------------------------------------
160,000 Orleans Parish, LA School Board 5.375 09/01/2018 160,133
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Pointe Coupee Parish, LA Pollution Control
(Gulf State Utilities Company) 6.700 03/01/2013 301,218
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 St. John Baptist Parish, LA (Marathon Oil Company) 5.125 06/01/2037 9,987,100
- -----------------------------------------------------------------------------------------------------------------------------------
7,500,000 St. Tammany Parish, LA Finance Authority
(Single Family Mtg.) 1 5.250 12/01/2039 7,816,275
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 St. Tammany Parish, LA Hospital Service District
(St. Tammany Parish Hospital) 5.000 07/01/2022 500,650
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 West Feliciana Parish, LA Pollution Control
(Entergy Gulf States) 7.000 11/01/2015 25,262
--------------
105,848,578
- -----------------------------------------------------------------------------------------------------------------------------------
MAINE--0.0%
70,000 ME H&HEFA, Series A 5.625 07/01/2026 70,802
- -----------------------------------------------------------------------------------------------------------------------------------
1,175,000 ME Hsg. Authority 1 5.700 11/15/2015 1,175,552
--------------
1,246,354
- -----------------------------------------------------------------------------------------------------------------------------------
MARYLAND--1.3%
25,000 Anne Arundel County, MD Multifamily Hsg.
(Avalon Landing Apartments) 6.150 07/01/2026 25,277
- -----------------------------------------------------------------------------------------------------------------------------------
950,000 Baltimore, MD Convention Center 1 5.875 09/01/2039 994,859
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Baltimore, MD Wastewater 5.125 07/01/2042 10,366
- -----------------------------------------------------------------------------------------------------------------------------------
2,300,000 Brunswick, MD Special Obligation (Brunswick Crossing) 1 5.500 07/01/2036 2,321,666
53 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MARYLAND Continued
$ 7,585,000 Frederick County, MD Educational Facilities
(Mount St. Mary's College) 5.625% 09/01/2038 $ 7,837,808
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Frederick, MD (Carrollton Apartments) 5.850 03/01/2028 255,908
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 MD EDC Student Hsg. (Allegheny College Hsg.) 5.750 09/01/2020 26,200
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 MD EDC Student Hsg. (Allegheny College Hsg.) 6.000 09/01/2032 42,097
- -----------------------------------------------------------------------------------------------------------------------------------
4,900,000 MD EDC Student Hsg. (Bowie State University) 5.375 06/01/2033 4,625,649
- -----------------------------------------------------------------------------------------------------------------------------------
620,000 MD EDC Student Hsg. (Collegiate Hsg. Foundation) 5.750 06/01/2029 634,582
- -----------------------------------------------------------------------------------------------------------------------------------
520,000 MD EDC Student Hsg. (Collegiate Hsg. Foundation) 6.000 06/01/2030 537,670
- -----------------------------------------------------------------------------------------------------------------------------------
1,535,000 MD EDC Student Hsg. (Morgan State University) 6.000 07/01/2022 1,579,914
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 MD EDC Student Hsg. (Morgan State University) 6.000 07/01/2034 51,203
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 MD EDC Student Hsg. (Towson University) 5.000 07/01/2039 478,860
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 MD EDC Student Hsg. (University of Maryland) 5.625 10/01/2023 1,974,760
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 MD EDC Student Hsg. (University of Maryland) 5.750 10/01/2033 3,455,375
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 MD EDC Student Hsg. (University Village at Sheppard Pratt) 6.000 07/01/2033 68,363
- -----------------------------------------------------------------------------------------------------------------------------------
4,115,000 MD H&HEFA (Civista Medical Center) 1 5.000 07/01/2037 4,123,189
- -----------------------------------------------------------------------------------------------------------------------------------
625,000 MD H&HEFA (Edenwald) 5.200 01/01/2024 630,519
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 MD H&HEFA (Edenwald) 5.400 01/01/2031 203,630
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 MD H&HEFA (Edenwald) 5.400 01/01/2037 202,574
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 MD H&HEFA (Johns Hopkins Hospital) 5.375 07/01/2020 65,727
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 MD H&HEFA (Medstar Health) 5.500 08/15/2033 20,767
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 MD H&HEFA (Montgomery General Hospital) 5.000 07/01/2023 222,827
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 MD H&HEFA (S&EPF/SPHS/SPI/SPPP Obligated Group) 5.250 07/01/2035 50,721
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 MD H&HEFA (Washington Christian Academy) 5.250 07/01/2018 200,358
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 5.500 05/01/2020 104,313
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 MD Industrial Devel. Financing Authority
(Our Lady of Good Counsel) 6.000 05/01/2035 159,180
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Prince Georges County, MD Special District (Victoria Falls) 5.250 07/01/2035 1,001,720
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Salisbury, MD Special Obligation
(Villages at Aydelotte Farm) 5.250 01/01/2037 731,858
--------------
32,637,940
- -----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--2.3%
70,000 Boston, MA Industrial Devel. Financing Authority
(Boston Alzheimer's Center) 5.900 02/01/2022 71,490
- -----------------------------------------------------------------------------------------------------------------------------------
6,210,000 MA Devel. Finance Agency (Boston Architectural College) 5.000 01/01/2037 6,087,849
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 MA Devel. Finance Agency (Boston Biomedical Research) 5.750 02/01/2029 102,012
- -----------------------------------------------------------------------------------------------------------------------------------
1,850,000 MA Devel. Finance Agency (Curry College) 5.000 03/01/2035 1,819,993
- -----------------------------------------------------------------------------------------------------------------------------------
3,370,000 MA Devel. Finance Agency (Curry College) 5.000 03/01/2036 3,309,475
- -----------------------------------------------------------------------------------------------------------------------------------
2,890,000 MA Devel. Finance Agency (Curry College) 5.250 03/01/2026 2,962,106
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625 04/01/2019 814,224
54 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS Continued
$ 2,000,000 MA Devel. Finance Agency (Eastern Nazarene College) 5.625% 04/01/2029 $ 2,029,220
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 MA Devel. Finance Agency (Evergreen Center) 5.500 01/01/2035 264,017
- -----------------------------------------------------------------------------------------------------------------------------------
610,000 MA Devel. Finance Agency
(Loomis House/Loomis Communities Obligated Group) 5.750 07/01/2023 616,881
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 MA Devel. Finance Agency
(Northern Berkshire Community Services) 6.250 08/15/2029 51,964
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 MA Devel. Finance Agency (Orchard Cove) 5.250 10/01/2037 344,505
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 MA Devel. Finance Agency
(Pacific Rim Charter Public School) 5.125 06/01/2031 3,356,521
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 MA Devel. Finance Agency
(Pharmacy & Allied Health Sciences) 5.750 07/01/2033 954,639
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 MA Devel. Finance Agency
(Seven Hills Foundation & Affiliates) 5.000 09/01/2035 997,710
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 MA Devel. Finance Agency (Symmes Life Care) 5.000 03/01/2035 1,247,163
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 MA H&EFA (Beverly Hospital Corp.) 5.250 07/01/2023 25,022
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 MA H&EFA (Boston College) 5.250 06/01/2023 30,032
- -----------------------------------------------------------------------------------------------------------------------------------
14,040,000 MA H&EFA (Emerson Hospital) 2 5.000 08/15/2025 14,201,811
- -----------------------------------------------------------------------------------------------------------------------------------
3,845,000 MA H&EFA (Emerson Hospital) 5.000 08/15/2035 3,836,272
- -----------------------------------------------------------------------------------------------------------------------------------
2,530,000 MA H&EFA (Fisher College) 5.125 04/01/2037 2,476,946
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 MA H&EFA (Nichols College) 6.125 10/01/2029 1,462,748
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 MA H&EFA (Schepens Eye Research Institute) 6.500 07/01/2028 159,132
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 MA H&EFA (South Shore Hospital) 5.500 07/01/2013 125,150
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 MA H&EFA (VC/TC/FRS/VCS Obligated Group) 5.300 11/15/2028 60,716
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 MA Industrial Finance Agency (Avon Associates) 5.375 04/01/2020 271,085
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 MA Industrial Finance Agency (Babson College) 5.250 10/01/2027 30,654
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 MA Industrial Finance Agency (Concord Academy) 5.500 09/01/2027 765,735
- -----------------------------------------------------------------------------------------------------------------------------------
690,000 MA Industrial Finance Agency (St. John's High School) 5.350 06/01/2028 701,799
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 MA Turnpike Authority, Series A 5.000 01/01/2037 202,144
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 MA Turnpike Authority, Series A 5.000 01/01/2039 20,199
- -----------------------------------------------------------------------------------------------------------------------------------
440,000 MA Turnpike Authority, Series A 5.125 01/01/2017 447,770
- -----------------------------------------------------------------------------------------------------------------------------------
485,000 MA Turnpike Authority, Series A 5.125 01/01/2023 491,892
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 MA Turnpike Authority, Series B 5.125 01/01/2023 101,421
- -----------------------------------------------------------------------------------------------------------------------------------
7,560,000 MA Turnpike Authority, Series B 5.125 01/01/2037 7,654,954
- -----------------------------------------------------------------------------------------------------------------------------------
1,510,000 MA Turnpike Authority, Series B 1 5.250 01/01/2029 1,533,813
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Quincy, MA (Quincy Hospital) 5.250 01/15/2016 240,247
--------------
59,869,311
- -----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN--1.5%
50,000 Byron Center, MI Public Schools 5.000 05/01/2024 50,338
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Clare County, MI Sewer Disposal System 5.850 11/01/2021 30,999
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Detroit, MI Local Devel. Finance Authority 5.500 05/01/2021 10,211
55 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 45,000 Detroit, MI Water Supply System, Series A 5.000% 07/01/2027 $ 45,337
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Detroit, MI Wayne County Stadium Authority 5.250 02/01/2027 25,418
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Detroit, MI Wayne County Stadium Authority 5.500 02/01/2017 45,959
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Dickinson County, MI Healthcare System 5.500 11/01/2013 1,387,976
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 5.375 07/01/2018 198,686
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Flint, MI Hospital Building Authority
(Hurley Medical Center) 5.375 07/01/2028 131,460
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hamilton, MI Community School District 5.000 05/01/2024 25,169
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Howell, MI Public Schools 5.000 05/01/2025 51,407
- -----------------------------------------------------------------------------------------------------------------------------------
340,000 John Tolfree, MI Health System Corp. 6.000 09/15/2023 345,131
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Kalamazoo, MI Hospital Finance Authority
(Bronson Methodist Hospital) 5.250 05/15/2018 5,092
- -----------------------------------------------------------------------------------------------------------------------------------
395,000 Meridian, MI EDC (Burcham Hills) 5.250 07/01/2026 387,325
- -----------------------------------------------------------------------------------------------------------------------------------
415,000 MI Hospital Finance Authority
(Chelsea Community Hospital) 5.000 05/15/2025 414,726
- -----------------------------------------------------------------------------------------------------------------------------------
2,175,000 MI Hospital Finance Authority (Detroit Medical Group) 1 5.250 08/15/2027 2,216,999
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 MI Hospital Finance Authority (Henry Ford Health System) 1 5.250 11/15/2046 7,103,810
- -----------------------------------------------------------------------------------------------------------------------------------
910,000 MI Hospital Finance Authority
(McLaren Health Care Corp.) 5.000 06/01/2028 924,096
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 MI Hospital Finance Authority
(MidMichigan Obligated Group) 5.375 06/01/2027 20,476
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 MI Hospital Finance Authority
(OHC/OUH Obligated Group) 5.000 08/15/2018 10,175
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 MI Hospital Finance Authority
(OHC/OUH Obligated Group) 5.000 08/15/2031 76,000
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 MI Hospital Finance Authority
(Pontiac Osteopathic Hospital) 6.000 02/01/2014 5,002
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 MI Hospital Finance Authority
(Port Huron Hospital/Marwood Manor Nursing Home) 5.500 07/01/2015 265,292
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 MI Hospital Finance Authority
(Sisters of Mercy Health System) 5.250 08/15/2021 10,011
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 MI Hsg. Devel. Authority (Walled Lake Villa) 6.000 04/15/2018 15,359
- -----------------------------------------------------------------------------------------------------------------------------------
3,625,000 MI Job Devel. Authority Pollution Control
(General Motors Corp.) 1 5.550 04/01/2009 3,627,791
- -----------------------------------------------------------------------------------------------------------------------------------
385,000 MI Municipal Bond Authority 1 5.500 11/01/2027 385,339
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 MI Municipal Bond Authority 6.000 12/01/2013 30,062
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 MI Public Educational Facilities Authority
(Black River School) 5.800 09/01/2030 151,946
- -----------------------------------------------------------------------------------------------------------------------------------
1,155,000 MI Public Educational Facilities Authority
(Old Redford Academy) 6.000 12/01/2035 1,195,818
56 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN Continued
$ 9,815,000 MI Strategic Fund Pollution Control
(General Motors Corp.) 7.000% 6 04/01/2008 $ 9,815,000
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 MI Trunk Line Dept. of Treasury 5.000 11/01/2026 50,975
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Monroe County, MI Hospital Finance Authority
(Mercy Memorial Hospital Corp.) 5.500 06/01/2035 255,933
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 Mount Clemens, MI Hsg. Corp. (FHA Section 8), Series A 6.600 06/01/2022 123,977
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Northern MI University 5.000 12/01/2025 81,372
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Oakland County, MI Sewer Disposal (White Lake Township) 6.000 05/01/2013 15,379
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.375 11/01/2030 452,340
- -----------------------------------------------------------------------------------------------------------------------------------
1,325,000 Plymouth, MI Educational Center Charter School
(Public School Academy) 5.625 11/01/2035 1,350,692
- -----------------------------------------------------------------------------------------------------------------------------------
2,150,000 Pontiac, MI Tax Increment Finance Authority 6.250 06/01/2022 2,259,392
- -----------------------------------------------------------------------------------------------------------------------------------
2,475,000 Pontiac, MI Tax Increment Finance Authority 6.375 06/01/2031 2,596,671
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Royal Oak, MI Hospital Finance Authority
(William Beaumont Hospital) 5.250 11/15/2031 41,258
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Royal Oak, MI Hospital Finance Authority
(William Beaumont Hospital) 5.250 11/15/2035 10,307
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Wayne County, MI Building Authority 5.250 06/01/2016 101,111
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 Western MI University 5.125 11/15/2022 85,270
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Wyandotte, MI Electric 5.375 10/01/2017 1,797,810
--------------
38,230,897
- -----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA--1.2%
300,000 Carver County, MN Hsg. & Redevel. Authority (Lake Grace) 5.300 02/01/2012 300,363
- -----------------------------------------------------------------------------------------------------------------------------------
885,000 Columbia Heights, MN EDA Tax Increment
(Huset Park Area Redevel.) 3 5.375 02/15/2032 871,929
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Cottage Grove, MN Senior Hsg. 6.000 12/01/2046 605,070
- -----------------------------------------------------------------------------------------------------------------------------------
800,000 Cuyuna Range, MN Hospital District Health Facilities 5.000 06/01/2029 777,680
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Cuyuna Range, MN Hospital District Health Facilities 5.200 06/01/2025 125,990
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Eveleth, MN Health Care
(Arrowhead Senior Living Community) 5.200 10/01/2027 243,435
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Golden Valley, MN (CRC/CAH/BCH/ECH Obligated Group) 5.500 12/01/2029 101,278
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Lake Crystal, MN Hsg. (Ecumen-Second Century) 5.700 09/01/2036 503,500
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 Minneapolis, MN Tax Increment (Grant Park) 5.200 02/01/2022 594,762
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Minneapolis, MN Tax Increment (St. Anthony Falls) 5.750 02/01/2027 765,255
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Mound, MN Hsg. & Redevel. Authority (Metroplaines) 5.000 02/15/2027 996,400
- -----------------------------------------------------------------------------------------------------------------------------------
1,855,000 Pine City, MN Health Care & Hsg. (North Branch) 5.000 10/20/2047 1,886,183
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Pine City, MN Health Care & Hsg. (North Branch) 6.000 10/20/2036 251,220
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Pine City, MN Health Care & Hsg. (North Branch) 6.125 10/20/2047 401,920
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Redwood Falls, MN (Redwood Area Hospital) 5.125 12/01/2036 1,863,121
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Sartell, MN Environmental Improvement, Series A 5.200 06/01/2027 200,016
57 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA Continued
$ 1,615,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.000% 02/01/2031 $ 1,576,821
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 St. Anthony, MN Hsg. & Redevel. Authority
(Silver Lake Village) 5.375 08/01/2021 256,168
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 St. Paul, MN Hsg. & Redevel. Authority
(Great Northern Lofts) 6.250 03/01/2029 317,109
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 St. Paul, MN Hsg. & Redevel. Authority (Upper Landing) 7.000 03/01/2029 7,477,260
- -----------------------------------------------------------------------------------------------------------------------------------
570,000 St. Paul, MN Port Authority (Great Northern) 6.000 03/01/2030 591,825
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 St. Paul, MN Port Authority (Healtheast Midway Campus) 6.000 05/01/2030 511,280
- -----------------------------------------------------------------------------------------------------------------------------------
1,400,000 Washington County, MN Hsg. & Redevel.
