UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-4054
Oppenheimer AMT - Free New York Municipals
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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: 03/31/2008
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ITEM 1. REPORTS TO STOCKHOLDERS.
MARCH 31, 2008
[AMT-FREE LOGO]
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OPPENHEIMER Management
AMT-FREE NEW YORK Commentaries
MUNICIPALS and
Semiannual
Report
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MANAGEMENT COMMENTARIES
An Interview with Your Fund's Managers
Listing of Top Holdings
SEMIANNUAL REPORT
Listing of Investments
Financial Statements
"AFTER 25 YEARS IN THE BUSINESS OF MUNICIPAL FUND MANAGEMENT, I STILL
DON'T PRETEND TO HAVE SEEN IT ALL. BUT, ALLOWING TAX-FREE YIELDS TO
COMPOUND OVER TIME HAS CLEARLY BEEN A WINNING STRATEGY FOR SHAREHOLDERS."
-- RONALD H. FIELDING, Chief Strategist, Senior Vice President and
Senior Portfolio Manager, OPPENHEIMERFUNDS/ROCHESTER
[OPPENHEIMERFUNDS LOGO]
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN CATEGORIES
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Tobacco -- Master Settlement Agreement 24.7%
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Higher Education 11.9
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Highways/Commuter Facilities 10.3
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Hospital/Health Care 6.5
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General Obligation 4.4
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Non-Profit Organization 4.3
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Special Tax 4.1
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Electric Utilities 4.0
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Sales Tax Revenue 3.9
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Adult Living Facilities 3.1
Portfolio holdings are subject to change. Percentages are as of March 31, 2008,
and are based on the total market value of investments.
CREDIT ALLOCATION
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AAA 8.4%
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AA 19.4
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A 19.5
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BBB 41.0
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BB or lower 11.7
Allocations are subject to change. Percentages are as of March 31, 2008, and are
dollar-weighted based on the total market value of investments. Market value,
the total value of the Fund's securities, does not include cash. 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 19.3% of the Fund's market value, are deemed
comparable in the Manager's judgment to the rated securities in each category.
Credit ratings of AAA, AA, A and BBB and their equivalents denote
investment-grade securities.
17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES
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Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the
periods shown. Cumulative total returns are not annualized. The Fund's
total returns shown do not reflect the deduction of income taxes on an
individual's investment. Taxes may reduce your actual investment returns
on income or gains paid by the Fund or any gains you may realize if you
sell your shares. THIS SEMIANNUAL REPORT MUST BE PRECEDED OR ACCOMPANIED
BY THE CURRENT PROSPECTUS OF OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS.
BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS SHOULD
CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE
FUNDS. FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT
1.800.525.7048, OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ
PROSPECTUSES CAREFULLY BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention
of specific fund holdings does not constitute a recommendation by
OppenheimerFunds, Inc.
CLASS A shares of the Fund were first publicly offered on 8/16/84. The
average annual total returns are shown net of the applicable 4.75% maximum
initial sales charge.
CLASS B shares of the Fund were first publicly offered on 3/1/93. The
average annual total returns are shown net of the applicable contingent
deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B
shares convert to Class A shares 72 months after purchase, the 10-year
return for Class B uses Class A performance for the period after
conversion. Class B shares are subject to an annual 0.75% asset-based
sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The
average annual total returns are shown net of the applicable 1% contingent
deferred sales charge for the 1-year period. Class C shares are subject to
an annual 0.75% asset-based sales charge. An explanation of the
calculation of performance is in the Fund's Statement of Additional
Information.
18 | 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 applicable); and (2) ongoing costs, including management fees;
distribution and service fees; and other Fund expenses. These examples are
intended to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the
beginning of the period and held for the entire 6-month period ended March
31, 2008.
ACTUAL EXPENSES. The first section of the table provides information about
actual account values and actual expenses. You may use the information in
this section 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 first section 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 second section of the
table provides 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 for each
class before expenses, which is not the 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
19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FUND EXPENSES Continued
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less than $500.00 (subject to exceptions described in the Statement of
Additional Information). Therefore, the "hypothetical" section of the
table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been
higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
ACTUAL OCTOBER 1, 2007 MARCH 31, 2008 MARCH 31, 2008
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Class A $ 1,000.00 $ 949.90 $ 7.29
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Class B 1,000.00 945.90 11.40
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Class C 1,000.00 946.10 11.21
HYPOTHETICAL
(5% return before expenses)
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Class A 1,000.00 1,017.55 7.54
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Class B 1,000.00 1,013.35 11.80
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Class C 1,000.00 1,013.55 11.59
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 183/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended March 31, 2008 are as follows:
CLASS EXPENSE RATIOS
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Class A 1.49%
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Class B 2.33
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Class C 2.29
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.
20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS March 31, 2008 / Unaudited
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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MUNICIPAL BONDS AND NOTES -- 124.6%
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NEW YORK -- 91.9%
$ 700,000 Albany County, NY IDA (Albany College of Pharmacy) 5.625% 12/01/2034 $ 660,793
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200,000 Albany County, NY IDA (Wildwood Programs) 1 4.900 07/01/2021 178,300
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125,000 Albany County, NY IDA (Wildwood Programs) 1 5.000 07/01/2026 111,953
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300,000 Albany, NY IDA (Albany Law School) 5.000 07/01/2031 267,615
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335,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2027 286,981
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150,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2032 123,707
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100,000 Albany, NY IDA (Brighter Choice Charter School) 5.000 04/01/2037 80,809
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14,500,000 Albany, NY IDA (Charitable Leadership) 5.750 07/01/2026 13,588,385
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1,000,000 Albany, NY IDA (Charitable Leadership) 6.000 07/01/2019 1,002,790
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100,000 Albany, NY IDA (New Covenant Charter School) 7.000 05/01/2025 79,452
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1,140,000 Albany, NY IDA (Sage Colleges) 5.250 04/01/2019 1,147,376
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500,000 Albany, NY IDA (Sage Colleges) 5.300 04/01/2029 474,225
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850,000 Albany, NY IDA (St. Peter's Hospital) 5.250 11/15/2032 788,010
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1,380,000 Albany, NY IDA, Series B 5.750 11/15/2032 1,372,700
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4,205,000 Albany, NY IDA, Series D 5.375 11/15/2032 3,971,959
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1,365,000 Albany, NY IDA, Series D 5.750 11/15/2027 1,383,018
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100,000 Albany, NY Municipal Water Finance Authority 5.000 12/01/2033 99,850
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10,000 Albany, NY Parking Authority 5.625 07/15/2025 10,176
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30,000 Allegany County, NY IDA (Houghton College) 5.250 01/15/2024 30,084
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2,875,000 Amherst, NY IDA (Beechwood Health Care Center) 5.200 01/01/2040 2,338,238
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50,000 Bethlehem, NY IDA (American Hsg. Foundation) 6.875 06/01/2039 54,144
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5,895,000 Brookhaven, NY IDA (Alternatives for Children) 7.550 02/01/2033 6,059,706
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9,235,000 Brookhaven, NY IDA (Dowling College) 6.750 11/01/2032 9,334,276
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350,000 Broome County, NY IDA (University Plaza) 1 5.200 08/01/2030 291,533
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250,000 Broome County, NY IDA (University Plaza) 1 5.200 08/01/2036 201,988
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300,000 Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.) 5.750 11/01/2030 273,036
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25,000 Canandaigua & Bristol, NY GO 5.000 12/15/2027 25,542
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30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2028 30,557
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30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2029 30,552
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30,000 Canandaigua & Bristol, NY GO 5.000 12/15/2030 30,506
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35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2031 35,509
35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2032 35,430
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35,000 Canandaigua & Bristol, NY GO 5.000 12/15/2033 35,427
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40,000 Canandaigua & Bristol, NY GO 5.000 12/15/2034 40,430
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40,000 Canandaigua & Bristol, NY GO 5.000 12/15/2035 40,426
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45,000 Canandaigua & Bristol, NY GO 5.000 12/15/2036 45,445
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45,000 Canandaigua & Bristol, NY GO 5.000 12/15/2037 45,410
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50,000 Canandaigua & Bristol, NY GO 5.000 12/15/2038 50,448
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50,000 Canandaigua & Bristol, NY GO 5.000 12/15/2039 50,437
21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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NEW YORK Continued
$ 55,000 Canandaigua & Bristol, NY GO 5.000% 12/15/2040 $ 55,472
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55,000 Canandaigua & Bristol, NY GO 5.000 12/15/2041 55,459
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60,000 Canandaigua & Bristol, NY GO 5.000 12/15/2042 60,491
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85,000 Cattaraugus County, NY IDA (Olean General Hospital) 5.250 08/01/2023 86,129
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500,000 Cattaraugus County, NY IDA (St. Bonaventure
University) 5.000 05/01/2023 467,035
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620,000 Cattaraugus County, NY IDA (St. Bonaventure
University) 5.100 05/01/2031 548,960
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1,570,000 Cayuga County, NY COP (Auburn Memorial Hospital) 6.000 01/01/2021 1,572,057
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90,000 Chautauqua, NY Utility District 5.000 06/01/2022 93,791
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100,000 Chautauqua, NY Utility District 5.000 06/01/2024 103,310
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110,000 Chautauqua, NY Utility District 5.000 06/01/2026 112,809
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1,695,000 Clarence, NY IDA (Bristol Village) 6.000 01/20/2044 1,783,598
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105,000 Coeymans, NY Fire District 5.000 10/15/2019 111,451
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105,000 Coeymans, NY Fire District 5.000 10/15/2020 110,948
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110,000 Coeymans, NY Fire District 5.000 10/15/2021 115,721
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115,000 Coeymans, NY Fire District 5.000 10/15/2022 120,512
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125,000 Coeymans, NY Fire District 5.000 10/15/2023 130,581
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130,000 Coeymans, NY Fire District 5.000 10/15/2024 135,126
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135,000 Coeymans, NY Fire District 5.000 10/15/2025 139,884
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140,000 Coeymans, NY Fire District 5.000 10/15/2026 144,612
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15,000 Deerfield, NY GO 5.500 06/15/2021 15,866
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15,000 Deerfield, NY GO 5.500 06/15/2022 15,798
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15,000 Deerfield, NY GO 5.500 06/15/2023 15,746
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15,000 Deerfield, NY GO 5.500 06/15/2024 15,753
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20,000 Deerfield, NY GO 5.500 06/15/2025 20,907
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20,000 Deerfield, NY GO 5.600 06/15/2026 20,825
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20,000 Deerfield, NY GO 5.600 06/15/2027 20,798
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20,000 Deerfield, NY GO 5.600 06/15/2028 20,737
