<PAGE>
[PHOTO]
Annual Report September 30, 1999
Oppenheimer
NEW YORK
MUNICIPAL FUND
[LOGO] OPPENHEIMERFUNDS-Registered Trademark-
THE RIGHT WAY TO INVEST
<PAGE>
- --------------------------------------------------------------------------------
REPORT HIGHLIGHTS
- --------------------------------------------------------------------------------
OVER THE PERIOD, THE FUND PROVIDED INVESTORS WITH A RELATIVELY STEADY YIELD that
compared favorably with returns offered by taxable Treasury securities.
WE EMPHASIZED STRONG ECONOMIC SECTORS, such as housing and transportation, and
avoided trouble spots, such as hospitals and newly deregulated utilities.
CONTENTS
1 President's Letter
3 An Interview with Your Fund's Manager
8 Fund Performance
14 FINANCIAL STATEMENTS
34 INDEPENDENT AUDITORS' REPORT
35 Federal Income Tax Information
36 Officers and Trustees
37 OppenheimerFunds Family
AVERAGE ANNUAL TOTAL RETURNS
For the 1-Year Period Ended 9/30/99*
<TABLE>
<CAPTION>
CLASS A
Without Sales Chg. With Sales Chg.
- ------------------ ---------------
<S> <C>
-2.36% -7.00%
<CAPTION>
CLASS B
Without Sales Chg. With Sales Chg.
- ------------------ ---------------
<S> <C>
-3.11% -7.76%
<CAPTION>
CLASS C
Without Sales Chg. With Sales Chg.
- ------------------ ---------------
<S> <C>
-3.11% -4.04%
</TABLE>
-----------------
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
-----------------
* See page 12 for further details.
<PAGE>
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer New York Municipal Fund
DEAR SHAREHOLDER,
In many ways, the 1999 investment environment has, so far, unfolded as many
expected it would, producing both attractive opportunities and formidable
challenges for investors.
On the economic front, early worries about the effects of global weakness
in the wake of last year's credit and currency crises have abated. Instead, as
many economies around the world begin to strengthen, concerns now center around
whether the U.S. economy may be growing too quickly. Throughout the year,
consumers in the United States have continued to spend and borrow heavily, more
than offsetting any temporary slowdown in the industrial and export sectors.
The economy's strength has not gone unnoticed by the nation's monetary
policymakers. In an effort to ward off emerging inflationary pressures, the
Federal Reserve Board increased short-term interest rates this past summer.
Market reaction to robust economic growth has been mixed. The U.S. bond
market has generally declined, as fixed income investors became increasingly
concerned about the effects of rising interest rates.
In the stock market, the performance of large-capitalization growth stocks,
which has driven the market's advance over the past few years, has begun to
moderate, and many previously out-of-favor value-oriented, mid-cap and small-cap
stocks have rallied. At the same time, a healthy percentage of actively managed,
diversified portfolios have once again begun to outperform unmanaged stock
indices such as Standard & Poor's 500.
At OppenheimerFunds, we applaud the Fed's pre-emptive strike against
inflation. In our view, history has repeatedly demonstrated that most financial
assets do best in a low-inflation environment. What's more, we believe that the
move to higher interest rates should be temporary.
1 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
One recent development IS quite troublesome to us however: the increasing
popularity of "day trading" among individuals seeking to make fast money in a
volatile stock market. In our opinion, day trading is not investing, it is
gambling. Experience proves that without extensive research and analysis,
attempting to time short-term price swings is a fool's errand. Instead, we
continue to encourage investors to maintain a long-term perspective that is
measured in years, not days.
Finally, while we remain alert to the potential impact of the Y2K issue, we
are encouraged by the progress made in addressing the matter. At
OppenheimerFunds, our shareholder accounting systems are already Y2K compliant,
and we have successfully participated in all required industry-wide tests. We
intend to continue retesting our systems in order to help further protect
against any potential problems. After all, whether in our computer accounting
systems or the financial markets, managing risk is an important part of what
makes OppenheimerFunds THE RIGHT WAY TO INVEST.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
October 21, 1999
2 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
[PHOTO]
PORTFOLIO MANAGEMENT TEAM (L TO R)
Robert Patterson (Portfolio Manager) Caryn Halbrecht
Q
HOW DID OPPENHEIMER NEW YORK MUNICIPAL FUND PERFORM DURING THE ONE-YEAR PERIOD
THAT ENDED SEPTEMBER 30, 1999?
A. Although the Fund produced negative returns for the period, it had good
relative performance in what proved to be a highly volatile investment
environment. In fact, the Fund's Class A shares ranked in the top quartile of
New York municipal debt funds for the one-year period ended September 30,
1999(1). Our conservative strategy provided investors with a relatively
steady tax-free yield that compared favorably with taxable U.S. Treasury
securities.
WHAT EVENTS HAD THE GREATEST IMPACT ON THE NEW YORK MUNICIPAL MARKET?
In late 1998, global economic uncertainty triggered a "flight to quality" among
U.S. and foreign investors. This created unprecedented demand for U.S. Treasury
securities, driving their prices up and their yields down (prices and yields
move in opposite directions). However, because municipal bonds do not provide
tax advantages to foreign investors, municipals did not benefit to the same
extent. Accordingly, U.S. Treasuries significantly outperformed triple-A rated
municipal bonds with comparable maturities during the first few months of the
period.
1. Source: LIPPER ANALYTICAL SERVICE, INC, 9/30/99. See page 12 for further
details.
3 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
"WE EMPHASIZED AREAS OF OPPORTUNITY THAT WE BELIEVED WERE POSITIONED TO BENEFIT
FROM NEW YORK'S IMPROVING ECONOMY."
Early in 1999, the U.S. and global economies began to strengthen. As a result,
investors regained their confidence and sold their Treasury bonds, returning to
riskier financial assets, such as stocks and corporate bonds. Consequently,
prices of U.S. Treasuries declined sharply. Municipal bond prices remained
stable, providing higher total returns than U.S. Treasuries.
Beginning in the spring of 1999, unexpected strength in the U.S. economy
raised fears of inflation and caused interest rates to climb. Since rising rates
tend to drive down prices of outstanding bonds, virtually all fixed income
markets were hurt by the continuing flow of stronger economic data. This
environment persisted through the Fund's fiscal year end. Although negatively
impacted, New York municipal bond prices benefited from favorable supply and
demand factors. Strong economic conditions in New York reduced many
municipalities' need to borrow, leading to a modestly diminished supply of
tax-exempt bonds. Furthermore, delayed passage of the state budget from April
through September forced the postponement of budget-related bond issuance,
further reducing municipal bond supply, which supported New York's municipal
bond market.
4 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the Periods Ended 9/30/99(2)
<TABLE>
<CAPTION>
Class A
1-year 5-year 10-year
- -------------------------------------
<S> <C> <C>
- -7.00% 5.08% 6.15%
<CAPTION>
Class B Since
1-year 5-year Inception
- -------------------------------------
<S> <C> <C>
- -7.76% 4.98% 4.01%
<CAPTION>
Class C Since
1-year 5-year Inception
- -------------------------------------
<S> <C> <C>
- -4.04% N/A 4.59%
</TABLE>
HOW DID YOU MANAGE THE FUND IN THIS ENVIRONMENT?
