UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4054
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Oppenheimer AMT - Free New York 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
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Date of fiscal year end: September 30
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Date of reporting period: 09/30/2007
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ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco Master Settlement Agreement 22.2%
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Highways/Commuter Facilities 15.5
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Higher Education 9.6
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Electric Utilities 8.4
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General Obligation 6.0
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Hospital/Health Care 4.9
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Commercial Services & Supplies 3.9
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Special Tax 3.7
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Marine/Aviation Facilities 3.7
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Sales Tax Revenue 2.6
Portfolio holdings are subject to change. Percentages are as of September 30,
2007, and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 17.7%
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AA 16.5
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A 17.9
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BBB 36.9
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BB or lower 11.0
Allocations are subject to change. Percentages are as of September 30, 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 17.15% of the Fund's market value, are
deemed comparable in the Manager's judgment to the rated securities in each
category. Market value, the total value of the Fund's securities, does not
include cash. Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
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15 | OPPENHEIMER AMT-FREE NEW YORK 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 SEPTEMBER 30, 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 New York Municipals distributed high levels of tax-free
income to its shareholders during this reporting period, higher than many
fixed-income alternatives on an after-tax basis. As of September 30, 2007,
Oppenheimer AMT-Free New York Municipals' Class A shares provided a distribution
yield of 4.45% at net asset value. Lipper Inc.--an independent mutual fund
rating service--reported an average distribution yield of 3.69% among the 99
funds in its New York Municipal Debt Funds category as of the same date. 1
The monthly Class A dividend distribution was decreased to 4.6 cents per
share with the January payment. It was then increased with the Fund's September
payment to 4.7 cents per share. Distributions for other share classes were
adjusted accordingly. In all, the Fund distributed 56.6 cents per Class A share
in the year ended September 30, 2007, including a small amount of ordinary
income and an even smalller capital gain distribution.
In this reporting period, bonds backed by proceeds from the tobacco Master
Settlement Agreement (MSA) comprised the largest category in the Fund's
portfolio. These so-called tobacco bonds are backed by state and/or U.S.
territory proceeds from a national litigation settlement with tobacco
manufacturers. The tobacco sector experienced pricing pressure in the latter
half of the reporting period. The causes, we believe, included credit spread
widening, to which tobacco bonds are normally sensitive, and a potential
increase in the supply of bonds, a technical factor. In other words, the price
declines occurred for non-fundamental reasons and not because anything changed
regarding the MSA or the sector. We continue to believe that this sector should
provide long-term benefits to our yield-focused investors and, as such, took
advantage of market conditions this reporting period to add to our MSA-backed
holdings.
Additionally, we believe the risks of industry litigation have been
largely overstated. In the history of MSA-backed tobacco bonds, interest
payments and scheduled payments of principal on the bonds we hold have never
been interrupted--and many bonds have repaid principal earlier than their
scheduled final maturity. Some recent courtroom decisions, nonetheless, are
worth noting. 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
1. Lipper Inc. Lipper calculations do not include sales charges which, if
included, would reduce results.
16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
against Philip Morris USA. In July 2007, 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. In late August, the U.S. Court of
Appeals for the First Circuit ruled that a lower court had erred in dismissing a
class-action suit that challenged the use of the terms "light" and "low tar"
when selling and marketing materials used by Philip Morris and others. 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.
Oppenheimer AMT-Free New York Municipals was invested in airline-backed
bonds this reporting period. The portfolio includes bonds backed by American
Airlines, which in recent quarters has reported improvements in passenger
traffic, revenues per seat mile and debt reduction. The second quarter of 2007
was the carrier's fifth consecutive profitable quarter. The Fund has also
invested in bonds backed by Delta Air Lines, which emerged from Chapter 11
bankruptcy protection on April 30, 2007. Throughout the bankruptcy proceedings,
all scheduled payments of interest and principal were made on these bonds.
Overall, we believe this sector can provide significant, long-term benefit to
the Fund, especially if the improving world economy creates the expected gains
in passenger travel and pricing flexibility.
The Fund continued to invest in municipal inverse-floating-rate securities
this reporting period. These are tax-exempt securities whose interest payments
move inversely to changes in short-term interest rates. Some of the Fund's new
investments in these bonds were structured using PLNs (percentage of LIBOR
notes) with interest rates that reset quarterly. The rates on these securities,
we have found, are generally more attractive than the rates offered on other
similar securities.
During this reporting period, the U.S. Supreme Court announced that it
would hear DEPARTMENT OF REVENUE OF KENTUCKY V. DAVIS in November 2007, 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.
17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FUND PERFORMANCE DISCUSSION
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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. As of September 30, 2007, nearly 90%
of the portfolio was investment grade and the Fund was rated "A" for its overall
credit quality. Shareholders should note that market conditions during this
reporting period did not affect the Fund's overall investment strategies. 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.
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 September 30, 2007. In the case of Class A, Class B and Class C
shares, performance is measured over a period of 10 fiscal years. 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.
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 dividends but does not consider the effect of capital gains or transaction
costs, and none of the data in the graphs that follow shows the effect of taxes.
The Fund's performance reflects the effects of Fund 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 securities in the index.
18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer AMT-Free New York Municipals (Class A)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free
New York Municipals Lehman Brothers
(Class A) Municipal Bond Index
09/30/1997 $ 9,525 $10,000
12/31/1997 $ 9,789 $10,271
03/31/1998 $ 9,898 $10,390
06/30/1998 $10,033 $10,548
09/30/1998 $10,322 $10,871
12/31/1998 $10,360 $10,937
03/31/1999 $10,459 $11,034
06/30/1999 $10,265 $10,839
09/30/1999 $10,078 $10,796
12/31/1999 $ 9,898 $10,712
03/31/2000 $10,188 $11,025
06/30/2000 $10,275 $11,192
09/30/2000 $10,559 $11,462
12/31/2000 $11,022 $11,964
03/31/2001 $11,279 $12,229
06/30/2001 $11,381 $12,309
09/30/2001 $11,591 $12,654
12/31/2001 $11,513 $12,577
03/31/2002 $11,553 $12,695
06/30/2002 $11,849 $13,160
09/30/2002 $12,299 $13,785
12/31/2002 $12,254 $13,785
03/31/2003 $12,180 $13,950
06/30/2003 $12,509 $14,310
09/30/2003 $12,554 $14,322
12/31/2003 $13,106 $14,517
03/31/2004 $13,390 $14,768
06/30/2004 $12,829 $14,419
09/30/2004 $13,421 $14,980
12/31/2004 $13,680 $15,168
03/31/2005 $14,018 $15,162
06/30/2005 $14,612 $15,606
09/30/2005 $14,683 $15,587
12/31/2005 $14,785 $15,701
03/31/2006 $15,105 $15,739
06/30/2006 $15,081 $15,744
09/30/2006 $15,801 $16,281
12/31/2006 $16,080 $16,461
03/31/2007 $16,196 $16,594
06/30/2007 $16,083 $16,484
09/30/2007 $15,824 $16,785
AVERAGE ANNUAL TOTAL RETURNS OF CLASS A SHARES WITH SALES CHARGE OF THE FUND AT
9/30/07
1-Year -4.61% 5-Year 4.15% 10-Year 4.70%
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,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE APPLICABLE SALES CHARGE:
FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS
B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR);
AND FOR CLASS C SHARES, THE CONTINGENT 1% 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 SHARES USES CLASS A PERFORMANCE FOR THE
PERIOD AFTER CONVERSION. SEE PAGE 22 FOR FURTHER PERFORMANCE INFORMATION.
19 | OPPENHEIMER AMT-FREE NEW YORK 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 New York Municipals (Class B)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free
New York Municipals Lehman Brothers
(Class B) Municipal Bond Index
09/30/1997 $10,000 $10,000
12/31/1997 $10,258 $10,271
03/31/1998 $10,361 $10,390
06/30/1998 $10,481 $10,548
09/30/1998 $10,762 $10,871
12/31/1998 $10,781 $10,937
03/31/1999 $10,855 $11,034
06/30/1999 $10,633 $10,839
09/30/1999 $10,428 $10,796
12/31/1999 $10,213 $10,712
03/31/2000 $10,492 $11,025
06/30/2000 $10,562 $11,192
09/30/2000 $10,842 $11,462
12/31/2000 $11,286 $11,964
03/31/2001 $11,528 $12,229
06/30/2001 $11,619 $12,309
09/30/2001 $11,811 $12,654
12/31/2001 $11,699 $12,577
03/31/2002 $11,718 $12,695
06/30/2002 $11,996 $13,160
09/30/2002 $12,427 $13,785
12/31/2002 $12,367 $13,785
03/31/2003 $12,260 $13,950
06/30/2003 $12,577 $14,310
09/30/2003 $12,595 $14,322
12/31/2003 $13,148 $14,517
03/31/2004 $13,434 $14,768
06/30/2004 $12,870 $14,419
09/30/2004 $13,465 $14,980
12/31/2004 $13,724 $15,168
03/31/2005 $14,063 $15,162
06/30/2005 $14,659 $15,606
09/30/2005 $14,731 $15,587
12/31/2005 $14,833 $15,701
03/31/2006 $15,154 $15,739
06/30/2006 $15,130 $15,744
09/30/2006 $15,852 $16,281
12/31/2006 $16,132 $16,461
03/31/2007 $16,249 $16,594
06/30/2007 $16,135 $16,484
09/30/2007 $15,876 $16,785
AVERAGE ANNUAL TOTAL RETURNS OF CLASS B SHARES WITH SALES CHARGE OF THE FUND AT
9/30/07
1-Year -5.45% 5-Year 4.01% 10-Year 4.73%
20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer AMT-Free New York Municipals (Class C)
Lehman Brothers Municipal Bond Index
[THE FOLLOWING TABLE WAS REPRESENTED BY A LINE GRAPH IN THE PRINTED MATERIAL.]
Oppenheimer AMT-Free
New York Municipals Lehman Brothers
(Class C) Municipal Bond Index
09/30/1997 $10,000 $10,000
12/31/1997 $10,258 $10,271
03/31/1998 $10,353 $10,390
06/30/1998 $10,481 $10,548
09/30/1998 $10,754 $10,871
12/31/1998 $10,773 $10,937
03/31/1999 $10,847 $11,034
06/30/1999 $10,634 $10,839
09/30/1999 $10,420 $10,796
12/31/1999 $10,213 $10,712
03/31/2000 $10,493 $11,025
06/30/2000 $10,562 $11,192
09/30/2000 $10,834 $11,462
12/31/2000 $11,287 $11,964
03/31/2001 $11,529 $12,229
06/30/2001 $11,620 $12,309
09/30/2001 $11,812 $12,654
12/31/2001 $11,700 $12,577
03/31/2002 $11,718 $12,695
06/30/2002 $11,996 $13,160
09/30/2002 $12,427 $13,785
12/31/2002 $12,357 $13,785
03/31/2003 $12,259 $13,950
06/30/2003 $12,576 $14,310
09/30/2003 $12,595 $14,322
12/31/2003 $13,113 $14,517
03/31/2004 $13,371 $14,768
06/30/2004 $12,786 $14,419
09/30/2004 $13,350 $14,980
12/31/2004 $13,581 $15,168
03/31/2005 $13,889 $15,162
06/30/2005 $14,461 $15,606
09/30/2005 $14,492 $15,587
12/31/2005 $14,575 $15,701
03/31/2006 $14,862 $15,739
06/30/2006 $14,797 $15,744
09/30/2006 $15,474 $16,281
12/31/2006 $15,729 $16,461
03/31/2007 $15,812 $16,594
06/30/2007 $15,672 $16,484
09/30/2007 $15,378 $16,785
AVERAGE ANNUAL TOTAL RETURNS OF CLASS C SHARES WITH SALES CHARGE OF THE FUND AT
9/30/07
1-Year -1.58% 5-Year 4.35% 10-Year 4.40%
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,
REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE APPLICABLE SALES CHARGE:
FOR CLASS A SHARES, THE CURRENT MAXIMUM INITIAL SALES CHARGE OF 4.75%; FOR CLASS
B SHARES, THE CONTINGENT DEFERRED SALES CHARGE OF 5% (1-YEAR) AND 2% (5-YEAR);
AND FOR CLASS C SHARES, THE CONTINGENT 1% 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 SHARES USES CLASS A PERFORMANCE FOR THE
PERIOD AFTER CONVERSION. SEE PAGE 22 FOR FURTHER PERFORMANCE INFORMATION.