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25,000 Deerfield, NY GO 5.600 06/15/2029 25,878
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25,000 Deerfield, NY GO 5.600 06/15/2030 25,845
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25,000 Deerfield, NY GO 5.600 06/15/2031 25,794
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25,000 Deerfield, NY GO 5.600 06/15/2032 25,770
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30,000 Deerfield, NY GO 5.600 06/15/2033 30,892
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30,000 Deerfield, NY GO 5.600 06/15/2034 30,873
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30,000 Deerfield, NY GO 5.600 06/15/2035 30,851
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35,000 Deerfield, NY GO 5.600 06/15/2036 35,970
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55,460,000 Dutchess County, NY IDA (Bard College) 5.000 08/01/2046 52,272,714
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8,440,000 Dutchess County, NY IDA (Elant Fishkill) 5.250 01/01/2037 7,012,458
- ------------------------------------------------------------------------------------------------------
1,840,000 East Rochester, NY Hsg. Authority
(St. John's Meadows) 5.000 02/15/2047 1,724,154
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500,000 Erie County, NY IDA (Charter School Applied Tech) 6.875 06/01/2035 491,490
- ------------------------------------------------------------------------------------------------------
1,200,000 Erie County, NY IDA (DePaul Properties) 5.750 09/01/2028 990,312
22 | OPPENHE IMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
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NEW YORK Continued
$ 170,000 Erie County, NY IDA (DePaul Properties) 6.500% 09/01/2018 $ 160,361
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200,000 Erie County, NY IDA (Global Concepts Charter School) 6.250 10/01/2037 184,294
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5,600,000 Erie County, NY IDA (Medaille College) 7.625 04/01/2035 5,983,880
- -----------------------------------------------------------------------------------------------------------
1,000,000 Erie County, NY IDA (Orchard Park CCRC) 5.000 11/15/2014 962,570
- -----------------------------------------------------------------------------------------------------------
1,485,000 Erie County, NY IDA (Orchard Park CCRC) 5.125 11/15/2016 1,416,868
- -----------------------------------------------------------------------------------------------------------
4,750,000 Erie County, NY IDA (Orchard Park CCRC) 1 6.000 11/15/2036 4,259,468
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9,175,000 Erie County, NY IDA (The Episcopal Church Home) 1 5.875 02/01/2018 9,006,547
- -----------------------------------------------------------------------------------------------------------
10,145,000 Erie County, NY IDA (The Episcopal Church Home) 6.000 02/01/2028 9,534,677
- -----------------------------------------------------------------------------------------------------------
23,800,000 Erie County, NY Tobacco Asset Securitization Corp. 2 5.000 06/01/2045 20,778,233
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36,405,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2038 32,369,870
- -----------------------------------------------------------------------------------------------------------
5,715,000 Erie County, NY Tobacco Asset Securitization Corp. 5.000 06/01/2045 4,989,309
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56,000,000 Erie County, NY Tobacco Asset Securitization Corp. 6.875 3 06/01/2050 2,296,560
- -----------------------------------------------------------------------------------------------------------
30,000,000 Erie County, NY Tobacco Asset Securitization Corp. 7.029 3 06/01/2055 677,400
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100,000 Essex County, NY IDA (North Country Community
College Foundation) 5.000 06/01/2020 95,216
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130,000 Essex County, NY IDA (North Country Community
College Foundation) 5.200 06/01/2025 119,631
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110,000 Essex County, NY IDA (North Country Community
College Foundation) 5.300 06/01/2035 97,390
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175,000 Franklin County, NY IDA (North Country Community
College Foundation) 5.200 06/01/2025 161,042
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815,000 Genesee County, NY IDA (United Memorial Medical Center) 5.000 12/01/2027 693,557
- -----------------------------------------------------------------------------------------------------------
3,750,000 Geneva, NY IDA (Hobart & William Smith Colleges) 1 5.375 02/01/2033 3,795,000
- -----------------------------------------------------------------------------------------------------------
75,000 Hempstead Village, NY GO 5.000 09/15/2024 71,636
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70,000 Hempstead Village, NY GO 5.000 09/15/2025 66,441
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70,000 Hempstead Village, NY GO 5.000 09/15/2026 65,857
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50,000 Hempstead, NY IDA (Hofstra University) 5.000 07/01/2033 48,874
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410,000 Hempstead, NY IDA (Peninsula Counseling Center) 6.500 11/01/2038 389,451
- -----------------------------------------------------------------------------------------------------------
5,290,000 Hempstead, NY IDA (WORCA) 6.900 08/01/2033 4,992,755
- -----------------------------------------------------------------------------------------------------------
880,000 Herkimer County, NY IDA (Folts Adult Home) 5.500 03/20/2040 896,421
- -----------------------------------------------------------------------------------------------------------
1,790,000 Herkimer County, NY IDA (Herkimer County
College Foundation) 1 6.250 08/01/2034 1,796,641
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25,685,000 Hudson Yards, NY Infrastructure Corp 5.000 02/15/2047 24,800,665
- -----------------------------------------------------------------------------------------------------------
5,000,000 Hudson Yards, NY Infrastructure Corp. 4.500 02/15/2047 4,520,200
- -----------------------------------------------------------------------------------------------------------
9,000,000 Hudson Yards, NY Infrastructure Corp. 5.000 02/15/2047 8,704,710
- -----------------------------------------------------------------------------------------------------------
2,420,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 1 6.250 12/01/2031 2,123,623
- -----------------------------------------------------------------------------------------------------------
280,000 Islip, NY IDA (United Cerebral Palsy Assoc.) 6.250 12/01/2031 245,708
- -----------------------------------------------------------------------------------------------------------
4,405,000 L.I., NY Power Authority, Series A 1 5.125 09/01/2029 4,410,947
- -----------------------------------------------------------------------------------------------------------
23,000,000 L.I., NY Power Authority, Series C 2 5.000 09/01/2033 22,705,945
- -----------------------------------------------------------------------------------------------------------
1,000,000 Lyons, NY Community Health Initiatives Corp. 5.550 09/01/2024 1,026,580
- -----------------------------------------------------------------------------------------------------------
665,000 Madison County, NY IDA (Commons II Student Hsg.) 5.000 06/01/2040 646,200
23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,000 Monroe County, NY GO 5.000% 06/01/2016 $ 10,108
- ----------------------------------------------------------------------------------------------------------
125,000 Monroe County, NY IDA (Cloverwood Senior Living) 5.875 4 05/01/2033 124,545
- ----------------------------------------------------------------------------------------------------------
10,000 Monroe County, NY IDA (Cloverwood Senior Living) 6.000 05/01/2013 9,281
- ----------------------------------------------------------------------------------------------------------
350,000 Monroe County, NY IDA (Rochester Institute of
Technology) 1 5.250 04/01/2019 339,063
- ----------------------------------------------------------------------------------------------------------
525,000 Monroe County, NY IDA (Rochester Institute of
Technology) 1 5.375 04/01/2029 475,949
- ----------------------------------------------------------------------------------------------------------
200,000 Monroe County, NY IDA (Summit at Brighton) 5.375 07/01/2032 166,864
- ----------------------------------------------------------------------------------------------------------
400,000 Monroe County, NY IDA (Summit at Brighton) 1 5.500 07/01/2027 349,828
- ----------------------------------------------------------------------------------------------------------
302,900,000 Monroe County, NY Tobacco Asset Securitization Corp.
(TASC) 7.701 3 06/01/2061 4,222,426
- ----------------------------------------------------------------------------------------------------------
1,000,000 Monroe, NY Newpower Corp 1 5.625 01/01/2026 939,550
- ----------------------------------------------------------------------------------------------------------
4,000,000 Monroe, NY Newpower Corp. 1 5.500 01/01/2034 3,564,240
- ----------------------------------------------------------------------------------------------------------
1,510,000 Montgomery County, NY IDA (HFM Boces) 1 5.000 07/01/2034 1,461,650
- ----------------------------------------------------------------------------------------------------------
790,000 Nassau County, NY (CSMR) 5.950 11/01/2022 759,198
- ----------------------------------------------------------------------------------------------------------
225,000 Nassau County, NY Bridge Authority 1 5.500 10/01/2019 229,896
- ----------------------------------------------------------------------------------------------------------
120,000 Nassau County, NY IDA (ACDS) 5.950 11/01/2022 115,321
- ----------------------------------------------------------------------------------------------------------
545,000 Nassau County, NY IDA (ALIA-ACDS) 1 6.125 09/01/2018 527,397
- ----------------------------------------------------------------------------------------------------------
2,020,000 Nassau County, NY IDA (ALIA-AP) 7.000 09/01/2028 2,013,395
- ----------------------------------------------------------------------------------------------------------
760,000 Nassau County, NY IDA (ALIA-CMA) 1 6.125 09/01/2018 732,936
- ----------------------------------------------------------------------------------------------------------
840,000 Nassau County, NY IDA (ALIA-CSMR) 1 6.125 09/01/2018 810,088
- ----------------------------------------------------------------------------------------------------------
545,000 Nassau County, NY IDA (ALIA-EFLI) 1 6.125 09/01/2018 525,593
- ----------------------------------------------------------------------------------------------------------
435,000 Nassau County, NY IDA (ALIA-HAII) 1 6.125 09/01/2018 419,510
- ----------------------------------------------------------------------------------------------------------
505,000 Nassau County, NY IDA (ALIA-NCMRS) 1 6.125 09/01/2018 487,017
- ----------------------------------------------------------------------------------------------------------
1,000,000 Nassau County, NY IDA (Amsterdam at Harborside) 6.700 01/01/2043 985,410
- ----------------------------------------------------------------------------------------------------------
100,000 Nassau County, NY IDA (Epilepsy Foundation of L.I.) 5.950 11/01/2022 96,101
- ----------------------------------------------------------------------------------------------------------
185,000 Nassau County, NY IDA (Hispanic Counseling Center) 6.500 11/01/2037 173,608
- ----------------------------------------------------------------------------------------------------------
2,675,000 Nassau County, NY IDA (Hispanic Counseling Center) 1 7.625 06/01/2033 2,580,626
- ----------------------------------------------------------------------------------------------------------
105,000 Nassau County, NY IDA (Life's WORCA) 5.950 11/01/2022 100,906
- ----------------------------------------------------------------------------------------------------------
200,000 Nassau County, NY IDA (PLUS Group Home) 6.150 11/01/2022 192,280
- ----------------------------------------------------------------------------------------------------------
70,000 Nassau County, NY IDA (United Veteran's Beacon House) 6.500 11/01/2037 65,981
- ----------------------------------------------------------------------------------------------------------
75,000 Nassau County, NY IDA, Series A-A 6.000 07/02/2021 69,559
- ----------------------------------------------------------------------------------------------------------
840,000 Nassau County, NY IDA, Series A-B 6.000 07/01/2021 779,058
- ----------------------------------------------------------------------------------------------------------
60,000 Nassau County, NY IDA, Series A-C 6.000 07/01/2021 55,647
- ----------------------------------------------------------------------------------------------------------
75,000 Nassau County, NY IDA, Series A-D 6.000 07/01/2021 69,559
- ----------------------------------------------------------------------------------------------------------
25,550,000 Nassau County, NY Tobacco Settlement Corp. 5.125 06/01/2046 22,749,720
- ----------------------------------------------------------------------------------------------------------
85,990,000 Nassau County, NY Tobacco Settlement Corp. 6.151 3 06/01/2046 5,717,475
- ----------------------------------------------------------------------------------------------------------
60,000,000 Nassau County, NY Tobacco Settlement Corp. 6.763 3 06/01/2060 1,153,800
- ----------------------------------------------------------------------------------------------------------
42,830,000 Nassau County, NY Tobacco Settlement Corp. (TASC) 5.000 06/01/2035 38,275,886
- ----------------------------------------------------------------------------------------------------------
115,000 New Hartford, NY GO 5.000 09/15/2022 117,542
- ----------------------------------------------------------------------------------------------------------
2,500,000 Niagara County, NY IDA (American Ref-Fuel Company) 5.550 11/15/2024 2,454,825
- ----------------------------------------------------------------------------------------------------------
1,000,000 Niagara County, NY IDA (Niagara Falls Memorial
Medical Center) 5.250 06/01/2018 917,800
24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 500,000 Niagara County, NY Tobacco Asset Securitization Corp. 1 6.250% 05/15/2034 $ 508,725
- --------------------------------------------------------------------------------------------------------------
285,000 Niagara County, NY Tobacco Asset Securitization Corp. 6.250 05/15/2040 289,158
- --------------------------------------------------------------------------------------------------------------
20,000 Niagara County, NY Tobacco Asset Securitization Corp.