We employed a number of strategies in our efforts to enhance performance and
help reduce risk. First, we remained almost fully invested throughout the period
as we sought to take full advantage of the relatively high yields offered by New
York municipal bonds compared to tax-free money market funds and other cash
equivalents. Second, we employed some widely used hedging techniques in late
1998 and early 1999 that allowed us to benefit from declines in Treasury bond
prices. Third, we responded to rising interest rates by actively managing the
portfolio's AVERAGE DURATION. Specifically, we gradually shifted from a
relatively long to a relatively short duration position, since the shorter a
portfolio's average duration, the better it is likely to resist the negative
impact of rising interest rates. Finally, we emphasized highly rated municipal
bonds because based on intensive analysis, we believed that most lower quality
bonds did not offer enough extra yield to justify the added risk.
2. See page 12 for further details.
5 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STANDARDIZED YIELDS(3)
For the 30-days Ended 9/30/99
- -----------------------------
<S> <C>
Class A 4.78%
Class B 4.24
Class C 4.25
</TABLE>
WHAT SECTORS DID YOU FIND ATTRACTIVE, AND WHICH DID YOU AVOID?
We emphasized areas of opportunity that we believed were positioned to benefit
from New York's improving economy. These areas included housing and
transportation bonds issued by the state's larger municipalities. We also
continued to invest a small percentage of the Fund's portfolio in bonds of
Puerto Rico and Guam, which increased diversification while providing
shareholders with income exempt from New York state and local taxes.
On the other hand, we avoided certain issuers, such as hospitals, that have
been subject to financial pressures because of cutbacks in Medicaid and
Medicare. We also tended to avoid the uncertainties associated with bonds issued
by utilities that are in the midst of industry-wide deregulation.
3. Standardized yield is based on net investment income for the 30-day period
ended September 30, 1999. Falling share prices will tend to artificially raise
yields.
6 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
CREDIT ALLOCATION(4)
[CHART]
<TABLE>
<S> <C>
- - AAA 31.8%
- - AA 15.6%
- - A 26.3%
- - BBB 15.7%
- - BB 8.1%
- - B 2.5%
</TABLE>
WHAT IS YOUR OUTLOOK FOR THE COMING MONTHS?
We remain cautiously optimistic. Although New York State continues to be
burdened by a high level of debt, which has hurt its standing among national
credit rating agencies, the state has benefited greatly from the continuing
strength of the U.S. economy. As a result, we believed that it now might be in
an excellent position to improve its credit rating.
On the other hand, we remain concerned about rising interest rates. We
intend to continue to monitor the economic environment carefully, ready to
reposition the portfolio if conditions warrant. We believe these
credit-conscious, risk management strategies help make Oppenheimer New York
Municipal Fund an important part of THE RIGHT WAY TO INVEST.
<TABLE>
<CAPTION>
TOP FIVE INDUSTRIES(4)
- ----------------------------------------------------------
<S> <C>
Higher Education 15.9%
- ----------------------------------------------------------
General Obligation 10.7
- ----------------------------------------------------------
Highways 8.5
- ----------------------------------------------------------
Electric Utilities 8.0
- ----------------------------------------------------------
Single Family Housing 5.7
</TABLE>
4. Portfolio data is subject to change. Percentages are as of September 30,
1999, and are dollar-weighted based on invested assets. Securities rated by any
rating organization are included in the equivalent Standard & Poor's rating
category. Average credit quality and allocation include rated securities and
those not rated by a national rating organization (currently 12.20% of total
investments) but which the ratings given above have been assigned by the Manager
for internal purposes as being comparable, in the Manager's judgment, to
securities rated by a rating agency in the same category.
7 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FUND PERFORMANCE
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED?
BELOW IS A DISCUSSION, BY THE MANAGER, OF THE FUND'S PERFORMANCE DURING ITS
FISCAL YEAR ENDED SEPTEMBER 30, 1999, FOLLOWED BY A GRAPHICAL COMPARISON OF THE
FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED MARKET INDEX.
MANAGEMENT'S DISCUSSION OF PERFORMANCE. During the past fiscal year that ended
September 30, 1999, Oppenheimer New York Municipal Fund performed relatively
well, despite the fact that the overall bond market weakened considerably in
1999. The weakness in the bond market stemmed from signs of continuing strong
economic growth, which could cause inflation to reemerge. However, the Fund
benefited from a reduced supply of new tax-exempt bond issues. The Fund also
benefited from an emphasis on high quality bond issues, our efforts to manage
the portfolio's average duration in response to rising interest rates, and our
success in correctly identifying strong and weak sectors of the New York
municipal bond market. The Fund's portfolio holdings, allocations and strategies
are subject to change.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until September 30, 1999. In the case of Class A shares, performance
is measured over a 10-year period. In the case of Class B shares, performance is
measured from inception of the Class on March 1, 1993. In the case of Class C
shares, performance is measured from inception of the Class on August 29, 1995.
The Fund's performance reflects the deduction of the maximum initial sales
charge on Class A shares, the applicable contingent deferred sales charge on
Class B and Class C shares, and reinvestments of all dividends and capital gains
distributions.
8 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
The Fund's performance is compared to the performance of the Lehman Brothers
Municipal Bond Index, an unmanaged index of a broad range of investment grade
municipal bonds that is widely regarded as a measure of the performance of the
general municipal bond market. Index performance reflects the reinvestment of
dividends but does not consider the effect of capital gains or transaction
costs, and none of the data in the graphs that follow shows the effect of taxes.
The Fund's performance reflects the effects of Fund business and operating
expenses. While index comparisons may be useful to provide a benchmark for the
Fund's performance, it must be noted that the Fund's investments are not limited
to the securities in the index.
9 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FUND PERFORMANCE
- --------------------------------------------------------------------------------
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New York Municipal Fund (Class A), and Lehman Brothers Municipal
Bond Index
[GRAPH]
<TABLE>
<S> <C>
Oppenheimer New York Municipal Fund Class A $20,377
Lehman Brothers Municipal Bond Index $18,161
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS A SHARES OF THE FUND AT 9/30/99(1)
1-year -7.00% 5-year 5.08% 10-year 6.15%
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New York Municipal Fund (Class B), and Lehman Brothers Municipal
Bond Index
[GRAPH]
<TABLE>
<S> <C>
Oppenheimer New York Municipal Fund Class B $14,300
Lehman Brothers Municipal Bond Index $12,908
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS B SHARES OF THE FUND AT 9/30/99(1)
1-year -7.76% 5-year 4.98% Life 4.01%
1. See page 12 for further details.
Past performance is not predictive of future performance. Graphs are not drawn
to the same scale.
10 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer New York Municipal Fund (Class C), and Lehman Brothers Municipal
Bond Index
[GRAPH]
<TABLE>
<S> <C>
Oppenheimer New York Municipal Fund Class C $12,559
Lehman Brothers Municipal Bond Index $12,012
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS C SHARES OF THE FUND AT 9/30/99(1)
1-year -4.04% Life 4.59%
The performance information for the Lehman Brothers Municipal Bond Index in the
graphs begins on 9/30/89 for Class A, 2/29/93 for Class B and 8/31/95 for
Class C.
11 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES
- --------------------------------------------------------------------------------
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. THE FUND'S
PERFORMANCE MAY FROM TIME TO TIME BE SUBJECT TO SUBSTANTIAL SHORT-TERM CHANGES,
PARTICULARLY DURING PERIODS OF MARKET OR INTEREST RATE VOLATILITY. FOR UPDATES
ON THE FUND'S PERFORMANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR, CALL US AT
1-800-525-7048 OR VISIT OUR WEBSITE, WWW.OPPENHEIMERFUNDS.COM.