21 | OPPENHEIMER AMT-FREE NEW YORK 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. 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 any gains you may realize if you
sell your shares.
INVESTORS SHOULD CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, AND OTHER
CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND'S PROSPECTUS CONTAINS
THIS AND OTHER INFORMATION ABOUT THE FUND, AND MAY BE OBTAINED BY ASKING YOUR
FINANCIAL ADVISOR, CALLING US AT 1.800.525.7048 OR VISITING OUR WEBSITE AT
WWW.OPPENHEIMERFUNDS.COM. READ THE PROSPECTUS 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 were first publicly offered on 8/16/84. Unless otherwise noted,
Class A returns include the current maximum initial sales charge of 4.75%.
CLASS B shares of the Fund were first publicly offered on 3/1/93. 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.
22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended September 30, 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
23 | OPPENHEIMER AMT-FREE NEW YORK 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
(4/1/07) (9/30/07) SEPTEMBER 30, 2007
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Class A Actual $ 1,000.00 $ 977.00 $ 7.56
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Class A Hypothetical 1,000.00 1,017.45 7.72
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Class B Actual 1,000.00 972.40 11.54
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Class B Hypothetical 1,000.00 1,013.44 11.78
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Class C Actual 1,000.00 972.50 11.34
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Class C Hypothetical 1,000.00 1,013.64 11.57
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 183/365
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended September 30, 2007 are as follows:
CLASS EXPENSE RATIOS
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Class A 1.52%
- -------------------------------
Class B 2.32
- -------------------------------
Class C 2.28
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.
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24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS September 30, 2007
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--120.5%
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NEW YORK--93.8%
$ 700,000 Albany County, NY IDA (Albany College of Pharmacy) 5.625% 12/01/2034 $ 713,790
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 Albany County, NY IDA (Wildwood Programs) 4.900 07/01/2021 198,760
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125,000 Albany County, NY IDA (Wildwood Programs) 5.000 07/01/2026 123,270
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300,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2031 293,649
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335,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 320,712
- ---------------------------------------------------------------------------------------------------------------------------------
150,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 141,219
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 93,224
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14,500,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 14,558,435
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1,000,000 Albany, NY IDA (Charitable Leadership) 6.000 07/01/2019 1,023,550
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100,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 84,226
- ---------------------------------------------------------------------------------------------------------------------------------
1,140,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,161,820
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500,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 505,280
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100,000 Albany, NY Municipal Water Finance Authority 5.000 12/01/2033 100,759
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10,000 Albany, NY Parking Authority 5.625 07/15/2025 10,399
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30,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2024 30,282
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100,000 Amherst, NY Ice Rink Acquisition 5.500 12/01/2019 101,341
- ---------------------------------------------------------------------------------------------------------------------------------
1,375,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 1,230,391
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Bethlehem, NY IDA (American Hsg. Foundation) 6.875 06/01/2039 53,795
- ---------------------------------------------------------------------------------------------------------------------------------
5,895,000 Brookhaven, NY IDA (Alternatives for Children) 7.550 02/01/2033 6,216,395
- ---------------------------------------------------------------------------------------------------------------------------------
9,235,000 Brookhaven, NY IDA (Dowling College) 6.750 11/01/2032 9,774,232
- ---------------------------------------------------------------------------------------------------------------------------------
350,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2030 347,431
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 Broome County, NY IDA (University Plaza) 5.200 08/01/2036 245,403
- ---------------------------------------------------------------------------------------------------------------------------------
300,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 297,747
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Canandaigua & Bristol, NY GO 5.000 12/15/2027 25,483
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2028 30,470
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2029 30,466
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2030 30,345
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2031 35,262
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2032 35,181
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2033 35,178
- ---------------------------------------------------------------------------------------------------------------------------------
40,000 Canandaigua & Bristol, NY GO 5.000 12/15/2034 40,143
- ---------------------------------------------------------------------------------------------------------------------------------
40,000 Canandaigua & Bristol, NY GO 5.000 12/15/2035 40,140
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Canandaigua & Bristol, NY GO 5.000 12/15/2036 45,086
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Canandaigua & Bristol, NY GO 5.000 12/15/2037 45,014
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Canandaigua & Bristol, NY GO 5.000 12/15/2038 50,008
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Canandaigua & Bristol, NY GO 5.000 12/15/2039 49,996
- ---------------------------------------------------------------------------------------------------------------------------------
55,000 Canandaigua & Bristol, NY GO 5.000 12/15/2040 54,978
- ---------------------------------------------------------------------------------------------------------------------------------
55,000 Canandaigua & Bristol, NY GO 5.000 12/15/2041 54,951
25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 60,000 Canandaigua & Bristol, NY GO 5.000% 12/15/2042 $ 59,926
- ---------------------------------------------------------------------------------------------------------------------------------
85,000 Cattaraugus County, NY IDA (Olean General Hospital) 5.250 08/01/2023 86,780
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Cattaraugus County, NY IDA (St. Bonaventure University) 5.000 05/01/2023 495,970
- ---------------------------------------------------------------------------------------------------------------------------------
620,000 Cattaraugus County, NY IDA (St. Bonaventure University) 5.100 05/01/2031 605,424
- ---------------------------------------------------------------------------------------------------------------------------------
1,650,000 Cayuga County, NY COP (Auburn Memorial Hospital) 6.000 01/01/2021 1,652,112
- ---------------------------------------------------------------------------------------------------------------------------------
90,000 Chautauqua, NY Utility District 5.000 06/01/2022 93,426
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 Chautauqua, NY Utility District 5.000 06/01/2024 103,153
- ---------------------------------------------------------------------------------------------------------------------------------
110,000 Chautauqua, NY Utility District 5.000 06/01/2026 112,597
- ---------------------------------------------------------------------------------------------------------------------------------
1,700,000 Clarence, NY IDA (Bristol Village) 6.000 01/20/2044 1,837,768
- ---------------------------------------------------------------------------------------------------------------------------------
105,000 Coeymans, NY Fire District 5.000 10/15/2019 110,485
- ---------------------------------------------------------------------------------------------------------------------------------
105,000 Coeymans, NY Fire District 5.000 10/15/2020 110,136
- ---------------------------------------------------------------------------------------------------------------------------------
110,000 Coeymans, NY Fire District 5.000 10/15/2021 114,923
- ---------------------------------------------------------------------------------------------------------------------------------
115,000 Coeymans, NY Fire District 5.000 10/15/2022 119,750
- ---------------------------------------------------------------------------------------------------------------------------------
125,000 Coeymans, NY Fire District 5.000 10/15/2023 129,819
- ---------------------------------------------------------------------------------------------------------------------------------
130,000 Coeymans, NY Fire District 5.000 10/15/2024 134,567
- ---------------------------------------------------------------------------------------------------------------------------------
135,000 Coeymans, NY Fire District 5.000 10/15/2025 139,374
- ---------------------------------------------------------------------------------------------------------------------------------
140,000 Coeymans, NY Fire District 5.000 10/15/2026 144,060
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2021 15,909
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2022 15,843
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2023 15,800
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 Deerfield, NY GO 5.500 06/15/2024 15,840
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Deerfield, NY GO 5.500 06/15/2025 21,032
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Deerfield, NY GO 5.600 06/15/2026 20,946
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Deerfield, NY GO 5.600 06/15/2027 20,914
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Deerfield, NY GO 5.600 06/15/2028 20,842
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Deerfield, NY GO 5.600 06/15/2029 26,002
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Deerfield, NY GO 5.600 06/15/2030 25,913
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Deerfield, NY GO 5.600 06/15/2031 25,824
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Deerfield, NY GO 5.600 06/15/2032 25,799
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Deerfield, NY GO 5.600 06/15/2033 30,925
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Deerfield, NY GO 5.600 06/15/2034 30,906
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Deerfield, NY GO 5.600 06/15/2035 30,883
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Deerfield, NY GO 5.600 06/15/2036 36,005
- ---------------------------------------------------------------------------------------------------------------------------------
55,460,000 Dutchess County, NY IDA (Bard College) 5.000 08/01/2046 55,824,927
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 945,710
- ---------------------------------------------------------------------------------------------------------------------------------
1,840,000 East Rochester, NY Hsg. Authority (St. John's Meadows) 5.000 02/15/2047 1,848,924
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 522,925
- ---------------------------------------------------------------------------------------------------------------------------------
1,200,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 1,086,984
- ---------------------------------------------------------------------------------------------------------------------------------
170,000 Erie County, NY IDA (DePaul Properties) 6.500 09/01/2018 170,714
26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,600,000 Erie County, NY IDA (Medaille College) 7.625% 04/01/2035 $ 6,216,280
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 Erie County, NY IDA (Orchard Park) 6.000 11/15/2036 736,770
- ---------------------------------------------------------------------------------------------------------------------------------
9,125,000 Erie County, NY IDA (The Episcopal Church Home) 5.875 02/01/2018 9,193,438
- ---------------------------------------------------------------------------------------------------------------------------------
10,095,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 10,138,812
- ---------------------------------------------------------------------------------------------------------------------------------
23,800,000 Erie County, NY Tobacco Asset Securitization Corp. 1 5.000 06/01/2045 22,003,219
- ---------------------------------------------------------------------------------------------------------------------------------
30,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.029 2 06/01/2055 850,500
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 Essex County, NY IDA (North Country Community
College Foundation) 5.000 06/01/2020 100,151
- ---------------------------------------------------------------------------------------------------------------------------------
130,000 Essex County, NY IDA (North Country Community
College Foundation) 5.200 06/01/2025 129,886
- ---------------------------------------------------------------------------------------------------------------------------------
110,000 Essex County, NY IDA (North Country Community
College Foundation) 5.300 06/01/2035 108,966
- ---------------------------------------------------------------------------------------------------------------------------------
175,000 Franklin County, NY IDA (North Country Community
College Foundation) 5.200 06/01/2025 174,846
- ---------------------------------------------------------------------------------------------------------------------------------
815,000 Genesee County, NY IDA (United Memorial
Medical Center) 5.000 12/01/2027 765,171
- ---------------------------------------------------------------------------------------------------------------------------------
3,750,000 Geneva, NY IDA (Hobart & William Smith Colleges) 5.375 02/01/2033 3,901,313
- ---------------------------------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2024 75,294
- ---------------------------------------------------------------------------------------------------------------------------------
70,000 Hempstead Village, NY GO 5.000 09/15/2025 70,124
- ---------------------------------------------------------------------------------------------------------------------------------
70,000 Hempstead Village, NY GO 5.000 09/15/2026 70,024
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Hempstead, NY IDA (Hofstra University) 5.000 07/01/2033 50,319
- ---------------------------------------------------------------------------------------------------------------------------------
5,290,000 Hempstead, NY IDA (WORCA) 6.900 08/01/2033 5,397,123
- ---------------------------------------------------------------------------------------------------------------------------------
880,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 954,325
- ---------------------------------------------------------------------------------------------------------------------------------
1,790,000 Herkimer County, NY IDA (Herkimer County
College Foundation) 3 6.250 08/01/2034 1,873,862
- ---------------------------------------------------------------------------------------------------------------------------------
3,000,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 3,089,280
- ---------------------------------------------------------------------------------------------------------------------------------
5,000,000 Hudson Yards, NY Infrastructure Corp. 1 4.500 02/15/2047 4,993,962
- ---------------------------------------------------------------------------------------------------------------------------------
6,000,000 Hudson Yards, NY Infrastructure Corp. 1 5.000 02/15/2047 5,992,755
- ---------------------------------------------------------------------------------------------------------------------------------
24,685,000 Hudson Yards, NY Infrastructure Corp. 5.000 02/15/2047 25,080,947
- ---------------------------------------------------------------------------------------------------------------------------------
2,420,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 4 6.250 12/01/2031 2,339,898
- ---------------------------------------------------------------------------------------------------------------------------------
280,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 270,732
- ---------------------------------------------------------------------------------------------------------------------------------
4,405,000 L.I. NY Power Authority, Series A 5.125 09/01/2029 4,502,086
- ---------------------------------------------------------------------------------------------------------------------------------
23,000,000 L.I. NY Power Authority, Series C 1 5.000 09/01/2033 23,537,510
- ---------------------------------------------------------------------------------------------------------------------------------
