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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
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<NAME> OPPENHEIMER NEW YORK TAX-EXEMPT FUND - CLASS C
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<PAGE>
The Board of Trustees and Shareholders of
Oppenheimer New York Tax-Exempt Fund:
In planning and performing our audit of the financial statements of Oppenheimer
New York Tax-Exempt Fund for the year ended September 30, 1995, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Oppenheimer New York Tax-Exempt Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
KPMG Peat Marwick LLP
Denver, Colorado
October 20, 1995
<PAGE>
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization for tax purposes. The character of the
distributions made during the 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 dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that the income or
realized gain (loss) was recorded by the Fund.
During the year ended September 30, 1995, the Fund changed the classification of
distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended September 30, 1995,
amounts have been reclassified to reflect a decrease in undistributed net
investment income of $2,756,445. Accumulated net realized loss on investments
was decreased by the same amount.
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On May 25, 1995, a special shareholder meeting was held at which the twelve
Trustees identified below were elected, the selection of KPMG Peat Marwick LLP
as the independent certified public accountants and auditors of the Fund for the
fiscal year beginning October 1, 1994 was ratified (Proposal No. 1), the
proposed changes in the Fund's investment policies were approved (Proposal No.
2), as described in the Fund's proxy statement for that meeting. That meeting
was adjourned until May 31, 1995, with respect to a proposal voted on only by
Class B shareholders, at which time the Fund's amended Class B 12b-1
Distribution and Service Plan was approved by Class B shareholders (Proposal No.
3), as described in the Fund's proxy statement for that meeting. The following
is a report of the votes cast:
[CAPTION]
<TABLE>
NOMINEE FOR AGAINST TOTAL
- ------- --- ------- -----
<S> <C> <C> <C>
Leo Cherne 31,392,318.141 1,216,510.014 32,608,828.155
Robert G. Galli 31,423,499.173 1,185,328.982 32,608,828.155
Leon Levy 31,496,565.665 1,112,262.490 32,608,828.155
Benjamin Lipstein 31,480,118.328 1,128,709.827 32,608,828.155
Elizabeth B. Moynihan 31,380,143.658 1,228,684.497 32,608,828.155
Kenneth A. Randall 31,419,552.764 1,189,275.391 32,608,828.155
Edward V. Regan 31,509,297.575 1,099,530.580 32,608,828.155
Russell S. Reynolds, Jr. 31,425,158.373 1,183,669.782 32,608,828.155
Sidney M. Robbins 31,325,278.112 1,283,550.043 32,608,828.155
Donald W. Spiro 31,396,818.466 1,212,009.689 32,608,828.155
Pauline Trigere 31,208,407.513 1,400,420.642 32,608,828.155
Clayton K. Yeutter 31,373,621.729 1,235,206.426 32,608,828.155
</TABLE>
[CAPTION]
<TABLE>
WITHHELD/ BROKER
PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- -------- --- ------- ------- --------- -----
<S> <C> <C> <C> <C> <C>
Proposal No. 1 30,929,438.022 284,642.644 1,394,747.489 1,082,442 32,608,828.155
Proposal No. 2 28,098,595.026 2,254,303.883 2,255,929.246 1,082,442 32,608,828.155
Proposal No. 3 3,108,222.595 123,757.558 253,962.265 679,278 3,485,942.418
</TABLE>
Oppenheimer New York Tax-Exempt Fund
