<PAGE>
================================
Semiannual Report March 31, 1999
================================
OPPENHEIMER
New York Municipal Fund
[GRAPHIC]
[LOGO]
OppenheimerFunds(R)
THE RIGHT WAY TO INVEST
<PAGE>
Contents
3 President's Letter
4 An Interview with Your Fund's Manager
9 Financial Statements
32 Officers and Trustees
36 Information and Services
Report highlights
- --------------------------------------------------------------------------------
o As New York's economy continues to grow, housing and transportation-related
bond issues have been particularly attractive.
o Compared to Treasury securities, which were quite volatile, municipal bond
prices were generally stable.
<TABLE>
<CAPTION>
Cumulative Total Returns
For the 6-Month Period
Ended 3/31/99
Class A
Without With
Sales Chg.(1) Sales Chg.(2)
- -----------------------------------
<S> <C>
1.33% -3.49%
- -----------------------------------
<CAPTION>
Class B
Without With
Sales Chg.(1) Sales Chg.(2)
- -----------------------------------
<S> <C>
0.86% -4.08%
- -----------------------------------
<CAPTION>
Class C
Without With
Sales Chg.(1) Sales Chg.(2)
- -----------------------------------
<S> <C>
0.86% -0.13%
- -----------------------------------
</TABLE>
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. 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.
(1.) Includes changes in net asset value per share without deducting any sales
charges.
(2.) Class A return includes the current maximum initial sales charge of 4.75%.
Class B return includes the applicable contingent deferred sales charge of 5%.
Class C return includes the contingent deferred sales charge of 1%. Class B and
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.
2 Oppenheimer New York Municipal Fund
<PAGE>
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
New York
Municipal Fund
Dear shareholder,
- --------------------------------------------------------------------------------
The strength of the U.S. economy continues to surprise and concern many
analysts. At a time when the majority of the world's economies are beleaguered
by financial strain, the U.S. economy has been growing at a remarkable rate.
With respect to the U.S. bond market, stronger than expected economic
growth has triggered concerns that the Federal Reserve may raise key interest
rates to forestall an acceleration of inflation. As a result, yields of longer
term taxable bonds have risen from their October 1998 lows, when investors had
bid up prices during the global "flight to quality." At the same time,
tax-exempt bond prices and yields have remained relatively stable.
In the U.S. stock market, it might appear at first glance that prices are
rising as rapidly as the economy is growing. However, a closer look reveals
that, with the exception of large-cap growth companies and the technology
industry, most stock prices remained relatively flat through March 31. What's
more, the disparity in valuations between large companies, which have led the
market's advance, and smaller ones, which have lagged, has become historically
wide.
What do these observations mean for your investments? In our view, actively
managed portfolios that are closely monitored by expert money managers may
provide better returns than passive index investing in 1999. That's because
selectivity is expected to be more critical to performance than it has been over
the past few years. In a potentially overvalued stock market and rising
interest-rate environment, the ability to identify the most promising securities
could become paramount.
Even though many equity investors may be tempted to focus their portfolio
on the technology sector, we suggest a more prudent course: broad
diversification beyond any single asset class, industry, capitalization range or
geographic region. We believe that the risks of this investment environment
require consideration of a broad range of investments and markets, including
bonds. That way, if one market experiences setbacks, one or more of the others
may help cushion the effects on your overall portfolio.
No matter what the financial markets have in store, we resolve to continue
working with your financial advisor to keep you apprised of potential risks and
opportunities. Providing you with the market information, professionally managed
investments and other resources you need to achieve your financial goals is an
important part of our enduring commitment to you as The Right Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
April 22, 1999
3 Oppenheimer New York Municipal Fund
<PAGE>
An interview with your Fund's manager
- --------------------------------------------------------------------------------
How has the Fund performed during the last six months?
In a period of extreme volatility for taxable fixed income markets, Oppenheimer
New York Municipal Fund's Class A shares provided stable returns during the
six-month period that ended March 31, 1999. During that period, the Fund
provided investors with a compelling tax-free yield that nearly matched taxable
U.S. Treasury securities.
Describe the performance of municipal bonds during the period.
Compared to Treasury securities, which were quite volatile, municipal bond
prices were generally stable. Whereas Treasury bonds were actively bought and
sold by global investors seeking safety and liquidity as international economic
crises ebbed and flowed, the demand for munis remained fairly constant, as
investors sought to take advantage of the attractive tax-free income.
