<PAGE>
OPPENHEIMER NEW YORK TAX-EXEMPT FUND
SEMI-ANNUAL REPORT March 31, 1994
OPPENHEIMERFUNDS
"WITH TODAY'S HIGHER TAXES, WE WORRIED THAT THE INCOME FROM OUR INVESTMENTS
WOULDN'T BE ENOUGH.
"THIS FUND HAS GIVEN US WHAT WE NEED--TAX-FREE INCOME.
"WE CAN KEEP MORE OF WHAT WE EARN, WHILE OUR INVESTMENT HELPS BUILD NEW YORK."
<PAGE>
IN THIS REPORT:
ANSWERS TO THREE TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
// HOW HAS THE RECENT INCREASE IN INTEREST RATES AFFECTED THE FUND?
// WHAT IS THE FUND'S CURRENT POSITION IN NEW YORK STATE AND NEW YORK CITY
MUNICIPAL BONDS?
// WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL BOND MARKET FOR THE REMAINDER OF
1994?
GET THE FACTS ABOUT BONDS AND BOND MUTUAL FUNDS. CALL 1-800-525-7048 TO RECEIVE
YOUR FREE COPY OF OPPENHEIMERFUNDS "FACTS ABOUT BOND FUNDS" BROCHURE.
FUND FACTS
FIVE FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER NEW YORK TAX-EXEMPT FUND
- - --------------------------------------------------------------------------------
1 The Fund's investment objective is to seek high current income exempt from
federal, New York State and New York City income taxes by investing
primarily in investment grade municipal securities.
- - --------------------------------------------------------------------------------
2 Standardized yield for the 30 days ended March 31, 1994 was 4.96% for Class
A shares and 4.39% for Class B shares.(1)
- - --------------------------------------------------------------------------------
3 Total return at net asset value for the past six months ended March 31,
1994 was -5.04% for Class A shares and -5.42% for Class B shares.(2)
- - --------------------------------------------------------------------------------
4 The Fund's average annual total returns for Class A shares for the 1- and
5-year periods ended March 31, 1994 were -2.61% and 7.44%, respectively.
For Class B shares, the average annual total return for the 1-year period
ended March 31, 1994 and since inception of the Class on March 1, 1993 were
-2.71% and -3.25%, respectively.(3)
- - --------------------------------------------------------------------------------
5 "The market decline in February and March was not unusual after such a
prolonged period of strong performance in the municipal bond market. The
current economic environment offers attractive buying opportunities for the
Fund. Although we expect volatility to continue, the municipal bond market
should improve because we believe the New York economy should continue to
gradually expand, and the demand for New York municipal bonds should
increase from taxpayers in the new, higher federal tax brackets."
PORTFOLIO MANAGER ROBERT PATTERSON, MARCH 31, 1994
(1) Standardized yield is net investment income calculated on a
yield-to-maturity basis for the 30-day period ended 3/31/94, divided by the
maximum offering price for Class A shares at the end of the period, compounded
semi-annually and then annualized. Falling net asset values will tend to
artificially raise yields.
(2) Based on the change in net asset value per Class A and Class B share,
respectively, from 9/30/93 to 3/31/94, without considering a sales charge.
(3) Average annual total returns are for a hypothetical investment in the Fund
held until 3/31/94, after deducting the maximum initial sales charge of 4.75%
for Class A shares and the contingent deferred sales charge of 5% (for 1 year)
and 4% (for the life of the Class) for Class B shares.
(4) The Fund's portfolio is subject to change.
All total return figures assume reinvestment of dividends and capital gains
distributions.
Past performance is not indicative of future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost.
2 Oppenheimer New York Tax-Exempt Fund
<PAGE>
ATTRACTIVE YIELDS
As of March 31, 1994
CLASS A CLASS B
- - ---------------------------------------------------------------------------
Fund Yield as of 3/31/94 4.96%(6) 4.39%(6)
Is equal to taxable yields of:
- - ---------------------------------------------------------------------------
Maximum New York State and 36% federal tax bracket 8.41% 7.45%
Maximum New York City and 36% federal tax bracket 8.84% 7.82%
This table assumes that an investor's highest effective tax bracket (41.04% and
43.89% for NY State and NY City taxpayers, respectively) applies to the change
in taxable income resulting from a switch between taxable and non-taxable
investments. A portion of the Fund's distributions may be subject to income
taxes. For investors subject to alternative minimum tax, a portion of the Fund's
distributions may increase that tax.
"THE FUND RECEIVED **** FROM MORNINGSTAR, INC."
REPORT TO SHAREHOLDERS
Oppenheimer New York Tax-Exempt Fund continued to produce high tax-free income
during the six months ended March 31, 1994. The Fund's standardized yields of
4.96% for Class A shares and 4.39% for Class B shares for the 30-day period
ended March 31, 1994 are equivalent to the attractive taxable yields shown in
the table in the margin.(5) In addition, the Fund received a **** ranking from
Morningstar, Inc.(6)
The U.S. municipal bond market's stellar performance over the past two
years was interrupted in February and March of this year as increases in
interest rates created volatility in the markets. As the U.S. economy is
strengthening, the Federal Reserve raised short-term interest rates as a
pre-emptive strike against inflation. In general, when interest rates increase,
bond prices decrease. Thus, the interest rate increases caused the prices of the
municipal bonds to decline.