8,500,000 L.I. NY Power Authority, Series C 5.000 09/01/2035 8,668,300
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Lyons, NY Community Health Initiatives Corp. 5.550 09/01/2024 1,049,040
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 Monroe County, NY GO 5.000 06/01/2016 10,108
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.000 05/01/2013 9,590
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 Monroe County, NY IDA (Rochester Institute
of Technology) 5.250 04/01/2019 201,814
- ---------------------------------------------------------------------------------------------------------------------------------
525,000 Monroe County, NY IDA (Rochester Institute
of Technology) 5.375 04/01/2029 526,990
27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 200,000 Monroe County, NY IDA (Summit at Brighton) 5.375% 07/01/2032 $ 185,544
- ---------------------------------------------------------------------------------------------------------------------------------
400,000 Monroe County, NY IDA (Summit at Brighton) 5.500 07/01/2027 384,820
- ---------------------------------------------------------------------------------------------------------------------------------
302,900,000 Monroe County, NY Tobacco Asset
Securitization Corp. (TASC) 7.701 2 06/01/2061 5,294,692
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 Monroe, NY Newpower Corp. 5.500 01/01/2034 4,010,320
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Monroe, NY Newpower Corp. 5.625 01/01/2026 1,018,080
- ---------------------------------------------------------------------------------------------------------------------------------
1,510,000 Montgomery County, NY IDA (HFM Boces) 5.000 07/01/2034 1,548,520
- ---------------------------------------------------------------------------------------------------------------------------------
225,000 Nassau County, NY Bridge Authority 5.500 10/01/2019 229,862
- ---------------------------------------------------------------------------------------------------------------------------------
545,000 Nassau County, NY IDA (ALIA-ACDS) 6.125 09/01/2018 556,876
- ---------------------------------------------------------------------------------------------------------------------------------
2,020,000 Nassau County, NY IDA (ALIA-AP) 7.000 09/01/2028 2,111,021
- ---------------------------------------------------------------------------------------------------------------------------------
760,000 Nassau County, NY IDA (ALIA-CMA) 6.125 09/01/2018 774,372
- ---------------------------------------------------------------------------------------------------------------------------------
840,000 Nassau County, NY IDA (ALIA-CSMR) 6.125 09/01/2018 855,884
- ---------------------------------------------------------------------------------------------------------------------------------
545,000 Nassau County, NY IDA (ALIA-EFLI) 6.125 09/01/2018 555,306
- ---------------------------------------------------------------------------------------------------------------------------------
435,000 Nassau County, NY IDA (ALIA-HAII) 6.125 09/01/2018 443,226
- ---------------------------------------------------------------------------------------------------------------------------------
505,000 Nassau County, NY IDA (ALIA-NCMRS) 6.125 09/01/2018 514,550
- ---------------------------------------------------------------------------------------------------------------------------------
2,695,000 Nassau County, NY IDA (Hispanic Counseling Center) 7.625 06/01/2033 2,774,044
- ---------------------------------------------------------------------------------------------------------------------------------
75,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 74,547
- ---------------------------------------------------------------------------------------------------------------------------------
840,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 834,926
- ---------------------------------------------------------------------------------------------------------------------------------
60,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 59,638
- ---------------------------------------------------------------------------------------------------------------------------------
75,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 74,547
- ---------------------------------------------------------------------------------------------------------------------------------
22,020,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 20,768,163
- ---------------------------------------------------------------------------------------------------------------------------------
85,990,000 Nassau County, NY Tobacco Settlement Corp. 6.151 2 06/01/2046 6,991,847
- ---------------------------------------------------------------------------------------------------------------------------------
35,000,000 Nassau County, NY Tobacco Settlement Corp. 6.629 2 06/01/2060 880,250
- ---------------------------------------------------------------------------------------------------------------------------------
6,000,000 Nassau County, NY Tobacco Settlement Corp. (TASC) 5.000 06/01/2035 5,644,500
- ---------------------------------------------------------------------------------------------------------------------------------
115,000 New Hartford, NY GO 5.000 09/15/2022 117,609
- ---------------------------------------------------------------------------------------------------------------------------------
2,500,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550 11/15/2024 2,574,475
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Niagara County, NY IDA (Niagara Falls Memorial
Medical Center) 5.250 06/01/2018 976,000
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2034 516,045
- ---------------------------------------------------------------------------------------------------------------------------------
285,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 293,199
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Niagara County, NY Tobacco Asset
Securitization Corp. (TASC) 5.500 05/15/2019 20,276
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 North Hempstead, NY Public Improvement, Series A 5.375 05/15/2015 100,229
- ---------------------------------------------------------------------------------------------------------------------------------
20,000,000 NY Convention Center Devel. Corp. (Hotel Unit Fee) 3 5.000 11/15/2044 20,464,200
- ---------------------------------------------------------------------------------------------------------------------------------
1,185,000 NY Counties Tobacco Trust I 6.500 06/01/2035 1,231,274
- ---------------------------------------------------------------------------------------------------------------------------------
14,650,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 14,774,379
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 20,231
- ---------------------------------------------------------------------------------------------------------------------------------
5,120,000 NY Counties Tobacco Trust III 3 6.000 06/01/2043 5,251,635
- ---------------------------------------------------------------------------------------------------------------------------------
850,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 797,445
- ---------------------------------------------------------------------------------------------------------------------------------
5,900,000 NY Counties Tobacco Trust IV (TASC) 1 5.000 06/01/2042 5,466,379
28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,500,000 NY Counties Tobacco Trust IV (TASC) 0.000% 5 06/01/2041 $ 3,075,170
- ---------------------------------------------------------------------------------------------------------------------------------
8,900,000 NY Counties Tobacco Trust IV (TASC) 3 5.000 06/01/2045 8,221,464
- ---------------------------------------------------------------------------------------------------------------------------------
3,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 06/01/2041 511,035
- ---------------------------------------------------------------------------------------------------------------------------------
84,200,000 NY Counties Tobacco Trust V 6.850 2 06/01/2055 3,004,256
- ---------------------------------------------------------------------------------------------------------------------------------
334,000,000 NY Counties Tobacco Trust V 7.850 2 06/01/2060 5,911,800
- ---------------------------------------------------------------------------------------------------------------------------------
20,420,000 NY MTA Service Contract, Series A 5.125 01/01/2029 21,093,043
- ---------------------------------------------------------------------------------------------------------------------------------
30,000,000 NY MTA, Series A 1 5.000 11/15/2031 31,009,200
- ---------------------------------------------------------------------------------------------------------------------------------
13,840,000 NY MTA, Series A 1 5.125 11/15/2031 14,215,618
- ---------------------------------------------------------------------------------------------------------------------------------
10,385,000 NY MTA, Series A 5.000 11/15/2031 10,734,351
- ---------------------------------------------------------------------------------------------------------------------------------
4,470,000 NY MTA, Series B 5.000 11/15/2031 4,612,861
- ---------------------------------------------------------------------------------------------------------------------------------
20,000,000 NY MTA, Series F 5.000 11/15/2030 20,680,400
- ---------------------------------------------------------------------------------------------------------------------------------
4,720,000 NY MTA, Series F 5.000 11/15/2035 4,844,986
- ---------------------------------------------------------------------------------------------------------------------------------
1,680,000 NY Seneca Nation Indians Capital Improvements 5.000 12/01/2023 1,607,290
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 NY Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2012 50,073
- ---------------------------------------------------------------------------------------------------------------------------------
10,000,000 NY Triborough Bridge & Tunnel Authority 1 5.250 11/15/2023 10,636,150
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 NY Triborough Bridge & Tunnel Authority 5.000 01/01/2020 25,855
- ---------------------------------------------------------------------------------------------------------------------------------
10,240,000 NY Triborough Bridge & Tunnel Authority, Series B 1 5.000 11/15/2027 10,530,765
- ---------------------------------------------------------------------------------------------------------------------------------
64,340,000 NY Triborough Bridge & Tunnel Authority, Series B 1 5.000 11/15/2032 66,167,256
- ---------------------------------------------------------------------------------------------------------------------------------
18,200,000 NY Triborough Bridge & Tunnel Authority, Series B 1 5.125 11/15/2029 19,016,816
- ---------------------------------------------------------------------------------------------------------------------------------
3,930,000 NY TSASC, Inc. (TFABs) 4.750 06/01/2022 3,759,477
- ---------------------------------------------------------------------------------------------------------------------------------
78,830,000 NY TSASC, Inc. (TFABs) 5.000 06/01/2034 74,234,999
- ---------------------------------------------------------------------------------------------------------------------------------
125,420,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 118,531,934
- ---------------------------------------------------------------------------------------------------------------------------------
35,455,000 NY TSASC, Inc. (TFABs) 5.750 07/15/2032 38,808,334
- ---------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC GO 1 5.000 08/01/2021 20,950,100
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 NYC GO 5.000 08/01/2022 35,414
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYC GO 5.000 03/01/2023 518,330
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 3 5.000 03/01/2024 1,033,460
- ---------------------------------------------------------------------------------------------------------------------------------
1,185,000 NYC GO 5.000 08/01/2025 1,226,179
- ---------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 01/01/2026 1,556,745
- ---------------------------------------------------------------------------------------------------------------------------------
800,000 NYC GO 5.000 04/01/2026 828,304
- ---------------------------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 08/01/2026 1,549,500
- ---------------------------------------------------------------------------------------------------------------------------------
400,000 NYC GO 5.000 08/01/2027 413,336
- ---------------------------------------------------------------------------------------------------------------------------------
355,000 NYC GO 5.000 10/15/2027 381,888
- ---------------------------------------------------------------------------------------------------------------------------------
665,000 NYC GO 5.000 10/15/2027 682,948
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 NYC GO 5.000 08/01/2028 257,810
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC GO 5.000 11/01/2028 4,114,000
- ---------------------------------------------------------------------------------------------------------------------------------
885,000 NYC GO 5.000 06/01/2029 911,630
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC GO 5.000 06/01/2030 1,024,780
- ---------------------------------------------------------------------------------------------------------------------------------
240,000 NYC GO 5.000 08/01/2030 246,274
29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 7,000,000 NYC GO 5.000% 11/01/2034 $ 7,142,030
- ---------------------------------------------------------------------------------------------------------------------------------
3,000,000 NYC GO 5.000 03/01/2035 3,058,590
- ---------------------------------------------------------------------------------------------------------------------------------
3,750,000 NYC GO 5.000 04/01/2035 3,824,025
- ---------------------------------------------------------------------------------------------------------------------------------
585,000 NYC GO 5.000 08/01/2035 596,940
- ---------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 5.250 08/01/2020 5,055
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 5.250 08/01/2024 20,282
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.300 01/15/2026 10,490
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 08/01/2027 10,222
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.375 11/15/2027 10,117
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.500 08/01/2010 101,148
- ---------------------------------------------------------------------------------------------------------------------------------
1,255,000 NYC GO 5.500 06/01/2022 1,376,672
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.500 06/01/2022 47,889
- ---------------------------------------------------------------------------------------------------------------------------------
75,000 NYC GO 5.875 08/01/2019 82,768
- ---------------------------------------------------------------------------------------------------------------------------------
680,000 NYC GO 5.875 08/01/2019 737,134
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.000 05/15/2008 20,039
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 6.000 05/15/2022 45,078
- ---------------------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 02/01/2019 5,015
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 NYC GO PRAMS 0.000 5 11/15/2037 200,010
- ---------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYC HDC (De Sales Assisted Living Devel.) 3 5.125 11/01/2018 2,559,750
- ---------------------------------------------------------------------------------------------------------------------------------
1,342,682 NYC HDC (Keith Plaza) 6.500 02/15/2018 1,344,844
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 750,218
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 1,035,120
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2031 2,034,960
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 NYC HDC (Multifamily Hsg.), Series E 6.250 05/01/2036 261,595
- ---------------------------------------------------------------------------------------------------------------------------------
1,680,000 NYC HDC (Multifamily Hsg.), Series E-1 3 4.950 11/01/2033 1,715,683
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYC Health & Hospital Corp. 5.375 02/15/2026 102,361
- ---------------------------------------------------------------------------------------------------------------------------------
1,975,000 NYC Health & Hospital Corp. 3 5.450 02/15/2026 2,027,654
- ---------------------------------------------------------------------------------------------------------------------------------
1,465,000 NYC IDA (American Council of Learned Societies) 5.250 07/01/2027 1,518,150
- ---------------------------------------------------------------------------------------------------------------------------------
2,760,000 NYC IDA (Beth Abraham Health Services) 6.500 02/15/2022 2,856,131
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 529,310
- ---------------------------------------------------------------------------------------------------------------------------------
2,100,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2034 2,209,326
- ---------------------------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Calhoun School) 6.625 12/01/2034 6,447,780
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Calhoun School) 6.625 12/01/2034 542,460
- ---------------------------------------------------------------------------------------------------------------------------------