(Birchwood & Woodbury) 5.625 06/01/2037 1,373,092
- -----------------------------------------------------------------------------------------------------------------------------------
7,425,000 Washington County, MN Hsg. & Redevel. Authority
(Seasons Villas) 6.950 12/01/2023 7,526,723
--------------
30,118,400
- -----------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI--0.5%
80,000 Gulfport, MS Hospital Facility (Memorial Hospital Gulfport) 5.750 07/01/2031 81,382
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Gulfport, MS Hospital Facility (Memorial Hospital Gulfport) 6.200 07/01/2018 35,060
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Lowndes County, MS Solid Waste Disposal & Pollution
Control (Weyerhaeuser Company) 6.800 04/01/2022 70,099
- -----------------------------------------------------------------------------------------------------------------------------------
6,055,000 MS Business Finance Corp. (System Energy Resources) 1 5.875 04/01/2022 6,114,581
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 MS Business Finance Corp. (System Energy Resources) 5.900 05/01/2022 1,565,004
- -----------------------------------------------------------------------------------------------------------------------------------
5,030,000 MS Home Corp. (Valley State Student Hsg.) 5.500 12/01/2035 5,178,486
--------------
13,044,612
- -----------------------------------------------------------------------------------------------------------------------------------
MISSOURI--3.5%
20,000 Bates County, MO Hospital
(Bates County Memorial Hospital) 5.650 03/01/2021 20,095
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Bates County, MO Hospital (Bates County Memorial Hospital) 5.750 03/01/2031 15,074
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Belton, MO Tax Increment (Belton Town Center) 5.625 03/01/2025 200,800
- -----------------------------------------------------------------------------------------------------------------------------------
310,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2013 306,147
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Branson Hills, MO Infrastructure Facilities 5.000 04/01/2014 393,416
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2022 239,143
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Branson Hills, MO Infrastructure Facilities 5.500 04/01/2027 247,168
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 Branson, MO IDA (Branson Hills Redevel.) 5.750 05/01/2026 878,238
- -----------------------------------------------------------------------------------------------------------------------------------
365,000 Branson, MO IDA (Branson Hills Redevel.) 7.050 05/01/2027 395,102
- -----------------------------------------------------------------------------------------------------------------------------------
2,335,000 Branson, MO IDA (Branson Landing) 1 5.250 06/01/2021 2,340,020
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Branson, MO IDA (Branson Shoppe Redevel.) 5.950 11/01/2029 8,132,800
- -----------------------------------------------------------------------------------------------------------------------------------
675,000 Broadway-Fairview, MO Transportation Devel. District
(Columbia) 5.875 12/01/2031 656,640
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Cameron, MO IDA Health Facilities
(Cameron Community Hospital) 6.375 12/01/2029 293,363
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.500 04/01/2021 402,296
58 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 400,000 Chillicothe, MO Tax Increment (South U.S. 65) 5.625% 04/01/2027 $ 402,416
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Cottleville, MO COP 8 5.100 08/01/2023 253,688
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Cottleville, MO COP 8 5.125 08/01/2026 303,162
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Cottleville, MO COP 8 5.250 08/01/2031 151,794
- -----------------------------------------------------------------------------------------------------------------------------------
355,000 Grindstone Plaza, MO Transportation Devel. District 5.500 10/01/2031 355,604
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Hanley Road & North of Folk Ave,
MO Transportation District 5.400 10/01/2031 753,795
- -----------------------------------------------------------------------------------------------------------------------------------
10,280,678 Hanley/Eager Road, MO Transportation Devel. District,
Series A 7.750 4 12/01/2023 2,974,714
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Hawk Ridge, MO Transportation Devel. District 4.650 02/01/2017 965,570
- -----------------------------------------------------------------------------------------------------------------------------------
3,840,000 Hawk Ridge, MO Transportation Devel. District 1 5.000 02/01/2030 3,634,138
- -----------------------------------------------------------------------------------------------------------------------------------
13,500,000 Hazelwood, MO Transportation Devel. District
(370/Missouri Bottom Road/Tausig Road) 7.200 05/01/2033 14,795,460
- -----------------------------------------------------------------------------------------------------------------------------------
4,665,000 Johnson County, MO Hospital
(Western Missouri Medical Center) 5.000 06/01/2025 4,722,846
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Kansas City, MO Airport 5.500 09/01/2014 20,326
- -----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Kansas City, MO Tax Increment (Briarcliff West) 5.150 06/01/2016 1,396,731
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Kansas City, MO Tax Increment (Briarcliff West) 5.400 06/01/2024 1,264,338
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Lees Summit, MO IDA (John Knox Village/
John Knox Village Foundation Obligated Group) 5.125 08/15/2032 1,499,970
- -----------------------------------------------------------------------------------------------------------------------------------
580,000 Lees Summit, MO IDA (Kensington Farms) 5.500 03/01/2021 579,147
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Lees Summit, MO IDA (Kensington Farms) 5.750 03/01/2029 253,385
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lincoln, MO University Auxiliary System 5.125 06/01/2037 1,042,540
- -----------------------------------------------------------------------------------------------------------------------------------
2,100,000 Maplewood, MO Tax (Maplewood South Redevel.) 5.750 11/01/2026 2,122,722
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 MO Devel. Finance Board
(Quality Hill Historic Rehabilitation) 5.600 09/15/2028 25,217
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 MO Environmental Improvement & Energy
Resources Authority 5.550 07/01/2010 15,096
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 MO Environmental Improvement & Energy
Resources Authority (Associated Electric Cooperative) 5.500 12/01/2011 15,169
- -----------------------------------------------------------------------------------------------------------------------------------
255,000 MO H&EFA (FHS) 5.500 02/15/2024 255,434
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 MO H&EFA (FHS/FNH Obligated Group) 5.375 02/15/2014 15,017
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 MO H&EFA (Fontbonne College) 5.200 10/01/2020 10,039
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 MO H&EFA (St. Lukes/Shawnee Mission Health System) 5.375 11/15/2026 202,990
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 MO H&EFA (William Woods University) 5.150 09/01/2024 30,004
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 MO HDC (Single Family Mtg.) 5.550 03/01/2029 55,591
- -----------------------------------------------------------------------------------------------------------------------------------
249,000 Northwoods, MO Transportation Devel. District 5.850 02/01/2031 247,586
- -----------------------------------------------------------------------------------------------------------------------------------
1,675,000 Osage Beach, MO Tax Increment (Prewitts Point) 4.800 05/01/2016 1,642,187
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Osage Beach, MO Tax Increment (Prewitts Point) 5.000 05/01/2023 1,463,955
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 Ozark Centre, MO Transportation Devel. District 5.375 09/01/2032 349,503
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Raymore, MO Tax Increment 5.375 03/01/2020 1,499,925
59 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MISSOURI Continued
$ 3,750,000 Raymore, MO Tax Increment 5.625% 03/01/2028 $ 3,764,700
- -----------------------------------------------------------------------------------------------------------------------------------
3,325,000 Raytown, MO Annual Appropriation-Supported Tax
(Raytown Live Redevel. Plan) 5.125 12/01/2031 3,387,809
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Richmond Heights, MO Tax Increment &
Transportation Sales Tax 5.625 11/01/2025 2,526,700
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Riverside, MO IDA (Riverside Horizons) 5.000 05/01/2027 1,253,738
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Southeast MO State University 5.000 04/01/2028 100,068
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 St. Joseph, MO IDA (Living Community of St. Joseph) 7.000 08/15/2032 9,020,880
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 St. Joseph, MO IDA (Shoppes at North Village) 5.375 11/01/2024 261,370
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 St. Joseph, MO IDA, Series B 5.375 11/01/2023 1,006,470
- -----------------------------------------------------------------------------------------------------------------------------------
1,005,000 St. Joseph, MO IDA, Series B 5.500 11/01/2027 1,014,176
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 St. Louis County, MO IDA (Multifamily Hsg.) 5.950 03/20/2031 152,549
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 St. Louis County, MO IDA (Waterford) 5.400 12/01/2028 35,216
- -----------------------------------------------------------------------------------------------------------------------------------
1,265,000 St. Louis, MO IDA (Southtown Redevel.) 5.125 05/01/2026 1,234,387
- -----------------------------------------------------------------------------------------------------------------------------------
481,000 St. Louis, MO Tax Increment
(1505 Missouri Avenue Redevel.) 6.000 08/04/2025 507,638
- -----------------------------------------------------------------------------------------------------------------------------------
865,000 St. Louis, MO Tax Increment (1601 Washington Redevel.) 6.000 08/21/2026 843,513
- -----------------------------------------------------------------------------------------------------------------------------------
1,910,000 St. Louis, MO Tax Increment (1619 Washington) 5.500 03/09/2027 1,899,686
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 St. Louis, MO Tax Increment (Pet Building Redevel.) 5.500 05/29/2028 680,967
- -----------------------------------------------------------------------------------------------------------------------------------
545,000 St. Louis, MO Tax Increment (Printers Lofts) 6.000 08/21/2026 575,248
- -----------------------------------------------------------------------------------------------------------------------------------
840,000 St. Louis, MO Tax Increment
(Washington East Condominiums) 5.500 01/20/2028 832,348
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 St. Louis, MO Tax Increment
(Washington East Condominiums) 5.500 01/20/2028 495,445
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 St. Louis, MO Tax Increment Financing, Series A 5.500 09/02/2028 369,233
- -----------------------------------------------------------------------------------------------------------------------------------
620,000 Stone Canyon, MO Improvement District (Infrastructure) 5.700 04/01/2022 608,778
- -----------------------------------------------------------------------------------------------------------------------------------
320,000 Stone Canyon, MO Improvement District (Infrastructure) 5.750 04/01/2027 311,706
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 University of MO (System Facilities) 5.000 11/01/2018 35,027
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 University Place, MO Transportation Devel. District 5.000 03/01/2026 1,000,270
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 University Place, MO Transportation Devel. District 5.000 03/01/2032 2,477,200
--------------
92,235,483
- -----------------------------------------------------------------------------------------------------------------------------------
MONTANA--0.1%
1,450,000 Hardin, MT Tax Increment Industrial Infrastructure Devel.