On a positive note, the New York municipal bond market was stronger
than the national market due to the gradual improvement of New York's economy
and the progress made by New York State and City governments in meeting their
budgets. As a result, the New York municipal bond market provided your Fund's
managers with the opportunity to add several attractive issues to the portfolio.
During the past six months, we maintained our overall strategy of
emphasizing quality, essential service revenue bonds. These bonds are backed by
predictable income streams, such as utility revenues or transportation tolls. In
seeking to maintain income for the Fund, we have emphasized securities with call
protection, locking in higher yields.
The Fund is diversified by market sector throughout the state. Recent
purchases include Triborough Bridge and Tunnel Authority and Grand Central
Business Improvement District, both revenue bonds backed by income streams from
the users of the services.(7)
Going forward, we believe the volatility in the municipal bond market
is short-term and that the market will benefit from an increased demand by
taxpayers in the new, higher federal tax brackets. As a result, the Fund will
seek attractive buying opportunities in New York State essential service bonds,
while monitoring the New York City budget situation.
Thank you for the confidence you have placed in the Fund. We look
forward to serving your investment needs in the future.
/s/ Donald W. Spiro
Donald W. Spiro
President, Oppenheimer New York Tax-Exempt Fund
April 25, 1994
(5) See footnote 1, page 2.
(6) Source: Morningstar Inc., an independent mutual fund monitoring service
3/31/94 which ranks funds in specific investment categories monthly by a
quantitative system that uses investment performance and risk assessment
factors, and adjusts for fees and sales loads. One star is the lowest ranking,
five stars is the highest. Of 2,253 funds evaluated by Morningstar in that
period, 195 funds received Morningstar's 5-star ranking, and 576 funds received
Morningstar's 4-star ranking. Risk assessment reflects Fund performance relative
to 3-month Treasury bill returns.
(7) See footnote 4, page 2
3 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENT OF INVESTMENTS March 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
RATINGS:MOODY'S FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES-99.5%
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK-80.4% Albany, New York Municipal Water Finance
Authority Revenue Bonds, Water and Sewer System,
Series A, MBIA Insured, 7.50%, 12/1/17 Aaa\AAA $ 695,000 $ 769,214
-------------------------------------------------------------------------------------------------
City of New York General Obligation Bonds:
Series A, 7.75%, 8/15/16 Baa1\A- 2,500,000 2,795,852
Series B, 8.25%, 6/1/07 Baa1\A- 1,750,000 2,041,748
Series B, FSA Insured, 8.055%, 10/1/07(1) Aaa\AAA 7,500,000 7,750,462
Series B, 6.75%, 10/1/15 Baa1\A- 10,550,000 10,984,690
Series B, 6.75%, 10/1/17 Baa1\A- 7,600,000 7,795,281
Prerefunded, Series F, 8.25%, 11/15/17 Aaa\A- 7,820,000 9,412,049
Series F, 8.25%, 11/15/17 Baa1\A- 680,000 780,729
8.269%, 8/1/08(1) NR/NR 9,250,000 8,138,843
9.399%, 8/1/13(1) Baa1\A- 5,000,000 4,757,530
9.363%, 8/1/14(1) Baa1\A- 8,150,000 7,753,672
-------------------------------------------------------------------------------------------------
Dormitory Authority of the State of New York:
Revenue Bonds:
City University System:
Series A, 5.75%, 7/1/18 Baa1\BBB 2,500,000 2,236,112
Prerefunded, Series A, 7.625%, 7/1/20 Aaa\BBB 5,000,000 5,754,565
Series C, 6%, 7/1/16 Baa1\BBB 9,000,000 8,423,315
Series U, 6.375%, 7/1/08 Baa1\BBB 3,000,000 3,033,366
Series V, 5.60%, 7/1/10 Baa1\BBB 10,880,000 10,007,390
Cornell University System, 6.875%, 7/1/14 Aa\AA 7,000,000 7,375,305
Department of Health, Prerefunded, 7.70%, 7/1/20 Aaa\BBB 2,750,000 3,176,673
Judicial Facilities Lease, Escrowed to Maturity,
MBIA Insured, 7.375%, 7/1/16 Aaa\AAA 2,300,000 2,640,457
Pooled Capital Program, Prerefunded,
FGIC Insured, 7.80%, 12/1/05 Aaa\AAA 8,730,000 9,422,428
Rochester General Hospital, Prerefunded,
FHA Insured, 8.75%, 2/1/25 Aa\AA 1,120,000 1,212,076
Rockefeller University System,
MBIA Insured, 7.375%, 7/1/14 Aaa\AAA 4,000,000 4,379,800
Revenue Refunding Bonds:
City University System:
Second Series A, 5.75%, 7/1/18 Baa1\BBB 6,750,000 6,037,503
Series B, 6%, 7/1/14 Baa1\BBB 10,875,000 10,324,778
7.50%, 7/1/06 Baa1\BBB 750,000 808,110
Fordham University System, FGIC Insured,
5.75%, 7/1/15 Aaa\AAA\AAA 5,700,000 5,411,579
State University Educational Facilities System:
Series A, 5.25%, 5/15/15 Baa1\BBB+ 23,090,000 20,011,849
Series A, 5.25%, 5/15/21 Baa1\BBB+ 5,010,000 4,199,447
Prerefunded, Series B, 7.25%, 5/15/15 NR\BBB+ 15,230,000 17,200,472
Prerefunded, Series B, 7.25%, 5/15/15 Baa1\BBB+ 1,735,000 1,959,996
Series B, 7%, 5/15/16 Baa1\BBB+ 9,020,000 9,497,671
-------------------------------------------------------------------------------------------------
Grand Central District Management Assn., Inc.,
New York Business District Capital Improvement:
Revenue Bonds, Prerefunded, 6.50%, 1/1/22 A1\AAA 2,000,000 2,184,668
Revenue Refunding Bonds:
5.125%, 1/1/14 A1\A 1,000,000 871,697
5.25%, 1/1/22 A1\A 2,500,000 2,148,872
</TABLE>
4 Oppenheimer New York Tax-Exempt Fund
<PAGE>
<TABLE>
<CAPTION>
RATINGS:MOODY'S FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED) Metropolitan Transportation Authority of New York
Revenue Bonds:
Commuter Facilities, Series A,
MBIA Insured, 6.125%, 7/1/12 Aaa\AAA $ 4,090,000 $ 4,129,828
Transportation Facilities Service Contracts, 6%, 7/1/21 Baa1\BBB 12,950,000 12,033,345
---------------------------------------------------------------------------------------------------------
New York City Health and Hospital Corp. Revenue
Refunding Bonds, Series A, AMBAC Insured, 8.661%,
2/15/23(1) Aaa\AAA 8,300,000 8,389,225
---------------------------------------------------------------------------------------------------------
New York City Housing Development Corp.