960,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 1,023,686
- ---------------------------------------------------------------------------------------------------------------------------------
840,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 800,554
- ---------------------------------------------------------------------------------------------------------------------------------
245,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 233,495
- ---------------------------------------------------------------------------------------------------------------------------------
3,240,000 NYC IDA (Chapin School) 5.000 11/01/2038 2,943,313
- ---------------------------------------------------------------------------------------------------------------------------------
3,755,000 NYC IDA (Community Resource Developmentally Disabled) 7.500 08/01/2026 3,797,018
- ---------------------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 151,416
30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 350,000 NYC IDA (Comprehensive Care Management) 6.125% 11/01/2035 $ 353,133
- ---------------------------------------------------------------------------------------------------------------------------------
980,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,074,325
- ---------------------------------------------------------------------------------------------------------------------------------
725,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 734,382
- ---------------------------------------------------------------------------------------------------------------------------------
1,530,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 1,481,346
- ---------------------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 216,801
- ---------------------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 167,528
- ---------------------------------------------------------------------------------------------------------------------------------
1,825,000 NYC IDA (Guttmacher Institute) 5.750 12/01/2036 1,739,353
- ---------------------------------------------------------------------------------------------------------------------------------
805,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 800,701
- ---------------------------------------------------------------------------------------------------------------------------------
9,610,000 NYC IDA (Liberty-7 World Trade Center) 6.250 03/01/2015 10,050,330
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Liberty-7 World Trade Center) 4 6.750 03/01/2015 526,310
- ---------------------------------------------------------------------------------------------------------------------------------
12,050,000 NYC IDA (Liberty-IAC/Interactive Corp.) 5.000 09/01/2035 11,507,148
- ---------------------------------------------------------------------------------------------------------------------------------
3,700,000 NYC IDA (Lycee Francais De New York) 5.375 06/01/2023 3,753,058
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Lycee Francais De New York) 6.800 06/01/2028 4,301,400
- ---------------------------------------------------------------------------------------------------------------------------------
420,000 NYC IDA (Manhattan Community Access Corp.) 6.000 12/01/2036 402,784
- ---------------------------------------------------------------------------------------------------------------------------------
330,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 321,001
- ---------------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (Montefiore Medical Center Corp.) 5.125 11/01/2035 2,332,016
- ---------------------------------------------------------------------------------------------------------------------------------
6,510,000 NYC IDA (Mount St. Vincent) 3 5.250 06/01/2036 6,563,512
- ---------------------------------------------------------------------------------------------------------------------------------
1,375,000 NYC IDA (Polytechnic University) 5.250 11/01/2027 1,385,106
- ---------------------------------------------------------------------------------------------------------------------------------
1,200,000 NYC IDA (Polytechnic University) 5.250 11/01/2037 1,184,736
- ---------------------------------------------------------------------------------------------------------------------------------
1,380,000 NYC IDA (PSCH) 6.375 07/01/2033 1,444,474
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 NYC IDA (Reece School) 7.500 12/01/2037 745,965
- ---------------------------------------------------------------------------------------------------------------------------------
295,000 NYC IDA (Reece School) 7.500 12/01/2037 293,413
- ---------------------------------------------------------------------------------------------------------------------------------
1,465,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,497,347
- ---------------------------------------------------------------------------------------------------------------------------------
756,500 NYC IDA (Studio School) 7.000 11/01/2038 731,914
- ---------------------------------------------------------------------------------------------------------------------------------
6,020,000 NYC IDA (The Child School) 7.550 06/01/2033 6,378,792
- ---------------------------------------------------------------------------------------------------------------------------------
995,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 968,045
- ---------------------------------------------------------------------------------------------------------------------------------
15,460,000 NYC IDA (Touro College) 6.350 06/01/2029 15,971,262
- ---------------------------------------------------------------------------------------------------------------------------------
3,560,000 NYC IDA (Unicef) 5.300 11/01/2038 3,410,658
- ---------------------------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 5,838,280
- ---------------------------------------------------------------------------------------------------------------------------------
785,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 748,505
- ---------------------------------------------------------------------------------------------------------------------------------
310,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 295,588
- ---------------------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 136,398
- ---------------------------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 327,355
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 89,363
- ---------------------------------------------------------------------------------------------------------------------------------
2,020,000 NYC IDA (Vaughn College Aeronautics) 5.250 12/01/2036 1,860,420
- ---------------------------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 4,586,960
- ---------------------------------------------------------------------------------------------------------------------------------
9,900,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 10,139,481
- ---------------------------------------------------------------------------------------------------------------------------------
2,700,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 2,629,233
- ---------------------------------------------------------------------------------------------------------------------------------
850,000 NYC IDA (YMCA of Greater New York) 5.000 08/01/2036 853,868
31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 4,555,000 NYC IDA (YMCA of Greater New York) 5.250% 08/01/2021 $ 4,670,287
- ---------------------------------------------------------------------------------------------------------------------------------
80,000 NYC IDA (YMCA of Greater New York) 5.800 08/01/2016 82,265
- ---------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC Municipal Water Finance Authority 1 5.000 06/15/2039 20,615,400
- ---------------------------------------------------------------------------------------------------------------------------------
20,000,000 NYC Municipal Water Finance Authority 4.750 06/15/2035 20,068,200
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2032 50,903
- ---------------------------------------------------------------------------------------------------------------------------------
2,300,000 NYC Municipal Water Finance Authority 3 5.000 06/15/2037 2,362,767
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYC Municipal Water Finance Authority 3 5.000 06/15/2038 510,545
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 NYC Municipal Water Finance Authority 5.125 06/15/2017 25,274
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 5.250 06/15/2025 21,007
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYC Transitional Finance Authority (Future Tax), Series E 5.000 02/01/2033 2,048,320
- ---------------------------------------------------------------------------------------------------------------------------------
9,795,000 NYC Trust for Cultural Resources (Manhattan
School of Music) 4 6.000 6 10/01/2029 9,795,000
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NYS DA (Audit & Control) 5.000 04/01/2029 20,362
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 NYS DA (Cabrini Westchester) 5.100 02/15/2026 265,893
- ---------------------------------------------------------------------------------------------------------------------------------
4,800,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 5,047,488
- ---------------------------------------------------------------------------------------------------------------------------------
385,000 NYS DA (Chapel Oaks) 5.450 07/01/2026 394,852
- ---------------------------------------------------------------------------------------------------------------------------------
450,000 NYS DA (Health Quest Systems) 5.125 07/01/2037 463,554
- ---------------------------------------------------------------------------------------------------------------------------------
175,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 184,625
- ---------------------------------------------------------------------------------------------------------------------------------
300,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 316,740
- ---------------------------------------------------------------------------------------------------------------------------------
1,870,000 NYS DA (Lenox Hill Hospital Obligated Group) 5.500 07/01/2030 1,887,335
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Maimonides Medical Center) 3 5.750 08/01/2024 1,006,690
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 NYS DA (Manhattan College) 5.000 07/01/2041 730,853
- ---------------------------------------------------------------------------------------------------------------------------------
1,290,000 NYS DA (Memorial Sloan-Kettering) 3 5.000 07/01/2035 1,327,229
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 NYS DA (Mental Health Services Facilities) 3 5.000 02/15/2030 772,583
- ---------------------------------------------------------------------------------------------------------------------------------
2,100,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2035 2,148,657
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Mental Health) 5.250 02/15/2019 102,527
- ---------------------------------------------------------------------------------------------------------------------------------
665,000 NYS DA (Montefiore Medical Center) 5.450 08/01/2029 689,133
- ---------------------------------------------------------------------------------------------------------------------------------
600,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.500 07/01/2026 605,118
- ---------------------------------------------------------------------------------------------------------------------------------
8,955,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 3 6.500 07/01/2025 9,396,840
- ---------------------------------------------------------------------------------------------------------------------------------
900,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 902,799
- ---------------------------------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 42,260
- ---------------------------------------------------------------------------------------------------------------------------------
270,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2017 275,773
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (New York Hospital Medical Center of Queens) 4.750 02/15/2037 2,003,660
- ---------------------------------------------------------------------------------------------------------------------------------
1,360,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2024 1,411,150
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 NYS DA (Niagara Nursing Home) 5.600 08/01/2037 35,749
- ---------------------------------------------------------------------------------------------------------------------------------
6,885,000 NYS DA (North Shore University Hospital/L.I. Jewish
Medical Center Obligated Group) 1 4.419 6 05/01/2033 6,491,591
32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 5,515,000 NYS DA (North Shore University Hospital/L.I. Jewish
Medical Center) 5.000% 05/01/2025 $ 5,598,773
- ---------------------------------------------------------------------------------------------------------------------------------
240,000 NYS DA (North Shore University Hospital/L.I. Jewish
Medical Center) 5.000 05/01/2027 242,357
- ---------------------------------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (North Shore University Hospital/L.I. Jewish
Medical Center) 5.000 05/01/2032 2,499,875
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (North Shore University Hospital/L.I. Jewish
Medical Center) 5.000 05/01/2037 992,320
- ---------------------------------------------------------------------------------------------------------------------------------
680,000 NYS DA (Nursing Home) 4.900 02/15/2041 685,114
- ---------------------------------------------------------------------------------------------------------------------------------
835,000 NYS DA (Nursing Home) 4.950 02/15/2045 843,074
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (NYU Hospital) 5.000 07/01/2036 1,854,840
- ---------------------------------------------------------------------------------------------------------------------------------
325,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 334,191
- ---------------------------------------------------------------------------------------------------------------------------------
350,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 356,048
- ---------------------------------------------------------------------------------------------------------------------------------
490,000 NYS DA (Providence Rest) 5.000 07/01/2035 471,816
- ---------------------------------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Providence Rest) 5.125 07/01/2030 1,287,832
- ---------------------------------------------------------------------------------------------------------------------------------
340,000 NYS DA (Providence Rest) 5.250 07/01/2025 344,621
- ---------------------------------------------------------------------------------------------------------------------------------
650,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 646,068
- ---------------------------------------------------------------------------------------------------------------------------------
70,000 NYS DA (Sarah Neuman Nursing Home) 5.500 08/01/2037 71,492
- ---------------------------------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2030 5,384,150
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (SS Joachim & Anne Residence) 5.250 07/01/2027 4,096,800
- ---------------------------------------------------------------------------------------------------------------------------------
65,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 66,378
- ---------------------------------------------------------------------------------------------------------------------------------
13,200,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 13,374,108
- ---------------------------------------------------------------------------------------------------------------------------------
13,090,000 NYS DA (State University Educational Facilities) 5.250 05/15/2015 14,068,085
- ---------------------------------------------------------------------------------------------------------------------------------
2,510,000 NYS DA (State University Educational Facilities) 5.250 05/15/2021 2,743,556
- ---------------------------------------------------------------------------------------------------------------------------------
5,565,000 NYS DA (The Highlands Living) 6.600 02/01/2034 5,601,284
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 NYS DA (Various School Districts) 5.000 04/01/2035 515,615
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 1,002,290
- ---------------------------------------------------------------------------------------------------------------------------------
1,220,000 NYS DA (Winthrop University Hospital) 5.500 07/01/2023 1,252,245
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYS DA (Winthrop University Hospital/South Nassau
Communities Hospital Obligated Group) 5.500 07/01/2032 101,393
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 NYS EFC (Clean Water & Drinking Revolving Funds) 5.000 06/15/2027 20,457
- ---------------------------------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 09/15/2012 85,200
- ---------------------------------------------------------------------------------------------------------------------------------
1,815,000 NYS ERDA (Brooklyn Union Gas Company) 5.500 01/01/2021 1,823,458
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 NYS ERDA (LILCO) 5.150 03/01/2016 200,252
- ---------------------------------------------------------------------------------------------------------------------------------
100,000 NYS GO 5.375 10/01/2011 100,146