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown.
CLASS A shares 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. The
Fund's maximum sales charge for Class A shares was lower prior to 1/31/86, so
actual performance may have been higher.
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 "life-of-class" 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 one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the different performance calculations is in the Fund's
prospectus.
LIPPER RANKING. Based on the comparisons between changes in net asset value
without considering sales charges, with dividends and capital gains
distributions of the Fund's Class A shares reinvested. The Fund's Class A
shares were ranked 22 of 99 (one-year), 25 of 68 (five-year) and 19 of 32
(ten-year) among New York municipal debt funds for the periods ended 9/30/99.
12 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIALS
13 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES--99.3%
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK--85.2%
Allegany Cnty., NY IDA RB, Houghton College Civic Facility,
5.25%, 1/15/18 NR/BBB $1,500,000 $1,382,985
- ---------------------------------------------------------------------------------------------------------------------------
Allegany Cnty., NY IDA RB, Houghton College Civic Facility,
5.25%, 1/15/24 NR/BBB 1,500,000 1,352,535
- ---------------------------------------------------------------------------------------------------------------------------
Battery Park City, NY RB, Series A, AMBAC Insured,
5.50%, 11/1/16 Aaa/AAA 5,000,000 4,926,300
- ---------------------------------------------------------------------------------------------------------------------------
Erie Cnty., NY IDA Life Care Community RB, Episcopal
Church Home, Series A, 6%, 2/1/28 NR/NR 6,700,000 6,227,248
- ---------------------------------------------------------------------------------------------------------------------------
Monroe Cnty., NY IDA RB, DePaul Community Facilities,
Series A, 5.875%, 2/1/28 NR/NR 1,800,000 1,647,198
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 7.494%, 8/1/08(1) A3/A- 8,250,000 8,765,625
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.057%, 8/1/13(1) A3/A-/A 5,000,000 5,381,250
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.057%, 8/1/14(1) A3/A- 8,150,000 8,720,500
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series A, 7.75%, 8/15/16 Aaa/AAA/A 157,500 170,005
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series D, 7.50%, 2/1/19 Aaa/A-/A- 1,295,000 1,406,525
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series F, 8.25%, 11/15/17 Aaa/A-/A- 8,500,000 9,323,225
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Series B, 8.25%, 6/1/07 A3/A-/A- 1,750,000 2,097,322
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Series B, FSA Insured, Inverse Floater,
6.942%, 10/1/07(1) Aaa/AAA/AAA 7,500,000 7,778,100
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Series H, 6.125%, 8/1/25 A3/A-/A 6,000,000 6,110,280
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Series A, 7.75%, 3/15/03 A3/A-/A- 10,000 10,316
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Series D, 7.50%, 2/1/19 A3/A-/A- 5,000 5,369
- ---------------------------------------------------------------------------------------------------------------------------
NYC GORB, Series D, 5.25%, 8/1/21 A3/A-/A 1,000,000 917,830
- ---------------------------------------------------------------------------------------------------------------------------
NYC GORB, Unrefunded Balance, Series F, 7.625%, 2/1/14 A3/A-/A 5,000 5,383
- ---------------------------------------------------------------------------------------------------------------------------
NYC GOUN, Prerefunded, Series C, Subseries C-1,
7.50%, 8/1/20 Aaa/A-/A- 5,000 5,499
- ---------------------------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Glenn Gardens Project, 6.50%, 1/15/18 NR/NR 2,778,242 2,801,608
- ---------------------------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Keith Plaza Project, 6.50%, 2/15/18 NR/NR 1,827,998 1,843,866
- ---------------------------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Series A, 5.625%, 5/1/12 Aa2/AA 4,355,000 4,475,590
- ---------------------------------------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RRB, AMBAC Insured,
Inverse Floater, 7.719%, 2/15/23(1) Aaa/AAA/AAA 9,300,000 8,672,250
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Community Resources
Development, 7.50%, 8/1/26 NR/NR 4,000,000 4,179,920
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, USTA National Tennis
Center Project, FSA Insured, 6.375%, 11/15/14 Aaa/AAA/AAA 1,500,000 1,607,670
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
5.75%, 10/1/36 Baa3/BBB-/BBB- 3,500,000 3,279,675
</TABLE>
14 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK CONTINUED
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
6.20%, 10/1/22 Baa3/BBB-/BBB- $ 5,000,000 $ 5,089,350
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDA SPF RB, Northwest Airlines, Inc.,
6%, 6/1/27 Ba2/BB 14,000,000 13,302,660
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDA SPF RB, United Air Lines, Inc. Project,
5.65%, 10/1/32 Baa3/BB+ 6,585,000 6,135,244
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDAU Civil Facility RB, YMCA Greater NY Project,
5.80%, 8/1/16 Baa3/NR/BBB 2,470,000 2,421,711
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project,
7.80%, 1/1/16 NR/NR 6,800,000 7,272,124
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project,
7.95%, 1/1/28 NR/NR 13,500,000 14,467,815
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn. Project,
6%, 1/1/15 A3/A/A- 6,000,000 6,107,160
- ---------------------------------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn. Project,
6.125%, 1/1/24 A3/A/A- 3,000,000 3,046,290
- ---------------------------------------------------------------------------------------------------------------------------
NYC MCFFA RB, Series D, 6.45%, 2/15/09 Aa2/AAA 145,000 154,553
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RB, Series A, FGIC Insured,
5.50%, 6/15/32 Aaa/AAA/AAA 9,175,000 9,175,000
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RB, Unrefunded Balance, Series B,
6.375%, 6/15/22 Aaa/AAA/A- 6,625,000 7,044,561
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Prerefunded, Series A,
7.10%, 6/15/12 NR/AAA/AAA 180,000 190,562
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Series C, FGIC Insured,
5%, 6/15/21 Aaa/AAA/AAA 11,000,000 9,889,000
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
6.75%, 6/15/17 A2/A/AA- 2,480,000 2,582,796
- ---------------------------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
Series A-1994, 7.10%, 6/15/12 A2/A/AA- 95,000 99,876
- ---------------------------------------------------------------------------------------------------------------------------
NYC Niagara Falls SDI COP, High School Facility,
5.375%, 6/15/28 Baa3/BBB- 7,645,000 6,969,564
- ---------------------------------------------------------------------------------------------------------------------------
NYC Transitional FAU RB, Future Tax Secured,
Series B, 4.75%, 11/1/23 Aa3/AA/AA+ 19,750,000 16,702,772
- ---------------------------------------------------------------------------------------------------------------------------
NYC Transitional FAU RB, Future Tax Secured,
Series C, 5%, 5/1/29 Aa3/AA/AA+ 5,400,000 4,740,498
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, City University, Series 1, 5.375%, 7/1/24 Baa1/BBB+/A- 11,500,000 10,640,835
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Ithaca College, AMBAC Insured,
5.25%, 7/1/26 Aaa /AAA 5,750,000 5,304,030
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed to
Maturity, BIG Insured, 7.375%, 7/1/16 Aaa/AAA 250,000 296,900
</TABLE>
15 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK CONTINUED