Multi-Family Housing Revenue Bonds:
1985 First Series, FHA Insured, 9.875%, 10/1/17 Aa\AA 500,000 524,409
Glenn Garden Project, 6.50%, 1/15/18 NR\NR 3,066,699 3,066,365
Keith Plaza Project, 6.50%, 2/15/18 NR\NR 2,025,351 2,077,359
---------------------------------------------------------------------------------------------------------
New York City Municipal Water Finance Authority
Revenue Bonds, Water and Sewer System:
Prerefunded, Series A, MBIA Insured, 7.25%, 6/15/15 Aaa\AAA 7,000,000 7,888,699
Prerefunded, Series B, 7.875%, 6/15/16 Aaa\A- 1,300,000 1,423,229
Series B, 6.375%, 6/15/22 A\A-\A 8,750,000 8,750,000
Prerefunded, Series C, 7.75%, 6/15/20 Aaa\A- 11,500,000 13,400,397
---------------------------------------------------------------------------------------------------------
New York State Energy Research and
Development Authority:
Electric Facilities Revenue Bonds:
Consolidated Edison Co. of New York, Inc. Project:
Series B, 6.375%, 12/1/27 Aa3\A+ 10,000,000 10,113,910
Series C, 7.25%, 11/1/24 Aa3\A+ 3,450,000 3,698,107
Long Island Lighting Co.:
Series A, 7.15%, 12/1/20 Baa3\BB+ 7,500,000 7,651,162
Series C, 6.90%, 8/1/22 Baa3\BB+ 9,200,000 9,233,056
Gas Facilities Revenue Bonds,
Brooklyn Union Gas Co. Project:
Series B, 11.203%, 7/1/26(1) A1\A\A 6,000,000 6,794,958
Series D, MBIA Insured, 8.664%, 7/8/26(1) Aaa\AAA\A 2,000,000 1,722,254
9%, 5/15/15 A1\A\A 1,250,000 1,336,419
Pollution Control Revenue Bonds:
Niagara Mohawk Power Corp. Project, Series A,
11.25%, 7/1/14 Baa2\BBB-\BBB- 1,000,000 1,038,393
Orange and Rockland Utilities, Inc. Project:
10.25%, 10/1/14 A2\A+ 1,700,000 1,788,310
9%, 8/1/15 A2\A+\AA- 500,000 538,784
Pollution Control Revenue Refunding Bonds,
Rochester Gas and Electric Project,
Series B, MBIA Insured, 6.50%, 5/15/32 Aaa\AAA 5,000,000 5,114,845
---------------------------------------------------------------------------------------------------------
New York State Housing Finance Agency:
Revenue Bonds, Service Contracts,
Series D, 5.375%, 3/15/23 Baa1\BBB 9,000,000 8,111,727
Revenue Refunding Bonds:
New York City Health Facility:
Series A, 7.90%, 11/1/99 Baa\A- 3,500,000 3,920,287
Series A, 8%, 11/1/08 Baa\A- 3,240,000 3,750,851
State University Construction, Escrowed to Maturity,
Series A, 7.90%, 11/1/06 Aaa\AAA 1,750,000 2,090,553
</TABLE>
5 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
RATINGS:MOODY'S FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED) New York State Local Government Assistance Corp.