(Rocky Mountain Power) 0.000 5 09/01/2031 952,070
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 MT Board of Hsg., Series A 5.200 08/01/2029 14,747
- -----------------------------------------------------------------------------------------------------------------------------------
375,000 MT Facilities Finance Authority (St. John's Lutheran) 6.000 05/15/2025 382,526
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 MT Facilities Finance Authority (St. John's Lutheran) 6.125 05/15/2036 515,980
--------------
1,865,323
60 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--1.4%
$ 32,600,000 Central Plains, NE Gas Energy 2 5.250% 6 12/01/2026 $ 31,948,000
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Douglas County, NE Hospital Authority
(Immanuel Medical Center) 5.250 09/01/2021 40,812
- -----------------------------------------------------------------------------------------------------------------------------------
450,000 Douglas, NE Hsg. Authority (Orchard Gardens) 5.150 10/01/2032 438,507
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Grand Island, NE Electric 5.000 08/15/2009 25,024
- -----------------------------------------------------------------------------------------------------------------------------------
3,980,000 NE Educational Facilities Authority
(Midland Lutheran College) 5.600 09/15/2029 4,024,258
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 NE Public Power District 5.000 01/01/2028 75,996
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Scotts Bluff County, NE Hospital Authority
(Regional West Medical Center) 5.250 11/15/2028 40,405
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Scotts Bluff County, NE Hospital Authority
(Regional West Medical Center) 6.375 12/15/2008 75,106
--------------
36,668,108
- -----------------------------------------------------------------------------------------------------------------------------------
NEVADA--0.6%
2,220,000 Clark County, NV Economic Devel. (Alexander Dawson
School at Rainbow Mountain) 5.375 05/15/2033 2,301,851
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Clark County, NV GO 5.000 06/01/2015 30,291
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 Clark County, NV Improvement District 5.000 02/01/2026 314,152
- -----------------------------------------------------------------------------------------------------------------------------------
260,000 Clark County, NV Improvement District 5.050 02/01/2031 248,466
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Director of the State of NV Dept. of Business & Industry
(Las Ventanas Retirement) 7.000 11/15/2034 1,043,540
- -----------------------------------------------------------------------------------------------------------------------------------
6,200,000 Las Vegas, NV Paiute Tribe, Series A 6.625 11/01/2017 6,795,138
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.200 08/01/2016 100,800
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.250 08/01/2017 146,177
- -----------------------------------------------------------------------------------------------------------------------------------
300,000 Mesquite, NV Special Improvement District (Canyon Creek) 5.300 08/01/2018 302,430
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NV GO 5.000 05/15/2022 25,178
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Reno-Sparks, NV Indian Colony 5.000 06/01/2024 2,063,280
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Reno-Sparks, NV Indian Colony 5.125 06/01/2027 2,075,380
--------------
15,446,683
- -----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE--1.4%
305,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.650 4 01/01/2029 94,431
- -----------------------------------------------------------------------------------------------------------------------------------
3,220,000 Manchester, NH Hsg. & Redevel. Authority, Series B 5.700 4 01/01/2030 941,786
- -----------------------------------------------------------------------------------------------------------------------------------
495,000 Manchester, NH Hsg. & Redevel. Authority, Series B 6.000 4 01/01/2023 216,068
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 NH Business Finance Authority (Proctor Academy) 5.400 06/01/2017 126,886
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 NH H&EFA (Catholic Medical Center) 6.125 07/01/2032 127,429
- -----------------------------------------------------------------------------------------------------------------------------------
4,010,000 NH H&EFA (Franklin Pierce College) 1 6.050 10/01/2034 4,256,214
- -----------------------------------------------------------------------------------------------------------------------------------
1,980,000 NH H&EFA (Portsmouth Christian Academy) 5.750 07/01/2023 2,079,950
- -----------------------------------------------------------------------------------------------------------------------------------
6,115,000 NH H&EFA (Portsmouth Christian Academy) 5.850 07/01/2033 6,424,052
- -----------------------------------------------------------------------------------------------------------------------------------
4,555,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2030 4,542,610
- -----------------------------------------------------------------------------------------------------------------------------------
16,410,000 NH H&EFA (Southern New Hampshire University) 5.000 01/01/2036 16,140,220
61 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE Continued
$ 40,000 NH H&EFA (St. Joseph Hospital/Youville House/Cove) 5.500% 07/01/2034 $ 41,392
- -----------------------------------------------------------------------------------------------------------------------------------
120,000 NH HE&HFA (Androscoggin Valley Hospital) 5.800 11/01/2027 122,681
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NH HE&HFA (Dartmouth College) 5.450 06/01/2025 25,029
- -----------------------------------------------------------------------------------------------------------------------------------
830,000 NH HE&HFA (Franklin Pierce College) 5.300 10/01/2028 837,404
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 NH HE&HFA (Franklin Pierce Law Center) 5.500 07/01/2028 269,312
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 NH HE&HFA (St. Anselm College) 5.150 07/01/2029 10,244
--------------
36,255,708
- -----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--3.2%
1,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 1,046,340
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 2,131,420
- -----------------------------------------------------------------------------------------------------------------------------------
19,075,000 NJ Tobacco Settlement Financing Corp. 4.750 06/01/2034 17,091,391
- -----------------------------------------------------------------------------------------------------------------------------------
67,700,000 NJ Tobacco Settlement Financing Corp. 5.000 06/01/2029 64,039,461
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 21,410
--------------
84,330,022
- -----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.5%
10,000 Albuquerque, NM Airport 5.000 07/01/2019 10,077
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Albuquerque, NM Gross Receipts 5.000 07/01/2021 35,455
- -----------------------------------------------------------------------------------------------------------------------------------
1,495,000 Cabezon, NM Public Improvement District 1 6.300 09/01/2034 1,563,576
- -----------------------------------------------------------------------------------------------------------------------------------
7,370,000 Eldorado, NM Area Water & Sanitation District 1 6.000 02/01/2023 7,358,945
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Farmington, NM Hospital (San Juan Medical Center/
Interface, Inc. Obligated Group) 5.000 06/01/2016 20,016
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Farmington, NM Pollution Control 1 5.800 04/01/2022 150,909
- -----------------------------------------------------------------------------------------------------------------------------------
210,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 1 5.800 04/01/2022 211,273
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 1 5.800 04/01/2022 251,515
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Farmington, NM Pollution Control
(Public Service Company of New Mexico) 1 6.300 12/01/2016 127,688
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hobbs, NM Health Facilities
(Evangelical Lutheran Good Samaritan Society) 5.500 05/01/2026 25,237
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Mariposa East, NM Public Improvement District 6.000 09/01/2032 513,880
- -----------------------------------------------------------------------------------------------------------------------------------
3,365,000 NM Educational Assistance Foundation 5.900 09/01/2031 3,482,977
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 NM Finance Authority
(Workers Compensation Administration Building) 5.600 09/01/2014 25,036
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NM Mtg. Finance Authority (Single Family Mtg.) 5.150 09/01/2028 20,355
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Sante Fe County, NM (El Castillo Retirement Residences) 5.750 6 05/15/2028 25,014
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Santa Fe, NM Educational Facilities (St. John's College) 5.500 03/01/2024 5,018
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Sante Fe, NM Educational Facilities (St. John's College) 5.500 03/01/2024 100,637
--------------
13,927,608
62 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--0.0%
$ 50,000 NYC GO RIBS 7.734% 10 08/27/2015 $ 50,156
- -----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA--0.4%
1,000,000 Albermarle, NC Hospital Authority 5.250 10/01/2027 1,018,470
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Albermarle, NC Hospital Authority 5.250 10/01/2038 4,529,610
- -----------------------------------------------------------------------------------------------------------------------------------
1,015,000 Kinston Hsg. (Kinston Towers) 6.750 12/01/2018 1,015,000
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2017 165,206
- -----------------------------------------------------------------------------------------------------------------------------------
730,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 739,089
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 NC Eastern Municipal Power Agency, Series B 5.500 01/01/2021 500,675
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NC Eastern Municipal Power Agency, Series B 6.250 01/01/2023 20,039
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 NC Medical Care Commission
(ARC/HDS Alamance Hsg. Corp.) 5.800 10/01/2034 20,890
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 NC Medical Care Commission
(GHC/GHS/GMH Obligated Group) 5.500 02/15/2015 30,689
- -----------------------------------------------------------------------------------------------------------------------------------
575,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.500 10/01/2031 582,596
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 NC Medical Care Commission
(Glenaire/The Presbyterian Homes Obligated Group) 5.600 10/01/2036 131,944
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 NC Medical Care Commission (United Methodist) 5.500 10/01/2032 205,032
- -----------------------------------------------------------------------------------------------------------------------------------
625,000 NC Medical Care Commission Retirement Facilities
(Village at Brookwood) 5.250 01/01/2032 603,706
--------------
9,562,946
- -----------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--0.0%
10,000 Grand Forks, ND Sewer 5.850 12/01/2015 10,014
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Mercer County, ND Pollution Control
(Northwestern Public Service Company) 5.850 06/01/2023 35,197
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Parshall, ND Water 5.500 09/01/2024 25,013
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Ward County, ND Health Care Facilities
(Trinity Medical Center) 6.000 07/01/2010 20,426
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Williston, ND Water Utility 5.100 05/01/2013 40,039
--------------
130,689
- -----------------------------------------------------------------------------------------------------------------------------------
OHIO--0.9%
500,000 Blue Ash, OH Tax Increment Financing (Duke Realty) 5.000 12/01/2030 490,845
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 Blue Ash, OH Tax Increment Financing (Duke Realty) 5.000 12/01/2035 631,261
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Clermont County, OH Hospital Facilities
(Mercy Health System) 5.625 09/01/2021 35,743
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Cleveland, OH Airport System 5.000 01/01/2031 40,619
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Cleveland, OH COP (Cleveland Stadium) 5.250 11/15/2022 66,518
- -----------------------------------------------------------------------------------------------------------------------------------
235,000 Cleveland, OH Rock Glen Hsg. Assistance Corp.
(Ambleside Apartments) 8 7.000 06/01/2018 248,404
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 Cleveland-Cuyahoga County, OH Port Authority
(Myers University) 5.600 05/15/2025 314,254
63 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
OHIO Continued
$ 850,000 Cleveland-Cuyahoga County, OH Port Authority
(Perrysburg) 4.800% 11/15/2035 $ 776,756
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Cuyahoga County, OH Hospital (Metro Health System) 5.500 02/15/2027 15,308
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Franklin County, OH Convention Facilities Authority 5.000 12/01/2027 10,127
- -----------------------------------------------------------------------------------------------------------------------------------
695,000 Glenwillow Village, OH GO 5.875 12/01/2024 745,332
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Greene County, OH Economic Devel. (YMCA) 6.000 12/01/2023 29,846
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Greene County, OH University Hsg. (Central State University) 5.625 09/01/2032 1,559,745
- -----------------------------------------------------------------------------------------------------------------------------------
1,895,000 Grove City, OH Tax Increment Financing 5.125 12/01/2016 1,896,952
- -----------------------------------------------------------------------------------------------------------------------------------
2,500,000 Grove City, OH Tax Increment Financing 5.375 12/01/2031 2,440,150
- -----------------------------------------------------------------------------------------------------------------------------------
1,180,000 Jeffrey Place, OH New Community Authority
(Jeffrey Place Redevel.) 5.000 12/01/2022 1,164,389
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Lorain County, OH Hospital (Catholic Healthcare Partners) 5.500 09/01/2027 15,316
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Lucas County, OH Health Care Facilities
(Sunset Retirement Communities) 6.625 08/15/2030 79,377
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Miami County, OH Hospital Facilities
(Upper Valley Medical Center) 5.250 05/15/2026 770,933
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Muskingum County, OH Hospital Facilities (BHA/Careserve/
PP/SSNH/BHC/BCG/Carelife/BCC Obligated Group) 5.400 12/01/2016 10,161
- -----------------------------------------------------------------------------------------------------------------------------------
350,000 OH Air Quality Devel. Authority
(Cincinnati Gas & Electric Company) 5.450 01/01/2024 350,431
- -----------------------------------------------------------------------------------------------------------------------------------
85,000 OH Water Devel. Authority
(Cincinnati Gas & Electric Company) 5.450 01/01/2024 85,429
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Port of Greater Cincinnati, OH Devel. Authority
(AHS/AOLM Obligated Group) 5.000 10/01/2025 1,011,300
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Port of Greater Cincinnati, OH Devel. Authority
(Public Parking Infrastructure) 6.300 02/15/2024 533,440
- -----------------------------------------------------------------------------------------------------------------------------------
1,260,000 Port of Greater Cincinnati, OH Devel. Authority
(Public Parking Infrastructure) 6.400 02/15/2034 1,340,388
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Reynoldsburgh, OH Health Care Facilities (Wesley Ridge) 5.950 10/20/2017 10,314
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Summit County, OH Port Authority (Twinsburg Township) 5.125 05/15/2025 655,170
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 Sylvania, OH Area Joint Recreational District 6.000 12/01/2020 110,795
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Toledo-Lucas County, OH Port Authority (Crocker Park) 5.375 12/01/2035 6,717,685
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Toledo-Lucas County, OH Port Authority (Preston) 4.800 11/15/2035 954,390
--------------
23,111,378
- -----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--2.8%
130,000 Claremore, OK Industrial & Redevel. Student Hsg.
(RSU Foundation) 5.750 09/01/2034 134,913
- -----------------------------------------------------------------------------------------------------------------------------------
3,040,000 Comanche County, OK Hospital Authority 1 5.250 07/01/2021 3,156,462
- -----------------------------------------------------------------------------------------------------------------------------------
1,385,000 Eufaula, OK Public Works Authority 5.000 12/01/2030 1,394,764
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Grady County, OK Industrial Authority
(Correctional Facilities) 6.000 11/01/2029 15,602
64 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA Continued
$ 500,000 Grady County, OK Industrial Authority
(Correctional Facilities) 7.800% 11/01/2014 $ 350,755
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Haskell County, OK Public Facilities Authority 1 5.250 04/01/2026 1,030,460
- -----------------------------------------------------------------------------------------------------------------------------------
655,000 Haskell County, OK Public Facilities Authority 5.250 04/01/2031 668,899
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Langston, OK EDA (Langston University) 5.000 05/01/2030 3,988,920
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 Langston, OK EDA (Langston University) 5.000 05/01/2035 6,403,540
- -----------------------------------------------------------------------------------------------------------------------------------
1,870,000 Langston, OK EDA (Langston University) 5.250 05/01/2026 1,914,637
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Norman, OK Regional Hospital Authority 5.375 09/01/2036 2,035,860
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 OK Devel. Finance Authority Student Hsg.
(Seminole State College) 5.125 09/01/2036 2,937,690
- -----------------------------------------------------------------------------------------------------------------------------------
185,000 OK HFA (Single Family Homeownership Loan Program) 5.403 4 03/01/2029 57,459
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Rogers County, OK HFA (Multifamily Hsg.), Series A 7.750 08/01/2023 10,300
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Texas County, OK Devel Authority Student Hsg.
(OPSU-Goodwell) 5.450 11/01/2034 20,560
- -----------------------------------------------------------------------------------------------------------------------------------
1,135,000 Tulsa, OK IDA Student Hsg. (University of Tulsa) 5.250 10/01/2026 1,184,418
- -----------------------------------------------------------------------------------------------------------------------------------
38,870,000 Tulsa, OK Municipal Airport Trust (American Airlines) 6.250 06/01/2020 38,889,046
- -----------------------------------------------------------------------------------------------------------------------------------
9,070,000 Tulsa, OK Municipal Airport Trust (American Airlines) 8 7.350 12/01/2011 9,085,147
--------------
73,279,432
- -----------------------------------------------------------------------------------------------------------------------------------
OREGON--0.1%
10,000 Clackamas County, OR Hospital Facility Authority
(Legacy Health System) 5.500 02/15/2014 10,369
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Clackamas County, OR Hospital Facility Authority
(Williamette Falls Hospital) 6.000 04/01/2019 25,637
- -----------------------------------------------------------------------------------------------------------------------------------
1,250,000 Cow Creek Band, OR (Umpqua Tribe of Indians) 5.625 10/01/2026 1,258,163
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Multnomah County, OR Educational Facilities
(University of Portland) 5.000 04/01/2018 10,170
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 OR GO 5.200 08/01/2020 272,967
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 OR GO (Elderly & Disabled Hsg.) 5.500 08/01/2026 30,017
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 OR GO (Veterans Welfare) 5.250 10/01/2042 10,262
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 OR GO (Veterans Welfare) 6.000 04/01/2032 66,901
- -----------------------------------------------------------------------------------------------------------------------------------
95,000 OR Health & Science University, Series A 5.250 07/01/2028 95,905
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 OR Hsg. & Community Services Dept. (Single Family Mtg.) 6.400 07/01/2018 25,231
--------------
1,805,622
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--0.4%
285,000 Allegheny County, PA HDA
(West Penn Allegheny Health System) 9.250 11/15/2015 329,603
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Blair County, PA IDA
(The Village at Penn State Retirement Community) 6.900 01/01/2022 77,966
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Northeastern PA Hospital & Education Authority (WVHCS) 5.250 01/01/2026 55,792
- -----------------------------------------------------------------------------------------------------------------------------------
3,855,000 Northumberland County, PA IDA (NHS Youth Services) 7.750 02/15/2029 4,157,155
65 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Continued
$ 1,000,000 Philadelphia, PA H&HEFA
(Centralized Comprehensive Human Services) 7.250% 01/01/2021 $ 1,050,880
- -----------------------------------------------------------------------------------------------------------------------------------
1,200,000 Philadelphia, PA H&HEFA
(Temple University Children's Medical Center) 5.625 06/15/2019 1,259,448
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Philadelphia, PA Redevel. Authority
(Beech Student Hsg. Complex), Series A 5.625 07/01/2023 1,050,430
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Philadelphia, PA Redevel. Authority
(Beech Student Hsg. Complex), Series A 5.625 07/01/2028 1,572,495
--------------
9,553,769
- -----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--2.2%
5,000,000 Central Falls, RI Detention Facility 7.250 07/15/2035 5,545,000
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Providence, RI HDC (Barbara Jordan Apartments) 6.750 07/01/2025 51,481
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Providence, RI Public Building Authority 5.400 12/15/2012 25,529
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 RI COP (Shepards Lease) 5.000 06/01/2017 40,423
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 RI Health & Educational Building Corp. (Brown University) 5.000 09/01/2028 30,329
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 RI Health & Educational Building Corp.