NYS DA RB, Judicial Facilities Lease, Escrowed to
Maturity, MBIA Insured, 7.375%, 7/1/16 Aaa/AAA $ 2,300,000 $ 2,731,480
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Office General Services, 5%, 4/1/28 Baa1/BBB+ 5,260,000 4,587,772
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Pooled Capital Program, Partially
Prerefunded, FGIC Insured, 7.80%, 12/1/05 Aaa/AAA/AAA 1,290,000 1,316,974
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Rosalind & Joseph Gurwin Geriatric
Home, AMBAC Insured, 5.70%, 2/1/37 Aaa/AAA 2,000,000 1,935,080
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RB, Upstate Community Colleges,
Series A, 5%, 7/1/28 NR/BBB+/A 10,000,000 8,729,200
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Second Series A, 5.75%, 7/1/18 Baa1/BBB+ 6,750,000 6,768,563
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Series B, 6%, 7/1/14 Baa1/BBB+ 10,875,000 11,372,531
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, Episcopal Health Services, Inc.,
5.85%, 8/1/13 NR/AAA 500,000 513,230
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, Fordham University, FGIC Insured,
5.75%, 7/1/15 Aaa/AAA/AAA 9,100,000 9,182,628
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Joseph's Hospital Health Center,
- ---------------------------------------------------------------------------------------------------------------------------
MBIA Insured, 5.25%, 7/1/18 Aaa/AAA 5,035,000 4,690,556
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Thomas Aquinas, 5.25%, 7/1/28 NR /AA 1,500,000 1,355,130
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Vincent's Hospital, 7.375%, 8/1/11 Aa2/AAA 135,000 143,884
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/15 A3/A/A 23,090,000 22,289,008
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/21 A3/A/A 5,010,000 4,698,929
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series B, 7%, 5/15/16 A2/A/A 9,020,000 9,343,006
- ---------------------------------------------------------------------------------------------------------------------------
NYS DA SPO Bonds, CUS, Series E, FSA Insured,
5.75%, 7/1/11 Aaa/AAA/AAA 5,955,000 6,269,245
- ---------------------------------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund, Series A,
6.60%, 9/15/12 Aaa/AAA/AAA 250,000 268,155
- ---------------------------------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund, Series C,
7.20%, 3/15/11 Aa2/A+/AA 350,000 360,910
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Consolidated Edison Co., Series A,
7.50%, 1/1/26 A1/A+/NR 280,000 284,950
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co., Series C,
6.90%, 8/1/22 Baa3/A-/BBB+ 10,200,000 11,129,118
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Prerefunded, Series A,
7.15%, 12/1/20 Ba1/A- 5,510,000 5,992,566
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Unrefunded Balance, Series A,
7.15%, 12/1/20 Aaa/A- 1,990,000 2,106,495
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co., Series B,
Inverse Floater, 9.564%, 7/1/26(1) A1/A/A 6,000,000 7,282,500
</TABLE>
16 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK CONTINUED
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series D, MBIA Insured, Inverse Floater, 7.69%, 7/8/26(1) Aaa/AAA/A $ 3,000,000 $ 2,767,500
- ---------------------------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Project,
Series A, MBIA Insured, 6.15%, 7/1/26 Aaa/AAA 4,000,000 4,049,880
- ---------------------------------------------------------------------------------------------------------------------------
NYS GORB, 7.50%, 11/15/00 A2/A 500,000 519,650
- ---------------------------------------------------------------------------------------------------------------------------
NYS GORB, 9.875%, 11/15/05 A2/A/A+ 400,000 507,000
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-A,
7.05%, 8/15/24 Aa1/NR 350,000 369,152
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-C,
6.95%, 8/15/24 Aa1/NR 220,000 227,482
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, Prerefunded, 8%, 11/1/08 Aaa/A- 2,690,000 2,860,223
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RB, Unrefunded Balance, 8%, 11/1/08 Baa/A- 550,000 576,153
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RRB, Housing Mtg., Series A, 6.10%, 11/1/15 Aaa/AAA/AAA 12,170,000 12,655,218
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RRB, State University Construction,
Escrowed to Maturity, Series A, 7.90%, 11/1/06 Aaa/AAA 1,750,000 1,991,938
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFA RRB, Unrefunded Balance, 7.90%, 11/1/99 Baa1/A- 1,490,000 1,493,487
- ---------------------------------------------------------------------------------------------------------------------------
NYS HFASC Obligation RB, Series A, 6%, 3/15/26 Baa1/BBB+ 10,000,000 10,044,300
- ---------------------------------------------------------------------------------------------------------------------------
NYS LGAC RRB, Series B, 5.50%, 4/1/21 A3/A+/A+ 3,000,000 2,860,110
- ---------------------------------------------------------------------------------------------------------------------------
NYS LGAC RRB, Series E, 5%, 4/1/21 A3/A+/A+ 500,000 450,920
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg. Project, Series 69,
5.50%, 10/1/28 Aa2/NR 6,400,000 5,913,344
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg., Series 71,
5.40%, 4/1/29(2) Aa2/NR 20,465,000 18,619,057
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg., Series UU,
7.75%, 10/1/23 Aa2/NR 1,590,000 1,644,187
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg., Series VV,
7.375%, 10/1/11 Aa2/NR 125,000 130,226
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Inverse Floater, 6.588%, 10/1/24(1) NR/NR 10,000,000 8,367,800
- ---------------------------------------------------------------------------------------------------------------------------
NYS MAG RB, Series 40-B, 6.40%, 10/1/12 Aa2/NR 500,000 520,110
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Long-Term Health Care, Series C,
FSA Insured, 6.40%, 11/1/14 Aaa/AAA/AAA 2,800,000 2,963,324
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Prerefunded, FGIC
Insured, Series A, 6.375%, 8/15/17 Aaa/NR/AAA 4,920,000 5,240,243
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series A, FGIC Insured, 6.375%, 8/15/17 Aaa/AAA/AAA 80,000 83,940
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series B, 7.875%, 8/15/20 A3/BBB+ 365,000 382,666
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Prerefunded, Series D,
6.45%, 2/15/09 Aa2/AAA 185,000 199,835
</TABLE>
17 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
NEW YORK CONTINUED
NYS MCFFA RB, St. Francis Hospital, Project A,
FGIC Insured, 7.625%, 11/1/21 Aaa/AAA/AAA $ 2,690,000 $ 2,751,520
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, St. Luke's Hospital Center Mtg.,
Prerefunded, Series B, 7.45%, 2/15/29 Aaa/AAA 7,500,000 7,752,450
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Unrefunded Balance, 7.70%, 2/15/18 NR/A- 350,000 354,060
- ---------------------------------------------------------------------------------------------------------------------------
NYS MCFFA RRB, MHESF, Unrefunded Balance,
Series A, 8.875%, 8/15/07 A3/A- 2,930,000 2,941,193
- ---------------------------------------------------------------------------------------------------------------------------
NYS MTAU RB, Transportation Facilities Service
Contracts, Series 3, 7.375%, 7/1/08 Baa1/BBB+ 250,000 280,638
- ---------------------------------------------------------------------------------------------------------------------------
NYS TBTAU GP RB, Series X, 6%, 1/1/14 Aa3/A+ 14,510,000 14,871,734
- ---------------------------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series A, 5%, 1/1/15 Aa3/A+ 3,500,000 3,267,460
- ---------------------------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series B, 5%, 1/1/20 Aa3/A+ 500,000 455,150