Revenue Bonds:
Series A, 5.375%, 4/1/14 A\A\A+ $ 5,500,000 $ 4,934,424
Series A, 6.50%, 4/1/20 A\A\A+ 6,135,000 6,226,724
Series C, 5%, 4/1/21 A\A\A+ 15,000,000 12,434,189
Prerefunded, Series C, 7%, 4/1/21 Aaa\AAA\AAA 9,455,000 10,605,597
Series C, 5.50%, 4/1/22 A\A\A+ 16,175,000 14,679,215
Prerefunded, Series D, 6.75%, 4/1/21 Aaa\AAA\AAA 4,700,000 5,218,311
Revenue Refunding Bonds, Series B, 5.50%, 4/1/21 A\A\A+ 12,800,000 11,601,805
---------------------------------------------------------------------------------------------------------
New York State Medical Care Facilities Finance Agency:
Revenue Bonds:
Hospital and Nursing Home Mortgage:
Series B, FHA Insured, 6.20%, 8/15/22 NR\AAA 11,470,000 11,318,217
Series C, FHA Insured, 6.375%, 8/15/29 NR\AAA 10,000,000 10,027,100
Long-Term Health Care,
Series C, CGIC Insured, 6.40%, 11/1/14 Aaa\AAA 3,000,000 3,055,539
Mental Health Services Facilities Improvement Project:
Prerefunded, Series A, 8.875%, 8/15/07 Aaa\AAA 6,200,000 7,145,772
Series A, 8.875%, 8/15/07 Baa1\BBB+ 6,800,000 7,683,306
Series A, FGIC Insured, 6.375%, 8/15/17 Aaa\AAA\AAA 5,000,000 5,128,384
Prerefunded, Series A, 7.70%, 2/15/18 Aaa\AAA 860,000 963,129
Series A, 7.70%, 2/15/18 Baa1\BBB+ 765,000 829,170
Prerefunded, Series B, 7.875%, 8/15/20 Aaa\AAA 2,800,000 3,266,457
Series B, 7.875%, 8/15/20 Baa1\BBB+ 2,145,000 2,387,662
Richland Memorial Hospital and Nursing Home Mtg.,
Series B, FHA Insured, 9.125%, 2/15/25 Aa\A 995,000 1,052,849
St. Francis Hospital Project,
Series 1988A, FGIC Insured, 7.625%, 11/1/21 Aaa\AAA\AAA 3,000,000 3,307,593
St. Luke's-Roosevelt Hospital Center Mtg., Prerefunded,
Series B, FHA Insured, 7.45%, 2/15/29 Aaa\AAA 7,500,000 8,516,917
Revenue Refunding Bonds:
Hospital Mtg., Series A, FHA Insured, 5.50%, 8/15/24 Aa\AAA 5,000,000 4,424,455
Mental Health Services Facilities Improvement Project:
Series F, 5.375%, 2/15/14 Baa1\BBB+ 6,000,000 5,261,147
Series F, FSA Insured, 5.25%, 2/15/21 Aaa\AAA 4,400,000 3,820,106
---------------------------------------------------------------------------------------------------------
New York State Mortgage Agency Revenue Bonds:
Eighth Series C, Verex Pool Insured, 8.40%, 10/1/17 Aa\NR 1,775,000 1,895,386
Ninth Series B, Verex Pool Insured, 8.30%, 10/1/17 Aa\NR 1,980,000 2,080,865
7.528%, 10/1/24 (1) Aa\NR 9,000,000 6,976,322
Homeowner Mortgage:
Series 1, 7.95%, 10/1/21 Aa\NR 2,270,000 2,381,110
Series GG, 7.60%, 10/1/18 Aa\NR 355,000 375,583
Series UU, FHA Insured, 7.75%, 10/1/23 Aa\NR 2,000,000 2,162,038
---------------------------------------------------------------------------------------------------------
New York State Power Authority:
Revenue Bonds, Series Y, 6.50%, 1/1/11 Aa\AA- 2,500,000 2,616,735
Revenue Refunding Bonds, Series V, 8%, 1/1/17 Aa\AA- 3,400,000 3,775,016
---------------------------------------------------------------------------------------------------------
New York State Thruway Authority Revenue Bonds,
Service Contract, Series A, 5.75%, 1/1/19 A1\A 10,000,000 9,302,119
</TABLE>
6 Oppenheimer New York Tax-Exempt Fund
<PAGE>
<TABLE>
<CAPTION>
RATINGS:MOODY'S FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
NEW YORK (CONTINUED) New York State Urban Development Corp.,
Correctional Facilities Capital Project:
Revenue Bonds:
Prerefunded, Series G, 7.25%, 1/1/14 Aaa\NR $ 700,000 $ 786,529
Prerefunded, Series G, 7%, 1/1/17 Aaa\NR 2,000,000 2,222,550
Revenue Refunding Bonds:
5.50%, 1/1/15 Baa1\BBB\A 10,000,000 8,806,419
5.50%, 1/1/18 Baa1\BBB\A 17,490,000 15,272,056
---------------------------------------------------------------------------------------------------------
Onondaga County, New York Resources Recovery
Agency Revenue Bonds, Resources Recovery
Facilities Project, 7%, 5/1/15 Baa\NR\A- 14,500,000 14,921,050
---------------------------------------------------------------------------------------------------------
Port Authority of New York and New Jersey:
Consolidated Revenue Bonds:
Sixty Series, 8.25%, 4/1/23 A1\AA-\AA- 8,775,000 9,229,238
Sixty-Second Series, 8%, 12/1/23 A1\AA-\AA- 1,370,000 1,460,795
Sixty-Third Series, 7.875%, 3/1/24 A1\AA-\AA- 9,000,000 9,627,974
Eighty-Fifth Series, 5.375%, 3/1/28 A1\AA-\AA- 9,000,000 7,900,811
Consolidated Interest Certificates,
Series Fifty-One E, 5%, 6/1/94 A1\NR 900,000 108,000
---------------------------------------------------------------------------------------------------------
Suffolk County, New York General Obligation
Refunding Bonds, Southwest Sewer District,
Escrowed to Maturity, Series B, 22.875%, 2/1/95 NR\AAA 2,500,000 2,884,790
---------------------------------------------------------------------------------------------------------