(Johnson & Wales University) 6.100 04/01/2026 111,290
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 RI Hsg. & Mtg. Finance Corp.
(Homeownership Opportunity) 6.500 04/01/2027 40,832
- -----------------------------------------------------------------------------------------------------------------------------------
431,715,000 RI Tobacco Settlement Financing Corp. (TASC) 6.000 4 06/01/2052 30,669,034
- -----------------------------------------------------------------------------------------------------------------------------------
33,305,000 RI Tobacco Settlement Financing Corp. (TASC) 6.125 4 06/01/2052 2,246,422
- -----------------------------------------------------------------------------------------------------------------------------------
15,175,000 RI Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2042 15,903,097
- -----------------------------------------------------------------------------------------------------------------------------------
10,375,000 RI Tobacco Settlement Financing Corp. (TASC) 6.750 4 06/01/2052 529,125
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Tiverton, RI Special Obligation Tax
(Mount Hope Bay Village) 6.875 05/01/2022 1,611,270
--------------
56,803,832
- -----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--0.9%
30,000 Charleston County, SC (Care Alliance Health Services) 5.000 08/15/2019 30,737
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Dorchester County, SC School District 5.250 12/01/2029 5,193,750
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Edgefield County, SC Water & Sewer Authority 5.000 01/01/2028 45,776
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Greer, SC Combined Utility System 5.000 09/01/2025 25,444
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Horry County, SC Airport 5.500 07/01/2027 45,949
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Horry County, SC Hospital Facilities (Conway Hospital) 5.000 07/01/2028 35,552
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Lancaster County, SC (Edenmoor Improvement District) 5.375 12/01/2016 2,030,640
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Lancaster County, SC (Edenmoor Improvement District) 5.750 12/01/2037 1,521,450
- -----------------------------------------------------------------------------------------------------------------------------------
2,200,000 Lancaster County, SC (Sun City Carolina Lakes) 5.450 12/01/2037 2,203,476
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Marion County, SC Hospital District 5.375 11/01/2025 115,308
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 Piedmont, SC Municipal Power Agency 5.000 01/01/2018 35,028
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Piedmont, SC Municipal Power Agency 5.000 01/01/2022 15,007
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 SC Connector 2000 Assoc. Toll Road, Series B 5.535 4 01/01/2020 300,030
66 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA Continued
$ 5,765,000 SC Connector 2000 Assoc. Toll Road, Series B 5.739% 4 01/01/2021 $ 2,703,958
- -----------------------------------------------------------------------------------------------------------------------------------
11,240,000 SC Connector 2000 Assoc. Toll Road, Series B 6.697 4 01/01/2026 3,942,880
- -----------------------------------------------------------------------------------------------------------------------------------
1,100,000 SC Educational Facilities Authority
(Southern Wesleyan University) 5.000 03/01/2020 1,104,543
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 SC Educational Facilities Authority
(Southern Wesleyan University) 5.750 03/01/2029 1,041,300
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 SC Hsg. Finance & Devel. Authority, Series A-1 5.300 07/01/2031 50,446
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 SC Jobs-EDA (Lutheran Homes) 5.500 05/01/2028 500,140
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 SC Jobs-EDA (Lutheran Homes) 5.625 05/01/2042 500,285
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 SC Public Service Authority 5.000 01/01/2029 25,332
- -----------------------------------------------------------------------------------------------------------------------------------
855,000 SC Public Service Authority 5.125 01/01/2032 866,970
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 SC State Budget & Control Board (Harden Street Facilities) 6.000 12/01/2011 30,053
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 SC State Public Service Authority, Series A 5.000 01/01/2019 25,344
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2028 232,401
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 SC Tobacco Settlement Management Authority, Series B 6.375 05/15/2030 67,883
- -----------------------------------------------------------------------------------------------------------------------------------
115,000 Spartanburg County, SC Health Services 5.300 04/15/2025 115,115
- -----------------------------------------------------------------------------------------------------------------------------------
240,000 Spartanburg County, SC Health Services, Series A 5.500 04/15/2027 245,050
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Spartanburg County, SC Health Services, Series B 5.125 04/15/2022 80,513
--------------
23,130,360
- -----------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA--0.5%
1,745,000 Lower Brule, SD Sioux Tribe (Farm Road Reconstruction) 6.500 02/01/2016 1,737,095
- -----------------------------------------------------------------------------------------------------------------------------------
2,190,000 Mobridge, SD Health Care Facilities
(Mobridge Regional Hospital) 5.000 12/01/2022 2,163,304
- -----------------------------------------------------------------------------------------------------------------------------------
8,200,000 SD Educational Enhancement Funding Corp. Tobacco
Settlement 6.500 06/01/2032 8,762,602
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 SD H&EFA (Sioux Valley Hospitals & Health System) 6.000 11/01/2019 1,598,145
--------------
14,261,146
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE--1.4%
3,500,000 Bradley County, TN Industrial Devel. Board (Olin Corp.) 1 6.625 11/01/2017 3,790,430
- -----------------------------------------------------------------------------------------------------------------------------------
7,710,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.000 10/01/2025 7,632,360
- -----------------------------------------------------------------------------------------------------------------------------------
9,000,000 Chattanooga, TN Health Educational & Hsg. Board
(Campus Devel. Foundation Phase I) 5.125 10/01/2035 8,854,380
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Jackson, TN Health Educational & Hsg. Facilities Board
(Lambuth University) 5.900 09/01/2015 10,013
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Johnson City, TN H&EFB (Johnson City Medical Center) 5.000 07/01/2013 25,020
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Johnson City, TN H&EFB (Johnson City Medical Center) 5.250 07/01/2028 15,395
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Johnson City, TN H&EFB (Mountain States Health Alliance) 1 5.500 07/01/2036 3,096,900
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Knox County, TN First Utility District Water & Sewer 5.625 12/01/2019 15,238
67 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE Continued
$ 85,000 Knox County, TN HE&HF
(Baptist Health System of East Tennessee) 5.500% 04/15/2017 $ 86,173
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Metropolitan Government Nashville &
Davidson County, TN H&EFB (Vanderbilt University) 1 5.375 07/01/2014 1,011,210
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Shelby County, TN GO 5.100 03/01/2022 10,060
- -----------------------------------------------------------------------------------------------------------------------------------
5,980,000 Smyrna, TN Hsg. Assoc. (Imperial Garden Apartments) 1 6.450 10/20/2035 6,494,400
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Sumner County, TN HE&HF (Regional Health) 3 5.500 11/01/2046 5,049,900
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Wilson County, TN COP 5.250 03/30/2018 102,792
--------------
36,194,271
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS--13.8%
10,000 Aledo, TX Independent School District 5.000 02/15/2029 10,025
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Alice, TX GO 5.200 02/01/2011 130,143
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Anson, TX Education Facilities Corp. Student Hsg.
(Odessa Student Hsg.) 5.400 07/01/2034 205,194
- -----------------------------------------------------------------------------------------------------------------------------------
1,305,000 Anson, TX Education Facilities Corp. Student Hsg.
(University of Texas/Waterview Park) 5.100 01/01/2034 1,306,853
- -----------------------------------------------------------------------------------------------------------------------------------
9,885,000 Beasley, TX Higher Education Finance Corp., Series A 5.125 12/01/2034 9,946,089
- -----------------------------------------------------------------------------------------------------------------------------------
80,000 Bell County, TX HFDC (Buckner Retirement Services) 5.250 11/15/2028 82,178
- -----------------------------------------------------------------------------------------------------------------------------------
10,765,000 Bexar County, TX HFC (American Opportunity Hsg.) 6.750 12/01/2037 11,384,203
- -----------------------------------------------------------------------------------------------------------------------------------
3,090,000 Bexar County, TX HFC
(American Opportunity Hsg.-Nob Hill Apartments) 1 6.000 06/01/2021 3,116,141
- -----------------------------------------------------------------------------------------------------------------------------------
6,625,000 Bexar County, TX HFC
(American Opportunity Hsg.-Nob Hill Apartments) 6.000 06/01/2031 6,655,011
- -----------------------------------------------------------------------------------------------------------------------------------
5,765,000 Bexar County, TX HFC
(American Opportunity Hsg.-Waterford/Kingswood) 7.000 12/01/2036 6,190,745
- -----------------------------------------------------------------------------------------------------------------------------------
400,000 Bexar County, TX HFC (Doral Club) 8.750 10/01/2036 391,468
- -----------------------------------------------------------------------------------------------------------------------------------
2,185,000 Bexar, TX Metropolitan Water District 6.000 05/01/2015 2,223,019
- -----------------------------------------------------------------------------------------------------------------------------------
40,000 Brazoria County, TX Municipal Utility District No. 18 5.300 09/01/2028 40,386
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Brazos County, TX HFDC (Franciscan Services Corp.) 5.375 01/01/2028 25,522
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Brazos County, TX HFDC (Franciscan Services Corp.) 5.375 01/01/2032 20,478
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Brazos River, TX Harbor Navigation District
(Dow Chemical Company) 4.950 05/15/2033 2,904,270
- -----------------------------------------------------------------------------------------------------------------------------------
150,000 Chimney Hill, TX Municipal Utility District 5.500 10/01/2011 150,146
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Collin County, TX HFC
(Community College District Foundation) 5.250 06/01/2031 60,335
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Commerce, TX Independent School District 5.000 08/15/2029 1,507,275
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 Cypress Hill, TX Municipal Utility District No. 1 5.250 09/01/2025 10,055
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 Dallas, TX Civic Center (Convention Complex) 5.000 08/15/2028 30,510
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Dallas-Fort Worth, TX International Airport Facility 5.200 01/15/2031 25,356
- -----------------------------------------------------------------------------------------------------------------------------------
1,550,000 Dallas-Fort Worth, TX International Airport Facility
(American Airlines) 1 6.000 11/01/2014 1,550,775
68 | 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) 5.000% 08/15/2026 $ 355,632
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Danbury, TX Higher Education Authority
(AW Brown Fellowship Charter) 5.125 08/15/2036 1,502,115
- -----------------------------------------------------------------------------------------------------------------------------------
700,000 Danbury, TX Higher Education Finance Corp.
(Island Foundation) 6.250 02/15/2036 702,394
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 El Paso County, TX COP 5.000 02/15/2018 50,262
- -----------------------------------------------------------------------------------------------------------------------------------
305,000 El Paso County, TX HFC
(American Village Communities), Series A 6.250 12/01/2020 319,796
- -----------------------------------------------------------------------------------------------------------------------------------
335,000 El Paso County, TX HFC
(El Paso American Hsg. Foundation), Series A 6.375 12/01/2032 351,194
- -----------------------------------------------------------------------------------------------------------------------------------
2,460,000 Folk, TX Avenue South Transportation District 1 5.625 11/01/2031 2,485,609
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Fort Bend County, TX Municipal Utility District 5.250 09/01/2021 200,138
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Fort Bend, TX Independent School District 5.375 02/15/2024 20,376
- -----------------------------------------------------------------------------------------------------------------------------------
2,300,000 Garza County, TX Public Facility Corp. 5.750 10/01/2025 2,426,293
- -----------------------------------------------------------------------------------------------------------------------------------
14,920,000 Harris County, TX (Toll Road) 2 5.375 08/15/2024 15,942,318
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Harris County, TX GO 5.000 10/01/2015 100,190
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Harris County, TX HFDC
(Memorial Hermann Hospital System) 5.125 06/01/2022 20,335
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Harris County, TX HFDC
(Memorial Hermann Hospital System) 5.250 06/01/2027 127,251
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 Harris County, TX HFDC (Texas Children's Hospital) 5.250 10/01/2029 20,679
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Harris County, TX Toll Road 5.000 08/01/2028 50,389
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Harris County, TX Toll Road 5.000 08/01/2033 55,695
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Harris County, TX Toll Road 5.100 08/15/2015 25,042
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Harris County-Houston, TX Sports Authority 5.000 11/15/2025 45,329
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Hidalgo County, TX Health Services Corp.
(Mission Hospital) 3 5.000 08/15/2022 997,120
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Hidalgo County, TX Health Services Corp.
(Mission Hospital) 3 5.000 08/15/2026 992,880
- -----------------------------------------------------------------------------------------------------------------------------------
125,000 Houston, TX Airport System 5.125 07/01/2017 125,115
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Houston, TX HFDC (Buckingham Senior Living Community) 7.125 02/15/2034 59,155
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 IAH TX Public Facility Corp. 6.000 05/01/2021 979,210
- -----------------------------------------------------------------------------------------------------------------------------------
490,000 Keller, TX Independent School District 5.125 08/15/2027 491,700
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Kerryville, TX HFDC (Sid Peterson Memorial Hospital) 5.450 08/15/2035 1,008,730
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 La Vernia, TX Higher Education Finance Corp.