- ---------------------------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series Y, 5.50%, 1/1/17 Aa3/A+ 15,000,000 14,973,750
- ---------------------------------------------------------------------------------------------------------------------------
NYS TBTAU SPO RRB, Series A, MBIA Insured,
6.625%, 1/1/17 Aaa/AAA 500,000 522,620
- ---------------------------------------------------------------------------------------------------------------------------
NYS Thruway Authority General RB, Prerefunded,
Series A, 5.75%, 1/1/19 Aa3/AA- 5,000,000 5,252,850
- ---------------------------------------------------------------------------------------------------------------------------
NYS UDC RB, Series A, MBIA Insured, 5.50%, 4/1/16 Aaa/AAA/AAA 7,500,000 7,376,325
- ---------------------------------------------------------------------------------------------------------------------------
NYS UDC RRB, Correctional Capital Facilities,
Series A, 5.25%, 1/1/21 Baa1/BBB+/A 1,000,000 915,530
- ---------------------------------------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sr. Lien, Series B, 5.60%, 7/1/26 A2/NR/A 1,295,000 1,243,757
- ---------------------------------------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sub. Lien, Series C, 5.60%, 7/1/26 A3/NR/A- 3,000,000 2,881,290
- ---------------------------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY IDA SWD Facility RRB,
Solvay Paperboard LLC Project, 7%, 11/1/30 NR/NR 16,300,000 16,555,910
- ---------------------------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY RR Agency RB,
RR Facilities Project, 7%, 5/1/15 Baa1/NR/A- 16,500,000 17,213,460
- ---------------------------------------------------------------------------------------------------------------------------
PAUNYNJ Consolidated RRB, 78th Series,
6.50%, 4/15/11(2) A1/AA-/AA- 250,000 263,738
- ---------------------------------------------------------------------------------------------------------------------------
PAUNYNJ SPO RB, JFK International Air Terminal
Project, Series 6, 5.75%, 12/1/22 Aaa/AAA/AAA 11,150,000 11,238,643
- ---------------------------------------------------------------------------------------------------------------------------
PAUNYNJ SPO RRB, KIAC-4 Project, Fifth
Installment, 6.75%, 10/1/19 NR/NR 12,600,000 13,482,252
- ---------------------------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY GORB, AMBAC Insured,
10%, 11/1/02 Aaa/AAA/AAA 250,000 290,168
- ---------------------------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RRB, Nissequogue Cogen
Partners Facility, 5.50%, 1/1/23 NR/NR 3,500,000 3,183,215
- ---------------------------------------------------------------------------------------------------------------------------
Syracuse, NY IDA Civic Facilities RB, Crouse Health
Hospital, Inc. Project, Series A, 5.375%, 1/1/23 NR/BBB 1,000,000 870,230
----------------
562,454,973
</TABLE>
18 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
RATINGS:
MOODY'S/ MARKET
S&P/FITCH FACE VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--14.1%
Guam PAU RB, Series A, 5.125%, 10/1/29 Baa3/BBB/BBB $ 7,750,000 $ 6,797,060
- ---------------------------------------------------------------------------------------------------------------------------
Guam PAU RB, Series A, 5.25%, 10/1/34 Baa3/BBB/BBB 10,000,000 8,835,300
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH Aqueduct & Sewer Authority RB,
Escrowed to Maturity, 10.25%, 7/1/09 Aaa/AAA 1,300,000 1,677,702
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH GOB, 5%, 7/1/27 Baa1/A 7,000,000 6,174,490
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH GORB, FSA Insured, Inverse Floater,
8.392%, 7/1/20(1) Aaa/AAA/AAA 11,500,000 11,744,375
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Prerefunded, Series S,
6.50%, 7/1/22 NR/AAA 7,000,000 7,552,160
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Series W, Inverse Floater,
6.872%, 7/1/10(1) Baa1/A 9,000,000 9,202,500
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU RRB, Unrefunded
Balance, Series A, 7.75%, 7/1/08 Baa1/BBB+ 1,355,000 1,372,439
- ---------------------------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU Special RRB,
Unrefunded Balance, Series A, 7.90%, 7/1/07 Baa1/BBB+ 95,000 96,234
- ---------------------------------------------------------------------------------------------------------------------------
PR EPAU CAP RRB, Series N, MBIA Insured,
Zero Coupon, 5.69%, 7/1/17(3) Aaa/AAA 24,000,000 9,065,520
- ---------------------------------------------------------------------------------------------------------------------------
PR EPAU RB, Series DD, 5%, 7/1/28 Baa1/BBB+/NR 3,000,000 2,633,700
- ---------------------------------------------------------------------------------------------------------------------------
PR Housing Bank & Finance Agency SFM RB,
Homeownership-Fourth Portfolio, Escrowed to
Maturity, 8.50%, 12/1/18 Aaa/NR 1,580,000 1,791,910
- ---------------------------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational, Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/19 NR/BBB 1,000,000 938,200
- ---------------------------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational, Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/29 NR/BBB 2,000,000 1,845,060
- ---------------------------------------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC Facilities
FAU RB, American Airlines, Inc. Project, 6.45%, 12/1/25(2) Baa1/BBB- 1,285,000 1,330,810
- ---------------------------------------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC Facilities
FAU RB, Warner Lambert Co. Project, 7.60%, 5/1/14 A1/NR 3,000,000 3,098,010
- ---------------------------------------------------------------------------------------------------------------------------
PR POAU RB, American Airlines SPF Project, Series A,
6.25%, 6/1/26 Baa2/BBB- 8,000,000 8,151,200
- ---------------------------------------------------------------------------------------------------------------------------
PR Telephone Authority RB, MBIA Insured, Inverse
Floater, 7.422%, 1/16/15(1) Aaa/AAA 10,000,000 10,825,000
----------------
93,131,670
----------------
Total Municipal Bonds and Notes (Cost $649,165,606) 655,586,643
</TABLE>
19 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM TAX-EXEMPT OBLIGATIONS--0.1%
NYS HFA RB, Saxony Housing, Series A, 3.75%, 10/1/99(4) (Cost $600,000) $600,000 $ 600,000
- --------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $649,765,606) 99.4% 656,186,643
- --------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.6 4,043,839
------------------------------
NET ASSETS 100.0% $660,230,482
------------------------------
------------------------------
</TABLE>
FOOTNOTES TO STATEMENT OF INVESTMENTS
<TABLE>
<S><C>
To simplify the listings of securities, abbreviations are used per the table below:
CAP Capital Appreciation L.I. Long Island
CMWLTH Commonwealth MAG Mtg. Agency
COP Certificates of Participation MCFFA Medical Care Facilities Finance Agency
CUS City University System MH Multifamily Housing
DA Dormitory Authority MHESF Mental Health Services Facilities
EFCPC Environmental Facilities Corp. Pollution Control MTAU Metropolitan Transportation Authority
EPAU Electric Power Authority MWFAU Municipal Water Finance Authority
ERDAUEF Energy Research & Development Authority NYC New York City
Electric Facilities NYS New York State
ERDAUGF Energy Research & Development Authority PAUNYNJ Port Authority of New York & New Jersey
Gas Facilities PAU Power Authority
ERDAUPC Energy Research & Development Authority PC Pollution Control
Pollution Control POAU Port Authority
FAU Finance Authority RB Revenue Bonds
GP General Purpose RR Resource Recovery
GOB General Obligation Bonds RRB Revenue Refunding Bonds
GORB General Obligation Refunding Bonds SDI School District
GOUN General Obligation Unlimited Nts. SFM Single Family Mtg.
