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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<PAGE>
ACQUISITION OF QUEST FOR VALUE NEW YORK TAX-EXEMPT FUND
On November 24, 1995, Oppenheimer New York Tax-Exempt Fund acquired all of
the net assets of Quest for Value New York Tax-Exempt Fund, pursuant to an
Agreement and Plan of Reorganization approved by the Quest for Value New York
Tax-Exempt Fund shareholders on November 16, 1995. The Fund issued 2,350,157
shares of beneficial interest, valued at $29,517,976, in exchange for the net
assets, resulting in combined net assets of $794,672,219 on November 24,
1995. The net assets acquired included net unrealized appreciation of
$1,513,911. The exchange qualifies as a tax-free reorganization for federal
income tax purposes.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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