Typically, municipal bonds yield about 75% to 85% as much as U.S. Treasury
bonds. Munis usually yield less because the interest income they pay is
generally exempt from federal and state taxes. During the recent six-month
period, however, muni yields generally ranged from about 85% to 105% of Treasury
bonds. Treasury yields fell beneath munis because of the surging demand and
rising prices of Treasury bonds during last fall's global economic crisis. Bond
yields move inversely to prices, and Treasury yields fell to historically low
levels.
What strategies affected the performance of the New York Municipal Fund?
We employed a number of effective strategies in our efforts to enhance
performance and help reduce risk. First, as of March 31, the Fund remained fully
invested as we sought to take advantage of the relatively high yields offered by
New York municipal bonds compared to tax-free money market
4 Oppenheimer New York Municipal Fund
<PAGE>
[PHOTO]
Portfolio Management Team (l to r)
Jerry Webman
Robert Patterson
(Portfolio Manager)
funds and other cash equivalents. Second, the Fund emphasized longer maturity
bonds, which tended to pay higher yields. In addition, we focused on noncallable
bonds to help protect the portfolio in the event that interest rates declined,
as had been the case in the Treasury market. Third, we employed some widely used
hedging techniques that allowed us to benefit from the recent decline in
Treasury bond prices. Finally, we continued to emphasize high credit quality,
because in our opinion, lower quality municipal bonds did not offer enough extra
yield to justify the risk.
How would you describe the New York economy over the past six months?
The prosperity on Wall Street continues to bolster the New York City economy,
and the State of New York generally mirrors the nation's prosperity. However,
New York continues to suffer from a heavy debt burden. Even though tax revenues
have been strong, the national credit rating agencies continue to penalize New
York for its low "debt coverage ratio," which refers to the state's margin of
tax revenues versus its debt obligations. As a result, the state's credit rating
is among the lowest in the United States. That's another reason why we generally
focus on the highest quality securities and own a broadly diversified portfolio,
primarily issues of larger municipalities and economically strong sectors such
as housing and transportation.
5 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
Avg Annual Total Returns
For the Periods Ended 3/31/99(1)
Class A
1 year 5 year 10 year
- ---------------------------------
<S> <C> <C>
0.65% 5.75% 7.12%
- ---------------------------------
<CAPTION>
Class B
Since
1 year 5 year Inception
- ---------------------------------
<S> <C> <C>
- -0.23% 5.66% 4.98%
- ---------------------------------
<CAPTION>
Class C
Since
1 year 5 year Inception
- ---------------------------------
<S> <C> <C>
3.78% N/A 6.43%
- ---------------------------------
</TABLE>
An interview with your Fund's manager
- --------------------------------------------------------------------------------
Did any particular sectors perform better than others?
Any sector connected to the state's improving economy, such as housing and
transportation-related issues, performed relatively well. With the economy
strong, the demand for new homes and automobiles increased as did the revenues
from highway tolls because more cars are on the road.
One industry that continues to struggle is healthcare. For one thing, the
demand for healthcare services is generally unrelated to economic cycles, good
or bad. Secondly, Medicare reimbursement from the federal government continues
to shrink, while cost containment efforts from insurance companies and health
maintenance organizations reduce hospital revenues. Fortunately, the Fund
maintained a relatively low weighting in healthcare.
What is your outlook over the coming months?
We believe the outlook for the New York municipal market is generally positive.
Yields generally remain high in relation to what investors would earn in taxable
bonds. Meanwhile, the demand for tax-free bonds in New York remains strong. The
question is whether New York City and New York State will use today's flush tax
revenues to retire debt or to fund new programs.
The dilemma is very similar to what is going on at the federal level,
where the debate centers on what to do with the budget surplus. We recognize
that elected officials are under tremendous pressure to spend the money on new
projects. However, bondholders would generally benefit if the surplus was used
to retire debt. The State's credit rating would improve, which in turn would
help boost the bonds' value.