HDC Housing Development Corp. SPF Special Facilities
HFA Housing Finance Agency SPO Special Obligations
HFASC Housing Finance Agency Service Contract SUEFS State University Educational Facilities System
HTAU Highway & Transportation Authority SWD Solid Waste Disposal
IDA Industrial Development Agency TBTAU Triborough Bridge & Tunnel Authority
IDAU Industrial Development Authority UDC Urban Development Corp.
LGAC Local Government Assistance Corp. WSS Water & Sewer System
</TABLE>
20 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
1. Represents the current interest rate for a variable rate bond known as an
"inverse floater" which pays interest at a rate that varies inversely with
short-term interest rates. As interest rates rise, inverse floaters produce less
current income. Their price may be more volatile than the price of a comparable
fixed-rate security. Inverse floaters amount to $89,507,400 or 13.56% of the
Fund's net assets as of September 30, 1999.
2. Securities with an aggregate market value of $4,106,263 are held in
collateralized accounts to cover initial margin requirements on open futures
sales contracts. See Note 5 of Notes to Financial Statements.
3. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
4. Represents the current interest rate for a variable-rate security.
AS OF SEPTEMBER 30, 1999, SECURITIES SUBJECT TO THE ALTERNATIVE MINIMUM TAX
AMOUNT TO $190,161,565 OR 28.80% OF THE FUND'S NET ASSETS.
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
<TABLE>
<CAPTION>
INDUSTRY MARKET VALUE PERCENT
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Higher Education $ 103,463,823 15.9%
General Obligation 69,932,913 10.7
Highways 56,098,224 8.5
Electric Utilities 52,366,072 8.0
Single Family Housing 37,586,634 5.7
Municipal Leases 37,090,172 5.7
Corporate Backed 35,271,175 5.4
Marine/Aviation Facilities 33,958,490 5.2
Multifamily Housing 32,417,215 4.9
Water Utilities 31,020,408 4.7
Hospital/Healthcare 29,515,576 4.5
Pollution Control 26,330,509 4.0
Sales Tax 26,222,973 4.0
Manufacturing, Non-Durable Goods 21,739,939 3.3
Resource Recovery 17,213,460 2.6
Not-for-Profit Organization 11,090,592 1.7
Telephone Utilities 10,825,000 1.6
Adult Living Facilities 10,322,756 1.6
Gas Utilities 7,282,500 1.1
Special Assessment 6,170,057 0.9
Sewer Utilities 268,155 0.0
----------------------------------
Total $656,186,643 100.0%
----------------------------------
----------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
21 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments, at value (cost $649,765,606)--see accompanying statement $ 656,186,643
- -----------------------------------------------------------------------------------------------
Cash 514,573
- -----------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 21,132,696
Interest 12,107,103
Shares of beneficial interest sold 49,082
- -----------------------------------------------------------------------------------------------
Other 5,322
----------------
Total assets 689,995,419
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
LIABILITIES
Payables and other liabilities:
Investments purchased 25,925,883
Dividends 1,832,956
Shares of beneficial interest redeemed 756,234
Daily variation on futures contracts--Note 5 406,250
Distribution and service plan fees 402,848
Trustees' compensation--Note 1 247,054
Transfer and shareholder servicing agent fees 60,995
Other 132,717
----------------
Total liabilities 29,764,937
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NET ASSETS $660,230,482
----------------
----------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $ 654,598,958
- -----------------------------------------------------------------------------------------------
Overdistributed net investment income (818,678)
- -----------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 60,415
- -----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 6,389,787
----------------
Net assets $660,230,482
----------------
----------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$575,254,083 and 46,980,126 shares of beneficial interest outstanding) $12.24
Maximum offering price per share (net asset value plus sales charge of
4.75% of offering price) $12.85
- -----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $78,526,494
and 6,412,091 shares of beneficial interest outstanding) $12.25
- -----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $6,449,905
and 526,815 shares of beneficial interest outstanding) $12.24
</TABLE>
See accompanying Notes to Financial Statements.
22 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Year Ended September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME
Interest $ 41,949,507
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
EXPENSES
Management fees--Note 4 3,690,468
- -----------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 1,389,307
Class B 986,743
Class C 66,209
- -----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 553,719
- -----------------------------------------------------------------------------------------------
Shareholder reports 142,138
- -----------------------------------------------------------------------------------------------
Custodian fees and expenses 77,679
- -----------------------------------------------------------------------------------------------
Trustees' compensation--Note 1 62,862
- -----------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 61,046
- -----------------------------------------------------------------------------------------------
Other 61,744
----------------
Total expenses 7,091,915
Less expenses paid indirectly--Note 1 (22,748)
----------------
Net expenses 7,069,167
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 34,880,340
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on:
Investments 1,136,737
Closing of futures contracts 4,311,870
----------------
Net realized gain 5,448,607
- -----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (56,154,817)
----------------
Net realized and unrealized loss (50,706,210)
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(15,825,870)
----------------
----------------
</TABLE>
See accompanying Notes to Financial Statements.
23 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- -------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1999 1998
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 34,880,340 $ 35,535,861
- -------------------------------------------------------------------------------------------------------------
Net realized gain 5,448,607 2,676,806
- -------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (56,154,817) 19,959,087
----------------------------------
Net increase (decrease) in net assets resulting from operations (15,825,870) 58,171,754
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (29,719,227) (31,874,990)
Class B (4,077,657) (4,618,825)
Class C (276,008) (234,931)
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting from beneficial
interest transactions--Note 2:
Class A 8,969,591 (43,774,682)
Class B (21,968,327) (2,555,074)
Class C 756,432 1,261,316
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
NET ASSETS
Total decrease (62,141,066) (23,625,432)
- -------------------------------------------------------------------------------------------------------------
Beginning of period 722,371,548 745,996,980
----------------------------------
End of period (including overdistributed net investment
income of $818,678 and $1,648,412, respectively) $660,230,482 $722,371,548
----------------------------------
----------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
24 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A YEAR ENDED SEPTEMBER 30, 1999 1998 1997 1996 1995
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.17 $12.79 $12.41 $12.29 $11.92
- -------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .64 .64 .69 .68 .69
Net realized and unrealized gain (loss) (.94) .40 .37 .12 .41
--------------------------------------------------------------------------
Total income (loss) from
investment operations (.30) 1.04 1.06 .80 1.10
- -------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.63) (.66) (.68) (.68) (.70)
Distributions from net realized gain -- -- -- -- (.03)
--------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.63) (.66) (.68) (.68) (.73)
- -------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.24 $13.17 $12.79 $12.41 $12.29
--------------------------------------------------------------------------
--------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(1) (2.36)% 8.36% 8.78% 6.65% 9.58%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $575,254 $609,183 $634,789 $667,258 $673,050
- -------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $603,604 $621,555 $652,048 $684,981 $659,465
- -------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 5.04% 4.96% 5.49% 5.50% 5.76%
Expenses 0.88% 0.87%(3) 0.86%(3) 0.91%(3) 0.90%(3)
- -------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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 of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
4. 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 period
ended September 30, 1999, were $126,455,653 and $152,129,748, respectively.
See accompanying Notes to Financial Statements.