- ---------------------------------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Healthcare) 5.150 11/01/2016 10,255
- ---------------------------------------------------------------------------------------------------------------------------------
9,350,000 NYS HFA, Series A 3 6.100 11/01/2015 9,461,920
- ---------------------------------------------------------------------------------------------------------------------------------
125,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 125,149
- ---------------------------------------------------------------------------------------------------------------------------------
115,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2023 115,932
- ---------------------------------------------------------------------------------------------------------------------------------
640,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 641,210
33 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 15,000 NYS Medcare (Hospital & Nursing Home) 6.375% 08/15/2033 $ 15,029
- ---------------------------------------------------------------------------------------------------------------------------------
90,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 91,304
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 15,171
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 NYS UDC (Subordinated Lien) 5.500 07/01/2022 202,232
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 Oneida County, NY IDA (Mohawk Valley
Handicapped Services) 5.300 03/15/2019 253,820
- ---------------------------------------------------------------------------------------------------------------------------------
1,080,000 Onondaga County, NY IDA (Anheuser-Busch) 4.875 07/01/2041 1,059,739
- ---------------------------------------------------------------------------------------------------------------------------------
55,000 Onondaga County, NY IDA (Salina Free Library) 5.500 12/01/2022 57,769
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Orange County, NY IDA (Glen Arden) 5.625 01/01/2018 1,006,240
- ---------------------------------------------------------------------------------------------------------------------------------
275,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 270,914
- ---------------------------------------------------------------------------------------------------------------------------------
1,600,000 Otsego County, NY IDA (Hartwick College) 5.900 07/01/2022 1,635,376
- ---------------------------------------------------------------------------------------------------------------------------------
15,205,000 Port Authority NY/NJ (Delta Air Lines) 4 6.950 06/01/2008 15,311,435
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Port Authority NY/NJ, 119th Series 5.375 01/15/2032 45,505
- ---------------------------------------------------------------------------------------------------------------------------------
25,660,000 Port Authority NY/NJ, 121st Series 3 5.125 10/15/2030 25,933,279
- ---------------------------------------------------------------------------------------------------------------------------------
315,000 Port Authority NY/NJ, 121st Series 5.375 10/15/2035 318,393
- ---------------------------------------------------------------------------------------------------------------------------------
38,280,000 Port Authority NY/NJ, 140th Series 1 5.000 12/01/2034 39,574,438
- ---------------------------------------------------------------------------------------------------------------------------------
3,180,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2026 3,314,069
- ---------------------------------------------------------------------------------------------------------------------------------
3,550,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2031 3,669,813
- ---------------------------------------------------------------------------------------------------------------------------------
6,275,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2036 6,456,285
- ---------------------------------------------------------------------------------------------------------------------------------
2,600,000 Rensselaer County, NY IDA (Rensselaer
Polytechnical Institute) 5.000 03/01/2036 2,658,188
- ---------------------------------------------------------------------------------------------------------------------------------
2,680,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.625 06/01/2035 2,702,753
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 3 5.750 06/01/2043 2,023,060
- ---------------------------------------------------------------------------------------------------------------------------------
1,060,000 Rockland County, NY Tobacco Asset Securitization Corp. 3 5.625 08/15/2035 1,069,360
- ---------------------------------------------------------------------------------------------------------------------------------
3,150,000 Rockland County, NY Tobacco Asset Securitization Corp. 3 5.750 08/15/2043 3,187,800
- ---------------------------------------------------------------------------------------------------------------------------------
101,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 6.252 2 08/15/2045 8,214,330
- ---------------------------------------------------------------------------------------------------------------------------------
53,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 6.637 2 08/15/2050 2,644,170
- ---------------------------------------------------------------------------------------------------------------------------------
45,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.619 2 08/15/2060 860,850
- ---------------------------------------------------------------------------------------------------------------------------------
2,500,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga
Care/Benedict Community Health Center) 5.125 12/01/2033 2,508,350
- ---------------------------------------------------------------------------------------------------------------------------------
350,000 Seneca County, NY IDA (New York Chiropractic College) 5.000 10/01/2027 348,159
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2032 46,083
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2033 46,016
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2034 45,991
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2035 45,946
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2036 45,876
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2037 45,806
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 83 5.550 10/01/2027 254,155
- ---------------------------------------------------------------------------------------------------------------------------------
15,000 St. Lawrence County, NY IDA (Clarkson University) 5.000 07/01/2033 15,243
- ---------------------------------------------------------------------------------------------------------------------------------
215,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 210,130
34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 325,000 Suffolk County, NY IDA (ALIA-DDI) 5.950% 10/01/2021 $ 317,639
- ---------------------------------------------------------------------------------------------------------------------------------
75,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 73,301
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 43,981
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 29,071
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 4,202,760
- ---------------------------------------------------------------------------------------------------------------------------------
200,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 195,470
- ---------------------------------------------------------------------------------------------------------------------------------
20,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 19,962
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 24,953
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 24,953
- ---------------------------------------------------------------------------------------------------------------------------------
7,460,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2036 7,105,053
- ---------------------------------------------------------------------------------------------------------------------------------
205,000 Suffolk County, NY IDA (Dowling College) 6.700 12/01/2020 209,184
- ---------------------------------------------------------------------------------------------------------------------------------
750,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.375 01/01/2027 711,165
- ---------------------------------------------------------------------------------------------------------------------------------
685,000 Suffolk County, NY IDA (Easter Long Island Hospital Assoc.) 5.500 01/01/2037 634,865
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 10/01/2020 34,934
- ---------------------------------------------------------------------------------------------------------------------------------
4,300,000 Suffolk County, NY IDA (Jefferson's Ferry) 5.000 11/01/2028 4,051,245
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County, NY IDA (L.I. Network Community Services) 7.550 02/01/2034 1,029,870
- ---------------------------------------------------------------------------------------------------------------------------------
620,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 615,672
- ---------------------------------------------------------------------------------------------------------------------------------
210,000 Suffolk County, NY IDA (Nassau-Suffolk Services for Autism) 6.750 11/01/2036 208,534
- ---------------------------------------------------------------------------------------------------------------------------------
505,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 528,326
- ---------------------------------------------------------------------------------------------------------------------------------
5,985,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.000 11/01/2035 6,193,757
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 34,934
- ---------------------------------------------------------------------------------------------------------------------------------
510,000 Sullivan County, NY Community College COP 4 5.750 08/15/2025 489,835
- ---------------------------------------------------------------------------------------------------------------------------------
530,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 526,751
- ---------------------------------------------------------------------------------------------------------------------------------
1,570,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 1,552,385
- ---------------------------------------------------------------------------------------------------------------------------------
665,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 666,603
- ---------------------------------------------------------------------------------------------------------------------------------
1,540,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 1,515,791
- ---------------------------------------------------------------------------------------------------------------------------------
495,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 507,494
- ---------------------------------------------------------------------------------------------------------------------------------
510,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 535,867
- ---------------------------------------------------------------------------------------------------------------------------------
445,000 Syracuse, NY IDA (Crouse Irving Companies) 5.250 01/01/2017 454,216
- ---------------------------------------------------------------------------------------------------------------------------------
175,000 Tompkins County, NY IDA (Kendal at Ithaca) 5.500 07/01/2024 175,518
- ---------------------------------------------------------------------------------------------------------------------------------
1,475,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 1,450,294
- ---------------------------------------------------------------------------------------------------------------------------------
25,000 Ulster County, NY IDA (Mid-Hudson Family
Health Institute) 5.300 07/01/2016 25,469
- ---------------------------------------------------------------------------------------------------------------------------------
4,000,000 Utica, NY IDA (Utica College Civic Facility) 5.750 08/01/2028 4,030,360
- ---------------------------------------------------------------------------------------------------------------------------------
1,250,000 Utica, NY IDA (Utica College Civic Facility) 6.750 12/01/2021 1,342,663
- ---------------------------------------------------------------------------------------------------------------------------------
30,000 Voorheesville, NY GO 5.000 02/15/2023 31,689
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2024 36,832
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2025 36,722
- ---------------------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2026 36,584
- ---------------------------------------------------------------------------------------------------------------------------------
40,000 Voorheesville, NY GO 5.000 02/15/2027 41,798
35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 40,000 Voorheesville, NY GO 5.000% 02/15/2028 $ 41,689
- ---------------------------------------------------------------------------------------------------------------------------------
40,000 Voorheesville, NY GO 5.000 02/15/2029 41,592
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Voorheesville, NY GO 5.000 02/15/2030 46,617
- ---------------------------------------------------------------------------------------------------------------------------------
45,000 Voorheesville, NY GO 5.000 02/15/2031 46,270
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Voorheesville, NY GO 5.000 02/15/2032 51,396
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Voorheesville, NY GO 5.000 02/15/2033 51,297
- ---------------------------------------------------------------------------------------------------------------------------------
55,000 Voorheesville, NY GO 5.000 02/15/2034 56,414
- ---------------------------------------------------------------------------------------------------------------------------------
55,000 Voorheesville, NY GO 5.000 02/15/2035 56,342
- ---------------------------------------------------------------------------------------------------------------------------------
60,000 Voorheesville, NY GO 5.000 02/15/2036 61,373
- ---------------------------------------------------------------------------------------------------------------------------------
60,000 Voorheesville, NY GO 5.000 02/15/2037 61,281
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 Westchester County, NY IDA (Guiding Eyes for the Blind) 5.375 08/01/2024 258,785
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Westchester County, NY IDA (Hebrew Hospital Senior Hsg.) 7.000 07/01/2016 52,705
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Westchester County, NY IDA (Kendal on Hudson) 6.500 01/01/2034 522,280
- ---------------------------------------------------------------------------------------------------------------------------------
1,810,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,827,521
- ---------------------------------------------------------------------------------------------------------------------------------
320,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 337,478
- ---------------------------------------------------------------------------------------------------------------------------------
600,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 627,210
- ---------------------------------------------------------------------------------------------------------------------------------
10,760,000 Westchester County, NY Tobacco Asset
Securitization Corp. 3 5.125 06/01/2045 10,177,561
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Yonkers, NY GO 5.000 08/01/2035 514,170
- ---------------------------------------------------------------------------------------------------------------------------------
400,000 Yonkers, NY IDA (St. Joseph's Hospital) 5.900 03/01/2008 399,584
--------------
1,379,338,319
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--26.7%
8,510,000 Guam GO, Series A 5.400 11/15/2018 8,509,830
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks Authority & Wastewater System 5.875 07/01/2035 511,190
- ---------------------------------------------------------------------------------------------------------------------------------
5,295,000 Guam Power Authority, Series A 3 5.125 10/01/2029 5,462,904
- ---------------------------------------------------------------------------------------------------------------------------------
10,100,000 Guam Power Authority, Series A 5.250 10/01/2034 10,452,389
- ---------------------------------------------------------------------------------------------------------------------------------
1,500,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 1,493,700
- ---------------------------------------------------------------------------------------------------------------------------------
1,495,000 Puerto Rico Children's Trust Fund (TASC) 5.500 05/15/2039 1,496,764
- ---------------------------------------------------------------------------------------------------------------------------------
6,690,000 Puerto Rico Children's Trust Fund (TASC) 7 5.625 05/15/2043 6,717,897
- ---------------------------------------------------------------------------------------------------------------------------------
84,000,000 Puerto Rico Children's Trust Fund (TASC) 6.343 2 05/15/2050 5,218,920
- ---------------------------------------------------------------------------------------------------------------------------------
4,030,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 4,078,924