(TASC) 5.500 05/15/2019 20,043
- --------------------------------------------------------------------------------------------------------------
100,000 North Hempstead, NY Public Improvement, Series A 5.375 05/15/2015 100,317
- --------------------------------------------------------------------------------------------------------------
1,185,000 NY Counties Tobacco Trust I 1 6.500 06/01/2035 1,214,400
- --------------------------------------------------------------------------------------------------------------
14,670,000 NY Counties Tobacco Trust II (TASC) 5.625 06/01/2035 14,457,872
- --------------------------------------------------------------------------------------------------------------
20,000 NY Counties Tobacco Trust II (TASC) 5.750 06/01/2043 19,908
- --------------------------------------------------------------------------------------------------------------
5,120,000 NY Counties Tobacco Trust III 6.000 06/01/2043 5,169,203
- --------------------------------------------------------------------------------------------------------------
850,000 NY Counties Tobacco Trust IV 5.000 06/01/2038 755,786
- --------------------------------------------------------------------------------------------------------------
5,900,000 NY Counties Tobacco Trust IV (TASC) 2 5.000 06/01/2042 5,201,204
- --------------------------------------------------------------------------------------------------------------
3,500,000 NY Counties Tobacco Trust IV (TASC) 0.000 5 06/01/2041 3,324,790
- --------------------------------------------------------------------------------------------------------------
9,240,000 NY Counties Tobacco Trust IV (TASC) 5.000 06/01/2045 8,060,422
- --------------------------------------------------------------------------------------------------------------
3,500,000 NY Counties Tobacco Trust IV (TASC) 6.650 4 06/01/2041 452,585
- --------------------------------------------------------------------------------------------------------------
84,200,000 NY Counties Tobacco Trust V 6.830 3 06/01/2055 2,364,336
- --------------------------------------------------------------------------------------------------------------
334,000,000 NY Counties Tobacco Trust V 7.850 3 06/01/2060 5,046,740
- --------------------------------------------------------------------------------------------------------------
2,300,000 NY Liberty Devel. Corp. (Goldman Sachs Headquarters) 1 5.250 10/01/2035 2,330,245
- --------------------------------------------------------------------------------------------------------------
20,420,000 NY MTA Service Contract, Series A 5.125 01/01/2029 20,453,080
- --------------------------------------------------------------------------------------------------------------
30,000,000 NY MTA, Series A 2 5.000 11/15/2031 29,752,050
- --------------------------------------------------------------------------------------------------------------
13,840,000 NY MTA, Series A 2 5.125 11/15/2031 13,875,915
- --------------------------------------------------------------------------------------------------------------
10,000,000 NY MTA, Series A 5.000 11/15/2037 9,832,400
- --------------------------------------------------------------------------------------------------------------
15,000,000 NY MTA, Series A-1 6 10.000 4 11/01/2031 15,000,000
- --------------------------------------------------------------------------------------------------------------
18,000,000 NY MTA, Series F 5.000 11/15/2030 17,902,440
- --------------------------------------------------------------------------------------------------------------
1,680,000 NY Seneca Nation Indians Capital Improvements 5.000 12/01/2023 1,481,928
- --------------------------------------------------------------------------------------------------------------
50,000 NY Tobacco Settlement Financing Corp. (TASC) 5.250 06/01/2012 50,072
- --------------------------------------------------------------------------------------------------------------
10,000,000 NY Triborough Bridge & Tunnel Authority 2 5.250 11/15/2023 10,302,900
- --------------------------------------------------------------------------------------------------------------
25,000 NY Triborough Bridge & Tunnel Authority 5.000 01/01/2020 25,747
- --------------------------------------------------------------------------------------------------------------
10,240,000 NY Triborough Bridge & Tunnel Authority, Series B 2 5.000 11/15/2027 10,344,550
- --------------------------------------------------------------------------------------------------------------
64,340,000 NY Triborough Bridge & Tunnel Authority, Series B 2 5.000 11/15/2032 63,886,403
- --------------------------------------------------------------------------------------------------------------
18,200,000 NY Triborough Bridge & Tunnel Authority, Series B 2 5.125 11/15/2029 18,306,652
- --------------------------------------------------------------------------------------------------------------
3,870,000 NY TSASC, Inc. (TFABs) 4.750 06/01/2022 3,641,128
- --------------------------------------------------------------------------------------------------------------
4,875,000 NY TSASC, Inc. (TFABs) 5.000 06/01/2034 4,364,880
- --------------------------------------------------------------------------------------------------------------
125,420,000 NY TSASC, Inc. (TFABs) 5.125 06/01/2042 112,728,750
- --------------------------------------------------------------------------------------------------------------
20,000,000 NYC GO 2 5.000 08/01/2021 20,578,300
- --------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 01/01/2026 1,511,520
- --------------------------------------------------------------------------------------------------------------
1,500,000 NYC GO 5.000 08/01/2026 1,509,960
- --------------------------------------------------------------------------------------------------------------
665,000 NYC GO 5.000 10/15/2027 667,221
- --------------------------------------------------------------------------------------------------------------
3,185,000 NYC GO 5.000 11/01/2028 3,191,943
- --------------------------------------------------------------------------------------------------------------
750,000 NYC GO 5.000 04/01/2035 743,415
- --------------------------------------------------------------------------------------------------------------
585,000 NYC GO 5.000 08/01/2035 579,794
- --------------------------------------------------------------------------------------------------------------
10,000 NYC GO 5.300 01/15/2026 10,174
25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- -------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 10,000 NYC GO 5.375% 08/01/2027 $ 10,144
- -------------------------------------------------------------------------------------------------------------------
100,000 NYC GO 5.500 08/01/2010 101,229
- -------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 5.500 06/01/2022 46,862
- -------------------------------------------------------------------------------------------------------------------
105,000 NYC GO 5.500 11/15/2037 105,591
- -------------------------------------------------------------------------------------------------------------------
680,000 NYC GO 5.875 08/01/2019 735,284
- -------------------------------------------------------------------------------------------------------------------
20,000 NYC GO 6.000 05/15/2008 20,061
- -------------------------------------------------------------------------------------------------------------------
45,000 NYC GO 6.000 05/15/2022 45,091
- -------------------------------------------------------------------------------------------------------------------
5,000 NYC GO 7.500 02/01/2019 5,016
- -------------------------------------------------------------------------------------------------------------------
2,500,000 NYC HDC (De Sales Assisted Living Devel.) 1 5.125 11/01/2018 2,548,175
- -------------------------------------------------------------------------------------------------------------------
1,300,619 NYC HDC (Keith Plaza) 6.500 02/15/2018 1,302,544
- -------------------------------------------------------------------------------------------------------------------
750,000 NYC HDC (Multifamily Hsg.) 4.750 11/01/2035 687,480
- -------------------------------------------------------------------------------------------------------------------
1,000,000 NYC HDC (Multifamily Hsg.) 5.250 11/01/2030 1,003,050
- -------------------------------------------------------------------------------------------------------------------
2,000,000 NYC HDC (Multifamily Hsg.) 1 5.250 11/01/2031 2,002,300
- -------------------------------------------------------------------------------------------------------------------
250,000 NYC HDC (Multifamily Hsg.), Series E 6.250 05/01/2036 257,115
- -------------------------------------------------------------------------------------------------------------------
100,000 NYC Health & Hospital Corp. 5.375 02/15/2026 100,409
- -------------------------------------------------------------------------------------------------------------------
1,975,000 NYC Health & Hospital Corp. 1 5.450 02/15/2026 1,988,608
- -------------------------------------------------------------------------------------------------------------------
1,465,000 NYC IDA (American Council of Learned Societies) 5.250 07/01/2027 1,485,466
- -------------------------------------------------------------------------------------------------------------------
60,000 NYC IDA (Assoc. for Metroarea Autistic Children) 4.500 07/01/2021 50,173
- -------------------------------------------------------------------------------------------------------------------
2,760,000 NYC IDA (Beth Abraham Health Services) 1 6.500 02/15/2022 2,662,600
- -------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Beth Abraham Health Services) 6.500 11/15/2027 495,320
- -------------------------------------------------------------------------------------------------------------------
2,100,000 NYC IDA (Beth Abraham Health Services) 1 6.500 11/15/2034 2,046,660
- -------------------------------------------------------------------------------------------------------------------
6,000,000 NYC IDA (Calhoun School) 1 6.625 12/01/2034 6,111,780
- -------------------------------------------------------------------------------------------------------------------
500,000 NYC IDA (Calhoun School) 6.625 12/01/2034 510,635
- -------------------------------------------------------------------------------------------------------------------
960,000 NYC IDA (Center for Elimination of Family Violence) 7.375 11/01/2036 957,120
- -------------------------------------------------------------------------------------------------------------------
830,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 712,646
- -------------------------------------------------------------------------------------------------------------------
205,000 NYC IDA (Center for Nursing/Rehabilitation) 5.375 08/01/2027 176,075
- -------------------------------------------------------------------------------------------------------------------
3,240,000 NYC IDA (Chapin School) 5.000 11/01/2038 2,601,720
- -------------------------------------------------------------------------------------------------------------------
3,755,000 NYC IDA (Community Resource Developmentally
Disabled) 1 7.500 08/01/2026 3,765,026
- -------------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Comprehensive Care Management) 6.000 05/01/2026 138,963
- -------------------------------------------------------------------------------------------------------------------
350,000 NYC IDA (Comprehensive Care Management) 6.125 11/01/2035 323,519
- -------------------------------------------------------------------------------------------------------------------
980,000 NYC IDA (Eger Harbor House) 5.875 05/20/2044 1,024,433
- -------------------------------------------------------------------------------------------------------------------
725,000 NYC IDA (Family Support Systems) 7.500 11/01/2034 674,511
- -------------------------------------------------------------------------------------------------------------------
1,530,000 NYC IDA (Gateway School of New York) 5.550 06/01/2039 1,331,024
- -------------------------------------------------------------------------------------------------------------------
220,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 201,078
- -------------------------------------------------------------------------------------------------------------------
170,000 NYC IDA (Global Country World Peace) 7.250 11/01/2025 155,378
- -------------------------------------------------------------------------------------------------------------------
1,825,000 NYC IDA (Guttmacher Institute) 5.75O 12/01/2036 1,559,554
- -------------------------------------------------------------------------------------------------------------------
805,000 NYC IDA (Independent Living Assoc.) 6.200 07/01/2020 750,308
- -------------------------------------------------------------------------------------------------------------------
20,610,000 NYC IDA (Liberty-7 World Trade Center) 1 6.250 03/01/2015 20,847,015
- -------------------------------------------------------------------------------------------------------------------
8,550,000 NYC IDA (Liberty-7 World Trade Center) 1 6.750 03/01/2015 8,808,980
- -------------------------------------------------------------------------------------------------------------------
12,050,000 NYC IDA (Liberty-IAC/Interactive Corp.) 1 5.000 09/01/2035 10,279,253
26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 3,700,000 NYC IDA (Lycee Francais De New York) 1 5.375% 06/01/2023 $ 3,526,322
- ----------------------------------------------------------------------------------------------------------------
4,000,000 NYC IDA (Lycee Francais De New York) 1 6.800 06/01/2028 4,160,320
- ----------------------------------------------------------------------------------------------------------------
420,000 NYC IDA (Manhattan Community Access Corp.) 1 6.000 12/01/2036 362,065
- ----------------------------------------------------------------------------------------------------------------
210,000 NYC IDA (Margaret Tietz Nursing &
Rehabilitation Center) 6.375 11/01/2038 200,617
- ----------------------------------------------------------------------------------------------------------------
1,020,000 NYC IDA (Margaret Tietz Nursing &
Rehabilitation Center) 6.375 11/01/2038 974,426
- ----------------------------------------------------------------------------------------------------------------
180,000 NYC IDA (Metropolitan College of New York) 5.750 03/01/2020 168,415
- ----------------------------------------------------------------------------------------------------------------
2,300,000 NYC IDA (Montefiore Medical Center Corp.) 1 5.125 11/01/2035 2,305,681
- ----------------------------------------------------------------------------------------------------------------
6,510,000 NYC IDA (Mount St. Vincent) 1 5.250 06/01/2036 6,286,772
- ----------------------------------------------------------------------------------------------------------------
1,375,000 NYC IDA (Polytechnic University) 1 5.250 11/01/2027 1,200,499
- ----------------------------------------------------------------------------------------------------------------
1,200,000 NYC IDA (Polytechnic University) 5.250 11/01/2037 993,780
- ----------------------------------------------------------------------------------------------------------------
1,380,000 NYC IDA (PSCH) 6.375 07/01/2033 1,380,883
- ----------------------------------------------------------------------------------------------------------------
750,000 NYC IDA (Reece School) 7.500 12/01/2037 682,095
- ----------------------------------------------------------------------------------------------------------------