(Southwest Winners Foundation) 5.000 02/15/2031 3,953,560
- -----------------------------------------------------------------------------------------------------------------------------------
17,485,000 Leander, TX Independent School District 5.433 4 08/15/2036 3,664,681
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Leander, TX Independent School District 5.457 4 08/15/2018 35,585
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Lewisville, TX GO 5.700 09/01/2028 103,944
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 Lewisville, TX GO 1 6.000 10/01/2015 695,793
69 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 1,325,000 Lewisville, TX GO 6.000% 10/01/2025 $ 1,438,738
- -----------------------------------------------------------------------------------------------------------------------------------
5,510,000 Lewisville, TX GO 6.000 10/01/2034 5,925,013
- -----------------------------------------------------------------------------------------------------------------------------------
3,400,000 Lewisville, TX GO 6.125 09/01/2029 3,678,256
- -----------------------------------------------------------------------------------------------------------------------------------
2,345,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 1 6.000 07/01/2022 2,390,235
- -----------------------------------------------------------------------------------------------------------------------------------
1,530,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2025 1,554,924
- -----------------------------------------------------------------------------------------------------------------------------------
770,000 Lubbock, TX HFC (Las Colinas Quail Creek Apartments) 6.000 07/01/2032 779,248
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Lubbock, TX HFDC (St. Joseph Health System) 5.000 07/01/2023 50,315
- -----------------------------------------------------------------------------------------------------------------------------------
20,350,000 Matagorda County, TX Navigation District
(Centerpoint Energy) 8.000 05/01/2029 21,161,558
- -----------------------------------------------------------------------------------------------------------------------------------
130,000 Maverick County, TX Public Facility Corp. 6.375 02/01/2029 130,270
- -----------------------------------------------------------------------------------------------------------------------------------
270,000 Metro, TX HFDC (Wilson N. Jones Memorial Hospital) 5.375 01/01/2023 270,265
- -----------------------------------------------------------------------------------------------------------------------------------
535,000 Metro, TX HFDC (Wilson N. Jones Memorial Hospital) 5.600 01/01/2017 542,453
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Midlothian, TX Devel. Authority Tax Increment 5.125 11/15/2026 248,015
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 Mission, TX EDC 6.600 01/01/2020 75,307
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 North TX Tollway Authority (Dallas North Tollway System) 5.000 01/01/2023 15,054
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 Nueces County, TX HFC (Dolphins Landing Apartments) 8.000 07/01/2030 66,445
- -----------------------------------------------------------------------------------------------------------------------------------
245,000 Odessa, TX Junior College District 5.000 12/01/2019 245,784
- -----------------------------------------------------------------------------------------------------------------------------------
250,000 Pantego, TX EDC (Sales Tax) 1 5.850 02/15/2022 250,640
- -----------------------------------------------------------------------------------------------------------------------------------
3,285,000 Pecos County, TX Hospital District (Iraan General Hospital) 5.000 02/15/2036 3,272,550
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Port of Corpus Christi, TX (Union Pacific Corp.) 5.350 11/01/2010 50,100
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 Port of Corpus Christi, TX IDC (Valero Energy Corp.) 5.450 04/01/2027 56,206
- -----------------------------------------------------------------------------------------------------------------------------------
1,680,000 Retama, TX Devel. Corp. (Retama Racetrack) 10.000 12/15/2019 2,341,618
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Richardson, TX Hospital Authority (Baylor/Richardson) 5.625 12/01/2028 50,885
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Ridge Parc, TX Devel. Corp. (Multifamily) 6.100 06/20/2033 543,505
- -----------------------------------------------------------------------------------------------------------------------------------
7,695,000 Sabine, TX River Authority Pollution Control
(TXU Electric Company) 6.150 08/01/2022 8,107,837
- -----------------------------------------------------------------------------------------------------------------------------------
35,000 San Marcos, TX GO 5.000 08/15/2019 35,334
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Tarrant County, TX Cultural Education Facilities
Finance Corp. (Buckingham Senior Living Community) 3 5.750 11/15/2037 1,785,928
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Tarrant County, TX Cultural Education Facilities
Finance Corp. (Northwest Senior Hsg.) 6.000 11/15/2036 1,569,375
- -----------------------------------------------------------------------------------------------------------------------------------
980,000 Tom Green County, TX HFDC
(Shannon Health System/Shannon Medical Center) 6.750 05/15/2021 1,046,042
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Tomball, TX Hospital Authority
(Tomball Regional Hospital) 6.000 07/01/2029 25,648
- -----------------------------------------------------------------------------------------------------------------------------------
445,000 TX Affordable Hsg. Corp.
(Ashton Place & Woodstock Apartments) 6.300 08/01/2033 370,872
- -----------------------------------------------------------------------------------------------------------------------------------
325,000 TX Affordable Hsg. Corp. (Worthing Oaks Apartments) 6.600 07/20/2037 355,085
- -----------------------------------------------------------------------------------------------------------------------------------
110,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 5.750 09/01/2027 114,709
- -----------------------------------------------------------------------------------------------------------------------------------
475,000 TX Dormitory Finance Authority
(Temple Junior College Foundation) 6.000 09/01/2033 499,106
70 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
TEXAS Continued
$ 35,000 TX GO 5.375% 08/01/2019 $ 35,960
- -----------------------------------------------------------------------------------------------------------------------------------
4,995,000 TX Municipal Gas Acquisition & Supply Corp. 2 5.041 6 12/15/2026 4,920,075
- -----------------------------------------------------------------------------------------------------------------------------------
179,775,000 TX Municipal Gas Acquisition & Supply Corp. 2 4.290 6 12/15/2026 176,722,200
- -----------------------------------------------------------------------------------------------------------------------------------
545,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 7 6.625 03/01/2020 368,698
- -----------------------------------------------------------------------------------------------------------------------------------
3,065,000 TX Panhandle HFA (Amarillo Affordable Hsg.) 1,7 6.750 03/01/2031 2,059,312
- -----------------------------------------------------------------------------------------------------------------------------------
660,000 TX Public Finance Authority Charter School Finance Corp.
(Ed-Burnham Wood) 6.250 09/01/2036 669,174
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 TX Public Finance Authority Charter School Finance Corp.
(Idea Academy) 5.000 08/15/2030 4,979,550
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 TX Public Finance Authority Charter School Finance Corp.
(Idea Academy) 5.000 08/15/2037 4,893,350
- -----------------------------------------------------------------------------------------------------------------------------------
3,180,000 TX Public Finance Authority Charter School Finance Corp.
(Kipp) 5.000 02/15/2028 3,181,495
- -----------------------------------------------------------------------------------------------------------------------------------
7,000,000 TX Public Finance Authority Charter School Finance Corp.
(Kipp) 5.000 02/15/2036 6,864,270
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 TX Water Devel. 5.250 08/01/2028 1,006,440
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 Tyler, TX HFDC (East Texas Medical Center) 5.600 11/01/2027 46,044
- -----------------------------------------------------------------------------------------------------------------------------------
1,105,000 Van Alstyne, TX Independent School District 5.950 08/15/2029 1,106,856
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Westador, TX Municipal Utility District GO 6.875 03/01/2009 25,446
- -----------------------------------------------------------------------------------------------------------------------------------
4,555,000 Wichita County, TX HFDC
(Wichita Falls Retirement Foundation) 6.250 01/01/2028 4,647,785
- -----------------------------------------------------------------------------------------------------------------------------------
1,930,000 Winkler County, TX GO 5.250 02/15/2031 1,975,953
--------------
358,424,615
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--0.7%
80,000 Puerto Rico Aqueduct & Sewer Authority 5.000 07/01/2019 81,319
- -----------------------------------------------------------------------------------------------------------------------------------
1,770,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2033 1,803,028
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2024 11,314,490
- -----------------------------------------------------------------------------------------------------------------------------------
4,055,000 Puerto Rico IMEPCF (American Airlines) 6.450 12/01/2025 4,117,406
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Puerto Rico Infrastructure 5.000 07/01/2041 66,038
--------------
17,382,281
- -----------------------------------------------------------------------------------------------------------------------------------
UTAH--0.5%
420,000 Emery County, UT Pollution Control (Pacificorp) 5.650 11/01/2023 420,596
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Murray City, UT Hospital (IHC Health Services) 1 5.000 05/15/2022 8,005,200
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 Sandy City, UT Industrial Devel. (King Properties) 6.125 08/01/2016 15,024
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Utah County, UT Charter School (Lakeview Academy) 5.625 07/15/2037 272,044
- -----------------------------------------------------------------------------------------------------------------------------------
435,000 Utah County, UT Charter School (Lincoln Academy) 5.875 06/15/2037 434,478
- -----------------------------------------------------------------------------------------------------------------------------------
275,000 Utah County, UT Charter School (Renaissance Academy) 5.625 07/15/2037 272,044
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 Utah County, UT Hospital (IHC Health Services) 5.250 08/15/2021 1,011,160
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 West Valley City, UT Sewer (East Hollywood High School) 5.625 06/15/2037 1,462,830
--------------
11,893,376
71 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
VERMONT--0.1%
$ 30,000 VT E&HBFA (Mary Hitchcock Memorial Hospital/
Cooley Dickenson Hospital Obligated Group) 5.000% 11/15/2022 $ 30,284
- -----------------------------------------------------------------------------------------------------------------------------------
60,000 VT E&HBFA (Southwestern Vermont Medical Center) 5.625 10/01/2025 60,142
- -----------------------------------------------------------------------------------------------------------------------------------
600,000 VT EDA (Wake Robin Corp.) 5.250 05/01/2026 597,468
- -----------------------------------------------------------------------------------------------------------------------------------
265,000 VT EDA (Wake Robin Corp.) 6.000 03/01/2022 277,288
- -----------------------------------------------------------------------------------------------------------------------------------
220,000 VT EDA (Wake Robin Corp.) 6.300 03/01/2033 230,094
- -----------------------------------------------------------------------------------------------------------------------------------
990,025 VT Educational & Health Buildings Financing Agency
(Marlboro College) 3.570 04/01/2019 893,389
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 VT HFA (Multifamily Hsg.), Series A 6.150 02/15/2014 205,252
- -----------------------------------------------------------------------------------------------------------------------------------
225,000 VT Student Assistance Corp. 5.000 03/01/2026 228,659
--------------
2,522,576
- -----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--4.7%
345,000 Alexandria, VA IDA Pollution Control
(Potomac Electric Power Company) 5.375 02/15/2024 345,397
- -----------------------------------------------------------------------------------------------------------------------------------
2,300,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 5.250 07/15/2025 2,357,017
- -----------------------------------------------------------------------------------------------------------------------------------
825,000 Buena Vista, VA Public Recreational Facilities Authority
(Golf Course) 5.500 07/15/2035 855,071
- -----------------------------------------------------------------------------------------------------------------------------------
3,700,000 Celebrate South, VA CDA Special Assessment 1 6.250 03/01/2037 3,807,337
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Danville, VA IDA Educational Facilities (Averett University) 6.000 03/15/2016 103,089
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.450 03/01/2036 2,971,950
- -----------------------------------------------------------------------------------------------------------------------------------
750,000 Farms New Kent, VA Community Devel. Authority
Special Assessment 5.800 03/01/2036 746,325
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Greensville County, VA IDA (Georgia-Pacific Corp.) 5.300 08/01/2014 24,899
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 Hampton Roads, VA Regional Jail Authority 5.000 07/01/2028 25,187
- -----------------------------------------------------------------------------------------------------------------------------------
515,000 Hampton, VA Redevel. & Hsg. Authority (Olde Hampton) 6.500 07/01/2016 507,388
- -----------------------------------------------------------------------------------------------------------------------------------
860,000 Louisa, VA IDA Pollution Control
(Virginia Electric & Power Company) 5.450 01/01/2024 864,094
- -----------------------------------------------------------------------------------------------------------------------------------
900,000 New Port, VA CDA 5.600 09/01/2036 920,628
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Norfolk, VA Water 5.875 11/01/2020 4,020,240
- -----------------------------------------------------------------------------------------------------------------------------------
65,000 Norton, VA IDA (Norton Community Hospital) 6.000 12/01/2022 68,831
- -----------------------------------------------------------------------------------------------------------------------------------
725,000 Suffolk, VA IDA (Lake Prince Center) 5.150 09/01/2024 727,211
- -----------------------------------------------------------------------------------------------------------------------------------
675,000 Suffolk, VA IDA (Lake Prince Center) 5.300 09/01/2031 679,955
- -----------------------------------------------------------------------------------------------------------------------------------
7,440,000 VA College Building Authority Educational Facilities
(Regent University) 5.000 06/01/2036 7,394,467
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 VA Hsg. Devel. Authority, Series B 5.950 05/01/2016 25,555
- -----------------------------------------------------------------------------------------------------------------------------------
48,000,000 VA Tobacco Settlement Authority 5.000 06/01/2047 44,388,960
- -----------------------------------------------------------------------------------------------------------------------------------
343,870,000 VA Tobacco Settlement Authority 5.663 4 06/01/2047 36,298,917
- -----------------------------------------------------------------------------------------------------------------------------------
162,770,000 VA Tobacco Settlement Authority 5.770 4 06/01/2047 16,277,000
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 West Point, VA IDA Solid Waste (Chesapeake Corp.) 6.250 03/01/2019 10,055
--------------
123,419,573
72 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--3.7%
$ 10,000 Bothell, WA GO 5.300% 12/01/2017 $ 10,049
- -----------------------------------------------------------------------------------------------------------------------------------
2,330,000 Bremerton, WA Hsg. Authority 1 5.300 06/01/2026 2,332,330
- -----------------------------------------------------------------------------------------------------------------------------------
4,145,000 Bremerton, WA Hsg. Authority 1 5.500 06/01/2037 4,154,326
- -----------------------------------------------------------------------------------------------------------------------------------
105,000 King & Snohomish Counties,
WA School District No. 417 Northshore 5.000 12/01/2010 105,407
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 King County, WA GO 5.000 01/01/2030 25,326
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 King County, WA GO 5.125 12/01/2013 50,215
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 King County, WA GO 5.250 01/01/2034 101,455
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 King County, WA Sewer, Series B 2 5.125 01/01/2024 10,377,150
- -----------------------------------------------------------------------------------------------------------------------------------
200,000 Kitsap County, WA Consolidated Hsg. Authority 5.600 12/01/2028 201,998
- -----------------------------------------------------------------------------------------------------------------------------------
100,000 Port Camas, WA Public Industrial Corp.