25 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS B YEAR ENDED SEPTEMBER 30, 1999 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $13.18 $12.79 $12.41 $12.30 $11.93
- ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .54 .55 .59 .60 .60
Net realized and unrealized gain (loss) (.94) .41 .38 .10 .42
-----------------------------------------------------------------------------
Total income (loss) from
investment operations (.40) .96 .97 .70 1.02
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.53) (.57) (.59) (.59) (.62)
Distributions from net realized gain -- -- -- -- (.03)
-----------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.53) (.57) (.59) (.59) (.65)
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.25 $13.18 $12.79 $12.41 $12.30
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(1) (3.11)% 7.62% 7.97% 5.77% 8.75%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $78,526 $107,021 $106,459 $101,302 $91,108
- ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $98,597 $106,130 $104,183 $98,488 $81,743
- ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 4.25% 4.21% 4.72% 4.73% 4.95%
Expenses 1.65% 1.63%(3) 1.63%(3) 1.68%(3) 1.67%(3)
- ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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 of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
4. 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 period
ended September 30, 1999, were $126,455,653 and $152,129,748, respectively.
See accompanying Notes to Financial Statements.
26 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
CLASS C YEAR ENDED SEPTEMBER 30, 1999 1998 1997 1996 1995(5)
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $13.17 $12.79 $12.41 $12.30 $12.22
- --------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .56 .47 .57 .60 .05
Net realized and unrealized gain (loss) (.96) .48 .39 .09 .08
---------------------------------------------------------------
Total income (loss) from
investment operations (.40) .95 .96 .69 .13
- --------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.53) (.57) (.58) (.58) (.05)
Distributions from net realized gain -- -- -- -- --
---------------------------------------------------------------
Total dividends and distributions
to shareholders (.53) (.57) (.58) (.58) (.05)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.24 $13.17 $12.79 $12.41 $12.30
---------------------------------------------------------------
---------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(1) (3.11)% 7.54% 7.95% 5.64% 1.10%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $6,450 $6,168 $4,749 $2,007 $25
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $6,622 $5,420 $3,798 $752 $18
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 4.26% 4.30% 4.67% 4.60% 3.67%
Expenses 1.65% 1.63%(3) 1.63%(3) 1.77%(3) 1.37%(3)
- --------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), 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 of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
4. 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 period
ended September 30, 1999, were $126,455,653 and $152,129,748, respectively.
5. For the period from August 29, 1995 (inception of offering) to September 30,
1995.
See accompanying Notes to Financial Statements.
27 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer New York Municipal Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's investment objective is to seek
maximum current income exempt from federal, New York State and New York City
income taxes for individual investors consistent with preservation of capital.
The Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund
offers Class A, Class B and Class C shares. Class A shares are sold with a
front-end sales charge on investments up to $1 million. Class B and Class C
shares may be subject to a contingent deferred sales charge (CDSC). All classes
of shares have identical rights to earnings, assets and voting privileges,
except that each class has its own expenses directly attributable to that class
and exclusive voting rights with respect to matters affecting that class.
Classes A, B and C have separate distribution and/or service plans. Class B
shares will automatically convert to Class A shares six years after the date of
purchase. The following is a summary of significant accounting policies
consistently followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
the last sale price on the prior trading day. Long-term and short-term
"non-money market" debt securities are valued by a portfolio pricing service
approved by the Board of Trustees. Such securities which cannot be valued by an
approved portfolio pricing service are valued using dealer-supplied valuations
provided the Manager is satisfied that the firm rendering the quotes is reliable
and that the quotes reflect current market value, or are valued under
consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Short-term "money market type" 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. Options are valued based upon the last sale price on the
principal exchange on which the option is traded or, in the absence of any
transactions that day, the value is based upon the last sale price on the prior
trading date if it is within the spread between the closing bid and asked
prices. If the last sale price is outside the spread, the closing bid is used.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), 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.
28 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FEDERAL 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.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. 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 year ended
September 30, 1999, a provision of $4,254 was made for the Fund's projected
benefit obligations and payments of $14,569 were made to retired trustees,
resulting in an accumulated liability of $239,511 as of September 30, 1999.
The Board of Trustees has adopted a deferred compensation plan for
independent Trustees that enables Trustees to elect to defer receipt of all or a
portion of annual compensation they are entitled to receive from the Fund. Under
the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Trustees in shares of one or more
Oppenheimer funds selected by the Trustee. The amount paid to the Trustee under
the plan will be determined based upon the performance of the selected funds.
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
income per share.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the year from net
investment income or net realized gains may differ from its 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 fiscal year in which the income or realized gain was recorded by
the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended September 30, 1999, amounts have been reclassified to reflect an
increase in paid-in capital of $34,359, a decrease in overdistributed net
investment income of $22,286, and a decrease in accumulated net realized gain on
investments of $56,645.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
29 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
OTHER. Investment transactions are accounted for as of trade date. Original
issue discount is accreted and premium is amortized in accordance with federal
income tax requirements. For municipal bonds acquired after April 30, 1993, on
disposition or maturity, taxable ordinary income is recognized to the extent of
the lesser of gain or market discount that would have accrued over the holding
period. 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.
There are certain risks arising from geographic concentration in any state.
Certain revenue or tax related events in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1999 YEAR ENDED SEPTEMBER 30, 1998
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Sold 5,656,270 $ 72,055,946 3,928,958 $ 50,847,551
Dividends and/or
distributions reinvested 1,573,355 20,244,395 1,692,174 21,877,187
Redeemed (6,493,894) (83,330,750) (8,997,338) (116,499,420)
--------------------------------------------------------------
Net increase (decrease) 735,731 $ 8,969,591 (3,376,206) $ (43,774,682)
--------------------------------------------------------------
--------------------------------------------------------------
- --------------------------------------------------------------------------------------------
CLASS B
Sold 870,104 $ 11,062,376 925,113 $ 11,973,080
Dividends and/or
distributions reinvested 205,324 2,647,249 233,067 3,013,390
Redeemed (2,785,915) (35,677,952) (1,356,282) (17,541,544)
--------------------------------------------------------------
Net decrease (1,710,487) $ (21,968,327) (198,102) $ (2,555,074)
--------------------------------------------------------------
--------------------------------------------------------------
- --------------------------------------------------------------------------------------------
CLASS C
Sold 206,146 $ 2,644,751 187,441 $ 2,433,192
Dividends and/or
distributions reinvested 16,196 208,516 14,729 190,501
Redeemed (163,755) (2,096,835) (105,189) (1,362,377)
--------------------------------------------------------------
Net increase 58,587 $ 756,432 96,981 $ 1,261,316
--------------------------------------------------------------
--------------------------------------------------------------
</TABLE>
30 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON SECURITIES
As of September 30, 1999, net unrealized appreciation on securities of
$6,421,037 was composed of gross appreciation of $22,938,380, and gross
depreciation of $16,517,343.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee of 0.60% of
the first $200 million of average annual net assets, 0.55% of the next $100
million, 0.50% of the next $200 million, 0.45% of the next $250 million, 0.40%
of the next $250 million and 0.35% of average annual net assets in excess of $1
billion. The Fund's management fee for the year ended September 30, 1999, was
0.52% of average annual net assets for each class of shares.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund and for other
Oppenheimer funds. OFS's total costs of providing such services are allocated
ratably to these funds.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FEES. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
AGGREGATE CLASS A COMMISSIONS COMMISSIONS COMMISSIONS
FRONT-END FRONT-END ON CLASS A ON CLASS B ON CLASS C
SALES CHARGES SALES CHARGES SHARES SHARES SHARES
ON CLASS A RETAINED BY ADVANCED BY ADVANCED BY ADVANCED BY
YEAR ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
September 30, 1999 $572,576 $116,793 $38,094 $351,127 $22,047
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
CONTINGENT DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES
YEAR ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
September 30, 1999 $44,962 $210,111 $11,886
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
31 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS CONTINUED
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
CLASS A SERVICE PLAN FEES. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements
to the Distributor at a rate of up to 0.25% of average annual net assets of
Class A shares. The Distributor makes payments to plan recipients quarterly at
an annual rate not to exceed 0.25% of the average annual net assets consisting
of Class A shares of the Fund. For the fiscal year ended September 30, 1999,
payments under the Class A Plan totaled $1,389,307, all of which was paid by
the Distributor to recipients. That included $24,352 paid to an affiliate of
the Distributor's parent company. Any unreimbursed expenses the Distributor
incurs with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years.