295,000 NYC IDA (Reece School) 7.500 12/01/2037 268,291
- ----------------------------------------------------------------------------------------------------------------
1,465,000 NYC IDA (Staten Island University Hospital) 6.450 07/01/2032 1,423,423
- ----------------------------------------------------------------------------------------------------------------
756,500 NYC IDA (Studio School) 7.000 11/01/2038 663,420
- ----------------------------------------------------------------------------------------------------------------
6,020,000 NYC IDA (The Child School) 7.550 06/01/2033 6,076,347
- ----------------------------------------------------------------------------------------------------------------
995,000 NYC IDA (Tides Two Rivers Foundation) 5.650 12/01/2039 862,476
- ----------------------------------------------------------------------------------------------------------------
3,560,000 NYC IDA (Unicef) 5.300 11/01/2038 3,031,589
- ----------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Urban Resource Institute) 7.375 11/01/2033 5,613,552
- ----------------------------------------------------------------------------------------------------------------
785,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 713,447
- ----------------------------------------------------------------------------------------------------------------
310,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2021 281,744
- ----------------------------------------------------------------------------------------------------------------
150,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 126,783
- ----------------------------------------------------------------------------------------------------------------
360,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2028 304,279
- ----------------------------------------------------------------------------------------------------------------
100,000 NYC IDA (Vaughn College Aeronautics) 5.000 12/01/2031 82,778
- ----------------------------------------------------------------------------------------------------------------
2,020,000 NYC IDA (Vaughn College Aeronautics) 1 5.250 12/01/2036 1,699,143
- ----------------------------------------------------------------------------------------------------------------
5,600,000 NYC IDA (Vocational Instruction) 7.750 02/01/2033 4,247,208
- ----------------------------------------------------------------------------------------------------------------
9,900,000 NYC IDA (Yankee Stadium) 5.000 03/01/2046 9,476,973
- ----------------------------------------------------------------------------------------------------------------
2,700,000 NYC IDA (Yeled Yalda Early Childhood) 5.725 11/01/2037 2,351,349
- ----------------------------------------------------------------------------------------------------------------
850,000 NYC IDA (YMCA of Greater New York) 5.000 08/01/2036 811,555
- ----------------------------------------------------------------------------------------------------------------
4,555,000 NYC IDA (YMCA of Greater New York) 1 5.250 08/01/2021 4,619,727
- ----------------------------------------------------------------------------------------------------------------
80,000 NYC IDA (YMCA of Greater New York) 5.800 08/01/2016 83,546
- ----------------------------------------------------------------------------------------------------------------
20,000,000 NYC Municipal Water Finance Authority 2 4.750 06/15/2035 19,288,600
- ----------------------------------------------------------------------------------------------------------------
20,000,000 NYC Municipal Water Finance Authority 2 5.000 06/15/2037 19,958,700
- ----------------------------------------------------------------------------------------------------------------
50,000 NYC Municipal Water Finance Authority 5.000 06/15/2032 50,084
- ----------------------------------------------------------------------------------------------------------------
500,000 NYC Municipal Water Finance Authority 5.000 06/15/2038 497,645
- ----------------------------------------------------------------------------------------------------------------
20,000 NYC Municipal Water Finance Authority 5.250 06/15/2025 20,712
- ----------------------------------------------------------------------------------------------------------------
2,000,000 NYC Transitional Finance Authority (Future
Tax), Series E 1 5.000 02/01/2033 2,004,960
- ----------------------------------------------------------------------------------------------------------------
9,795,000 NYC Trust for Cultural Resources
(Manhattan School of Music) 6 7.000 4 10/01/2029 9,795,000
27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 50,000 NYC Trust for Cultural Resources
(Museum of American Folk Art) 6.000% 07/01/2022 $ 48,392
- --------------------------------------------------------------------------------------------------------
20,000 NYS DA (Audit & Control) 5.000 04/01/2029 20,028
- --------------------------------------------------------------------------------------------------------
250,000 NYS DA (Cabrini Westchester) 5.100 02/15/2026 257,170
- --------------------------------------------------------------------------------------------------------
4,800,000 NYS DA (Cabrini Westchester) 5.200 02/15/2041 4,829,280
- --------------------------------------------------------------------------------------------------------
385,000 NYS DA (Chapel Oaks) 1 5.450 07/01/2026 388,939
- --------------------------------------------------------------------------------------------------------
425,000 NYS DA (Concord Nursing Home) 5.500 02/15/2030 434,422
- --------------------------------------------------------------------------------------------------------
450,000 NYS DA (Health Quest Systems) 1 5.125 07/01/2037 450,455
- --------------------------------------------------------------------------------------------------------
175,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 178,194
- --------------------------------------------------------------------------------------------------------
300,000 NYS DA (Health Quest Systems) 5.250 07/01/2027 305,475
- --------------------------------------------------------------------------------------------------------
1,870,000 NYS DA (Lenox Hill Hospital Obligated
Group) 5.500 07/01/2030 1,746,449
- --------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (Maimonides Medical Center) 5.750 08/01/2024 1,001,330
- --------------------------------------------------------------------------------------------------------
750,000 NYS DA (Manhattan College) 5.000 07/01/2041 695,130
- --------------------------------------------------------------------------------------------------------
365,000 NYS DA (Manhattan College) 5.300 07/01/2037 360,689
- --------------------------------------------------------------------------------------------------------
1,290,000 NYS DA (Memorial Sloan-Kettering) 5.000 07/01/2035 1,282,299
- --------------------------------------------------------------------------------------------------------
750,000 NYS DA (Mental Health Services Facilities) 5.000 02/15/2030 752,115
- --------------------------------------------------------------------------------------------------------
2,100,000 NYS DA (Mental Health Services
Facilities) 1 5.000 02/15/2035 2,075,388
- --------------------------------------------------------------------------------------------------------
100,000 NYS DA (Mental Health) 5.250 02/15/2019 102,121
- --------------------------------------------------------------------------------------------------------
665,000 NYS DA (Montefiore Medical Center) 5.450 08/01/2029 672,002
- --------------------------------------------------------------------------------------------------------
600,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 5.500 07/01/2026 599,964
- --------------------------------------------------------------------------------------------------------
8,990,000 NYS DA (MSH/NYU Hospital Center/HJDOI
Obligated Group) 1 6.500 07/01/2025 9,287,209
- --------------------------------------------------------------------------------------------------------
900,000 NYS DA (Mt. Sinai/NYU Health) 5.500 07/01/2026 900,099
- --------------------------------------------------------------------------------------------------------
40,000 NYS DA (Mt. Sinai/NYU Health) 6.500 07/01/2017 41,781
- --------------------------------------------------------------------------------------------------------
270,000 NYS DA (Municipal Health Facilities) 5.500 05/15/2017 276,024
- --------------------------------------------------------------------------------------------------------
2,000,000 NYS DA (New York Hospital Medical Center
of Queens) 4.750 02/15/2037 1,915,080
- --------------------------------------------------------------------------------------------------------
1,360,000 NYS DA (New York Methodist Hospital) 5.250 07/01/2024 1,332,242
- --------------------------------------------------------------------------------------------------------
6,885,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center Obligated
Group) 2,7 3.000 4 05/01/2033 4,819,505
- --------------------------------------------------------------------------------------------------------
5,515,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) 1 5.000 05/01/2025 5,514,779
- --------------------------------------------------------------------------------------------------------
240,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) 5.000 05/01/2027 236,796
- --------------------------------------------------------------------------------------------------------
2,500,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) 1 5.000 05/01/2032 2,395,250
- --------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (North Shore University Hospital/
L.I. Jewish Medical Center) 5.000 05/01/2037 950,030
- --------------------------------------------------------------------------------------------------------
7,500,000 NYS DA (NSLIJHS/LIMC/NSUHGC Obligated
Group) 5.000 11/01/2026 7,283,175
- --------------------------------------------------------------------------------------------------------
680,000 NYS DA (Nursing Home) 4.900 02/15/2041 657,336
- --------------------------------------------------------------------------------------------------------
820,000 NYS DA (Nursing Home) 4.950 02/15/2045 787,766
28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 2,000,000 NYS DA (NYU Hospital) 5.000% 07/01/2036 $ 1,699,280
- ---------------------------------------------------------------------------------------------------------
325,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2026 328,377
- ---------------------------------------------------------------------------------------------------------
350,000 NYS DA (Ozanam Hall of Queens Nursing Home) 5.000 11/01/2031 350,711
- ---------------------------------------------------------------------------------------------------------
17,100,000 NYS DA (Pace University) 6 8.250 4 07/01/2029 17,100,000
- ---------------------------------------------------------------------------------------------------------
490,000 NYS DA (Providence Rest) 5.000 07/01/2035 388,051
- ---------------------------------------------------------------------------------------------------------
1,300,000 NYS DA (Providence Rest) 5.125 07/01/2030 1,077,180
- ---------------------------------------------------------------------------------------------------------
340,000 NYS DA (Providence Rest) 5.250 07/01/2025 298,996
- ---------------------------------------------------------------------------------------------------------
650,000 NYS DA (Rochester General Hospital) 5.000 12/01/2035 602,290
- ---------------------------------------------------------------------------------------------------------
70,000 NYS DA (Sarah Neuman Nursing Home) 5.500 08/01/2037 70,253
- ---------------------------------------------------------------------------------------------------------
5,000,000 NYS DA (School District Financing) 5.750 10/01/2030 5,172,850
- ---------------------------------------------------------------------------------------------------------
4,000,000 NYS DA (SS Joachim & Anne Residence) 5.250 07/01/2027 4,010,240
- ---------------------------------------------------------------------------------------------------------
65,000 NYS DA (St. Joseph's Hospital Health Center) 5.250 07/01/2018 66,156
- ---------------------------------------------------------------------------------------------------------
13,200,000 NYS DA (St. Lukes Roosevelt Hospital) 4.900 08/15/2031 12,925,836
- ---------------------------------------------------------------------------------------------------------
5,465,000 NYS DA (The Highlands Living) 1 6.600 02/01/2034 5,511,890
- ---------------------------------------------------------------------------------------------------------
500,000 NYS DA (Various School Districts) 5.000 04/01/2035 500,290
- ---------------------------------------------------------------------------------------------------------
1,000,000 NYS DA (W.K. Nursing Home) 6.125 02/01/2036 1,002,880
- ---------------------------------------------------------------------------------------------------------
1,220,000 NYS DA (Winthrop University Hospital) 5.500 07/01/2023 1,230,943
- ---------------------------------------------------------------------------------------------------------
100,000 NYS DA (Winthrop University Hospital/
South Nassau Communities Hospital
Obligated Group) 5.500 07/01/2032 97,252
- ---------------------------------------------------------------------------------------------------------
20,000 NYS EFC (Clean Water & Drinking Revolving
Funds) 5.000 06/15/2027 20,163
- ---------------------------------------------------------------------------------------------------------
85,000 NYS EFC (NYS Water Services) 6.600 09/15/2012 85,294
- ---------------------------------------------------------------------------------------------------------
10,000 NYS EFC (State Water Revolving Fund) 5.750 01/15/2013 10,027
- ---------------------------------------------------------------------------------------------------------
1,815,000 NYS ERDA (Brooklyn Union Gas Company) 1 5.500 01/01/2021 1,826,816
- ---------------------------------------------------------------------------------------------------------
200,000 NYS ERDA (LILCO) 5.150 03/01/2016 200,400
- ---------------------------------------------------------------------------------------------------------
100,000 NYS GO 5.375 10/01/2011 100,230
- ---------------------------------------------------------------------------------------------------------
10,000 NYS HFA (Hospital & Healthcare) 5.150 11/01/2016 10,227
- ---------------------------------------------------------------------------------------------------------
9,260,000 NYS HFA, Series A 1 6.100 11/01/2015 9,288,613
- ---------------------------------------------------------------------------------------------------------
125,000 NYS Medcare (Hospital & Nursing Home) 5.400 08/15/2033 125,011
- ---------------------------------------------------------------------------------------------------------
115,000 NYS Medcare (Hospital & Nursing Home) 6.200 08/15/2023 115,243
- ---------------------------------------------------------------------------------------------------------
640,000 NYS Medcare (Hospital & Nursing Home) 6.300 08/15/2023 641,434
- ---------------------------------------------------------------------------------------------------------
50,000 NYS Medcare (Hospital & Nursing Home) 6.375 08/15/2033 50,115
- ---------------------------------------------------------------------------------------------------------
15,000 NYS UDC (Subordinated Lien) 5.375 07/01/2022 15,071