- ---------------------------------------------------------------------------------------------------------------------------------
28,800,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 29,003,040
- ---------------------------------------------------------------------------------------------------------------------------------
3,220,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 3,318,886
- ---------------------------------------------------------------------------------------------------------------------------------
23,080,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 23,407,736
- ---------------------------------------------------------------------------------------------------------------------------------
40,500,000 Puerto Rico Electric Power Authority, Series UU 1 4.271 6 07/01/2025 38,344,307
- ---------------------------------------------------------------------------------------------------------------------------------
19,600,000 Puerto Rico Electric Power Authority, Series UU 1 4.291 6 07/01/2031 18,556,751
- ---------------------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Electric Power Authority, Series UU 4.271 6 07/01/2025 9,623,100
- ---------------------------------------------------------------------------------------------------------------------------------
355,000 Puerto Rico Highway & Transportation Authority 5.000 07/01/2028 359,132
36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 15,000 Puerto Rico Highway & Transportation Authority, Series A 5.000% 07/01/2038 $ 15,039
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series AA 3 5.000 07/01/2035 1,005,640
- ---------------------------------------------------------------------------------------------------------------------------------
7,045,000 Puerto Rico Highway & Transportation Authority, Series G 5.000 07/01/2042 7,067,192
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority, Series K 5.000 07/01/2027 1,017,620
- ---------------------------------------------------------------------------------------------------------------------------------
20,855,000 Puerto Rico Highway & Transportation Authority, Series K 3 5.000 07/01/2030 21,114,228
- ---------------------------------------------------------------------------------------------------------------------------------
725,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2037 730,793
- ---------------------------------------------------------------------------------------------------------------------------------
28,905,000 Puerto Rico Highway & Transportation Authority, Series M 5.000 07/01/2046 29,046,924
- ---------------------------------------------------------------------------------------------------------------------------------
22,000,000 Puerto Rico Highway & Transportation Authority, Series N 1 4.121 6 07/01/2045 20,854,460
- ---------------------------------------------------------------------------------------------------------------------------------
5,480,000 Puerto Rico IMEPCF (American Airlines) 6.450 12/01/2025 5,521,429
- ---------------------------------------------------------------------------------------------------------------------------------
5,700,000 Puerto Rico Infrastructure 5.000 07/01/2031 5,766,063
- ---------------------------------------------------------------------------------------------------------------------------------
16,900,000 Puerto Rico Infrastructure 5.000 07/01/2037 17,023,877
- ---------------------------------------------------------------------------------------------------------------------------------
24,550,000 Puerto Rico Infrastructure 5.000 07/01/2041 24,681,343
- ---------------------------------------------------------------------------------------------------------------------------------
18,325,000 Puerto Rico Infrastructure 5.000 07/01/2046 18,407,463
- ---------------------------------------------------------------------------------------------------------------------------------
105,000 Puerto Rico ITEMECF (G.R.B. Guaynabo) 5.625 07/01/2022 105,757
- ---------------------------------------------------------------------------------------------------------------------------------
4,305,000 Puerto Rico ITEMECF (Polytechnic University of Puerto Rico) 5.000 08/01/2022 4,293,549
- ---------------------------------------------------------------------------------------------------------------------------------
50,000 Puerto Rico Public Buildings Authority 5.125 07/01/2022 51,268
- ---------------------------------------------------------------------------------------------------------------------------------
2,000,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 2,068,180
- ---------------------------------------------------------------------------------------------------------------------------------
12,640,000 Puerto Rico Public Buildings Authority 3 5.500 07/01/2023 13,440,491
- ---------------------------------------------------------------------------------------------------------------------------------
16,000,000 Puerto Rico Sales Tax Financing Corp., Series A 1 4.518 6 08/01/2057 15,567,840
- ---------------------------------------------------------------------------------------------------------------------------------
27,150,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 28,151,564
- ---------------------------------------------------------------------------------------------------------------------------------
5,825,000 University of Puerto Rico, Series Q 5.000 06/01/2030 5,904,395
- ---------------------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 5.375 06/01/2034 1,005,830
- ---------------------------------------------------------------------------------------------------------------------------------
1,700,000 V.I. Public Finance Authority (Gross Receipts Taxes Loan) 5.000 10/01/2031 1,657,075
- ---------------------------------------------------------------------------------------------------------------------------------
1,485,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 1,499,088
- ---------------------------------------------------------------------------------------------------------------------------------
250,000 V.I. Water & Power Authority 5.300 07/01/2018 252,115
--------------
392,804,693
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,767,139,721)--120.5% 1,772,143,012
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(20.5) (301,595,035)
--------------
NET ASSETS--100.0% $1,470,547,977
==============
37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. 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.
2. Zero coupon bond reflects effective yield on the date of purchase.
3. All or a portion of the security has been segregated for collateral to cover
borrowings. See Note 6 of accompanying Notes.
4. Illiquid security. The aggregate value of illiquid securities as of September
30, 2007 was $28,462,478, which represents 1.94% of the Fund's net assets. See
Note 5 of accompanying Notes.
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. When-issued security or forward commitment to be delivered and settled after
September 30, 2007. See Note 1 of accompanying Notes.
To simplify the listings of securities, abbreviations are used per the table
below:
ACDS Assoc. for Children with Down Syndrome
ACLD Adults and Children with Learning and Developmental Disabilities
ALIA Alliance of Long Island Agencies
AP Advantage Planning, Inc.
BOCES Board of Cooperative Education Services
CMA Community Mainstreaming Associates, Inc.
COP Certificates of Participation
CSMR Community Services for the Mentally Retarded
DA Dormitory Authority
DDI Developmental Disabilities Institute
EFC Environmental Facilities Corp.
EFLI Epilepsy Foundation of L.I., Inc.
ERDA Energy Research and Devel. Authority
FREE Family Residences and Essential Enterprises
GO General Obligation
HAII Homes Anew II, Inc.
HDC Housing Devel. Corp.
HFA Housing Finance Agency
HFM Hamilton Fulton Montgomery
HJDOI Hospital for Joint Diseases Orthopedic Institute
IDA Industrial Devel. Agency
IGHL Independent Group Home for Living
IMEPCF Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
L.I. Long Island
LILCO Long Island Lighting Corp.
MSH/NYU Mount Sinai Hospital/New York University
MTA Metropolitan Transportation Authority
NCMRS Nassau Community Mental Retardation Services Company
NY/NJ New York/New Jersey
NYC New York City
NYS New York State
NYU New York University
PRAMS Prudential Receipts of Accrual Municipal Securities
PSCH Professional Service Centers for the Handicapped, Inc.
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
SONYMA State of New York Mortgage Agency
TASC Tobacco Settlement Asset-Backed Bonds
TFABs Tobacco Flexible Amortization Bonds
UCPAGS United Cerebral Palsy Assoc. of Greater Suffolk
UDC Urban Devel. Corp.
V.I. United States Virgin Islands
WORCA Working Organization for Retarded Children and Adults
YMCA Young Men's Christian Assoc.
38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
DISTRIBUTION OF INVESTMENTS BY CATEGORY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
CATEGORY MARKET VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Master Settlement Agreement $ 392,719,741 22.2%
Highways/Commuter Facilities 273,915,148 15.5
Higher Education 170,660,295 9.6
Electric Utilities 148,035,850 8.4
General Obligation 107,204,861 6.0
Hospital/Health Care 86,371,898 4.9
Commercial Services & Supplies 68,370,912 3.9
Special Tax 65,878,746 3.7
Marine/Aviation Facilities 65,871,615 3.7
Sales Tax Revenue 45,767,724 2.6
Water Utilities 44,371,702 2.5
Government Appropriation 39,403,772 2.2
Tax Increment Financing (TIF) 39,156,944 2.2
Education 38,622,651 2.2
Adult Living Facilities 35,644,338 2.0
Hotels, Restaurants & Leisure 31,971,348 1.8
Municipal Leases 30,155,397 1.7
Multifamily Housing 22,087,339 1.2
Airlines 20,832,864 1.2
Not-for-Profit Organization 19,829,311 1.1
Sports Facility Revenue 10,139,481 0.6
Student Housing 7,292,300 0.4
Resource Recovery 2,574,475 0.1
Gas Utilities 1,823,458 0.1
Casino 1,607,290 0.1
Beverages 1,059,739 0.1
Media 402,784 0.0
Single Family Housing 360,630 0.0
Parking Fee Revenue 10,399 0.0
------------------------
Total $1,772,143,012 100.0%
========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES September 30, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------
Investments, at value (cost $1,767,139,721)--see accompanying
statement of investments $ 1,772,143,012
- --------------------------------------------------------------------------------
Cash 485,619
- --------------------------------------------------------------------------------
Receivables and other assets:
Interest 21,491,323
Shares of beneficial interest sold 5,230,702
Investments sold 1,134,020
Other 50,070
----------------
Total assets 1,800,534,746
- --------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1) 291,665,000
Payable on borrowings (See Note 6) 26,700,000
Investments purchased (including $5,136,219 purchased on a
when-issued basis or forward commitment) 6,612,841
Shares of beneficial interest redeemed 2,808,684
Dividends 949,975
Distribution and service plan fees 888,503
Trustees' compensation 167,359
Interest expense on borrowings 65,723
Transfer and shareholder servicing agent fees 39,704
Shareholder communications 26,395
Other 62,585
----------------
Total liabilities 329,986,769
- --------------------------------------------------------------------------------
NET ASSETS $ 1,470,547,977
================
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 115,977
- --------------------------------------------------------------------------------
Additional paid-in capital 1,473,312,177
- --------------------------------------------------------------------------------
Accumulated net investment income 120,773
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (8,004,241)
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments 5,003,291
----------------
NET ASSETS $ 1,470,547,977
================
40 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
- --------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets
of $1,275,590,282 and 100,606,687 shares of beneficial
interest outstanding) $ 12.68
Maximum offering price per share (net asset value plus sales
charge of 4.75% of offering price) $ 13.31
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge)and offering price per share
(based on net assets of $30,981,880 and 2,442,602 shares
of beneficial interest outstanding) $ 12.68
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $163,975,815 and 12,928,043 shares of beneficial
interest outstanding) $ 12.68
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
41 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF OPERATIONS For the Year Ended September 30, 2007
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 79,557,065
- --------------------------------------------------------------------------------
Other income 3,079
----------------
Total investment income 79,560,144
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 6,122,540
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 2,816,506
Class B 326,361
Class C 1,426,604
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 345,933
Class B 20,670
Class C 51,513
- --------------------------------------------------------------------------------
Shareholder communications:
Class A 66,030
Class B 3,373
Class C 5,954
- --------------------------------------------------------------------------------
Interest expense and fees on short-term floating
rate notes issued (See Note 1) 9,412,616
- --------------------------------------------------------------------------------
Interest expense on borrowings 995,206
- --------------------------------------------------------------------------------
Trustees' compensation 78,835
- --------------------------------------------------------------------------------
Custodian fees and expenses 38,478
- --------------------------------------------------------------------------------
Other 208,381
----------------
Total expenses 21,919,000
Less reduction to custodian expenses (16,728)
----------------
Net expenses 21,902,272
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 57,657,872
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED LOSS
- --------------------------------------------------------------------------------
Net realized loss on investments (6,766,269)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation on investments (56,008,516)
- --------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (5,116,913)
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
42 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED SEPTEMBER 30, 2007 2006
- --------------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------------
Net investment income $ 57,657,872 $ 42,982,524
- --------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (6,766,269) 12,357,229
- --------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (56,008,516) 16,054,088
--------------------------------------
Net increase (decrease) in net assets resulting from operations (5,116,913) 71,393,841
- --------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (50,787,239) (40,672,456)
Class B (1,144,591) (1,230,537)
Class C (5,020,664) (2,615,666)
--------------------------------------
(56,952,494) (44,518,659)
- --------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (125,198) --
Class B (3,742) --
Class C (14,095) --
--------------------------------------
(143,035) --
- --------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
beneficial interest transactions:
Class A 323,496,770 322,309,126
Class B (466,729) 5,372,413
Class C 64,362,269 73,037,346
--------------------------------------
387,392,310 400,718,885
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------------------------------
Total increase 325,179,868 427,594,067
- --------------------------------------------------------------------------------------------------------------------
Beginning of period 1,145,368,109 717,774,042
--------------------------------------
End of period (including accumulated net investment income (loss)
of $120,773 and $(457,478), respectively) $ 1,470,547,977 $ 1,145,368,109
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
43 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED SEPTEMBER 30, 2007
- -------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- -------------------------------------------------------------------------------
Net decrease in net assets from operations $ (5,116,913)
- --------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from
operations to net cash used in operating activities:
Purchase of investment securities (760,951,376)
Proceeds from disposition of investment securities 391,730,157
Short-term investment securities, net (130,166,332)
Premium amortization 3,433,233
Discount accretion (3,216,416)
Net realized loss on investments 6,766,269
Net change in unrealized appreciation on investments 56,008,516
Increase in interest receivable (4,701,326)
Decrease in receivable for securities sold 114,674
Increase in other assets (21,820)
Increase in payable for securities purchased 4,412,139
Increase in payable for accrued expenses 288,751
----------------
Net cash used in operating activities (441,420,444)
- --------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- --------------------------------------------------------------------------------
Proceeds from bank borrowings 434,700,000
Payments on bank borrowings (423,400,000)
Proceeds from short-term floating rate notes issued 95,575,000
Proceeds from shares sold 576,801,050
Payment on shares redeemed (224,238,323)
Cash distributions paid (18,379,246)
----------------
Net cash provided by financing activities 441,058,481
- --------------------------------------------------------------------------------
Net decrease in cash (361,963)
- --------------------------------------------------------------------------------
Cash, beginning balance 847,582
----------------
Cash, ending balance $ 485,619
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $38,357,584.