(James River Corp. of Virginia) 6.700 04/01/2023 100,085
- -----------------------------------------------------------------------------------------------------------------------------------
2,460,000 Seattle, WA Hsg. Authority (Gamelin House & Genesee) 5.700 11/01/2035 2,493,505
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Seattle, WA Municipal Light & Power 5.125 07/01/2022 50,851
- -----------------------------------------------------------------------------------------------------------------------------------
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 511,930
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Skagit County, WA Public Hospital District
(Skagit Valley Hospital) 5.500 12/01/2030 512,890
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 Skagit Valley, WA College 5.625 11/01/2017 167,163
- -----------------------------------------------------------------------------------------------------------------------------------
140,000 Skagit Valley, WA College 5.750 11/01/2023 142,079
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Snohomish County, WA Hsg. Authority 6.400 04/01/2026 501,825
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 5.250 01/01/2028 508,415
- -----------------------------------------------------------------------------------------------------------------------------------
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 26,710
- -----------------------------------------------------------------------------------------------------------------------------------
3,260,000 Vancouver, WA Downtown Redevel. Authority
(Conference Center) 6.000 01/01/2034 3,462,609
- -----------------------------------------------------------------------------------------------------------------------------------
25,000 WA COP (Dept. of General Administration) 5.300 10/01/2010 25,029
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 WA COP (Dept. of General Administration) 1 5.625 10/01/2020 500,720
- -----------------------------------------------------------------------------------------------------------------------------------
30,000 WA GO 5.000 01/01/2024 30,363
- -----------------------------------------------------------------------------------------------------------------------------------
16,640,000 WA Health Care Facilities Authority (Group Health Coop) 2 5.000 12/01/2036 16,575,437
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 WA Health Care Facilities Authority
(Multicare Health System) 5.000 08/15/2022 20,346
- -----------------------------------------------------------------------------------------------------------------------------------
215,000 WA Health Care Facilities Authority (Northwest Hospital) 5.750 11/15/2023 215,292
- -----------------------------------------------------------------------------------------------------------------------------------
17,020,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 2 5.000 07/01/2025 17,052,338
- -----------------------------------------------------------------------------------------------------------------------------------
7,340,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 2 5.000 07/01/2030 7,280,399
73 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON Continued
$ 18,500,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 2 5.000% 07/01/2038 $ 17,961,003
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2025 10,019
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2030 14,878
- -----------------------------------------------------------------------------------------------------------------------------------
5,095,000 WA Health Care Facilities Authority
(Overlake Hospital Medical Center) 5.000 07/01/2038 4,946,532
- -----------------------------------------------------------------------------------------------------------------------------------
15,000 WA Health Care Facilities Authority
(Swedish Health System) 5.125 11/15/2022 15,309
- -----------------------------------------------------------------------------------------------------------------------------------
145,000 WA Health Care Facilities Authority
(Yakima Valley Memorial Hospital Assoc.) 5.375 12/01/2027 147,984
- -----------------------------------------------------------------------------------------------------------------------------------
10,000 WA HFC (Gonzaga University) 5.850 07/01/2014 10,042
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 WA HFC (Nickerson Area Properties) 5.300 01/01/2028 1,375,448
- -----------------------------------------------------------------------------------------------------------------------------------
55,000 WA State University (Recreation Center) 5.000 04/01/2032 55,672
- -----------------------------------------------------------------------------------------------------------------------------------
205,000 WA Tobacco Settlement Authority (TASC) 6.500 06/01/2026 219,467
--------------
95,555,683
- -----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA--0.4%
60,000 Buckhannon, WV Sewer System 5.250 10/01/2025 60,893
- -----------------------------------------------------------------------------------------------------------------------------------
70,000 Huntington, WV Sewer 5.375 11/01/2023 70,084
- -----------------------------------------------------------------------------------------------------------------------------------
1,260,000 Morgantown, WV Tax Increment (Parking Garage) 5.000 06/01/2033 1,216,505
- -----------------------------------------------------------------------------------------------------------------------------------
4,635,000 Ohio County, WV Commission Tax Increment
(Fort Henry Centre) 5.625 06/01/2034 4,825,962
- -----------------------------------------------------------------------------------------------------------------------------------
50,000 Pleasants County, WV Pollution Control
(Monongahela Power Company) 6.150 05/01/2015 51,392
- -----------------------------------------------------------------------------------------------------------------------------------
1,540,000 West Liberty State College, WV, Series A 6.000 06/01/2023 1,619,741
- -----------------------------------------------------------------------------------------------------------------------------------
1,695,000 West Liberty State College, WV, Series A 6.125 06/01/2028 1,784,632
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Wheeling, WV Tax Increment (Stone Building Renovation) 5.200 06/01/2025 503,285
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Wheeling, WV Tax Increment (Stone Building Renovation) 5.500 06/01/2033 1,520,400
--------------
11,652,894
- -----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--0.8%
6,640,000 Badger, WI Tobacco Asset Securitization Corp. 6.375 06/01/2032 7,008,254
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 Grant County, WI Hsg. Authority (Orchard Manor) 5.250 07/01/2018 5,025
- -----------------------------------------------------------------------------------------------------------------------------------
895,000 Janesville, WI Pollution Control (General Motors Corp.) 5.550 04/01/2009 891,697
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 Madison, WI GO 5.500 05/01/2009 2,011,120
- -----------------------------------------------------------------------------------------------------------------------------------
1,750,000 Sokaogon, WI Chippewa Community (Gaming) 7.000 01/01/2026 1,728,843
- -----------------------------------------------------------------------------------------------------------------------------------
500,000 Waupun, WI Hsg. Authority (Christian Home & Rehab) 5.000 12/01/2029 489,105
- -----------------------------------------------------------------------------------------------------------------------------------
20,000 WI GO 5.350 11/01/2016 20,024
- -----------------------------------------------------------------------------------------------------------------------------------
505,000 WI GO 6.000 05/01/2013 505,884
- -----------------------------------------------------------------------------------------------------------------------------------
2,000,000 WI H&EFA (AHC/SLMC/HMH/AMCS Obligated Group) 5.875 08/15/2026 2,023,080
74 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN Continued
$ 25,000 WI H&EFA (Children's Hospital of Wisconsin) 5.125% 02/15/2021 $ 25,333
- -----------------------------------------------------------------------------------------------------------------------------------
5,000 WI H&EFA (Froedert & Community) 5.375 10/01/2030 5,250
- -----------------------------------------------------------------------------------------------------------------------------------
75,000 WI H&EFA (FSCCHM/FCS/GSMCFSCH/
SPH Obligated Group) 5.500 02/15/2028 76,391
- -----------------------------------------------------------------------------------------------------------------------------------
165,000 WI H&EFA (Kenosha Hospital & Medical Center) 5.625 05/15/2029 168,457
- -----------------------------------------------------------------------------------------------------------------------------------
170,000 WI H&EFA (Medical College of Wisconsin) 5.500 12/01/2026 173,273
- -----------------------------------------------------------------------------------------------------------------------------------
45,000 WI H&EFA (Ministry Health Care) 5.250 02/15/2032 46,716
- -----------------------------------------------------------------------------------------------------------------------------------
2,100,000 WI H&EFA (Richland Hospital) 5.375 06/01/2028 2,131,752
- -----------------------------------------------------------------------------------------------------------------------------------
550,000 WI H&EFA (St. Clare Terrance) 5.750 12/01/2036 537,383
- -----------------------------------------------------------------------------------------------------------------------------------
870,000 WI H&EFA (Three Pillars Senior Living) 5.500 08/15/2034 878,822
- -----------------------------------------------------------------------------------------------------------------------------------
1,050,000 WI H&EFA (United Health Group) 5.500 12/15/2020 1,076,702
- -----------------------------------------------------------------------------------------------------------------------------------
1,075,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.600 08/15/2023 1,110,443
- -----------------------------------------------------------------------------------------------------------------------------------
1,000,000 WI H&EFA (WMA/MHCC/MVS Obligated Group) 5.750 08/15/2026 1,041,560
--------------
21,955,114
- -----------------------------------------------------------------------------------------------------------------------------------
WYOMING--0.0%
645,000 Cheyenne, WY Hsg. Authority (Foxcrest II) 5.400 06/01/2027 657,963
--------------
Total Municipal Bonds and Notes (Cost $3,109,788,994) 3,119,142,602
- -----------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES--0.0%
- -----------------------------------------------------------------------------------------------------------------------------------
152,809 Delta Air Lines, Inc., Sr. Unsec. Nts. (Cost $151,281) 8.000 12/01/2015 151,663
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $3,109,940,275)--119.9% 3,119,294,265
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(19.9) (518,373,900)
--------------
NET ASSETS--100.0% $2,600,920,365
==============
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
2. Security represents the underlying municipal bond on an inverse floating rate
security. The bond was purchased by the Fund and subsequently segregated and
transferred to a trust. See Note 1 of accompanying Notes.
3. When-issued security or forward commitment to be delivered and settled after
July 31, 2007. See Note 1 of accompanying Notes.
4. Zero coupon bond reflects effective yield on the date of purchase.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or variable
interest rate at a designated future date.
6. Represents the current interest rate for a variable or increasing rate
security.
7. Issue is in default. See Note 1 of accompanying Notes.
8. Illiquid security. The aggregate value of illiquid securities as of July 31,
2007 was $10,071,295, which represents 0.39% of the Fund's net assets. See Note
5 of accompanying Notes.
9. Non-income producing security.
10. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of accompanying Notes.
75 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
ADA Atlanta Devel. Authority
AHC Aurora Healthcare
AHF American Housing Foundation
AHS Adventist Health System
AMCS Aurora Medical Center of Sheboygan County
AOLM Academy of Our Lady of Mercy, Inc.
ARC Assoc. of Retarded Citizens
BCC Bethesda Company Care, Inc.
BCG Bethesda Care Givers
BCH Bethany Covenant Home
BHA Bethesda Hospital Assoc.
BHC Bethesda Home Care
CAH Colonial Acres Home
CAU Clark Atlanta University
CDA Communities Devel. Authority
CFGH Central Florida Group Homes
CHHC Community Health & Home Care
COP Certificates of Participation
CRC Covenant Retirement Communities
DDC Dual Devel. Corp.
DKH Day Kimball Hospital
E&HBFA Educational Health Buildings Financing Agency
ECH Ebenezer Covenant Home
EDA Economic Devel. Authority
EDC Economic Devel. Corp.
EDFA Economic Devel. Finance Authority
EF&CD Environmental Facilities and Community Devel.
EMH Elmhurst Memorial Hospital
EMHH Elmhurst Memorial Home Health
EMHS Elmhurst Memorial Health System
FCS Franciscan Care Services
FHA Federal Housing Agency/Authority
FHS Freeman Health System
FNH Freeman Neosho Hospital
FRS Family Rehabilitation Services (Hancock Manor)
FSCCHM Franciscan Sisters of Christian Charity Healthcare Ministry
GHC Gaston Health Care
GHS Gaston Health Services
GMH Gaston Memorial Hospital
GO General Obligation
GSMCFSCH Good Samaritan Medical Center of Franciscan Sisters of Christian
Charity
H&EFA Health and Educational Facilities Authority
H&EFB Health and Educational Facilities Board
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
HFA Housing Finance Agency
HFC Housing Finance Corp.
HFDC Health Facilities Devel. Corp.
HMH Hartford Memorial Hospital
HNE Healthnet of New England
IDA Industrial Devel. Agency
IDC Industrial Devel. Corp.
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
NAC Nanticoke Alternative Care
NEGHR Northeast Georgia Health Resources
NEGHS Northeast Georgia Health Systems
NEGMC Northeast Georgia Medical Center
NMH Nanticoke Memorial Hospital
NRH National Rehabilitation Hospital
NYC New York City
OHC Oakwood Hospital Corp.
OPSU Oklahoma Panhandle State University
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
SPHS Sheppard Pratt Health System
76 | OPPENHEIMER AMT-FREE MUNICIPALS
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)
VC VinFen Corp
VCS VinFen Clinical Services
WMA Wisconsin Masonic Home
WVHCS Wyoming Valley Health Care System
YMCA Young Men's Christian Assoc.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
77 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES July 31, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
ASSETS
- ---------------------------------------------------------------------------------------
Investments, at value (cost $3,109,940,275)--see accompanying
statement of investments $ 3,119,294,265
- ---------------------------------------------------------------------------------------
Receivables and other assets:
Interest 30,430,487
Investments sold 25,435,046
Shares of beneficial interest sold 12,322,802
Other 67,631
-----------------
Total assets 3,187,550,231
- ---------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------
Bank overdraft 286,707
- ---------------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 502,650,000
Payable on borrowings (See Note 6) 44,400,000
Investments purchased (including $28,805,761 purchased
on a when-issued basis or forward commitment) 30,695,825
Shares of beneficial interest redeemed 5,379,055
Dividends 1,996,369
Distribution and service plan fees 544,371
Interest expense on borrowings 243,016
Trustees' compensation 233,240
Transfer and shareholder servicing agent fees 75,607
Shareholder communications 35,891
Other 89,785
-----------------
Total liabilities 586,629,866
- ---------------------------------------------------------------------------------------
NET ASSETS $ 2,600,920,365
=================
- ---------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 259,311
- ---------------------------------------------------------------------------------------
Additional paid-in capital 2,595,050,207
- ---------------------------------------------------------------------------------------
Accumulated net investment income 4,498,217
- ---------------------------------------------------------------------------------------
Accumulated net realized loss on investments (8,241,360)
- ---------------------------------------------------------------------------------------
Net unrealized appreciation on investments 9,353,990
-----------------
NET ASSETS $ 2,600,920,365
=================
78 | 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 $2,129,928,242 and 212,197,268 shares of beneficial interest
outstanding) $ 10.04
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $ 10.54
- --------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $54,644,664 and 5,465,374 shares of beneficial interest
outstanding) $ 10.00
- --------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $416,347,459 and 41,648,631 shares of beneficial interest
outstanding) $ 10.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
79 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------
Interest $ 141,169,238
- ---------------------------------------------------------------------------------------
Other income 4,308
-----------------
Total investment income 141,173,546
- ---------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------
Management fees 9,211,522
- ---------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 4,461,410
Class B 578,683
Class C 3,442,741
- ---------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 606,921
Class B 41,314
Class C 140,948
- ---------------------------------------------------------------------------------------
Shareholder communications:
Class A 80,278
Class B 5,186
Class C 15,247
- ---------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued
(See Note 1) 13,077,085
- ---------------------------------------------------------------------------------------
Interest expense on borrowings 1,645,663
- ---------------------------------------------------------------------------------------
Trustees' compensation 139,221
- ---------------------------------------------------------------------------------------
Custodian fees and expenses 33,409
- ---------------------------------------------------------------------------------------
Other 337,749
-----------------
Total expenses 33,817,377
Less reduction to custodian expenses (24,789)
-----------------
Net expenses 33,792,588
- ---------------------------------------------------------------------------------------
NET INVESTMENT INCOME 107,380,958
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------------
Net realized gain on investments 11,126,828
- ---------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (44,042,527)
- ---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 74,465,259
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
80 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JULY 31, 2007 2006
- ------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 107,380,958 $ 65,832,513
- ------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 11,126,828 (470,255)
- ------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (44,042,527) (1,251,624)
-------------------------------------
Net increase in net assets resulting from operations 74,465,259 64,110,634
- ------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (85,731,981) (62,366,257)
Class B (2,258,306) (2,369,416)
Class C (13,505,828) (7,405,225)
-------------------------------------
(101,496,115) (72,140,898)
- ------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A 656,844,967 721,093,725
Class B (3,750,449) 17,072,054
Class C 170,582,722 180,893,706
-------------------------------------
823,677,240 919,059,485
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Total increase 796,646,384 911,029,221
- ------------------------------------------------------------------------------------------------------------------------------
Beginning of period 1,804,273,981 893,244,760
-------------------------------------
End of period (including accumulated net investment income (loss)
of $4,498,217 and $(1,386,626), respectively) $ 2,600,920,365 $ 1,804,273,981
=====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
81 | OPPENHEIMER AMT-FREE MUNICIPALS
STATEMENT OF CASH FLOWS For the Year Ended July 31, 2007
- --------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ---------------------------------------------------------------------------------------
Net increase in net assets from operations $ 74,465,259
- ---------------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (1,413,206,459)
Proceeds from disposition of investment securities 425,239,067
Short-term investment securities, net (72,131,283)
Premium amortization 5,826,393
Discount accretion (11,235,414)
Net realized gain on investments (11,126,828)
Net change in unrealized appreciation on investments 44,042,527
Increase in interest receivable (8,515,093)
Increase in receivable for securities sold (24,210,261)
Increase in other assets (30,977)
Increase in payable for securities purchased 5,340,297
Increase in payable for accrued expenses 437,601
-----------------
Net cash used in operating activities (985,105,171)
- ---------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ---------------------------------------------------------------------------------------
Proceeds from bank borrowings 870,300,000
Payments on bank borrowings (833,800,000)
Proceeds from short-term floating rate notes issued 222,190,000
Proceeds from shares sold 1,131,207,392
Payment on shares redeemed (368,178,364)
Cash distributions paid (38,307,240)
Payments on bank overdraft 286,707
-----------------
Net cash provided by financing activities 983,698,495
- ---------------------------------------------------------------------------------------
Net decrease in cash (1,406,676)
- ---------------------------------------------------------------------------------------
Cash, beginning balance 1,406,676
-----------------
Cash, ending balance $ --
=================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $62,678,112.