- ---------------------------------------------------------------------------------------------------------
295,000 NYS UDC (Subordinated Lien) 1 5.500 07/01/2022 296,404
- ---------------------------------------------------------------------------------------------------------
250,000 Oneida County, NY IDA (Mohawk Valley
Handicapped Services) 5.300 03/15/2019 237,918
- ---------------------------------------------------------------------------------------------------------
55,000 Onondaga County, NY IDA (Salina Free Library) 5.500 12/01/2022 56,570
- ---------------------------------------------------------------------------------------------------------
1,000,000 Orange County, NY IDA (Glen Arden) 1 5.625 01/01/2018 957,230
- ---------------------------------------------------------------------------------------------------------
275,000 Orange County, NY IDA (Glen Arden) 5.700 01/01/2028 242,492
- ---------------------------------------------------------------------------------------------------------
1,600,000 Otsego County, NY IDA (Hartwick College) 5.900 07/01/2022 1,577,872
- ---------------------------------------------------------------------------------------------------------
15,205,000 Port Authority NY/NJ (Delta Air Lines) 6 6.950 06/01/2008 15,186,298
29 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 38,280,000 Port Authority NY/NJ, 140th Series 2 5.000% 12/01/2034 $ 38,281,340
- --------------------------------------------------------------------------------------------------------------------
3,180,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2026 3,239,084
- --------------------------------------------------------------------------------------------------------------------
3,550,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2031 3,558,769
- --------------------------------------------------------------------------------------------------------------------
6,275,000 Rensselaer County, NY IDA (Emma Willard School) 5.000 01/01/2036 6,265,148
- --------------------------------------------------------------------------------------------------------------------
2,600,000 Rensselaer County, NY IDA (Rensselaer Polytechnical
Institute) 5.000 03/01/2036 2,550,028
- --------------------------------------------------------------------------------------------------------------------
2,680,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.625 06/01/2035 2,641,247
- --------------------------------------------------------------------------------------------------------------------
2,000,000 Rensselaer County, NY Tobacco Asset Securitization Corp. 5.750 06/01/2043 1,990,840
- --------------------------------------------------------------------------------------------------------------------
10,605,000 Rensselaer, NY City School District COP 5.000 06/01/2026 10,212,085
- --------------------------------------------------------------------------------------------------------------------
1,060,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.625 08/15/2035 1,044,630
- --------------------------------------------------------------------------------------------------------------------
3,150,000 Rockland County, NY Tobacco Asset Securitization Corp. 5.750 08/15/2043 3,135,573
- --------------------------------------------------------------------------------------------------------------------
101,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 6.252 3 08/15/2045 6,634,690
- --------------------------------------------------------------------------------------------------------------------
53,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 6.637 3 08/15/2050 2,139,610
- --------------------------------------------------------------------------------------------------------------------
50,000,000 Rockland County, NY Tobacco Asset Securitization Corp. 7.676 3 08/15/2060 743,000
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Saratoga County, NY IDA (Saratoga Hospital/Saratoga
Care/Benedict Community Health Center) 5.125 12/01/2033 2,368,400
- --------------------------------------------------------------------------------------------------------------------
450,000 Saratoga County, NY IDA (Saratoga Hospital/ Saratoga
Care/Saratoga Care Family Health Centers) 5.125 12/01/2027 426,731
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Saratoga County, NY IDA (Saratoga Hospital/ Saratoga
Care/Saratoga Care Family Health Centers) 5.250 12/01/2032 936,940
- --------------------------------------------------------------------------------------------------------------------
350,000 Seneca County, NY IDA (New York Chiropractic College) 5.000 10/01/2027 327,086
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2032 46,594
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2033 46,530
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2034 46,506
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2035 46,462
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2036 46,428
- --------------------------------------------------------------------------------------------------------------------
45,000 Sodus Village, NY GO 5.000 05/15/2037 46,394
- --------------------------------------------------------------------------------------------------------------------
250,000 SONYMA, Series 83 5.550 10/01/2027 251,325
- --------------------------------------------------------------------------------------------------------------------
15,000 St. Lawrence County, NY IDA (Clarkson University) 5.000 07/01/2033 14,871
- --------------------------------------------------------------------------------------------------------------------
180,000 Suffolk County, NY IDA (ALIA-ACLD) 5.950 10/01/2021 164,052
- --------------------------------------------------------------------------------------------------------------------
95,000 Suffolk County, NY IDA (ALIA-Adelante) 6.500 11/01/2037 89,319
- --------------------------------------------------------------------------------------------------------------------
200,000 Suffolk County, NY IDA (ALIA-Civic Facility) 5.950 11/01/2022 191,778
- --------------------------------------------------------------------------------------------------------------------
250,000 Suffolk County, NY IDA (ALIA-DDI) 5.950 10/01/2021 227,850
- --------------------------------------------------------------------------------------------------------------------
60,000 Suffolk County, NY IDA (ALIA-FREE) 5.950 10/01/2021 54,684
- --------------------------------------------------------------------------------------------------------------------
35,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 10/01/2021 31,899
- --------------------------------------------------------------------------------------------------------------------
120,000 Suffolk County, NY IDA (ALIA-IGHL) 5.950 11/01/2022 115,067
- --------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County, NY IDA (ALIA-IGHL) 6.000 10/01/2031 21,932
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Suffolk County, NY IDA (ALIA-IGHL) 7.250 12/01/2033 4,086,760
- --------------------------------------------------------------------------------------------------------------------
320,000 Suffolk County, NY IDA (ALIA-LIHIA) 5.950 11/01/2022 306,845
- --------------------------------------------------------------------------------------------------------------------
125,000 Suffolk County, NY IDA (ALIA-NYS ARC) 5.950 11/01/2022 119,861
- --------------------------------------------------------------------------------------------------------------------
155,000 Suffolk County, NY IDA (ALIA-UCPAGS) 5.950 10/01/2021 141,267
30 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 390,000 Suffolk County, NY IDA (ALIA-UVBH) 6.500% 11/01/2037 $ 366,678
- --------------------------------------------------------------------------------------------------------------------
125,000 Suffolk County, NY IDA (ALIA-WORCA) 5.950 11/01/2022 119,861
- --------------------------------------------------------------------------------------------------------------------
20,000 Suffolk County, NY IDA (Catholic Charities) 6.000 10/01/2020 18,673
- --------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 23,342
- --------------------------------------------------------------------------------------------------------------------
25,000 Suffolk County, NY IDA (DDI) 6.000 10/01/2020 23,185
- --------------------------------------------------------------------------------------------------------------------
8,460,000 Suffolk County, NY IDA (Dowling College) 5.000 06/01/2036 6,670,287
- --------------------------------------------------------------------------------------------------------------------
195,000 Suffolk County, NY IDA (Dowling College) 6.700 12/01/2020 195,917
- --------------------------------------------------------------------------------------------------------------------
660,000 Suffolk County, NY IDA (Easter Long Island Hospital
Assoc.) 5.375 01/01/2027 569,547
- --------------------------------------------------------------------------------------------------------------------
685,000 Suffolk County, NY IDA (Easter Long Island Hospital
Assoc.) 5.500 01/01/2037 567,543
- --------------------------------------------------------------------------------------------------------------------
15,000 Suffolk County, NY IDA (Independent Group Home Living) 6.000 10/01/2020 14,005
- --------------------------------------------------------------------------------------------------------------------
10,550,000 Suffolk County, NY IDA (Jefferson's Ferry) 5.000 11/01/2028 9,346,034
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Suffolk County, NY IDA (L.I. Network Community Services) 7.550 02/01/2034 1,002,670
- --------------------------------------------------------------------------------------------------------------------
620,000 Suffolk County, NY IDA (Nassau-Suffolk Services for
Autism) 6.750 11/01/2036 556,717
- --------------------------------------------------------------------------------------------------------------------
210,000 Suffolk County, NY IDA (Nassau-Suffolk Services for
Autism) 6.750 11/01/2036 188,565
- --------------------------------------------------------------------------------------------------------------------
5,985,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.000 11/01/2035 5,894,746
- --------------------------------------------------------------------------------------------------------------------
505,000 Suffolk County, NY IDA (Pederson-Krager Center) 7.200 02/01/2035 507,449
- --------------------------------------------------------------------------------------------------------------------
215,000 Suffolk County, NY IDA (Special Needs Facilities
Pooled Program) 5.250 07/01/2022 197,650
- --------------------------------------------------------------------------------------------------------------------
35,000 Suffolk County, NY IDA (Suffolk Hotels) 6.000 10/01/2020 32,678
- --------------------------------------------------------------------------------------------------------------------
510,000 Sullivan County, NY Community College COP 6 5.750 08/15/2025 451,299
- --------------------------------------------------------------------------------------------------------------------
530,000 Sullivan County, NY IDA (Center for Discovery) 5.625 06/01/2013 507,698
- --------------------------------------------------------------------------------------------------------------------
1,570,000 Sullivan County, NY IDA (Center for Discovery) 5.875 07/01/2022 1,434,101
- --------------------------------------------------------------------------------------------------------------------
665,000 Sullivan County, NY IDA (Center for Discovery) 6.000 06/01/2019 623,145
- --------------------------------------------------------------------------------------------------------------------
1,540,000 Sullivan County, NY IDA (Center for Discovery) 6.000 07/01/2037 1,356,678
- --------------------------------------------------------------------------------------------------------------------
495,000 Sullivan County, NY IDA (Center for Discovery) 6.500 06/01/2025 469,656
- --------------------------------------------------------------------------------------------------------------------
505,000 Sullivan County, NY IDA (Center for Discovery) 6.950 02/01/2035 506,151
- --------------------------------------------------------------------------------------------------------------------
445,000 Syracuse, NY IDA (Crouse Irving Companies) 5.250 01/01/2017 452,173
- --------------------------------------------------------------------------------------------------------------------
175,000 Tompkins County, NY IDA (Kendal at Ithaca) 5.500 07/01/2024 175,072
- --------------------------------------------------------------------------------------------------------------------
1,475,000 Ulster County, NY IDA (Benedictine Hospital) 6.500 11/01/2036 1,362,989
- --------------------------------------------------------------------------------------------------------------------
25,000 Ulster County, NY IDA (Mid-Hudson Family Health
Institute) 5.300 07/01/2016 25,337
- --------------------------------------------------------------------------------------------------------------------
4,000,000 Utica, NY IDA (Utica College Civic Facility) 5.750 08/01/2028 3,764,600
- --------------------------------------------------------------------------------------------------------------------
1,250,000 Utica, NY IDA (Utica College Civic Facility) 6.750 12/01/2021 1,312,975
- --------------------------------------------------------------------------------------------------------------------
30,000 Voorheesville, NY GO 5.000 02/15/2023 31,967
- --------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2024 37,081
- --------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2025 36,948
- --------------------------------------------------------------------------------------------------------------------
35,000 Voorheesville, NY GO 5.000 02/15/2026 36,816
- --------------------------------------------------------------------------------------------------------------------
40,000 Voorheesville, NY GO 5.000 02/15/2027 42,063
- --------------------------------------------------------------------------------------------------------------------
40,000 Voorheesville, NY GO 5.000 02/15/2028 41,973
- --------------------------------------------------------------------------------------------------------------------
40,000 Voorheesville, NY GO 5.000 02/15/2029 41,895
- --------------------------------------------------------------------------------------------------------------------
45,000 Voorheesville, NY GO 5.000 02/15/2030 47,064
31 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK Continued
$ 45,000 Voorheesville, NY GO 5.000% 02/15/2031 $ 46,762
- ---------------------------------------------------------------------------------------------------------------------
50,000 Voorheesville, NY GO 5.000 02/15/2032 51,943
- ---------------------------------------------------------------------------------------------------------------------
50,000 Voorheesville, NY GO 5.000 02/15/2033 51,847
- ---------------------------------------------------------------------------------------------------------------------
55,000 Voorheesville, NY GO 5.000 02/15/2034 57,019
- ---------------------------------------------------------------------------------------------------------------------
55,000 Voorheesville, NY GO 5.000 02/15/2035 56,950
- ---------------------------------------------------------------------------------------------------------------------
60,000 Voorheesville, NY GO 5.000 02/15/2036 62,083
- ---------------------------------------------------------------------------------------------------------------------
60,000 Voorheesville, NY GO 5.000 02/15/2037 62,038