Cash paid for interest on bank borrowings--$1,005,498.
Cash paid for interest on short-term floating rate notes issued--$9,412,616.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS A YEAR ENDED SEPTEMBER 30, 2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.22 $ 12.91 $ 12.45 $ 12.31 $ 12.75
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .57 1 .61 1 .66 1 .72 .71
Net realized and unrealized gain (loss) (.55) .34 .49 .11 (.44)
--------------------------------------------------------------------
Total from investment operations .02 .95 1.15 .83 .27
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.56) (.64) (.69) (.69) (.71)
Distributions from net realized gain -- 2 -- -- -- --
--------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.56) (.64) (.69) (.69) (.71)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.31
====================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 0.15% 7.61% 9.41% 6.91% 2.07%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,275,590 $ 1,005,912 $ 659,975 $ 539,834 $ 533,563
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,181,757 $ 824,276 $ 580,413 $ 536,613 $ 531,977
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.35% 4.76% 5.17% 5.84% 5.57%
Expenses excluding interest and fees on
short-term floating rate notes issued 0.82% 0.90% 0.93% 0.91% 0.93%
Interest and fees on short-term floating
rate notes issued 5 0.69% 0.61% 0.43% 0.26% 0.26%
--------------------------------------------------------------------
Total expenses 1.51% 1.51% 1.36% 1.17% 1.19%
Expenses after payments, waivers and/or
reimbursements and reduction to
custodian expenses 1.51% 1.51% 1.36% 1.14% 1.19%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 36% 8% 5% 45%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjuction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
45 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
CLASS B YEAR ENDED SEPTEMBER 30, 2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.22 $ 12.91 $ 12.45 $ 12.32 $ 12.75
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .47 1 .51 1 .56 1 .62 .60
Net realized and unrealized gain (loss) (.55) .34 .49 .10 (.42)
--------------------------------------------------------------------
Total from investment operations (.08) .85 1.05 .72 .18
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.46) (.54) (.59) (.59) (.61)
Distributions from net realized gain -- 2 -- -- -- --
--------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.46) (.54) (.59) (.59) (.61)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32
====================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (0.65)% 6.76% 8.55% 5.99% 1.36%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 30,982 $ 32,793 $ 26,680 $ 27,555 $ 32,851
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 32,663 $ 29,544 $ 26,977 $ 30,212 $ 36,000
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.55% 3.99% 4.41% 5.05% 4.77%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.62% 1.70% 1.71% 1.69% 1.71%
Interest and fees on short-term floating
rate notes issued 5 0.69% 0.61% 0.43% 0.26% 0.26%
--------------------------------------------------------------------
Total expenses 2.31% 2.31% 2.14% 1.95% 1.97%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 2.31% 2.30% 2.14% 1.92% 1.97%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 36% 8% 5% 45%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjuction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
CLASS C YEAR ENDED SEPTEMBER 30, 2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 13.22 $ 12.91 $ 12.45 $ 12.32 $ 12.75
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .47 1 .50 1 .55 1 .62 .60
Net realized and unrealized gain (loss) (.55) .35 .50 .10 (.42)
--------------------------------------------------------------------
Total from investment operations (.08) .85 1.05 .72 .18
- -------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.46) (.54) (.59) (.59) (.61)
Distributions from net realized gain -- 2 -- -- -- --
--------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.46) (.54) (.59) (.59) (.61)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32
====================================================================
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (0.62)% 6.78% 8.55% 5.99% 1.35%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 163,976 $ 106,663 $ 31,119 $ 15,723 $ 13,080
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 142,905 $ 64,991 $ 20,347 $ 14,598 $ 11,852
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 3.58% 3.89% 4.32% 5.04% 4.78%
Expenses excluding interest and fees on
short-term floating rate notes issued 1.59% 1.66% 1.70% 1.69% 1.72%
Interest and fees on short-term floating
rate notes issued 5 0.69% 0.61% 0.43% 0.26% 0.26%
--------------------------------------------------------------------
Total expenses 2.28% 2.27% 2.13% 1.95% 1.98%
Expenses after payments, waivers and/or
reimbursements and reduction
to custodian expenses 2.28% 2.27% 2.13% 1.92% 1.98%
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 36% 8% 5% 45%
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an investment on the business day before the first day of the fiscal
period, with all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value calculated on the
last business day of the fiscal period. Sales charges are not reflected in the
total returns. Total returns are not annualized for periods 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.
4. Annualized for periods less than one full year.
5. Interest and fee expense relates to the Fund's liability for short-term
floating rate notes issued in conjuction with inverse floating rate security
transactions. See Note 1 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
47 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer AMT-Free New York Municipals (the Fund) is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek the maximum current income
exempt from federal, New York State and New York City income taxes for
individual investors consistent with preservation of capital. The Fund's
investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B and Class C shares. Class A shares are
sold at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
Class B shares will automatically convert to Class A shares six years after the
date of purchase.
The following is a summary of significant accounting policies consistently
followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of the New York Stock Exchange (the "Exchange"), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities listed or traded on National
Stock Exchanges or other domestic exchanges are valued based on the last sale
price of the security traded on that exchange prior to the time when the Fund's
assets are valued. Securities traded on NASDAQ(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 quotations are not readily available are valued at their fair value.
Foreign and domestic securities whose values have been materially affected
48 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
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 September 30, 2007, the Fund had purchased
$5,136,219 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 $102,859,517 as of September 30, 2007, which
represents 5.71% 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 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
49 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 September 30, 2007,
municipal bond holdings with a value of $394,524,517 shown on the Fund's
Statement of Investments are held by such Trusts and serve as collateral for the
$291,665,000 in short-term floating rate notes issued and outstanding at that
date.
At September 30, 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 SEPTEMBER 30, 2007
- ------------------------------------------------------------------------------------------------------------
$ 6,500,000 Erie County Tobacco Asset Securitization Corp.
RITES 5.520% 6/1/45 $ 5,518,565
5,400,000 Erie County Tobacco Asset Securitization Corp.
RITES 5.520 6/1/45 4,584,654
2,750,000 Hudson Yards Infrastructure Corp. ROLs 6.660 2/15/47 2,736,718
5,750,000 L.I. Power Authority RITES 7.710 9/1/33 6,287,510
3,460,000 MTA ROLs 7.920 11/15/31 3,835,618
7,500,000 MTA ROLs 7.420 11/15/31 8,509,200
2,950,000 NY Counties Tobacco Trust IV RITES 5.520 6/1/42 2,516,380
5,000,000 NYC GO RITES 6.040 8/1/21 5,950,100
5,000,000 NYC Municipal Water Finance Authority ROLs 7.660 6/15/39 5,615,400
765,000 NYS DA ROLs 3 6.420 5/1/33 371,590
19,140,000 Port Authority NY/NJ RITES 5.880 12/1/34 20,434,438
4,400,000 Puerto Rico Highway & Transportation Authority
ROLs 4.990 7/1/45 3,254,460
6,010,000 Puerto Rico Electric Power Authority ROLs 3 5.780 7/1/31 2,811,057
1,600,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 7.990 8/1/57 1,167,840
10,000,000 Triborough Bridge & Tunnel Authority RITES 7.689 11/15/32 11,136,000
4,550,000 Triborough Bridge & Tunnel Authority RITES 8.186 11/15/29 5,366,816
3,585,000 Triborough Bridge & Tunnel Authority RITES 7.686 11/15/32 3,992,256
2,560,000 Triborough Bridge & Tunnel Authority RITES 7.571 11/15/27 2,850,765
2,500,000 Triborough Bridge & Tunnel Authority RITES 8.571 11/15/23 3,136,150
2,500,000 Triborough Bridge & Tunnel Authority ROLs 7.660 11/15/32 2,784,000
-------------------
$ 102,859,517
===================
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 38 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.
50 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
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 September
30, 2007, in addition to the exposure detailed in the preceding table, the
Fund's maximum exposure under such agreements is estimated at approximately
$74,610,000.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a state may
impair the ability of certain issuers of municipal securities to pay principal
and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis to each class of shares based upon the relative proportion of net
assets represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
The tax components of capital shown in the table below represent distribution
requirements the Fund must satisfy under the income tax regulations, losses the
Fund may be able to offset against income and gains realized in future years and
unrealized appreciation or depreciation of securities and other investments for
federal income tax purposes.
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
------------------------------------------------------------------------
$ 1,688,898 $ -- $ 6,592,824 $ 3,591,868
1. As of September 30, 2007, the Fund had $6,592,824 of post-October losses
available to offset future realized capital gains, if any. Such losses, if
unutilized, will expire in 2016.
2. During the fiscal year ended September 30, 2007, the Fund did not utilize any
capital loss carryforward.
3. During the fiscal year ended September 30, 2006, the Fund utilized $1,450,798
of capital loss carryforward to offset capital gains realized in that fiscal
year.
51 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Fund. Accordingly, the
following amounts have been reclassified for September 30, 2007. Net assets of
the Fund were unaffected by the reclassifications.
REDUCTION TO REDUCTION TO ACCUMULATED
ACCUMULATED NET NET REALIZED
INVESTMENT INCOME LOSS ON INVESTMENTS
----------------------------------------------
$ 127,127 $ 127,127
The tax character of distributions paid during the years ended September 30,
2007 and September 30, 2006 was as follows:
YEAR ENDED YEAR ENDED
SEPT. 30, 2007 SEPT. 30, 2006
-----------------------------------------------------------------
Distributions paid from:
Exempt-interest dividends $ 56,626,410 $ 44,497,915
Ordinary income 326,084 20,744
Long-term capital gain 143,035 --
-------------------------------
Total $ 57,095,529 $ 44,518,659
===============================
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 September 30, 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 $ 1,475,436,751
===============
Gross unrealized appreciation $ 33,771,954
Gross unrealized depreciation (30,180,086)
---------------
Net unrealized appreciation $ 3,591,868
===============
- --------------------------------------------------------------------------------
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 September
52 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
30, 2007, the Fund's projected benefit obligations were increased by $50,843 and
payments of $32,995 were made to retired trustees, resulting in an accumulated
liability of $112,356 as of September 30, 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 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.