- --------------------------------------------------------------------------------
CLASS B AND CLASS C DISTRIBUTION AND SERVICE PLAN FEES. Under each plan, service
fees and distribution fees are computed on the average of the net asset value of
shares in the respective class, determined as of the close of each regular
business day during the period. The Class B and Class C plans provide for the
Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and from the Fund under the plans. If either the
Class B or the Class C plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carry-forward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the year ended September 30, 1999,
were as follows:
<TABLE>
<CAPTION>
DISTRIBUTOR'S DISTRIBUTOR'S
AGGREGATE UNREIMBURSED
UNREIMBURSED EXPENSES AS %
TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS
UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $986,743 $767,626 $1,999,796 2.55%
Class C Plan 66,209 33,245 71,519 1.11
</TABLE>
32 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. FUTURES CONTRACTS
The Fund may buy and sell futures contracts in order to gain exposure to or to
seek to protect against changes in interest rates. The Fund may also buy or
write put or call options on these futures contracts.
The Fund generally sells futures contracts to hedge against increases in
interest rates and the resulting negative effect on the value of fixed rate
portfolio securities. The Fund may also purchase futures contracts to gain
exposure to changes in interest rates as it may be more efficient or cost
effective than actually buying fixed income securities.
Upon entering into a futures contract, the Fund is required to deposit
either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value. Subsequent payments (variation margin) are
made or received by the Fund each day. The variation margin payments are equal
to the daily changes in the contract value and are recorded as unrealized gains
and losses. The Fund may recognize a realized gain or loss when the contract is
closed or expires.
Securities held in collateralized accounts to cover initial margin
requirements on open futures contracts are noted in the Statement of
Investments. The Statement of Assets and Liabilities reflects a receivable
and/or payable for the daily mark to market for variation margin.
Risks of entering into futures contracts (and related options) include the
possibility that there may be an illiquid market and that a change in the value
of the contract or option may not correlate with changes in the value of the
underlying securities.
As of September 30, 1999, the Fund had outstanding futures contracts as follows:
<TABLE>
<CAPTION>
EXPIRATION NUMBER OF VALUATION AS OF UNREALIZED
CONTRACT DESCRIPTION DATE CONTRACTS SEPT. 30, 1999 DEPRECIATION
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONTRACTS TO SELL
U.S. Long Bond 12/20/99 500 $56,968,750 $31,250
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BANK BORROWINGS
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.0575% per annum.
The Fund had no borrowings outstanding during the year ended September 30,
1999.
33 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF OPPENHEIMER NEW YORK MUNICIPAL
FUND:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer New York Municipal Fund as of
September 30, 1999, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended and the financial highlights for each of the years in
the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
September 30, 1999, by correspondence with the custodian and brokers; and where
confirmations were not received from brokers, we performed other auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer New York Municipal Fund as of September 30, 1999, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with
generally accepted accounting principles.
KPMG LLP
Denver, Colorado
October 21, 1999
34 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2000, shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 1999.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
None of the dividends paid by the Fund during the fiscal year ended
September 30, 1999 are eligible for the corporate dividend-received deduction.
The dividends were derived from interest on municipal bonds and are not subject
to federal income tax. To the extent a shareholder is subject to any state or
local tax laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
35 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
OPPENHEIMER NEW YORK MUNICIPAL FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Robert E. Patterson, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert G. Zack, Assistant
Secretary Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR OppenheimerFunds, Inc.
- --------------------------------------------------------------------------------
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
- --------------------------------------------------------------------------------
TRANSFER AND OppenheimerFunds Services
SHAREHOLDER
SERVICING AGENT
- --------------------------------------------------------------------------------
CUSTODIAN OF Citibank, N.A.
PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG LLP
- --------------------------------------------------------------------------------
LEGAL COUNSEL Mayer, Brown & Platt
This is a copy of a report to shareholders of
Oppenheimer New York Municipal Fund. This report must
be preceded or accompanied by a Prospectus of
Oppenheimer New York Municipal Fund. For material
information concerning the Fund, see the Prospectus.
SHARES OF OPPENHEIMER FUNDS ARE NOT DEPOSITS OR
OBLIGATIONS OF ANY BANK, ARE NOT GUARANTEED BY ANY
BANK, ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY,
AND INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE
LOSS OF THE PRINCIPAL AMOUNT INVESTED.
36 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
- --------------------------------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S><C>
- ---------------------------------------------------------------------------------------------
GLOBAL EQUITY
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
- ---------------------------------------------------------------------------------------------
EQUITY
STOCK STOCK & BOND
Enterprise Fund(1) Main Street(-Registered Trademark-)Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street(-Registered Trademark-)
Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund(2)
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
Trinity Growth Fund SPECIALTY
Trinity Core Fund Real Asset Fund
Trinity Value Fund Gold & Special Minerals Fund
- ---------------------------------------------------------------------------------------------
FIXED INCOME
TAXABLE MUNICIPAL
International Bond Fund California Municipal Fund(3)
World Bond Fund Main Street(R)California Municipal Fund(3)
High Yield Fund Florida Municipal Fund(3)
Champion Income Fund New Jersey Municipal Fund(3)
Strategic Income Fund New York Municipal Fund(3)
Bond Fund Pennsylvania Municipal Fund(3)
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
ROCHESTER DIVISION
Rochester Fund Municipals
Limited Term New York Municipal Fund
- ---------------------------------------------------------------------------------------------
</TABLE>
MONEY MARKET(4)
Money Market Fund Cash Reserves
1. Effective July 1, 1999, this fund is closed to new investors. See prospectus
for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY10048-0203.
(C) Copyright 1999 OppenheimerFunds, Inc. All rights reserved.
37 OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
INFORMATION AND SERVICES
- --------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to help.
- --------------------------------------------------------------------------------
INTERNET
24-hr access to account information and transactions
www.oppenheimerfunds.com
GENERAL INFORMATION
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
TELEPHONE TRANSACTIONS
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
PHONELINK
24-hr automated information and automated transactions
1.800.533.3310
TELECOMMUNICATIONS DEVICE FOR THE DEAF (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
OPPENHEIMERFUNDS INFORMATION HOTLINE
24 hours a day, timely and insightful messages on the
economy and issues that may affect your investments
1.800.835.3104
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
- --------------------------------------------------------------------------------
[LOGO] OPPENHEIMERFUNDS-REGISTERED TRADEMARK-
DISTRIBUTOR, INC.
RA0360.001.0999 November 29, 1999