- ---------------------------------------------------------------------------------------------------------------------
370,000 Westchester County, NY IDA (Field Home) 6.500 08/15/2022 358,171
- ---------------------------------------------------------------------------------------------------------------------
250,000 Westchester County, NY IDA (Guiding Eyes for the
Blind) 1 5.375 08/01/2024 250,063
- ---------------------------------------------------------------------------------------------------------------------
1,810,000 Westchester County, NY IDA (Rippowam-Cisqua School) 5.750 06/01/2029 1,675,427
- ---------------------------------------------------------------------------------------------------------------------
320,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2013 330,534
- ---------------------------------------------------------------------------------------------------------------------
600,000 Westchester County, NY IDA (Schnurmacher Center) 6.500 11/01/2033 587,142
- ---------------------------------------------------------------------------------------------------------------------
300,000 Westchester County, NY Tobacco Asset Securitization
Corp. 5.000 06/01/2026 278,232
- ---------------------------------------------------------------------------------------------------------------------
10,790,000 Westchester County, NY Tobacco Asset Securitization
Corp. 5.125 06/01/2045 9,616,156
- ---------------------------------------------------------------------------------------------------------------------
500,000 Yonkers, NY GO 1 5.000 08/01/2035 500,270
----------------
1,270,442,430
- ---------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--32.7%
3,280,000 Guam GO 1 5.400 11/15/2018 3,057,222
- ---------------------------------------------------------------------------------------------------------------------
500,000 Guam Government Waterworks Authority and Wastewater
System 1 5.875 07/01/2035 472,745
- ---------------------------------------------------------------------------------------------------------------------
5,295,000 Guam Power Authority, Series A 1 5.125 10/01/2029 5,054,130
- ---------------------------------------------------------------------------------------------------------------------
10,100,000 Guam Power Authority, Series A 5.250 10/01/2034 9,655,095
- ---------------------------------------------------------------------------------------------------------------------
1,000,000 Guam Tobacco Settlement Economic Devel. & Commerce
Authority (TASC) 5.625 06/01/2047 955,150
- ---------------------------------------------------------------------------------------------------------------------
19,710,000 Puerto Rico Aqueduct & Sewer Authority 7 0.000 5 07/01/2024 16,565,664
- ---------------------------------------------------------------------------------------------------------------------
3,000,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2038 3,066,480
- ---------------------------------------------------------------------------------------------------------------------
11,800,000 Puerto Rico Aqueduct & Sewer Authority 6.000 07/01/2044 12,061,488
- ---------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Children's Trust Fund (TASC) 5.375 05/15/2033 14,314
- ---------------------------------------------------------------------------------------------------------------------
11,900,000 Puerto Rico Children's Trust Fund (TASC) 7 5.500 05/15/2039 11,487,070
- ---------------------------------------------------------------------------------------------------------------------
30,000,000 Puerto Rico Children's Trust Fund (TASC) 5.625 05/15/2043 29,039,700
- ---------------------------------------------------------------------------------------------------------------------
124,000,000 Puerto Rico Children's Trust Fund (TASC) 6.426 3 05/15/2050 6,200,000
- ---------------------------------------------------------------------------------------------------------------------
4,030,000 Puerto Rico Commonwealth GO 5.000 07/01/2027 3,833,538
- ---------------------------------------------------------------------------------------------------------------------
12,230,000 Puerto Rico Commonwealth GO 5.000 07/01/2034 11,179,076
- ---------------------------------------------------------------------------------------------------------------------
4,940,000 Puerto Rico Commonwealth GO 1 5.250 07/01/2031 4,741,066
- ---------------------------------------------------------------------------------------------------------------------
12,380,000 Puerto Rico Commonwealth GO 5.250 07/01/2032 11,839,489
- ---------------------------------------------------------------------------------------------------------------------
1,185,000 Puerto Rico Commonwealth GO 5.250 07/01/2034 1,126,651
- ---------------------------------------------------------------------------------------------------------------------
5,500,000 Puerto Rico Commonwealth GO 5.250 07/01/2037 5,246,890
- ---------------------------------------------------------------------------------------------------------------------
1,005,000 Puerto Rico Commonwealth GO 5.500 07/01/2018 1,063,853
- ---------------------------------------------------------------------------------------------------------------------
23,930,000 Puerto Rico Electric Power Authority, Series TT 5.000 07/01/2037 22,296,060
- ---------------------------------------------------------------------------------------------------------------------
40,500,000 Puerto Rico Electric Power Authority, Series UU 2,7 3.848 4 07/01/2025 28,350,057
32 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
PRINCIPAL
AMOUNT COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS Continued
$ 19,600,000 Puerto Rico Electric Power Authority, Series UU 2,7 3.868% 4 07/01/2031 $ 13,720,028
- --------------------------------------------------------------------------------------------------------------------
10,000,000 Puerto Rico Electric Power Authority, Series UU 3.848 4 07/01/2025 7,000,000
- --------------------------------------------------------------------------------------------------------------------
355,000 Puerto Rico Highway & Transportation Authority 1 5.000 07/01/2028 333,867
- --------------------------------------------------------------------------------------------------------------------
15,000 Puerto Rico Highway & Transportation Authority,
Series A 5.000 07/01/2038 13,735
- --------------------------------------------------------------------------------------------------------------------
1,100,000 Puerto Rico Highway & Transportation Authority,
Series AA 5.000 07/01/2035 1,027,114
- --------------------------------------------------------------------------------------------------------------------
7,045,000 Puerto Rico Highway & Transportation Authority,
Series G 5.000 07/01/2042 6,413,345
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Highway & Transportation Authority,
Series K 1 5.000 07/01/2027 939,870
- --------------------------------------------------------------------------------------------------------------------
20,855,000 Puerto Rico Highway & Transportation Authority,
Series K 5.000 07/01/2030 19,448,330
- --------------------------------------------------------------------------------------------------------------------
725,000 Puerto Rico Highway & Transportation Authority,
Series M 1 5.000 07/01/2037 665,623
- --------------------------------------------------------------------------------------------------------------------
28,905,000 Puerto Rico Highway & Transportation Authority,
Series M 5.000 07/01/2046 26,213,655
- --------------------------------------------------------------------------------------------------------------------
22,000,000 Puerto Rico Highway & Transportation Authority,
Series N 2 3.698 4 07/01/2045 15,399,967
- --------------------------------------------------------------------------------------------------------------------
17,000,000 Puerto Rico Highway & Transportation Authority,
Series N 5.250 07/01/2039 16,269,850
- --------------------------------------------------------------------------------------------------------------------
5,480,000 Puerto Rico IMEPCF (American Airlines) 6.450 12/01/2025 4,797,576
- --------------------------------------------------------------------------------------------------------------------
5,700,000 Puerto Rico Infrastructure 5.000 07/01/2031 5,285,838
- --------------------------------------------------------------------------------------------------------------------
16,900,000 Puerto Rico Infrastructure 5.000 07/01/2037 15,515,890
- --------------------------------------------------------------------------------------------------------------------
24,550,000 Puerto Rico Infrastructure 5.000 07/01/2041 22,200,320
- --------------------------------------------------------------------------------------------------------------------
19,275,000 Puerto Rico Infrastructure 5.000 07/01/2046 17,480,305
- --------------------------------------------------------------------------------------------------------------------
15,000,000 Puerto Rico Infrastructure 5.650 3 07/01/2029 4,256,700
- --------------------------------------------------------------------------------------------------------------------
105,000 Puerto Rico ITEMECF (G.R.B. Guaynabo) 5.625 07/01/2022 105,057
- --------------------------------------------------------------------------------------------------------------------
4,305,000 Puerto Rico ITEMECF (Polytechnic University of Puerto
Rico) 5.000 08/01/2022 3,931,369
- --------------------------------------------------------------------------------------------------------------------
5,000,000 Puerto Rico Public Buildings Authority 5.000 07/01/2036 4,550,100
- --------------------------------------------------------------------------------------------------------------------
2,500,000 Puerto Rico Public Buildings Authority 5.000 07/01/2037 2,271,850
- --------------------------------------------------------------------------------------------------------------------
40,000 Puerto Rico Public Buildings Authority 5.125 07/01/2022 43,258
- --------------------------------------------------------------------------------------------------------------------
10,000 Puerto Rico Public Buildings Authority 5.125 07/01/2022 9,944
- --------------------------------------------------------------------------------------------------------------------
910,000 Puerto Rico Public Buildings Authority 5.250 07/01/2029 877,195
- --------------------------------------------------------------------------------------------------------------------
1,000,000 Puerto Rico Public Buildings Authority, Series D 5.250 07/01/2036 953,260
- --------------------------------------------------------------------------------------------------------------------
16,000,000 Puerto Rico Sales Tax Financing Corp., Series A 2 4.221 4 08/01/2057 11,360,000
- --------------------------------------------------------------------------------------------------------------------
33,150,000 Puerto Rico Sales Tax Financing Corp., Series A 5.250 08/01/2057 30,899,115
- --------------------------------------------------------------------------------------------------------------------
309,125,000 Puerto Rico Sales Tax Financing Corp., Series A 6.580 3 08/01/2054 20,368,246
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of Puerto Rico 5.000 06/01/2025 958,770
- --------------------------------------------------------------------------------------------------------------------
5,925,000 University of Puerto Rico, Series Q 5.000 06/01/2030 5,511,850
- --------------------------------------------------------------------------------------------------------------------
1,700,000 University of Puerto Rico, Series Q 5.000 06/01/2036 1,547,238
- --------------------------------------------------------------------------------------------------------------------
1,000,000 University of V.I., Series A 5.375 06/01/2034 924,730
- --------------------------------------------------------------------------------------------------------------------
1,700,000 V.I. Public Finance Authority (Gross Receipts Taxes
Loan) 5.000 10/01/2031 1,586,508
- --------------------------------------------------------------------------------------------------------------------
1,485,000 V.I. Public Finance Authority, Series A 5.500 10/01/2022 1,494,281
- --------------------------------------------------------------------------------------------------------------------
250,000 V.I. Water & Power Authority 5.300 07/01/2018 249,474
---------------
451,929,996
33 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
- --------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,820,353,469)--124.6% $ 1,722,372,426
- --------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(24.6) (340,037,348)
--------------------
NET ASSETS--100.0% $ 1,382,335,078
====================
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. All or a portion of the security has been segregated for collateral to
cover borrowings. See Note 6 of accompanying Notes.
2. Security represents the underlying municipal bond on an inverse floating
rate security. The bond was purchased by the Fund and subsequently
segregated and transferred to a trust. See Note 1 of accompanying Notes.
3. Zero coupon bond reflects effective yield on the date of purchase.
4. Represents the current interest rate for a variable or increasing rate
security.
5. Denotes a step bond: a zero coupon bond that converts to a fixed or
variable interest rate at a designated future date.
6. Illiquid security. The aggregate value of illiquid securities as of March
31, 2008 was $57,532,597, which represents 4.16% of the Fund's net assets.
See Note 5 of accompanying Notes.
7. When-issued security or delayed delivery to be delivered and settled after
March 31, 2008. 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 LIHIA Long Island Head Injury Assoc.
ACLD Adults and Children with Learning and LILCO Long Island Lighting Corp.
Developmental Disabilities LIMC Long Island Medical Center
ALIA Alliance of Long Island Agencies MSH/NYU Mount Sinai Hospital/New York University
AP Advantage Planning, Inc. MTA Metropolitan Transportation Authority
ARC Assoc. of Retarded Citizens NCMRS Nassau Community Mental Retardation
CCRC Continuing Care Retirement Community Services Company
CMA Community Mainstreaming Associates, Inc. NSLIJHS North Shore Long Island Jewish Health
COP Certificates of Participation System
CSMR Community Services for the Mentally NSUHGC North Shore University Hospital at Glen
Retarded Cove
DA Dormitory Authority NY/NJ New York/New Jersey
DDI Developmental Disabilities Institute NYC New York City
EFC Environmental Facilities Corp. NYS New York State
EFLI Epilepsy Foundation of L.I., Inc. NYU New York University
ERDA Energy Research and Devel. Authority PSCH Professional Service Centers for the
FREE Family Residences and Essential Enterprises Handicapped, Inc.
GO General Obligation RITES Residual Interest Tax Exempt Security
HAII Homes Anew II, Inc. ROLs Residual Option Longs
HDC Housing Devel. Corp. SONYMA State of New York Mortgage Agency
HFA Housing Finance Agency TASC Tobacco Settlement Asset-Backed Bonds
HFM Hamilton Fulton Montgomery TFABs Tobacco Flexible Amortization Bonds
HJDOI Hospital for Joint Diseases Orthopedic UCPAGS United Cerebral Palsy Assoc. of Greater
Institute Suffolk
IDA Industrial Devel. Agency UDC Urban Devel. Corp.
IGHL Independent Group Home for Living UVBH United Veteran's Beacon House
IMEPCF Industrial, Medical and Environmental V.I. United States Virgin Islands
Pollution Control Facilities WORCA Working Organization for Retarded
ITEMECF Industrial, Tourist, Educational, Medical and Children and Adults
Environmental Community Facilities YMCA Young Men's Christian Assoc.