53 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
OTHER. The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
YEAR ENDED SEPTEMBER 30, 2007 YEAR ENDED SEPTEMBER 30, 2006
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------
CLASS A
Sold 36,225,517 $ 475,962,216 30,165,787 $ 389,068,133
Dividends and/or distributions reinvested 2,642,399 34,533,192 2,054,601 26,532,833
Redeemed (14,369,019) (186,998,638) (7,236,398) (93,291,840)
----------------------------------------------------------------
Net increase 24,498,897 $ 323,496,770 24,983,990 $ 322,309,126
================================================================
- -----------------------------------------------------------------------------------------------------------------
CLASS B
Sold 643,385 $ 8,494,157 776,732 $ 10,032,978
Dividends and/or distributions reinvested 57,320 750,483 55,555 717,268
Redeemed (738,301) (9,711,369) (418,072) (5,377,833)
----------------------------------------------------------------
Net increase (decrease) (37,596) $ (466,729) 414,215 $ 5,372,413
================================================================
- -----------------------------------------------------------------------------------------------------------------
CLASS C
Sold 6,888,631 $ 90,679,430 6,173,689 $ 79,698,090
Dividends and/or distributions reinvested 235,413 3,073,909 119,264 1,542,437
Redeemed (2,263,503) (29,391,070) (635,447) (8,203,181)
----------------------------------------------------------------
Net increase 4,860,541 $ 64,362,269 5,657,506 $ 73,037,346
================================================================
- --------------------------------------------------------------------------------
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 September 30, 2007, were as
follows:
PURCHASES SALES
- --------------------------------------------------------------------------------
Investment securities $ 760,951,376 $ 391,730,157
- --------------------------------------------------------------------------------
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:
54 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
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 September 30, 2007, the Fund paid
$413,236 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12b-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class A
shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
periodically at an annual rate of up to 0.25% of the average annual net assets
of Class A shares of the Fund. The Distributor currently uses all of those fees
to pay dealers, brokers, banks and other financial institutions periodically for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
periods. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% on Class B and Class C
shares. The Distributor also receives a service fee of 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 September
30, 2007 for Class B and Class C shares were $1,809,039 and $1,962,651,
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
55 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
- --------------------------------------------------------------------------------
September 30, 2007 $ 491,454 $ 116,249 $ 39,975 $ 72,059
- --------------------------------------------------------------------------------
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 September 30, 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.
- --------------------------------------------------------------------------------
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 (5.5866% as of September 30, 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 September 30, 2007, the average daily loan balance was
$18,511,507 at an average daily interest rate of 5.305%. The Fund had borrowings
outstanding of $26,700,000 at September 30, 2007 at an interest rate of 5.5866%.
The Fund
56 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
had gross borrowings and gross loan repayments of $434,700,000 and $423,400,000,
respectively, during the year ended September 30, 2007. The maximum amount of
borrowings outstanding at any month-end during the year ended September 30, 2007
was $75,000,000. The Fund paid $90,198 in fees and $1,005,498 in interest during
the year ended September 30, 2007.
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENT
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Fund's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Fund's tax return will
be ultimately sustained. A tax liability and expense must be recorded in respect
of any tax position that, in Management's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
September 30, 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.
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 September 30, 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.
57 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS:
We have audited the accompanying statement of assets and liabilities of
Oppenheimer AMT-Free New York Municipals, including the statement of
investments, as of September 30, 2007, and the related statement of operations
for the year then ended, the statements of changes in net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of September 30, 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 New York Municipals as of September 30, 2007, the results
of its operations for the year then ended, the changes in its net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.
KPMG LLP
Denver, Colorado
November 16, 2007
58 | OPPENHEIMER AMT-FREE NEW YORK 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
September 30, 2007 are eligible for the corporate dividend-received deduction.
99.43% 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.
59 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures
is available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and
(iii) on the SEC's website at www.sec.gov. In addition, the Fund is required to
file Form N-PX, with its complete proxy voting record for the 12 months ended
June 30th, no later than August 31st of each year. The Fund's voting record is
available (i) without charge, upon request, by calling the Fund toll-free at
1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at
www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
60 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Fund's
investment advisory agreement (the "Agreement"). The Investment Company Act of
1940, as amended, requires that the Board request and evaluate, and that the
Manager provide, such information as may be reasonably necessary to evaluate the
terms of the Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information, that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Fund services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Fund and the Manager,
(iii) the fees and expenses of the Fund, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services by the Manager and its affiliates,
(v) the extent to which economies of scale are realized as the Fund grows and
whether fee levels reflect these economies of scale for Fund investors and (vi)
other benefits to the Manager from its relationship with the Fund. The Board was
aware that there are alternatives to retaining the Manager.
NATURE AND EXTENT OF SERVICES. The Board considered information about the
nature and extent of the services provided to the Fund and information regarding
the Manager's key personnel who provide such services. The Manager's duties
include providing the Fund with the services of the portfolio manager and the
Manager's investment team, who provide research, analysis and other advisory
services in regard to the Fund's investments; securities trading services;
oversight of third party service providers; monitoring compliance with
applicable Fund policies and procedures and adherence to the Fund's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Fund as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Fund; compiling and maintaining
records with respect to the Fund's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Fund for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Fund's shares.
The Manager also provides the Fund with office space, facilities and equipment.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Fund. The Board took
61 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
BOARD APPROVAL OF THE FUND'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
account of the fact that the Manager has had over forty years of experience as
an investment adviser and that its assets under management rank it among the top
mutual fund managers in the United States. The Board evaluated the Manager's
administrative, accounting, legal and compliance services, and information the
Board has received regarding the experience and professional qualifications of
the Manager's personnel and the size and functions of its staff. In its
evaluation of the quality of the portfolio management services provided, the
Board considered the experience of Ronald H. Fielding, the portfolio manager for
the Fund, and the Manager's Municipal Bond investment team and analysts. The
Board members also considered their experiences with the Manager and its
officers and other personnel through their service on the Boards of the Fund and
other funds advised by the Manager. The Board considered information regarding
the quality of services provided by affiliates of the Manager, which its members
have become knowledgeable about in connection with the renewal of the Fund's
service agreements. In light of the foregoing, the Board concluded that the Fund
benefits from the services provided under the Agreement and from the Manager's
experience, reputation, personnel, operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE FUND. During the year, the
Manager provided information on the investment performance of the Fund and the
Manager at each regular quarterly Board meeting, including comparative
performance information. The Board also reviewed information, prepared by the
Manager and by the independent consultant, comparing the Fund's historical
performance to relevant market indices and to the performance of other retail
front-end load and no-load New York municipal debt funds advised by the Manager
and by other investment advisers. The Board noted that the Fund's one-year,
three-year, five-year and ten-year performance were better than its peer group
median.
MANAGEMENT FEES AND EXPENSES. The Board reviewed the fees paid to the
Manager and its affiliates and the other expenses borne by the Fund. The Board
also considered the comparability of the fees charged and the services provided
to the Fund to the fees and services for other clients or accounts advised by
the Manager. The independent consultant provided comparative data in regard to
the fees and expenses of the Fund, other New York municipal debt funds and other
funds with comparable asset levels and distribution features. The Board noted
that the Fund's contractual management fees and total expenses were lower than
its peer group median although its actual management fees were higher than its
peer group median.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Fund, the extent to
which those
62 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
economies of scale benefit the Fund's shareholders and the current level of Fund
assets in relation to the Fund's breakpoint schedule for its management fees.
The Board also noted the Fund's breakpoints, which are intended to share
economies of scale that may exist as the Fund grows with its shareholders.
BENEFITS TO THE MANAGER. The Board considered information regarding the
Manager's costs in serving as the Fund's investment adviser, including the costs
associated with the personnel and systems necessary to manage the Fund, and
information regarding the Manager's profitability from its relationship with the
Fund. The Board considered that the Manager must be able to pay and retain
experienced professional personnel at competitive rates to provide services to
the Fund and that maintaining the financial viability of the Manager is
important in order for the Manager to continue to provide significant services
to the Fund and its shareholders. In addition to considering the profits
realized by the Manager, the Board considered information regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Fund, including compensation paid to the Manager's affiliates for services
provided.
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Fund and the independent Trustees. Fund counsel is independent of the
Manager within the meaning and intent of the Securities and Exchange Commission
Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Fund by the Manager are a benefit to the Fund and in the best interest of the
Fund's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the Agreement for
another year. In arriving at this decision, the Board did not single out any
factor or factors as being more important than others, but considered all of the
factors together. The Board judged the terms and conditions of the Agreement,
including the management fee, in light of all of the surrounding circumstances.
63 | OPPENHEIMER AMT-FREE NEW YORK 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 Value Opportunities Fund, LLC (registered investment company) (since September 2004); Member of
of Trustees (since 2007), Zurich Financial Services Investment Advisory Board (insurance) (since October 2004); Chairman
Trustee (since 2005) (since August 2007) and Trustee (since August 1991) of the Board of Governing Trustees of The
Age: 64 Jackson Laboratory (non-profit); Trustee of the Institute for Advanced Study (non-profit
educational institute) (since May 1992); Special Limited Partner of Odyssey Investment Partners,
LLC (private equity investment) (January 1999-September 2004); Trustee of Research Foundation of
AIMR (2000-2002) (investment research, non-profit); Governor, Jerome Levy Economics Institute of
Bard College (August 1990-September 2001) (economics research); Director of Ray & Berendtson, Inc.
(May 2000-April 2002) (executive search firm). Oversees 64 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 64 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 54 portfolios in
the OppenheimerFunds complex.
64 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
ROBERT G. GALLI, A director or trustee of other Oppenheimer funds. Oversees 64 portfolios in the OppenheimerFunds
Trustee (since 1993) complex.
Age: 74
PHILLIP A. GRIFFITHS, Distinguished Presidential Fellow for International Affairs (since 2002) and Member (since 1979)
Trustee (since 1999) of the National Academy of Sciences; Council on Foreign Relations (since 2002); Director of GSI
Age: 69 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 54 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: 65 1998-February 2003). Oversees 54 portfolios in the OppenheimerFunds complex.
JOEL W. MOTLEY, Managing Director of Public Capital Advisors, LLC (privately-held financial advisor) (since
Trustee (since 2002) January 2006); Director of Columbia Equity Financial Corp. (privately-held financial advisor)
Age: 55 (since 2002); Managing Director of Carmona Motley, Inc. (privately-held financial advisor) (since
January 2002); Managing Director of Carmona Motley Hoffman Inc. (privately-held financial advisor)
(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 54 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 54 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 organization) (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); Director of C-TASC (a privately
held bio-statistics company) (since May 2007). Oversees 54 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);
Age: 59 Managing Member of Hole-in-the-Wall Ranch (cattle ranching) (since 1979); Vice President,
Secretary and Treasurer of Wold Trona Company, Inc. (soda ash processing and production)
(1996-2006); 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 54 portfolios in
the OppenheimerFunds complex.
65 | OPPENHEIMER AMT-FREE NEW YORK 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 ANNUAL 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 and President and Manager (September 2000-March 2007); President and director or trustee of other Oppenheimer funds;
Principal Executive Officer President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent holding
(since 2001) company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of the Manager)
Age: 58 (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of the Manager)
(November 2001-December 2006); 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 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); Chairman (since October 2007)
and Member of the Investment Company Institute's Board of Governors (since October 2003); Chief
Operating Officer of the Manager (September 2000-June 2001). Oversees 102 portfolios in the
OppenheimerFunds complex.
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER OFFICERS THE ADDRESSES OF THE OFFICERS IN THE CHART BELOW ARE AS FOLLOWS: FOR MESSRS. ZACK, GILLESPIE AND
OF THE FUND BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR
MESSRS. PETERSEN, SZILAGYI, VANDEHEY, WIXTED AND MS. IVES, 6803 S. TUCSON WAY, CENTENNIAL,
COLORADO 80112-3924 AND 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 August 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
66 | OPPENHEIMER AMT-FREE NEW YORK 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 (since March 2004); Chief
Vice President and Chief Compliance Officer of the Manager, OppenheimerFunds Distributor, Inc., Centennial Asset Management
Compliance Officer and Shareholder Services, Inc. (since March 2004); Vice President of OppenheimerFunds Distributor,
(since 2004) Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. (since June 1983).
Age: 57 Former Vice President and Director of 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: 48 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.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March 2002) of the
Secretary (since 2001) Manager; General Counsel and Director of the Distributor (since December 2001); General Counsel of
Age: 59 Centennial Asset Management Corporation (since December 2001); Senior Vice President and General
Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General
Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director
(since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice
67 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
ROBERT G. ZACK, President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director
Continued 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 (2000-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: 42 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.
68 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that 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 $35,000 in fiscal 2007 and $29,000 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 $233,640 in fiscal 2007 and $183,800 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 and professional services
relating to FAS 123R.
(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 $34,675 in fiscal 2007 and $512 in fiscal 2006.
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 $268,315 in fiscal 2007 and $185,848 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 09/30/2007, 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 New York Municipals
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 11/14/2007
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: 11/14/2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 11/14/2007