6 Oppenheimer New York Municipal Fund
<PAGE>
Credit Allocation (2)
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
<TABLE>
<S> <C>
AAA 35.7%
AA 15.4
A 25.7
BBB 13.2
BB 7.7
B 2.3
</TABLE>
<TABLE>
<CAPTION>
Standardized Yields(3)
For the 30 Days Ended 3/31/99
- ---------------------------------
<S> <C>
Class A 4.14%
- ---------------------------------
Class B 3.58
- ---------------------------------
Class C 3.58
- ---------------------------------
</TABLE>
As always, we remain committed to a conservative investment strategy and to a
continuing search for undervalued issues in the New York municipal bond market,
two principal factors making Oppenheimer New York Municipal Fund part of The
Right Way to Invest.
<TABLE>
<CAPTION>
Top Five Sectors(2)
- --------------------------------------------------------------------------------
<S> <C>
Higher Education 13.4%
- --------------------------------------------------------------------------------
Electric Utilities 12.5
- --------------------------------------------------------------------------------
General Obligation 10.4
- --------------------------------------------------------------------------------
Municipal Leases 9.3
- --------------------------------------------------------------------------------
Highways 8.9
- --------------------------------------------------------------------------------
</TABLE>
(1.) Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the periods
shown. Class A returns include the current maximum initial sales charge of
4.75%. Class A shares were first publicly offered on 8/16/84. 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 returns include the applicable
contingent deferred sales charge of 5% (1-year), 2% (5-year) and 1% (since
inception on 3/1/93). Class C returns for the one-year result include the
contingent deferred sales charge of 1%. Class C shares have an inception date of
8/29/95. Class B and 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.
(2.) Portfolio data is subject to change. Percentages are as of March 31, 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 includes securities rated by national
ratings organizations as well as unrated securities (currently 11.7% of total
investments) which have ratings assigned by the manager in categories equivalent
to those of ratings organizations.
(3.) Standardized yield is based on net investment income for the 30-day period
ended March 31, 1999. Falling share prices will tend to artificially raise
yields.
7 Oppenheimer New York Municipal Fund
<PAGE>
Financials
- -------------------------------------------------------------------------
8 Oppenheimer New York Municipal
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================================
Statements of Investments March 31, 1999 (Unaudited)
===========================================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Fitch Amount See Note 1
===========================================================================================================
<S> <C> <C> <C>
Municipal Bonds and Notes--100.0%
- -----------------------------------------------------------------------------------------------------------
New York--86.9%
Allegany Cnty., NY IDA RB, Houghton
College Civic Facility, 5.25%, 1/15/18 NR/BBB $ 1,500,000 $ 1,490,145
- -----------------------------------------------------------------------------------------------------------
Allegany Cnty., NY IDA RB, Houghton
College Civic Facility, 5.25%, 1/15/24 NR/BBB 1,500,000 1,474,350
- -----------------------------------------------------------------------------------------------------------
Battery Park City, NY RB, Series A,
AMBAC Insured, 5.50%, 11/1/16 Aaa/AAA 5,000,000 5,244,600
- -----------------------------------------------------------------------------------------------------------
Buffalo, NY MWFAU System RRB, Series B,
FGIC Insured, 5%, 7/1/18 Aaa/AAA 1,200,000 1,191,840
- -----------------------------------------------------------------------------------------------------------
Erie Cnty., NY IDA Life Care Community RB,
Episcopal Church Home, Series A, 6%, 2/1/28 NR/NR 6,700,000 6,752,394
- -----------------------------------------------------------------------------------------------------------
L.I., NY PAU Electric Systems RRB, Series A,
5.25%, 12/1/26 Baa1/A-/A- 11,500,000 11,503,910
- -----------------------------------------------------------------------------------------------------------
L.I., NY PAU Electric Systems RRB, Series A,
5.50%, 12/1/29 Baa1/A-/A- 1,000,000 1,027,990
- -----------------------------------------------------------------------------------------------------------