Triborough Bridge and Tunnel Authority of New York
General Purpose Revenue Bonds:
Series A, 5%, 1/1/12 Aa\A+ 13,130,000 11,563,025
Series A, 5%, 1/1/15 Aa\A+ 7,500,000 6,472,260
Series B, 0%, 1/1/09 Aa\A+ 3,925,000 1,620,114
Series B, 0%, 1/1/16 Aa\A+ 2,540,000 656,282
Series B, 0%, 1/1/17 Aa\A+ 13,045,000 3,167,220
Series X, 6%, 1/1/14 Aa\A+ 14,510,000 14,294,017
Series X, 6.50%, 1/1/19 Aa\A+ 2,500,000 2,566,835
Series Y, 5.50%, 1/1/17 Aa\A+ 5,000,000 4,581,384
---------------------------------------------------------------------------------------------------------
United Nations Development Corp. of New York
Revenue Refunding Bonds, Sr. Lien:
Series A, 6%, 7/1/12 A\NR\A+ 1,000,000 973,955
Series A, 6%, 7/1/26 A\NR\A+ 5,000,000 4,740,900
-----------
629,194,117
- - ----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS-19.1% Puerto Rico Commonwealth Aqueduct and Sewer
Authority Revenue Bonds, Escrowed to Maturity,
10.25%, 7/1/09 Aaa\AAA 500,000 687,406
---------------------------------------------------------------------------------------------------------
Puerto Rico Commonwealth General Obligation
Refunding Bonds:
Series A, 6%, 7/1/14 Baa1\A 12,000,000 11,710,452
5.25%, 7/1/18 Baa1\A 20,000,000 17,316,339
Prerefunded, 7.70%, 7/1/20 NR\AAA 5,000,000 5,775,770
YCNS, FSA Insured, 9.018%, 7/1/20(1) Aaa\AAA 11,500,000 11,453,125
---------------------------------------------------------------------------------------------------------
Puerto Rico Commonwealth Highway and
Transportation Authority Revenue Bonds:
Prerefunded, Series S, 6.50%, 7/1/22 NR\A 13,500,000 14,750,194
Prerefunded, Series T, 6.50%, 7/1/22 NR\AAA 2,515,000 2,747,907
Series W, 7.679%, 7/1/10(1) Baa1\A 9,000,000 8,262,252
</TABLE>
7 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
RATINGS:MOODY'S FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
U.S. POSSESSIONS Puerto Rico Commonwealth Infrastructure Financing
(CONTINUED) Authority Special Tax Revenue Bonds, Series A,
7.75%, 7/1/08 Baa1\BBB+ $ 6,000,000 $ 6,609,594
---------------------------------------------------------------------------------------------------------
Puerto Rico Electric Power Authority Revenue Bonds:
Series N, 5%, 7/1/12 Baa1\A- 6,545,000 5,686,826
Series O, 7.125%, 7/1/14 Baa1\A- 9,380,000 10,085,084
Series P, 7%, 7/1/21 Baa1\A- 6,000,000 6,484,937
---------------------------------------------------------------------------------------------------------
Puerto Rico Housing Bank and Finance Agency Single
Family Mtg. Revenue Bonds, Homeownership-Fourth
Portfolio, Prerefunded, FHA Insured, 8.50%, 12/1/18 Aaa\NR 1,580,000 1,927,818
---------------------------------------------------------------------------------------------------------
Puerto Rico Housing Finance Corp. Single Family
Mtg. Revenue Bonds, GNMA Collateral, 6.85%, 10/15/24 Aaa\AAA 3,250,000 3,378,950
---------------------------------------------------------------------------------------------------------
Puerto Rico Industrial, Medical and Environmental
Pollution Control Revenue Bonds:
American Airlines, Inc. Project, Series A, 8.75%, 12/1/25 Baa1\BB+ 850,000 912,517
Warner Lambert Co. Project, 7.60%, 5/1/14 Aa3\NR 3,000,000 3,406,611
---------------------------------------------------------------------------------------------------------
Puerto Rico Public Buildings Authority Guaranteed
Public Education and Health Facilities:
Revenue Bonds, Prerefunded, Series J, 7.25%, 7/1/17 Aaa\AAA 6,000,000 6,644,855
Revenue Refunding Bonds:
Series L, 5.75%, 7/1/16 Baa1\A 12,100,000 11,199,226
Series M, 5.75%, 7/1/15 Baa1\A 11,500,000 10,687,305
---------------------------------------------------------------------------------------------------------
Puerto Rico Telephone Authority Revenue Bonds,
MBIA Insured, 8.153%, 1/16/15(1) Aaa\AAA 11,000,000 10,133,683
-----------
149,860,851
-----------
Total Municipal Bonds and Notes (Cost $779,525,153) 779,054,968
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS-0.0%
- - ----------------------------------------------------------------------------------------------------------------------------------
New York City Housing Development Corp. Mtg.
Revenue Bonds, Multi-Family Queenswood Project,
Series A, 1.75%(2) (Cost $300,000) 300,000 300,000
- - ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $779,825,153) 99.5% 779,354,968
- - ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES .5 3,632,036
-------- -----------
NET ASSETS 100.0% $782,987,004
-------- -----------
-------- -----------
<FN>
1. Represents the current interest rate for a variable
rate security.