L.I. Long Island
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
March 31, 2008
- -------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $1,820,353,469)--see accompanying statement of investments $ 1,722,372,426
- -------------------------------------------------------------------------------------------------------------------
Cash 459,223
- -------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 21,553,332
Shares of beneficial interest sold 3,138,064
Investments sold (including $62,168,276 sold on a when-issued or delayed delivery basis) 63,378,165
Due from Manager 948
Other 64,834
--------------------
Total assets 1,810,966,992
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payables and other
liabilities:
Payable for short-term floating rate notes issued (See Note 1) 275,160,000
Payable on borrowings (See Note 6) 57,000,000
Investments purchased (including $78,414,488 purchased on a when-issued or
delayed delivery basis) 90,098,118
Shares of beneficial interest redeemed 4,088,370
Dividends 1,185,887
Distribution and service plan fees 739,245
Trustees' compensation 179,376
Interest expense on borrowings 110,687
Transfer and shareholder servicing agent fees 35,161
Other 35,070
--------------------
Total liabilities 428,631,914
- -------------------------------------------------------------------------------------------------------------------
NET ASSETS $ 1,382,335,078
====================
- -------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- -------------------------------------------------------------------------------------------------------------------
Par value of shares of beneficial interest $ 117,470
- -------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 1,492,794,076
- -------------------------------------------------------------------------------------------------------------------
Accumulated net investment income 2,871,236
- -------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (15,466,661)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (97,981,043)
--------------------
NET ASSETS $ 1,382,335,078
====================
35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- --------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,200,957,469 and 102,061,697 shares of beneficial interest outstanding) $ 11.77
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $ 12.36
- --------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $26,235,238
and 2,228,672 shares of beneficial interest outstanding) $ 11.77
- --------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $155,142,371
and 13,179,633 shares of beneficial interest outstanding) $ 11.77
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2008
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------
Interest $ 46,980,397
- ---------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------
Management fees 3,240,654
- ---------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,364,896
Class B 145,130
Class C 818,429
- ---------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 185,258
Class B 11,777
Class C 34,174
- ---------------------------------------------------------------------------------------
Shareholder communications:
Class A 22,692
Class B 1,013
Class C 2,621
- ---------------------------------------------------------------------------------------
Interest expense and fees on short-term floating rate notes issued
(See Note 1) 5,155,152
- ---------------------------------------------------------------------------------------
Interest expense on borrowings 424,704
- ---------------------------------------------------------------------------------------
Trustees' compensation 31,886
- ---------------------------------------------------------------------------------------
Custodian fees and expenses 27,442
- ---------------------------------------------------------------------------------------
Other 129,222
----------------
Total expenses 11,595,050
Less reduction to custodian expenses (24,045)
----------------
Net expenses 11,571,005
- ---------------------------------------------------------------------------------------
NET INVESTMENT INCOME 35,409,392
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- ---------------------------------------------------------------------------------------
Net realized gain (loss) on:
Investments (7,463,368)
Increase from payment by affiliate 948
----------------
Net realized loss (7,462,420)
- ---------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (102,984,334)
- ---------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (75,037,362)
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
MARCH 31, 2008 SEPTEMBER 30,
(UNAUDITED) 2007
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income $ 35,409,392 $ 57,657,872
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (7,462,420) (6,766,269)
- ---------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (102,984,334) (56,008,516)
--------------------------------------
Net decrease in net assets resulting from operations (75,037,362) (5,116,913)
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends from net investment income:
Class A (29,019,869) (50,787,239)
Class B (542,037) (1,144,591)
Class C (3,097,023) (5,020,664)
--------------------------------------
(32,658,929) (56,952,494)
- ---------------------------------------------------------------------------------------------------------------------------------
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 18,840,880 323,496,770
Class B (2,647,023) (466,729)
Class C 3,289,535 64,362,269
--------------------------------------
19,483,392 387,392,310
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (88,212,899) 325,179,868
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning of period 1,470,547,977 1,145,368,109
--------------------------------------
End of period (including accumulated net investment income of
$2,871,236 and $120,773, respectively) $ 1,382,335,078 $ 1,470,547,977
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
For the Six Months Ended March 31, 2008
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
Net decrease in net assets from operations $ (75,037,362)
- ----------------------------------------------------------------------------------------
Adjustments to reconcile net decrease in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (326,684,188)
Proceeds from disposition of investment securities 301,594,083
Short-term investment securities, net (34,572,082)
Premium amortization 1,292,510
Discount accretion (2,306,491)
Net realized loss on investments 7,462,420
Net change in unrealized depreciation on investments 102,984,334
Increase in interest receivable (62,009)
Increase in receivable for securities sold (62,244,145)
Increase in other assets (15,712)
Increase in payable for securities purchased 83,485,277
Decrease in payable for accrued expenses (150,730)
----------------
Net cash used in operating activities (4,254,095)
- ----------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- ----------------------------------------------------------------------------------------
Proceeds from bank borrowings 221,000,000
Payments on bank borrowings (190,700,000)
Payments on short-term floating rate notes issued (16,505,000)
Proceeds from shares sold 255,633,017
Payment on shares redeemed (254,917,321)
Cash distributions paid (10,282,997)
----------------
Net cash provided by financing activities 4,227,699
- ----------------------------------------------------------------------------------------
Net decrease in cash (26,396)
- ----------------------------------------------------------------------------------------
Cash, beginning balance 485,619
----------------
Cash, ending balance $ 459,223
================
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of
reinvestment of dividends and distributions of $22,140,020.
Cash paid for interest on bank borrowings -- $379,740.
Cash paid for interest on short-term floating rate notes issued --
$5,155,152.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
39 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Six Months
Ended
March 31, 2008 Year Ended September 30,
Class A (Unaudited) 2007 2006 2005 2004 2003
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Per Share Operating Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.31 $ 12.75
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 1 .57 1 .61 1 .66 1 .72 .71
Net realized and unrealized gain (loss) (.94) (.55) .34 .49 .11 (.44)
---------------------------------------------------------------------------------
Total from investment operations (.63) .02 .95 1.15 .83 .27
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.28) (.56) (.64) (.69) (.69) (.71)
Distributions from net realized gain -- -- 2 -- -- -- --
---------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.28) (.56) (.64) (.69) (.69) (.71)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.77 $ 12.68 $ 13.22 $ 12.9 1 $ 12.45 $ 12.31
=================================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 3 (5.01)% 0.15% 7.61% 9.41% 6.91% 2.07%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 1,200,958 $1,275,590 $ 1,005,912 $ 659,975 $ 539,834 $ 533,563
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 1,263,543 $1,181,757 $ 824,276 $ 580,413 $ 536,613 $ 531,977
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.97% 4.35% 4.76% 5.17% 5.84% 5.57%
Expenses excluding interest and fees
on short-term floating rate notes issued 0.78% 0.82% 0.90% 0.93% 0.91% 0.93%
Interest and fees on short-term
floating rate notes issued 5 0.71% 0.69% 0.61% 0.43% 0.26% 0.26%
---------------------------------------------------------------------------------
Total expenses 1.49% 1.51% 1.51% 1.36% 1.17% 1.19%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 1.49% 1.51% 1.51% 1.36% 1.14% 1.19%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 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.
40 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS B (UNAUDITED) 2007 2006 2005 2004 2003
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32 $ 12.75
- ----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 1 .47 1 .51 1 .56 1 .62 .60
Net realized and unrealized gain (loss) (.94) (.55) .34 .49 .10 (.42)
------------------------------------------------------------------------------
Total from investment operations (.68) (.08) .85 1.05 .72 .18
- ----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.23) (.46) (.54) (.59) (.59) (.61)
Distributions from net realized gain -- -- 2 -- -- -- --
------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.23) (.46) (.54) (.59) (.59) (.61)
- ----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.77 $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32
==============================================================================
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (5.41)% (0.65)% 6.76% 8.55% 5.99% 1.36%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 26,235 $ 30,982 $ 32,793 $ 26,680 $ 27,555 $ 32,851
- ----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 28,974 $ 32,663 $ 29,544 $ 26,977 $ 30,212 $ 36,000
- ----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.12% 3.55% 3.99% 4.41% 5.05% 4.77%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.62% 1.62% 1.70% 1.71% 1.69% 1.71%
Interest and fees on short-term
floating rate notes issued 5 0.71% 0.69% 0.61% 0.43% 0.26% 0.26%
------------------------------------------------------------------------------
Total expenses 2.33% 2.31% 2.31% 2.14% 1.95% 1.97%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 2.33% 2.31% 2.30% 2.14% 1.92% 1.97%
- ----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 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.
41 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED
MARCH 31, 2008 YEAR ENDED SEPTEMBER 30,
CLASS C (UNAUDITED) 2007 2006 2005 2004 2003
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32 $ 12.75
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 1 .47 1 .50 1 .55 1 .62 .60
Net realized and unrealized gain (loss) (.94) (.55) .35 .50 .10 (.42)
-----------------------------------------------------------------------------
Total from investment operations (.68) (.08) .85 1.05 .72 .18
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.23) (.46) (.54) (.59) (.59) (.61)
Distributions from net realized gain -- -- 2 -- -- -- --
-----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.23) (.46) (.54) (.59) (.59) (.61)
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 11.77 $ 12.68 $ 13.22 $ 12.91 $ 12.45 $ 12.32
=============================================================================
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 3 (5.39)% (0.62)% 6.78% 8.55% 5.99% 1.35%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $ 155,142 $ 163,976 $ 106,663 $ 31,119 $ 15,723 $ 13,080
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 163,411 $ 142,905 $ 64,991 $ 20,347 $ 14,598 $ 11,852
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.17% 3.58% 3.89% 4.32% 5.04% 4.78%
Expenses excluding interest and fees
on short-term floating rate notes issued 1.58% 1.59% 1.66% 1.70% 1.69% 1.72%
Interest and fees on short-term
floating rate notes issued 5 0.71% 0.69% 0.61% 0.43% 0.26% 0.26%
-----------------------------------------------------------------------------
Total expenses 2.29% 2.28% 2.27% 2.13% 1.95% 1.98%
Expenses after payments, waivers
and/or reimbursements and reduction
to custodian expenses 2.29% 2.28% 2.27% 2.13% 1.92% 1.98%
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 19% 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.
42 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer AMT-Free New York Municipals (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as an open-end management investment
company. The Fund's investment objective is to seek the maximum current income
exempt from federal, New York State and New York City income taxes for
individual investors consistent with preservation of capital. The Fund's
investment adviser 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 72 months 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 trading. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing service
authorized by the Board of Trustees. Securities traded on a registered U.S.
securities exchange 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 whose principal exchange is NASDAQ(R) are valued based on the closing
price reported 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, collateralized
mortgage obligations and other asset-backed securities will be valued at the
mean between the "bid" and "asked" prices. Securities for which market
quotations are not readily available are valued at their fair value. Securities
whose values have been materially affected by what the Manager identifies as a
significant event occurring before the Fund's assets are valued but after the
close of their respective exchanges will be fair valued. Fair value is
determined in good faith using consistently applied procedures under the
supervision of
43 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
the Board of Trustees. Shares of a registered investment company that are not
traded on an exchange are valued at the acquired investment company's net asset
value per share. "Money market-type" debt instruments with remaining maturities
of sixty days or less are valued at cost adjusted by the amortization of
discount or premium to maturity (amortized cost), which approximates market
value.
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Fund may purchase
securities on a "when-issued" basis, and may purchase or sell securities on a
"delayed delivery" basis. "When-issued" or "delayed delivery" refers to
securities whose terms and indenture are available and for which a market
exists, but which are not available for immediate delivery. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis
normally takes place within six months and possibly as long as two years or more
after the 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 purchase of securities on a when-issued basis may increase
the volatility of the Fund's net asset value to the extent the Fund executes
such transactions while remaining substantially fully invested. When the Fund
engages in when-issued or delayed delivery transactions, it relies on the buyer
or seller, as the case may be, to complete the transaction. Their failure to do
so may cause the Fund to lose the opportunity to obtain or dispose of the
security at a price and yield it considers advantageous. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase.
As of March 31, 2008, the Fund had purchased securities issued on a when-issued
or delayed delivery basis and sold securities issued on a delayed delivery basis
as follows:
WHEN-ISSUED OR
DELAYED DELIVERY
BASIS TRANSACTIONS
----------------------------------------------------
Purchased securities $78,414,488
Sold securities 62,168,276
- --------------------------------------------------------------------------------
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 may invest up to 20% of its total assets (which includes the effects of
leverage) in inverse floaters. Inverse floaters, including the effects of
leverage, amount to $252,256,779 as of March 31, 2008, which represents 13.93%
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")
44 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
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 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 March 31, 2008, municipal bond holdings with a value of
$366,910,349 shown on the Fund's Statement of Investments are held by such
Trusts and serve as collateral for the $275,160,000 in short-term floating rate
notes issued and outstanding at that date.