Monroe Cnty., NY IDA RB, DePaul Community
Facilities, Series A, 5.875%, 2/1/28 NR/NR 1,800,000 1,784,754
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 7.79%, 8/1/08(1) A3/A- 8,250,000 9,322,500
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.92%, 8/1/13(1) A3/A-/A 5,000,000 5,781,250
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.92%, 8/1/14(1) A3/A- 8,150,000 9,392,875
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series A,
7.75%, 8/15/16 Aaa/AAA/A- 115,000 127,504
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series D, 7.50%, 2/1/19 Aaa/A-/A- 1,295,000 1,443,705
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series F,
8.25%, 11/15/17 Aaa/A-/A- 8,500,000 9,607,125
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Series B, 8.25%, 6/1/07 A3/A-/A- 1,750,000 2,197,195
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Series B, FSA Insured,
Inverse Floater, 7.14%, 10/1/07(1) Aaa/AAA/AAA 7,500,000 8,007,900
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Series H, 6.125%, 8/1/25 A3/A-/A 6,000,000 6,595,920
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Series A,
7.75%, 3/15/03 A3/A-/A- 10,000 10,544
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Series A,
7.75%, 8/15/16 A3/A-/A- 42,500 46,977
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Series D,
7.50%, 2/1/19 A3/A-/A- 5,000 5,512
- -----------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance, Subseries C-1,
7.50%, 8/1/20 Baa1/BBB+/A- 5,000 5,584
- -----------------------------------------------------------------------------------------------------------
NYC GORB, Series D, 5.25%, 8/1/21 A3/A-/A 1,000,000 1,001,900
- -----------------------------------------------------------------------------------------------------------
NYC GORB, Unrefunded Balance, Series F,
7.625%, 2/1/14 A3/A-/A- 5,000 5,535
</TABLE>
9 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statement of Investments (Unaudited)(Continued)
===========================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Fitch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York (continued)
NYC HDC MH RB, Glenn Gardens Project,
6.50%, 1/15/18 NR/NR $ 2,808,719 $ 2,949,520
- -------------------------------------------------------------------------------------------
NYC HDC MH RB, Keith Plaza Project,
6.50%, 2/15/18 NR/NR 1,855,151 1,948,169
- -------------------------------------------------------------------------------------------
NYC HDC MH RB, Series A, 5.625%, 5/1/12 Aa2/AA 4,355,000 4,633,284
- -------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RRB, AMBAC
Insured, Inverse Floater, 7.89%, 2/15/23(1) Aaa/AAA/AAA 9,300,000 9,985,875
- -------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Community
Resources Development, 7.50%, 8/1/26 NR/NR 4,000,000 4,330,680
- -------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, USTA National
Tennis Center Project, FSA Insured,
6.375%, 11/15/14 Aaa/AAA/AAA 1,500,000 1,674,720
- -------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen
Partners, 5.75%, 10/1/36 Baa3/BBB- 3,500,000 3,590,370
- -------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen
Partners, 6.20%, 10/1/22 Baa3/BBB- 5,000,000 5,589,850
- -------------------------------------------------------------------------------------------
NYC IDA SPF RB, Northwest Airlines, Inc.,
6%, 6/1/27 Ba2/BB 14,000,000 14,510,720
- -------------------------------------------------------------------------------------------
NYC IDA SPF RB, United Air Lines, Inc. Project,
5.65%, 10/1/32 Baa3/BB+ 6,585,000 6,736,850
- -------------------------------------------------------------------------------------------
NYC IDAU Civil Facility RB, YMCA Greater NY
Project, 5.80%, 8/1/16 Baa3/NR/BBB 2,470,000 2,607,134
- -------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project,
7.80%, 1/1/16 NR/NR 6,800,000 7,496,456
- -------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project,
7.95%, 1/1/28 NR/NR 13,500,000 14,914,125
- -------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn
Project, 6%, 1/1/15 A3/A/A- 6,000,000 6,383,340
- -------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn
Project, 6.125%, 1/1/24 A3/A/A- 3,000,000 3,186,330
- -------------------------------------------------------------------------------------------
NYC MWFAU WSS RB, Unrefunded Balance,
Series B, 6.375%, 6/15/22 Aaa/AAA/A- 6,625,000 7,217,672
- -------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Series C, FGIC Insured,
5%, 6/15/21 Aaa/AAA/AAA 11,000,000 10,846,770
- -------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
6.75%, 6/15/17 A2/A-/AA- 2,480,000 2,648,938