Cash paid for interest on bank borrowings--$1,470,457.
Cash paid for interest on short-term floating rate notes issued--$13,077,085.
82 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.08 $ 10.16 $ 9.53 $ 9.19 $ 9.48
- ----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .51 1 .50 1 .55 1 .59 .57
Net realized and unrealized gain (loss) (.07) (.03) .63 .28 (.32)
---------------------------------------------------------------
Total from investment operations .44 .47 1.18 .87 .25
- ----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.48) (.55) (.55) (.53) (.54)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.04 $ 10.08 $ 10.16 $ 9.53 $ 9.19
===============================================================
- ----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 4.37% 4.78% 12.69% 9.60% 2.46%
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $2,129,928 $1,494,775 $ 780,571 $ 568,156 $553,344
- ----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,838,511 $1,147,353 $ 639,474 $ 567,291 $569,881
- ----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.93% 4.97% 5.56% 6.18% 5.82%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.79% 0.87% 0.92% 0.92% 0.93%
Interest and fees on short-term
floating rate notes issued 4 0.58% 0.62% 0.40% 0.26% 0.21%
---------------------------------------------------------------
Total expenses 1.37% 1.49% 1.32% 1.18% 1.14%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 1.37% 1.49% 1.32% 1.18% 1.09%
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 16% 15% 25% 75%
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
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 less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
83 | OPPENHEIMER AMT-FREE MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.04 $ 10.13 $ 9.50 $ 9.17 $ 9.45
- ----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .42 1 .42 1 .48 1 .52 .49
Net realized and unrealized gain (loss) (.06) (.04) .63 .27 (.31)
---------------------------------------------------------------
Total from investment operations .36 .38 1.11 .79 .18
- ----------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.40) (.47) (.48) (.46) (.46)
- ----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.00 $ 10.04 $ 10.13 $ 9.50 $ 9.17
===============================================================
- ----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.56% 3.87% 11.87% 8.68% 1.80%
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 54,645 $ 58,570 $ 41,867 $ 47,024 $ 63,104
- ----------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 57,919 $ 50,695 $ 43,648 $ 55,864 $ 67,721
- ----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.09% 4.19% 4.83% 5.42% 5.04%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.59% 1.68% 1.69% 1.69% 1.69%
Interest and fees on short-term
floating rate notes issued 4 0.58% 0.62% 0.40% 0.26% 0.21%
---------------------------------------------------------------
Total expenses 2.17% 2.30% 2.09% 1.95% 1.90%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.17% 2.30% 2.09% 1.95% 1.85%
- ----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 16% 15% 25% 75%
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
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 less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
84 | OPPENHEIMER AMT-FREE MUNICIPALS
CLASS C YEAR ENDED JULY 31, 2007 2006 2005 2004 2003
- ------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 10.04 $ 10.13 $ 9.50 $ 9.16 $ 9.45
- ------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .43 1 .42 1 .47 1 .51 .49
Net realized and unrealized gain (loss) (.07) (.04) .64 .29 (.32)
-----------------------------------------------------------------
Total from investment operations .36 .38 1.11 .80 .17
- ------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.40) (.47) (.48) (.46) (.46)
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 10.00 $ 10.04 $ 10.13 $ 9.50 $ 9.16
=================================================================
- ------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 3.60% 3.89% 11.87% 8.79% 1.67%
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 416,347 $ 250,929 $ 70,807 $ 27,793 $ 23,511
- ------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 344,756 $ 159,084 $ 40,236 $ 25,810 $ 22,345
- ------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 4.16% 4.17% 4.70% 5.39% 5.04%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.55% 1.62% 1.69% 1.70% 1.71%
Interest and fees on short-term
floating rate notes issued 4 0.58% 0.62% 0.40% 0.26% 0.21%
-----------------------------------------------------------------
Total expenses 2.13% 2.24% 2.09% 1.96% 1.92%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 2.13% 2.24% 2.09% 1.96% 1.87%
- ------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 18% 16% 15% 25% 75%
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
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 less than one full year.
4. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjunction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
85 | 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(R) 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. Options are
valued daily based upon the last sale price on the principal exchange on which
the option is traded. Securities (including restricted securities) for which
market
86 | OPPENHEIMER AMT-FREE MUNICIPALS
quotations are not readily available are valued at their fair value. Foreign and
domestic securities whose values have been materially affected by what the
Manager identifies as a significant event occurring before the Fund's assets are
valued but after the close of their respective exchanges will be fair valued.
Fair value is determined in good faith using consistently applied procedures
under the supervision of the Board of Trustees. Investments in open-end
registered investment companies (including affiliated funds) are valued at that
fund's net asset value. 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 take place generally at least 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, 2007, the Fund had purchased $28,805,761
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 $142,839,744 as of July 31, 2007, which represents
4.48% of the Fund's total assets.
Certain inverse floating rate securities are created when the Fund
purchases and subsequently transfers a municipal bond security (the "municipal
bond") to a broker dealer. The municipal bond is typically a fixed rate
security. The broker dealer (the "sponsor") creates a trust (the "Trust") and
deposits the municipal bond. The Trust issues short-term floating rate notes
available to third parties and a residual interest in the municipal bond
(referred to as an "inverse floating rate security") to the Fund. The terms of
these inverse floating rate securities grant the Fund the right to require that
the Trust issuing the inverse floating rate security compel a tender of the
short-term floating rate notes to facilitate the Fund's repurchase of the
underlying municipal bond. Following such a
87 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
request, the Fund pays the sponsor the principal amount due to the holders of
the short-term floating rate notes issued by the Trust and exchanges the inverse
floating rate security for the underlying municipal bond. These transactions are
considered secured borrowings for financial reporting purposes. As a result of
such accounting treatments, the Fund includes the municipal bond position on its
Statement of Investments (but does not separately include the inverse floating
rate securities received). The Fund also includes the value of the municipal
bond and a payable amount equal to the short-term floating rate notes issued by
the Trust on its Statement of Assets and Liabilities. The interest rates on
these short-term floating rate notes reset periodically, usually weekly. The
holders of these short-term floating rate notes have the option to tender their
investment, to the sponsor or the Trust's liquidity provider, for redemption at
par at each reset date. Income from the municipal bond position and the interest
expense on the payable for the short-term floating rate notes issued by the
Trust are recorded on the Fund's Statement of Operations. At July 31, 2007,
municipal bond holdings with a value of $645,439,588 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$502,650,000 in short-term floating rate notes issued and outstanding at that
date.
At July 31, 2007, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,500,000 AK HFC RITES 7.432% 6/1/32 $ 2,682,950
2,000,000 AK HFC ROLs 8.610 12/1/33 2,081,040
3,285,000 Athens, GA Area Facilities Corp. COP ROLs 8.630 6/15/37 3,143,548
5,000,000 CA Golden State Tobacco Securitization Corp. ROLs 3 8.640 6/1/45 5,121,000
15,000,000 CA Golden State Tobacco Securitization Corp. ROLs 8.207 6/1/47 16,411,050
4,075,000 Central Plains, NE Gas Energy ROLs 6.880 12/1/26 3,423,000
2,270,000 CO Health Facilities Authority RITES 8.432 3/1/22 2,881,129
2,815,000 GA Municipal Electric Authority RITES 12.421 1/1/17 4,585,522
3,730,000 Harris County, TX Toll Road RITES 7.932 8/15/24 4,752,318
15,420,000 IA Tobacco Settlement Authority ROLs 3 9.120 6/1/46 15,677,822
1,780,000 ID Health Facilities Authority ROLs 8.550 9/1/35 1,771,242
2,500,000 ID Health Facilities Authority ROLs 8.550 9/1/35 2,487,700
3,500,000 IL Health Facilities Authority ROLs 9.010 8/15/33 3,861,410
2,500,000 IL Metropolitan Pier & Exposition Authority RITES 6.421 12/15/28 2,762,800
3,250,000 Indianapolis, IN Local Public Improvement Bond
Bank RITES 7.432 7/1/33 4,072,705
1,875,000 Jacksonville, FL Electric Authority RITES 4.897 10/1/22 1,864,238
6,000,000 Jefferson Parish, LA Finance Authority
(Single Family Mtg.) ROLs 9.640 12/1/32 6,827,640
2,500,000 King County, WA Sewer RITES 6.932 1/1/24 2,877,150
88 | OPPENHEIMER AMT-FREE MUNICIPALS
PRINCIPAL COUPON MATURITY VALUE AS OF
AMOUNT INVERSE FLOATER 1 RATES 2 DATES JULY 31, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,500,000 Lake County, FL School Board COP RITES 5.690% 6/1/30 $ 2,776,550
3,510,000 MA H&EFA RITES 5.750 8/15/25 3,671,811
3,175,000 Northwestern Gwinnett County,
GA Facilities Corp. COP ROLs 7.170 6/15/29 3,267,774
1,625,000 St. Joseph County, IN Hospital Authority ROLs 8.500 8/15/46 1,495,000
440,000 TX Municipal Gas Acquisition & Supply Corp. RITES 8.070 12/15/26 376,640
1,030,000 TX Municipal Gas Acquisition & Supply Corp. RITES 8.070 12/15/26 881,680
1,220,000 TX Municipal Gas Acquisition & Supply Corp. RITES 8.070 12/15/26 1,044,320
1,665,000 TX Municipal Gas Acquisition & Supply Corp. RITES 7.060 12/15/26 1,590,075
2,810,000 TX Municipal Gas Acquisition & Supply Corp. RITES 8.070 12/15/26 2,405,360
4,700,000 TX Municipal Gas Acquisition & Supply Corp. RITES 8.070 12/15/26 4,023,200
11,000,000 TX Municipal Gas Acquisition & Supply Corp. RITES 7.600 12/15/26 9,416,000
2,550,000 Volusia County, FL Educational Facility Authority ROLs 8.600 10/15/13 2,627,775
7,900,000 Volusia County, FL Educational Facility Authority ROLs 8.600 10/15/35 7,684,962
4,255,000 WA Health Care Facilities Authority ROLs 3 8.480 7/1/25 4,287,338
1,835,000 WA Health Care Facilities Authority ROLs 3 8.480 7/1/30 1,775,399
4,625,000 WA Health Care Facilities Authority ROLs 3 8.480 7/1/38 4,086,003
4,160,000 WA Reset Optional Certification Trust II ROLs 8.600 12/1/36 4,095,437
--------------
$ 142,789,588
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on pages 76-77 of the Statement of Investments.
2. Represents the current interest rate for a variable rate bond known as an
"inverse floater."
3. Security is subject to a shortfall and forbearance agreement.
The Fund enters into shortfall and forbearance agreements with the sponsors of
certain inverse floaters held by the Fund. These agreements commit the Fund to
reimburse the sponsor of the inverse floater, in certain circumstances, for the
amount of the difference between the liquidation value of the underlying
security (which is the basis of the inverse floater) and the principal amount
due to the holders of the floating rate notes issued by the Trust in conjunction
with the inverse floating rate security. Under the standard terms of an inverse
floating rate security, absent such a shortfall and forbearance agreement, the
Fund would not be required to make such a reimbursement. The Manager monitors
the Fund's potential exposure with respect to these agreements on a daily basis
and intends to take action to terminate the Fund's investment in such inverse
floating rate securities, if it deems it appropriate to do so. As of July 31,
2007, in addition to the exposure detailed in the preceding table, the Fund's
maximum exposure under such agreements is estimated at approximately
$77,985,000.
- --------------------------------------------------------------------------------
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
89 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
securities. The Fund may acquire securities in default, and is not obligated to
dispose of securities whose issuers subsequently default. As of July 31, 2007,
securities with an aggregate market value of $2,457,110, representing 0.09% 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 following table 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.
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
------------------------------------------------------------------------
$7,430,809 $-- $9,598,553 $10,711,183
1. As of July 31, 2007, the Fund had $9,598,553 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, 2007, details
of the capital loss carryforward was as follows:
EXPIRING
----------------------------------
2010 $9,598,553
2. During the fiscal year ended July 31, 2007, the Fund utilized $5,610,440 of
capital loss carryforward to offset capital gains realized in that fiscal year.
3. 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.
The tax character of distributions paid during the years ended July 31, 2007 and
July 31, 2006 was as follows:
YEAR ENDED YEAR ENDED
JULY 31, 2007 JULY 31, 2006
------------------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $101,287,185 $72,140,898
Ordinary income 208,930 --
---------------------------------
Total $101,496,115 $72,140,898
=================================
90 | OPPENHEIMER AMT-FREE MUNICIPALS
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, 2007 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 $2,603,710,635
==============
Gross unrealized appreciation $ 49,358,257
Gross unrealized depreciation (38,647,074)
--------------
Net unrealized appreciation $ 10,711,183
==============
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan (the
"Plan") for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during their period of service. The Plan
was frozen with respect to adding new participants effective December 31, 2006
(the "Freeze Date") and existing Plan Participants as of the Freeze Date will
continue to receive accrued benefits under the Plan. Active independent trustees
as of the Freeze Date have each elected a distribution method with respect to
their benefits under the Plan. During the year ended July 31, 2007, the Fund's
projected benefit obligations were increased by $94,285 and payments of $50,665
were made to retired trustees, resulting in an accumulated liability of $167,723
as of July 31, 2007.
The Board of Trustees has adopted a compensation deferral plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from the Fund.
For purposes of determining the amount owed to the Trustee under the plan,
deferred amounts are treated as though equal dollar amounts had been invested in
shares of the Fund or in other Oppenheimer funds selected by the Trustee. The
Fund purchases shares of the funds selected for deferral by the Trustee in
amounts equal to his or her deemed investment, resulting in a Fund asset equal
to the deferred compensation liability. Such assets are included as a component
of "Other" within the asset section of the Statement of Assets and Liabilities.