At March 31, 2008, the Fund's residual exposure to these types of inverse
floating rate securities were as follows:
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- -------------------------------------------------------------------------------------------------------------
Erie County, NY Tobacco Asset Securitization
$ 6,500,000 Corp. RITES 5.566% 6/1/45 $ 4,849,455
Erie County, NY Tobacco Asset Securitization
5,400,000 Corp. RITES 5.566 6/1/45 4,028,778
5,750,000 L.I., NY Power Authority RITES 6.218 9/1/33 5,455,945
2,950,000 NY Counties Tobacco Trust IV RITES 4.908 6/1/42 2,251,204
3,460,000 NY MTA ROLs 3 12.900 11/15/31 3,495,915
7,500,000 NY MTA ROLs 3 12.400 11/15/31 7,252,050
10,000,000 NY Triborough Bridge & Tunnel Authority RITES 11.564 11/15/32 9,718,000
4,550,000 NY Triborough Bridge & Tunnel Authority RITES 12.055 11/15/29 4,656,652
3,585,000 NY Triborough Bridge & Tunnel Authority RITES 11.556 11/15/32 3,483,903
2,560,000 NY Triborough Bridge & Tunnel Authority RITES 11.564 11/15/27 2,664,550
2,500,000 NY Triborough Bridge & Tunnel Authority RITES 8.089 11/15/23 2,802,900
2,500,000 NY Triborough Bridge & Tunnel Authority ROLs 12.940 11/15/32 2,429,500
5,000,000 NYC GO RITES 9.501 8/1/21 5,578,300
5,000,000 NYC Municipal Water Finance Authority ROLs 12.940 6/15/37 4,958,700
45 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
PRINCIPAL COUPON MATURITY
AMOUNT INVERSE FLOATER 1 RATE 2 DATE VALUE
- ---------------------------------------------------------------------------------------------------------------
$ 5,000,000 NYC Municipal Water Finance Authority ROLs 3 11.640% 6/15/35 $ 4,288,600
2,195,000 NYS DA ROLs 3 0.000 4 2/1/28 129,505
19,140,000 Port Authority NY/NJ RITES 5.71 5 12/1/34 19,141,340
18,500,000 Puerto Rico Electric Power Authority ROLs 3 0.000 4 7/1/31 470,085
Puerto Rico Highway & Transportation
7,335,000 Authority ROLs 3 4.870 7/1/45 734,967
8,000,000 Puerto Rico Sales Tax Financing Corp. ROLs 3 8.574 8/1/57 3,360,000
--------------
$ 91,750,349
==============
1. For a list of abbreviations used in the Inverse Floater table see the
Portfolio Abbreviations table on page 34 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.
4. The underlying bond was purchased on a when-issued or delayed delivery basis.
Therefore, the interest will be determined upon settlement.
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 short-term 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 March 31, 2008, in addition to the exposure detailed in the preceding
table, the Fund's maximum exposure under such agreements is estimated at
approximately $116,835,000.
- --------------------------------------------------------------------------------
CONCENTRATION RISK. There are certain risks arising from geographic
concentration in any state. Certain economic, regulatory or political
developments occurring in the 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
46 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
not offset by capital loss carryforwards, if any, to shareholders. Therefore, no
federal income or excise tax provision is required. The Fund files income tax
returns in U.S. federal and applicable state jurisdictions. The statute of
limitations on the Fund's tax return filings generally remain open for the three
preceding fiscal reporting period ends.
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.
During the fiscal year ended September 30, 2007, the Fund did not utilize
any capital loss carryforward to offset capital gains realized in that fiscal
year. As of September 30, 2007, the Fund had available for federal income tax
purposes post-October losses of $6,592,824.
As of March 31, 2008, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $14,055,244. This estimated
capital loss carryforward represents carryforward as of the end of the last
fiscal year, increased for losses deferred under tax accounting rules to the
current fiscal year and is increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year. During the six
months ended March 31, 2008, it is estimated that the Fund will not utilize any
capital loss carryforward to offset realized capital gains.
The approximate 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 March 31, 2008 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.
Federal tax cost of securities $ 1,849,468,845
================
Gross unrealized appreciation $ 11,889,258
Gross unrealized depreciation (138,985,677)
----------------
Net unrealized depreciation $ (127,096,419)
================
- --------------------------------------------------------------------------------
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 six months ended March 31, 2008, the
Fund's projected benefit obligations, payments to retired trustees and
accumulated liability were as follows:
47 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
Projected Benefit Obligations Increased $ 16,696
Payments Made to Retired Trustees 11,999
Accumulated Liability as of March 31, 2008 117,053
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 and
may differ from U.S. generally accepted accounting principles, 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 is recognized on an accrual basis. Discount
and premium, which are included in interest income on the Statement of
Operations, are amortized or accreted daily.
- --------------------------------------------------------------------------------
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
48 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
with the performance of their duties to the Fund. In the normal course of
business, the Fund may also enter into contracts that provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown as this would be dependent on future claims that may be made against the
Fund. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America 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 increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates.
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $0.001 par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
SIX MONTHS ENDED MARCH 31, 2008 YEAR ENDED SEPTEMBER 30, 2007
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------
CLASS A
Sold 17,642,629 $ 219,414,240 36,225,517 $ 475,962,216
Dividends and/or
distributions reinvested 1,602,875 19,818,357 2,642,399 34,533,192
Redeemed (17,790,494) (220,391,717) (14,369,019) (186,998,638)
-----------------------------------------------------------------
Net increase 1,455,010 $ 18,840,880 24,498,897 $ 323,496,770
=================================================================
- ---------------------------------------------------------------------------------------------------
CLASS B
Sold 192,361 $ 2,375,860 643,385 $ 8,494,157
Dividends and/or
distributions reinvested 29,147 360,602 57,320 750,483
Redeemed (435,438) (5,383,485) (738,301) (9,711,369)
-----------------------------------------------------------------
Net decrease (213,930) $ (2,647,023) (37,596) $ (466,729)
=================================================================
- ---------------------------------------------------------------------------------------------------
CLASS C
Sold 2,559,860 $ 31,750,279 6,888,631 $ 90,679,430
Dividends and/or
distributions reinvested 158,648 1,961,061 235,413 3,073,909
Redeemed (2,466,918) (30,421,805) (2,263,503) (29,391,070)
-----------------------------------------------------------------
Net increase 251,590 $ 3,289,535 4,860,541 $ 64,362,269
=================================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended March 31, 2008, were as
follows:
PURCHASES SALES
------------------------------------------------------------
Investment securities $326,684,188 $301,594,083
49 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Under the investment advisory agreement, the Fund pays the
Manager a management fee based on the daily net assets of the Fund at an annual
rate as shown in the following table:
FEE SCHEDULE
--------------------------------------------------
Up to $200 million 0.60%
Next $100 million 0.55
Next $200 million 0.50
Next $250 million 0.45
Next $250 million 0.40
Over $1 billion 0.35
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services ("OFS"), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended March 31, 2008, the
Fund paid $235,752 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 (the
"Plan") for Class A shares under Rule 12b-1 of the Investment Company Act of
1940. Under the Plan, the Fund 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 service 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 (the "Plans") for Class B and Class C
shares under Rule 12b-1 of the Investment Company Act of 1940 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's aggregate
uncompensated expenses under the Plans at
50 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
March 31, 2008 for Class B and Class C shares were $1,782,771 and $1,962,458,
respectively. Fees incurred by the Fund under the Plans are detailed in the
Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
("CDSC") do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption proceeds
prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the following table for the period
indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- ----------------------------------------------------------------------------------------------------------
March 31, 2008 $147,488 $46,731 $30,699 $28,262
- ----------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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.
During the six months ended March 31, 2008, the Manager voluntarily
reimbursed the Fund $948 for certain transactions. The payment increased the
Fund's total return by less than 0.01%.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of March 31, 2008, investments in securities included issues that are
illiquid. Investments may be illiquid because they do not have an active trading
market, making it difficult to value them or dispose of them promptly at an
acceptable price. 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 an 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 use of leverage will
subject the Fund to greater costs than funds that do not borrow for leverage,
and may also make the Fund's share price more sensitive to interest changes. The
interest on borrowed money is an expense that might reduce the Fund's yield.
Expenses incurred by the Fund with respect to interest on borrowings and
commitment fees are disclosed separately or as other expenses on the Statement
of Operations.
51 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS Continued
The Fund 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 $1,250,000,000, 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 (3.1697% as of March 31, 2008). The Fund pays
additional fees annually to its lender on its outstanding borrowings to manage
and administer the facility and is allocated its pro-rata share of an annual
commitment fee on the amount of the unused portion of the total facility size.
The Fund has the right to prepay such loans and terminate its participation in
the conduit loan facility at any time upon prior notice.
As of March 31, 2008, the Fund had borrowings outstanding at an interest rate of
3.1697%. Details of the borrowings for the six months ended March 31, 2008 are
listed in the following table:
Average Daily Loan Balance $ 19,296,721
Average Daily Interest Rate 4.600%
Fees Paid $ 53,361
Interest Paid $ 379,740
- --------------------------------------------------------------------------------
7. RECENT ACCOUNTING PRONOUNCEMENTS
In September 2006, Financial Accounting Standards Board ("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 March
31, 2008, 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.
52 | 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.
53 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS
ITEM 2. CODE OF ETHICS.
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semiannual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's Governance Committee (the "Committee") will evaluate potential
Board candidates to assess their qualifications. The Committee shall have
the authority, upon approval of the Board, to retain an executive search
firm to assist in this effort. The Committee may consider recommendations
by business and personal contacts of current Board members and by
executive search firms which the Committee may engage from time to time
and may also consider shareholder recommendations. The Committee may
consider the advice and recommendation of the Funds' investment manager
and its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The Committee
has not established specific qualifications that it believes must be met
by a trustee nominee. In evaluating trustee nominees, the Committee
considers, among other things, an individual's background, skills, and
experience; whether the individual is an "interested person" as defined in
the Investment Company Act of 1940; and whether the individual would be
deemed an "audit committee financial expert" within the meaning of
applicable SEC rules. The Committee also considers whether the
individual's background, skills, and experience will complement the
background, skills, and experience of other nominees and will contribute
to the Board. There are
no differences in the manner in which the Committee evaluates nominees for
trustees based on whether the nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the Board at
such times as the Committee meets to consider new nominees for the Board.
The Committee shall have the sole discretion to determine the candidates
to present to the Board and, in such cases where required, to
shareholders. Recommendations for trustee nominees should, at a minimum,
be accompanied by the following:
o the name, address, and business, educational, and/or other pertinent
background of the person being recommended;
o a statement concerning whether the person is an "interested person"
as defined in the Investment Company Act of 1940;
o any other information that the Funds would be required to include in
a proxy statement concerning the person if he or she was nominated;
and
o the name and address of the person submitting the recommendation
and, if that person is a shareholder, the period for which that
person held Fund shares.
The recommendation also can include any additional information which the
person submitting it believes would assist the Committee in evaluating the
recommendation.
4. Shareholders should note that a person who owns securities issued by
Massachusetts Mutual Life Insurance Company (the parent company of the
Funds' investment adviser) would be deemed an "interested person" under
the Investment Company Act of 1940. In addition, certain other
relationships with Massachusetts Mutual Life Insurance Company or its
subsidiaries, with registered broker-dealers, or with the Funds' outside
legal counsel may cause a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a trustee,
Committee members and other directors customarily interview the individual
in person. In addition, the individual customarily is asked to complete a
detailed questionnaire which is designed to elicit information which must
be disclosed under SEC and stock exchange rules and to determine whether
the individual is subject to any statutory disqualification from serving
as a trustee of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the registrant's disclosure controls and procedures
(as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR
270.30a-3(c)) as of 03/31/2008, the registrant's principal executive officer and
principal financial officer found the registrant's disclosure controls and
procedures to provide reasonable assurances that information required to be
disclosed by the registrant in the reports that it
files under the Securities Exchange Act of 1934 (a) is accumulated and
communicated to registrant's management, including its principal executive
officer and principal financial officer, to allow timely decisions regarding
required disclosure, and (b) is recorded, processed, summarized and reported,
within the time periods specified in the rules and forms adopted by the U.S.
Securities and Exchange Commission.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer AMT - Free New York Municipals
By: /s/ John V. Murphy
---------------------------
John V. Murphy
Principal Executive Officer
Date: 05/14/2008
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: 05/14/2008
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: 05/14/2008