2. Floating or variable rate obligation maturing in
more than one year. The interest rate, which is based
on specific, or an index of, market interest rates, is
subject to change periodically and is the effective
rate on March 31, 1994.
A demand feature allows the recovery of prinicipal at
any time, or at specified intervals not exceeding one
year, on up to 30 days' notice.
See accompanying Notes to Financial Statements.
</TABLE>
8 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES March 31, 1994 (Unaudited)
<TABLE>
<C> <S> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
ASSETS Investments, at value (cost $779,825,153)-see accompanying statement $779,354,968
---------------------------------------------------------------------------------------------------------
Receivables:
Interest 14,088,417
Investments sold 1,191,139
Shares of beneficial interest sold 697,393
---------------------------------------------------------------------------------------------------------
Other 73,951
-----------
Total assets 795,405,868
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Bank overdraft 14,203
---------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 5,630,574
Shares of beneficial interest redeemed 3,711,959
Dividends 2,131,337
Distribution and service plan fees-Note 4 505,327
Other 425,464
-----------
Total liabilities 12,418,864
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
Net Assets $782,987,004
-----------
-----------
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $784,164,315
NET ASSETS ---------------------------------------------------------------------------------------------------------
Undistributed net investment income 1,133,085
---------------------------------------------------------------------------------------------------------
Distributions in excess of net realized gain from investment transactions (1,840,211)
---------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments-Note 3 (470,185)
-----------
Net assets $782,987,004
-----------
-----------
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets of
$722,337,318 and 58,553,256 shares of beneficial interest outstanding) $12.34
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $12.96
---------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $60,649,686 and 4,914,266 shares of beneficial interest outstanding) $12.34
See accompanying Notes to Financial Statements.
</TABLE>
9 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 1994 (Unaudited)
<TABLE>
<C> <S> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME Interest $25,810,432
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees-Note 4 2,069,487
----------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A-Note 4 923,318
Class B-Note 4 266,880
----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees-Note 4 224,756
----------------------------------------------------------------------------------------------------
Shareholder reports 87,308
----------------------------------------------------------------------------------------------------
Trustees' fees and expenses 34,763
----------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 17,715
Class B 9,550
----------------------------------------------------------------------------------------------------
Legal and auditing fees 22,841
----------------------------------------------------------------------------------------------------
Custodian fees and expenses 704
----------------------------------------------------------------------------------------------------
Other 49,338
-----------
Total expenses 3,706,660
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 22,103,772
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain on investments 588,925
GAIN (LOSS) ON INVESTMENTS ----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (65,083,383)
-----------
Net realized and unrealized loss on investments (64,494,458)
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(42,390,686)
-----------
-----------
See accompanying Notes to Financial Statements.
</TABLE>
10 Oppenheimer New York Tax-Exempt Fund
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
OPERATIONS Net investment income $ 22,103,772 $ 37,419,311
---------------------------------------------------------------------------------------------------------
Net realized gain on investments 588,925 10,840,246
---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (65,083,383) 42,115,874
----------- -----------
Net increase (decrease) in net assets resulting from operations (42,390,686) 90,375,431
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.363 and $.75 per share, respectively) (20,985,921) (37,617,756)
SHAREHOLDERS Class B ($.311 and $.37 per share, respectively) (1,221,813) (558,098)
---------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments:
Class A ($.14 and $.078 per share, respectively) (8,005,062) (3,645,107)
Class B ($.14 per share) (526,749) --
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions-Note 2 33,306,444 179,235,850
---------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B
beneficial interest transactions-Note 2 24,918,706 39,841,699
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase (decrease) (14,905,081) 267,632,019
---------------------------------------------------------------------------------------------------------
Beginning of period 797,892,085 530,260,066
----------- -----------
End of period (including undistributed net investment
income of $1,133,085 and $1,237,047, respectively) $782,987,004 $797,892,085
----------- -----------
----------- -----------
See accompanying Notes to Financial Statements.
</TABLE>
11 Oppenheimer New York Tax-Exempt Fund
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993 1992 1991 1990 1989
- - -------------------------------------------------------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATION DATA:
Net asset value, beginning of period $13.50 $12.59 $12.21 $11.61 $11.87 $11.91
- - -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .36 .73 .79 .81 .83 .84(2)
Net realized and unrealized
gain (loss) on investments (1.02) 1.01 .47 .64 (.25) .01
------- ------- ------- ------- ------- -------
Total income (loss) from
investment operations (.66) 1.74 1.26 1.45 .58 .85
- - -------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.36) (.75) (.75) (.81) (.83) (.83)
Distributions from net realized
gain on investments (.14) (.08) (.13) (.04) (.01) (.06)
------- ------- ------- ------- ------- -------
Total dividends and distributions
to shareholders (.50) (.83) (.88) (.85) (.84) (.89)
- - -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.34 $13.50 $12.59 $12.21 $11.61 $11.87
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
- - -------------------------------------------------------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) (5.04)% 14.33% 10.72% 12.93% 4.95% 6.91%
- - -------------------------------------------------------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $722,337 $756,934 $530,260 $349,480 $250,012 $197,321
- - -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $765,024 $652,327 $436,876 $292,134 $227,504 $156,572
- - -------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 58,553 56,087 42,119 28,617 21,533 16,618
- - -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.48%(4) 5.66% 6.33% 6.81% 6.97% 7.07%(2)
Expenses .86%(4) .91% .96% .96% .99% .98%(2)
- - -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 2.3% 39.1% 30.5% 8.9% 13.3% 11.8%
<CAPTION>
CLASS B
---------------------------------
SIX MONTHS ENDED PERIOD ENDED
MARCH 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993(1)
- - ----------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $13.50 $13.07
- - ----------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 .36
Net realized and unrealized
gain (loss) on investments (1.02) .44
------- -------
Total income (loss) from
investment operations (.71) .80
- - ----------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.31) (.37)
Distributions from net realized
gain on investments (.14) --
------- -------
Total dividends and distributions
to shareholders (.45) (.37)
- - ----------------------------------------------------------------------------------
Net asset value, end of period $12.34 $13.50
------- -------
------- -------
- - ----------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) (5.42)% 6.24%
- - ----------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $60,650 $40,958
- - ----------------------------------------------------------------------------------
Average net assets (in thousands) $50,641 $20,454
- - ----------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 4,914 3,033
- - ----------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.80%(4) 4.45%(4)
Expenses 1.72%(4) 1.73%(4)
- - ----------------------------------------------------------------------------------
Portfolio turnover rate(5) 2.3% 39.1%
<FN>
(1) For the period from March 1, 1993 (inception of offering) to September 30,
1993.