Deferral of trustees' fees under the plan will not affect the net assets of the
Fund, and will not materially affect the Fund's assets, liabilities or net
investment income per share. Amounts will be deferred until distributed in
accordance to the compensation deferral plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
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
91 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
- --------------------------------------------------------------------------------
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, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
CLASS A
Sold 87,690,405 $ 900,349,653 88,693,790 $ 894,341,222
Dividends and/or
distributions reinvested 5,299,379 54,355,692 3,754,817 37,866,989
Redeemed (29,094,162) (297,860,378) (20,937,412) (211,114,486)
---------------------------------------------------------------------
Net increase 63,895,622 $ 656,844,967 71,511,195 $ 721,093,725
=====================================================================
- --------------------------------------------------------------------------------------------------
CLASS B
Sold 1,167,735 $ 11,935,473 2,980,673 $ 29,961,366
Dividends and/or
distributions reinvested 126,890 1,297,043 134,792 1,354,805
Redeemed (1,661,395) (16,982,965) (1,415,873) (14,244,117)
---------------------------------------------------------------------
Net increase (decrease) (366,770) $ (3,750,449) 1,699,592 $ 17,072,054
=====================================================================
92 | OPPENHEIMER AMT-FREE MUNICIPALS
YEAR ENDED JULY 31, 2007 YEAR ENDED JULY 31, 2006
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------
CLASS C
Sold 21,167,619 $ 216,538,087 19,979,688 $ 200,765,872
Dividends and/or
distributions reinvested 687,740 7,025,377 385,370 3,869,283
Redeemed (5,196,730) (52,980,742) (2,365,535) (23,741,449)
--------------------------------------------------------
Net increase 16,658,629 $ 170,582,722 17,999,523 $180,893,706
========================================================
- --------------------------------------------------------------------------------
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, 2007, were as follows:
PURCHASES SALES
---------------------------------------------------------
Investment securities $1,413,206,459 $425,239,067
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee at an
annual rate of average net assets as shown in the following table:
FEE SCHEDULE
------------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
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, 2007, the Fund paid $774,895
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.
93 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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 0.25% per year under each
plan. If either the Class B or Class C plan is terminated by the Fund or by the
shareholders of a class, the Board of Trustees and its independent trustees must
determine whether the Distributor shall be entitled to payment from the Fund of
all or a portion of the service fee and/or asset-based sales charge in respect
to shares sold prior to the effective date of such termination. The Distributor
determines its uncompensated expenses under the plan at calendar quarter ends.
The Distributor's aggregate uncompensated expenses under the plan at June 30,
2007 for Class B and Class C shares were $2,076,471 and $4,651,692,
respectively. Fees incurred by the Fund under the plans are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
RETAINED BY RETAINED BY RETAINED BY RETAINED BY
YEAR ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
July 31, 2007 $1,171,717 $102,434 $111,714 $113,269
- --------------------------------------------------------------------------------
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, 2007, 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.
94 | OPPENHEIMER AMT-FREE MUNICIPALS
- --------------------------------------------------------------------------------
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 (5.2958% as of July 31, 2007). 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, 2007, the average daily loan balance was
$30,751,507 at an average daily interest rate of 5.286%. The Fund had borrowings
outstanding of $44,400,000 at July 31, 2007 at an interest rate of 5.2958%. The
Fund had gross borrowings and gross loan repayments of $870,300,000 and
$833,800,000, respectively, during the year ended July 31, 2007. The maximum
amount of borrowings outstanding at any month-end during the year ended July 31,
2007 was $98,400,000. The Fund paid $138,868 in fees and $1,470,457 in interest
during the year ended July 31, 2007.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
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, 2007, the Manager has evaluated the implications of FIN 48 and does not
currently anticipate a material impact to the Fund's financial statements. The
Manager will continue to monitor the Fund's tax positions prospectively for
potential future impacts.
95 | OPPENHEIMER AMT-FREE MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS Continued
In September 2006, ("FASB") issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of July 31, 2007, the Manager does not believe the
adoption of SFAS No. 157 will materially impact the financial statement amounts;
however, additional disclosures may be required about the inputs used to develop
the measurements and the effect of certain of the measurements on changes in net
assets for the period.
96 | OPPENHEIMER AMT-FREE MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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, 2007, and the related statements of operations and cash flows 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, 2007, 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, 2007, the results of its
operations and its cash flows 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 17, 2007
97 | OPPENHEIMER AMT-FREE MUNICIPALS
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2008, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Fund during
calendar year 2007. 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, 2007 are eligible for the corporate dividend-received deduction. 99.79% of
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.
98 | 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.
99 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH THE PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NUMBER OF
FUND, LENGTH OF SERVICE, AGE PORTFOLIOS IN THE FUND COMPLEX CURRENTLY OVERSEEN
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO
TRUSTEES 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION,
RETIREMENT, DEATH OR REMOVAL.
BRIAN F. WRUBLE, General Partner of Odyssey Partners, L.P. (hedge fund) (since September 1995); Director of Special
Chairman of the Board of Value Opportunities Fund, LLC (registered investment company) (since September 2004); Member of
Trustees (since 2007), Zurich Financial Investment Advisory Board (insurance) (since October 2004); Board of Governing
Trustee (since 2005) Trustees of The Jackson Laboratory (non-profit) (since August 1990); Trustee of the Institute for
Age: 64 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 (investment research, non-profit) (2000-2002); Governor,
Jerome Levy Economics Institute of Bard College (economics research) (August 1990-September 2001);
Director of Ray & Berendtson, Inc. (executive search firm) (May 2000-April 2002). Oversees 65
portfolios in the OppenheimerFunds complex.
DAVID K. DOWNES, President, Chief Executive Officer and Board Member of CRAFund Advisors, Inc. (investment
Trustee (since 2007) management company) (since January 2004); President of The Community Reinvestment Act Qualified
Age: 67 Investment Fund (investment management company) (since January 2004); Independent Chairman of
the Board of Trustees of Quaker Investment Trust (registered investment company) (since January
2004); Director of Internet Capital Group (information technology company) (since October 2003);
Chief Operating Officer and Chief Financial Officer of Lincoln National Investment Companies, Inc.
(subsidiary of Lincoln National Corporation, a publicly traded company) and Delaware Investments
U.S., Inc. (investment management subsidiary of Lincoln National Corporation) (1993-2003);
President, Chief Executive Officer and Trustee of Delaware Investment Family of Funds (1993-2003);
President and Board Member of Lincoln National Convertible Securities Funds, Inc. and the Lincoln
National Income Funds, TDC (1993-2003); Chairman and Chief Executive Officer of Retirement
Financial Services, Inc. (registered transfer agent and investment adviser and subsidiary of
Delaware Investments U.S., Inc.) (1993-2003); President and Chief Executive Officer of Delaware
Service Company, Inc. (1995-2003); Chief Administrative Officer, Chief Financial Officer, Vice
Chairman and Director of Equitable Capital Management Corporation (investment subsidiary of
Equitable Life Assurance Society) (1985-1992); Corporate Controller of Merrill Lynch & Company
(financial services holding company) (1977-1985); held the following positions at the Colonial
Penn Group, Inc. (insurance company): Corporate Budget Director (1974-1977), Assistant Treasurer
(1972-1974) and Director of Corporate Taxes (1969-1972); held the following positions at Price
Waterhouse & Company (financial services firm): Tax Manager (1967-1969), Tax Senior (1965-1967)
and Staff Accountant (1963-1965); United States Marine Corps (1957-1959). Oversees 65 portfolios
in the OppenheimerFunds complex.
MATTHEW P. FINK, Trustee of the Committee for Economic Development (policy research foundation) (since 2005);
Trustee (since 2005) Director of ICI Education Foundation (education foundation) (October 1991-August 2006); President
Age: 66 of the Investment Company Institute (trade association) (October 1991-June 2004); Director of ICI
Mutual Insurance Company (insurance company) (October 1991-June 2004). Oversees 55 portfolios in
the OppenheimerFunds complex.
100 | OPPENHEIMER AMT-FREE MUNICIPALS
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 65 portfolios in the OppenheimerFunds
Trustee (since 1993) complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since January
Trustee (since 1999) 1979) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of
Age: 68 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 55 portfolios in the OppenheimerFunds complex.
MARY F. MILLER, Trustee of the American Symphony Orchestra (not-for-profit) (since October 1998); and Senior Vice
Trustee (since 2004) President and General Auditor of American Express Company (financial services company) (July
Age: 64 1998-February 2003). Oversees 55 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial adviser) (since
Trustee (since 2002) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial adviser)
Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial adviser)
(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, Member of the Investment Committee of the Episcopal Church of America,
Member of the Investment Committee and Board of Human Rights Watch and the Investment Committee of
Historic Hudson Valley. Oversees 55 portfolios in the OppenheimerFunds complex.
RUSSELL S. REYNOLDS, JR., Chairman of RSR Partners (formerly "The Directorship Search Group, Inc.") (corporate governance
Trustee (since 1989) consulting and executive recruiting) (since 1993); Life Trustee of International House (non-profit
Age: 75 educational organization); Former Trustee of The Historical Society of the Town of Greenwich;
Former Director of Greenwich Hospital Association. Oversees 55 portfolios in the OppenheimerFunds
complex.
JOSEPH M. WIKLER, Director of the following medical device companies: Medintec (since 1992) and Cathco (since 1996);
Trustee (since 2005) Director of Lakes Environmental Association (environmental protection association) (since 1996);
Age: 66 Member of the Investment Committee of the Associated Jewish Charities of Baltimore (since 1994);
Director of Fortis/Hartford mutual funds (1994-December 2001). Oversees 55 portfolios in the
OppenheimerFunds complex.
PETER I. WOLD, President of Wold Oil Properties, Inc. (oil and gas exploration and production company) (since
Trustee (since 2005) 1994); Vice President of American Talc Company, Inc. (talc mining and milling) (since 1999); Vice
Age: 59 President, Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and
production) (1996-2006); 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 55 portfolios in the
OppenheimerFunds complex.
101 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK,
AND OFFICER 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 of the Manager (since June 2001); President of the
Trustee, President and Manager (September 2000-March 2007); President and a director or trustee of other Oppenheimer
Principal Executive Officer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent
(since 2001) holding com- pany) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of
Age: 58 the Manager) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the
Manager) (since November 2001); Chairman and Director of Shareholder 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 102 portfolios in the OppenheimerFunds complex.
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE AND
THE FUND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR
MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL,
COLORADO 80112-3924, FOR MESSRS. FIELDING, LOUGHRAN, COTTIER AND WILLIS, 350 LINDEN OAKS,
ROCHESTER, NEW YORK 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 and Chairman of the Rochester Division of the Manager (since
Vice President and Senior January 1996). Chief Strategist, a Senior Portfolio Manager, an officer and a trader for the Fund
Portfolio Manager and other Oppenheimer funds.
(since 2002)
Age: 58
DANIEL G. LOUGHRAN, Senior Vice President of the Manager (since April 2007); Vice President of the Manager (April
Vice President and Senior 2001-July 2007) and a Portfolio Manager with the Manager (since 1999). Team leader, a Senior
Portfolio Manager Portfolio Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2005)
Age: 43
102 | OPPENHEIMER AMT-FREE MUNICIPALS
SCOTT S. COTTIER, Vice President of the Manager (since September 2002). Portfolio Manager and trader at Victory
Vice President (since 2005) Capital Management (from 1999 to 2002). Senior Portfolio Manager, an officer and a trader for the
and Senior Portfolio Manager Fund and other Oppenheimer funds.
(since 2002)
Age: 35
TROY E. WILLIS, Assistant Vice President of the Manager (since July 2005) and a Portfolio Manager with the Manager
Vice President (since 2005) (since 2003). Corporate Attorney for Southern Resource Group (from 1999 to 2003). Senior Portfolio
and Senior Portfolio Manager Manager, an officer and a trader for the Fund and other Oppenheimer funds.
(since 2006)
Age: 34
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Distributor,
Vice President and Chief Inc., Centennial Asset Management and Shareholder Services, Inc. (since March 2004); Vice
Compliance Officer President of OppenheimerFunds Distributor, Inc., Centennial Asset Management Corporation and
(since 2004) Shareholder Services, Inc. (June 1983-February 2004). Former Vice President and Director of
Age: 57 Internal Audit of the Manager (1997-February 2004). An officer of 102 portfolios in the
OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of the Manager (since March 1999); Treasurer of the following:
Treasurer and Principal HarbourView Asset Management Corporation, Shareholder Financial Services, Inc., Shareholder
Financial & Accounting Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc.
Officer (since 1999) (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds
Age: 47 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 102 portfolios in the OppenheimerFunds complex.
BRIAN S. PETERSEN, Vice President of the Manager (since February 2007); Assistant Vice President of the Manager
Assistant Treasurer (August 2002-February 2007); Manager/Financial Product Accounting of the Manager (November
(since 2004) 1998-July 2002). An officer of 102 portfolios in the OppenheimerFunds complex.
Age: 37
BRIAN C. SZILAGYI, Assistant Vice President of the Manager (since July 2004); Director of Financial Reporting and
Assistant Treasurer Compliance of First Data Corporation (April 2003-July 2004); Manager of Compliance of Berger
(since 2005) Financial Group LLC (May 2001-March 2003); Director of Mutual Fund Operations at American Data
Age: 37 Services, Inc. (September 2000-May 2001). An officer of 102 portfolios in the OppenheimerFunds
complex.
103 | OPPENHEIMER AMT-FREE MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Vice President and Secretary Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of
(since 2001) Centennial Asset Management Corporation (since December 2001); Senior Vice President and General
Age: 59 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 102 portfolios in the
OppenheimerFunds complex.
LISA I. BLOOMBERG, Vice President and Associate Counsel of the Manager (since May 2004); First Vice President (April
Assistant Secretary 2001-April 2004), Associate General Counsel (December 2000-April 2004), Corporate Vice President
(since 2004) (May 1999-April 2001) and Assistant General Counsel (May 1999-December 2000) of UBS Financial
Age: 39 Services Inc. (formerly, PaineWebber Incorporated). An officer of 102 portfolios in the
OppenheimerFunds complex.
PHILLIP S. GILLESPIE, Senior Vice President and Deputy General Counsel of the Manager (since September 2004); First Vice
Assistant Secretary President (2001-September 2004); Director (2000-September 2004) and Vice President (1998-2000) of
(since 2004) Merrill Lynch Investment Management. An officer of 102 portfolios in the OppenheimerFunds complex.
Age: 43
KATHLEEN T. IVES, Vice President (since June 1998) and Senior Counsel and Assistant Secretary (since October 2003)
Assistant Secretary of the Manager; Vice President (since 1999) and Assistant Secretary (since October 2003) of the
(since 2001) Distributor; Assistant Secretary of Centennial Asset Management Corporation (since October 2003);
Age: 41 Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant
Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since
December 2001); Assistant Counsel of the Manager (August 1994-October 2003). An officer of 102
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.
104 | 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 David Downes, a
member of the Board's Audit Committee, is an audit committee financial expert
and that Mr. Downes is "independent" for purposes of this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $38,000 in fiscal 2007 and $27,500 in fiscal 2006.
(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 $315,954 in fiscal 2007 and $24,746 in fiscal 2006 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, professional services relating
to FAS 123R and review of internal controls of SAP conversion.
(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 2007 and $1,536 in fiscal 2006 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: preparation of form 5500.
(d) All Other 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 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 $315,954 in fiscal 2007 and $26,282 in fiscal
2006 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 07/31/2007, 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: 09/13/2007
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: 09/13/2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 09/13/2007