- -------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
Series A-1994, 7.10%, 6/15/12 A2/A-/AA- 275,000 297,267
- -------------------------------------------------------------------------------------------
NYC Niagara Falls SDI COP, High School Facility,
5.375%, 6/15/28 Baa3/BBB- 7,645,000 7,644,312
</TABLE>
10 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
===========================================================================================
Ratings:
Moody's Face Market Value
S&P/Finch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York (continued)
NYC Transitional FAU RB, Future Tax Secured,
Series B, 4.75%, 11/1/23 Aa3/AA/AA+ $19,750,000 $18,667,897
- -------------------------------------------------------------------------------------------
NYS DA RB, Ithaca College, AMBAC Insured,
5.25%, 7/1/26 Aaa/AAA 5,750,000 5,838,377
- -------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed
to Maturity, BIG Insured, 7.375%, 7/1/16 Aaa/AAA 250,000 313,485
- -------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed
to Maturity, MBIA Insured, 7.375%, 7/1/16 Aaa/AAA 2,300,000 2,884,062
- -------------------------------------------------------------------------------------------
NYS DA RB, Mental Health Facilities Project,
AMBAC Insured, 5.25%, 2/15/18 Aaa/AAA/AAA 9,400,000 9,577,096
- -------------------------------------------------------------------------------------------
NYS DA RB, Office General Services, 5%, 4/1/28 Baa1/BBB+ 5,260,000 5,084,263
- -------------------------------------------------------------------------------------------
NYS DA RB, Pooled Capital Program, Partially
Prerefunded, FGIC Insured, 7.80%, 12/1/05 Aaa/AAA/AAA 1,520,000 1,559,490
- -------------------------------------------------------------------------------------------
NYS DA RB, Rosalind & Joseph Nursing Home,
AMBAC Insured, 5.70%, 2/1/37 Aaa/AAA 2,000,000 2,105,180
- -------------------------------------------------------------------------------------------
NYS DA RRB, Upstate Community Colleges,
Series A, 5%, 7/1/28 NR/BBB+/A 10,000,000 9,605,900
- -------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Second Series A,
5.75%, 7/1/18 Baa1/BBB+ 6,750,000 7,348,657
- -------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Series B, 6%, 7/1/14 Baa1/BBB+ 10,875,000 12,108,769
- -------------------------------------------------------------------------------------------
NYS DA RRB, Episcopal Health Services, Inc.,
5.85%, 8/1/13 NR/AAA 500,000 533,190
- -------------------------------------------------------------------------------------------
NYS DA RRB, Fordham University, FGIC Insured,
5.75%, 7/1/15 Aaa/AAA/AAA 9,100,000 9,677,668
- -------------------------------------------------------------------------------------------
NYS DA RRB, St. Joseph's Hospital Health
Center, MBIA Insured, 5.25%, 7/1/18 Aaa/AAA 5,035,000 5,112,388
- -------------------------------------------------------------------------------------------
NYS DA RRB, St. Thomas Aquinas, 5%, 7/1/14 NR/AA 1,125,000 1,125,394
- -------------------------------------------------------------------------------------------
NYS DA RRB, St. Thomas Aquinas, 5.25%, 7/1/28 NR/AA 1,500,000 1,489,890
- -------------------------------------------------------------------------------------------
NYS DA RRB, St. Vincent's Hospital,
7.375%, 8/1/11 Aa2/AAA 145,000 158,552
- -------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/15 A3/A-/A 23,090,000 24,047,773
- -------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/21 A3/A-/A 5,010,000 5,145,671
- -------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series B, 7%, 5/15/16 A3/A-/A 9,020,000 9,525,932
- -------------------------------------------------------------------------------------------
NYS DA SPO Bonds, CUS, Series E, FSA Insured,
5.75%, 7/1/11 Aaa/AAA/AAA 5,955,000 6,634,823
- -------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series A, 6.60%, 9/15/12 Aaa/AAA/AAA 250,000 275,267
- -------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series C, 7.20%, 3/15/11 Aa2/A+/AA 350,000 367,517
</TABLE>
11 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statement of Investments (Unaudited)(Continued)
===========================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Fitch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York (continued)
NYS ERDAUEF RB, Consolidated Edison Co.,
Series A, 7.50%, 1/1/26 A1/A+ $ 280,000 $ 290,595
- -------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co., Series C,
6.90%, 8/1/22 Baa3/A- 10,200,000 11,438,178
- -------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Prerefunded, Series A,