(2) Net investment income would have been $.83 absent the voluntary assumption
of expenses, resulting in an expense ratio of 1.00% for 1989.
(3) Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns.
(4) Annualized.
(5) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the six
months ended March 31, 1994 were $89,770,866 and $18,547,851, respectively.
See accompanying Notes to Financial Statements.
</TABLE>
12 Oppenheimer New York Tax-Exempt Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING Oppenheimer New York Tax-Exempt Fund (the Fund) is
POLICIES registered under the Investment Company Act of
1940, as amended, as a diversified, open-end
management investment company. The Fund's
investment advisor is Oppenheimer Management
Corporation (the Manager). The Fund offers both
Class A and Class B shares. Class A shares are
sold with a front-end sales charge. Class B shares
may be subject to a contingent deferred sales
charge. Both classes of shares have identical
rights to earnings, assets and voting privileges,
except that each class has its own distribution
and/or service plan, expenses directly
attributable to a particular class and exclusive
voting rights with respect to matters affecting a
single class. Class B shares will automatically
convert to Class A shares six years after the date
of purchase. The following is a summary of
significant accounting policies consistently
followed by the Fund.
-------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are
valued at 4:00 p.m. (New York time) on each
trading day. Long-term debt securities are valued
by a portfolio pricing service approved by the
Board of Trustees. Long-term debt securities which
cannot be valued by the approved portfolio pricing
service are valued by averaging the mean between
the bid and asked prices obtained from two active
market makers in such securities. Short-term debt
securities having a remaining maturity of 60 days
or less are valued at cost (or last determined
market value) adjusted for amortization to
maturity of any premium or discount. Securities
for which market quotes are not readily available
are valued under procedures established by the
Board of Trustees to determine fair value in good
faith.
--------------------------------------------------
ALLOCATION OF INCOME, EXPENSES AND GAINS AND
LOSSES. Income, expenses (other than those
attributable to a specific class) and gains and
losses are allocated daily 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 INCOME TAXES. The Fund intends to continue
to comply with provisions of the Internal Revenue
Code applicable to regulated investment companies
and to distribute all of its taxable income,
including any net realized gain on investments not
offset by loss carryovers, to shareholders.
Therefore, no federal income tax provision is
required.
--------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted
a nonfunded retirement plan for the Fund's
independent trustees. Benefits are based on years
of service and fees paid to each trustee during
the years of service. During the six months ended
March 31, 1994, a provision of $8,736 was made for
the Fund's projected benefit obligations,
resulting in an accumulated liability of $113,354.
No payments have been made under the plan.
--------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to
declare dividends separately for Class A and Class
B shares from net investment income each day the
New York Stock Exchange is open for business and
pay such dividends monthly. Distributions from net
realized gains on investments, if any, will be
declared at least once each year.
--------------------------------------------------
OTHER. Investment transactions are accounted for
on the date the investments are purchased or sold
(trade date). Original issue discount on
securities purchased is amortized over the life of
the respective securities, in accordance with
federal income tax requirements. Realized gains
and losses on investments and unrealized
appreciation and depreciation are determined on an
identified cost basis, which is the same basis
used for federal income tax purposes.
13 Oppenheimer New York Tax-Exempt Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
2. SHARES OF The Fund has authorized an unlimited number of no
BENEFICIAL INTEREST par value shares of beneficial interest of each
class. Transactions in shares of beneficial interest
were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31, 1994 YEAR ENDED SEPTEMBER 30, 1993(1)
------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 5,508,115 $72,991,537 18,532,060 $238,699,747
Dividends and distributions reinvested 1,583,854 21,026,691 2,235,515 28,846,483
Redeemed (4,625,362) (60,711,784) (6,800,016) (88,310,380)
---------- ----------- ---------- ------------
Net increase 2,466,607 $33,306,444 13,967,559 $179,235,850
---------- ----------- ---------- ------------
---------- ----------- ---------- ------------
---------------------------------------------------------------------------------------------------------
Class B:
Sold 1,975,736 $26,145,714 3,044,196 $ 39,986,285
Dividends and distributions reinvested 89,890 1,191,506 22,045 292,115
Redeemed (184,741) (2,418,514) (32,860) (436,701)
---------- ----------- ---------- ------------
Net increase 1,880,885 $24,918,706 3,033,381 $ 39,841,699
---------- ----------- ---------- ------------
---------- ----------- ---------- ------------
<FN>
1. For the year ended September 30, 1993 for Class A
shares and for the period from March 1, 1993
(inception of offering) to September 30, 1993 for
Class B shares.