7.15%, 12/1/20 Ba1/A- 5,510,000 6,147,507
- -------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Unrefunded Balance,
Series A, 7.15%, 12/1/20 Ba1/A- 1,990,000 2,156,145
- -------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series B, Inverse Floater, 10.28%, 7/1/26(1) A1/A/A 6,000,000 7,920,000
- -------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series D, MBIA Insured, Inverse Floater,
7.81%, 7/8/26(1) Aaa/AAA/A 3,000,000 3,172,500
- -------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Project,
Series A, MBIA Insured, 6.15%, 7/1/26 Aaa/AAA 4,000,000 4,353,400
- -------------------------------------------------------------------------------------------
NYS GORB, 7.50%, 11/15/00 A2/A 500,000 532,020
- -------------------------------------------------------------------------------------------
NYS GORB, 9.875%, 11/15/05 A2/A/A+ 400,000 531,020
- -------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-A,
7.05%, 8/15/24 Aa2/NR 350,000 376,890
- -------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-C,
6.95%, 8/15/24 Aa1/NR 225,000 237,505
- -------------------------------------------------------------------------------------------
NYS HFA RB, Prerefunded, 8%, 11/1/08 Aaa/BBB+ 2,690,000 2,934,091
- -------------------------------------------------------------------------------------------
NYS HFA RB, Unrefunded Balance, 8%, 11/1/08 Baa/BBB+ 550,000 586,476
- -------------------------------------------------------------------------------------------
NYS HFA RRB, Housing Mtg., Series A,
6.10%, 11/1/15 Aaa/AAA/AAA 12,170,000 13,214,916
- -------------------------------------------------------------------------------------------
NYS HFA RRB, State University Construction,
Escrowed to Maturity, Series A, 7.90%, 11/1/06 Aaa/AAA 1,750,000 2,063,372
- -------------------------------------------------------------------------------------------
NYS HFA RRB, Unrefunded Balance,
7.90%, 11/1/99 Baa1/A- 975,000 985,715
- -------------------------------------------------------------------------------------------
NYS HFASC Obligation RB, Series A,
6%, 3/15/26 Baa1/BBB+ 10,000,000 10,907,900
- -------------------------------------------------------------------------------------------
NYS LGAC RRB, Series B, 5.50%, 4/1/21 A3/A+/A+ 3,000,000 3,077,700
- -------------------------------------------------------------------------------------------
NYS LGAC RRB, Series E, 5%, 4/1/21 A3/A+/A+ 500,000 496,375
- -------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg., Series 71,
5.40%, 4/1/29(2) Aa2/NR 26,965,000 27,257,301
</TABLE>
12 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
===========================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Finch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York (continued)
NYS MAG RB, Homeowner Mtg., Series UU,
7.75%, 10/1/23 Aa2/NR $ 1,800,000 $ 1,886,436
- -------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg., Series VV,
7.375%, 10/1/11 Aa2/NR 345,000 366,111
- -------------------------------------------------------------------------------------------
NYS MAG RB, Inverse Floater, 6.82%, 10/1/24(1) NR/NR 10,000,000 10,204,800
- -------------------------------------------------------------------------------------------
NYS MAG RB, Series 40-B, 6.40%, 10/1/12 Aa2/NR 500,000 538,105
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, Hospital & Nursing Home
Project, Series D, 6.45%, 2/15/09 Aa2/AAA 330,000 363,439
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, Long-Term Health Care,
Series C, FSA Insured, 6.40%, 11/1/14 Aaa/AAA/AAA 2,800,000 3,033,016
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, Mental Health Services,
Prerefunded, FGIC Insured, Series A,
6.375%, 8/15/17 Aaa/NR/AAA 4,920,000 5,355,322
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series A, FGIC Insured, 6.375%, 8/15/17 Aaa/AAA/AAA 80,000 86,565
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series B, 7.875%, 8/15/20 A3/BBB+ 365,000 391,908
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, St. Francis Hospital, Project A,
FGIC Insured, 7.625%, 11/1/21 Aaa/AAA/AAA 2,690,000 2,753,511
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, St. Luke's Hospital Center
Mtg., Prerefunded, Series B, 7.45%, 2/15/29 Aaa/AAA 7,500,000 7,921,575
- -------------------------------------------------------------------------------------------
NYS MCFFA RB, Unrefunded Balance,
7.70%, 2/15/18 A3/A- 355,000 359,753
- -------------------------------------------------------------------------------------------
NYS MCFFA RRB, MHESF, Unrefunded Balance,
Series A, 8.875%, 8/15/07 A3/A- 2,930,000 2,972,075