</TABLE>
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND At March 31, 1994, net unrealized depreciation of
LOSSES ON INVESTMENTS investments of $470,185 was composed of gross
appreciation of $26,914,462, and gross depreciation
of $27,384,647.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
4. MANAGEMENT FEES Management fees paid to the Manager were in
AND OTHER TRANSACTIONS accordance with the investment advisory agreement
WITH AFFILIATES with the Fund which provides for an annual fee of
.60% on the first $200 million of net assets, .55% on
the next $100 million, .50% on the next $200 million,
.45% on the next $250 million, .40% on the next $250
million and .35% on net assets in excess of $1
billion.
For the six months ended March 31, 1994,
commissions (sales charges paid by investors) on
sales of Class A shares totaled $1,767,413, of which
$336,238 was retained by Oppenheimer Funds
Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated
broker/dealer. During the six months ended March 31,
1994, OFDI received contingent deferred sales charges
of $57,466 upon redemption of Class B shares, as
reimbursement for sales commissions advanced by OFDI
at the time of sale of such shares.
Oppenheimer Shareholder Services (OSS), a
division of the Manager, is the transfer and
shareholder servicing agent for the Fund, and for
other registered investment companies. OSS's total
costs of providing such services are allocated
ratably to these companies.
Under separate approved plans, each class
may expend up to .25% of its net assets annually to
reimburse OFDI for costs incurred in connection with
the personal service and maintenance of accounts that
hold shares of the Fund, including amounts paid to
brokers, dealers, banks and other institutions. In
addition, Class B shares are subject to an
asset-based sales charge of .75% of net assets
annually, to reimburse OFDI for sales commissions
paid from its own resources at the time of sale and
associated financing costs. In the event of
termination or discontinuance of the Class B plan,
the Board of Trustees may allow the Fund to continue
payment of the asset-based sales charge to OFDI for
distribution expenses incurred on Class B shares sold
prior to termination or discontinuance of the plan.
During the six months ended March 31, 1994, OFDI paid
$13,799 to an affiliated broker/dealer as
reimbursement for Class A personal service and
maintenance expenses and retained $266,880 as
reimbursement for Class B sales commissions and
service fee advances, as well as financing costs.
14 Oppenheimer New York Tax-Exempt Fund
<PAGE>
OPPENHEIMER NEW YORK TAX-EXEMPT FUND
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Edmund T. Delaney, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Robert E. Patterson, Vice President
George C. Bowen, Treasurer
Lynn M. Coluccy, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
CUSTODIAN OF Citibank, N.A.
PORTFOLIO SECURITIES
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been
taken from the records of the Fund without
examination by the independent auditors. This is a
copy of a report to shareholders of Oppenheimer New
York Tax-Exempt Fund. This report must be preceded or
accompanied by a Prospectus of Oppenheimer New York
Tax-Exempt Fund. For material information concerning
the Fund, see the Prospectus.
15 Oppenheimer New York Tax-Exempt Fund
<PAGE>
Back Cover C -- New York Tax-Exempt Fund
``How may I help you?''
``Just as OppenheimerFunds offers over 35 different mutual funds designed to
help meet virtually every investment need, Oppenheimer Shareholder Services
offers a variety of services to satisfy your individual needs. Whenever you
require help, we're only a toll-free phone call away.
``For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
``When you want to make account transactions, it's easy for you to redeem
shares, exchange shares, or conduct AccountLink transactions, simply by calling
our Telephone Transactions number.
``And for added convenience, OppenheimerFunds' PhoneLink, an automated
voice response system, is available 24 hours a day, 7 days a week. PhoneLink
gives you access to a variety of fund, account, and market information. You can
even make purchases, exchanges and redemptions using your touch-tone phone. Of
course, PhoneLink will always give you the option to speak with a Customer
Service Representative during the hours shown to the left.
``When you invest in OppenheimerFunds, you know you'll receive a high
level of customer service. The International Customer Service Association knows
it, too, as it awarded Oppenheimer Shareholder Services a 1993 Award of
Excellence for consistently demonstrating superior customer service.
``Whatever your needs, we're ready to assist you.''
1993 AWARD OF EXCELLENCE LOGO
[B&W PHOTO]
Barbara Hennigar
Chief Executive Officer
Oppenheimer Shareholder Services
General Information
1-800-525-7048
Talk to a Customer Service Representative.
Monday through Friday from 8:30 a.m. to 8:00 p.m., and Saturday from 10:00 a.m.
to 2:00 p.m. ET.
Telephone Transactions
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Make account transactions with a Customer Service Representative. Monday through
Friday from 8:30 a.m. to 8:00 p.m. ET.
PhoneLink
1-800-533-3310
Get automated information or make automated transactions. 24 hours a day, 7 days
a week.
Telecommunication
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Service for the hearing impaired.
Monday through Friday from 8:30 a.m. to 8:00 p.m. ET.
OppenheimerFunds
Information Hotline
1-800-835-3104
Hear timely and insightful messages on the economy and issues that affect your
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P.O. Box 5270
Denver, CO 80217-5270
- - ------------
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