- -------------------------------------------------------------------------------------------
NYS MTAU Dedicated Tax Fund RB, Series A,
FGIC Insured, 5%, 4/1/23 Aaa/AAA/AAA 9,250,000 9,116,523
- -------------------------------------------------------------------------------------------
NYS MTAU RB, Transportation Facilities
Service Contracts, Series 3, 7.375%, 7/1/08 Baa1/BBB+ 250,000 292,325
- -------------------------------------------------------------------------------------------
NYS TBTAU GP RB, Series X, 6%, 1/1/14 Aa3/A+ 14,510,000 15,151,777
- -------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series A, 5%, 1/1/15 Aa3/A+ 7,500,000 7,518,450
- -------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series B, 5%, 1/1/20 Aa3/A+ 500,000 499,000
- -------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series Y, 5.50%, 1/1/17 Aa3/A+ 15,000,000 16,085,400
- -------------------------------------------------------------------------------------------
NYS TBTAU SPO RRB, Series A, MBIA Insured,
6.625%, 1/1/17 Aaa/AAA 500,000 532,715
</TABLE>
13 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statement of Investments (Unaudited)(Continued)
===========================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Finch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
New York (continued)
NYS Thruway Authority General RB, Series A,
5.75%, 1/1/19 Aa3/AA- $ 7,000,000 $ 7,499,030
- -------------------------------------------------------------------------------------------
NYS UDC RB, Facilities Service Contract,
Series B, AMBAC Insured, 4.75%, 1/1/28 Aaa/AAA/AAA 20,000,000 18,876,600
- -------------------------------------------------------------------------------------------
NYS UDC RB, Series A, MBIA Insured,
5.50%, 4/1/16 Aaa/AAA/AAA 7,500,000 7,849,350
- -------------------------------------------------------------------------------------------
NYS UDC RRB, Correctional Capital Facilities,
Series A, 5.25%, 1/1/21 Baa1/BBB+/A 1,000,000 1,000,760
- -------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sr. Lien, Series B, 5.60%, 7/1/26 A2/NR/A 1,500,000 1,514,505
- -------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sub. Lien, Series C, 5.60%, 7/1/26 A3/NR/A- 3,000,000 3,029,010
- -------------------------------------------------------------------------------------------
Onondaga Cnty., NY IDA SWD Facitily RRB,
Solvay Paperboard LLC Project, 7%, 11/1/30 NR/NR 16,300,000 16,976,450
- -------------------------------------------------------------------------------------------
Onondaga Cnty., NY RR Agency RB, RR
Facilities Project, 7%, 5/1/15 Baa1/NR/A- 16,500,000 17,601,210
- -------------------------------------------------------------------------------------------
PAUNYNJ Consolidated RRB, 78th Series,
6.50%, 4/15/11(2) A1/AA-/AA- 250,000 270,228
- -------------------------------------------------------------------------------------------
PAUNYNJ SPO RB, JFK International Air
Terminal Project, Series 6, 5.75%, 12/1/22 Aaa/AAA/AAA 11,150,000 11,943,546
- -------------------------------------------------------------------------------------------
PAUNYNJ SPO RRB, KIAC-4 Project,
Fifth Installment, 6.75%, 10/1/19 NR/NR 12,600,000 13,952,610
- -------------------------------------------------------------------------------------------
Suffolk Cnty., NY GORB, AMBAC Insured,
10%, 11/1/02 Aaa/AAA/AAA 250,000 301,503
- -------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RRB, Nissequogue
Cogen Partners Facility, 5.50%, 1/1/23 NR/NR 3,500,000 3,518,340
- -------------------------------------------------------------------------------------------
Syracuse, NY IDA Civic Facilities RB,
Crouse Health Hospital, Inc. Project,
Series A, 5.375%, 1/1/23 NR/BBB 1,000,000 959,150
------------
631,802,336
</TABLE>
14 Oppenheimer New York Municipal Funds
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
===========================================================================================
Ratings:
Moody's/ Face Market Value
S&P/Finch Amount See Note 1
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Possessions--13.1%
PR CMWLTH Aqueduct & Sewer Authority RB,
Escrowed to Maturity, 10.25%, 7/1/09 Aaa/AAA $ 1,300,000 $ 1,753,037
- -------------------------------------------------------------------------------------------
PR CMWLTH GOB, 5%, 7/1/27 Baa1/A 8,000,000 7,850,960
- -------------------------------------------------------------------------------------------
PR CMWLTH GORB, FSA Insured, Inverse
Floater, 8.48%, 7/1/20(1) Aaa/AAA/AAA 11,500,000 13,009,375
- -------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Prerefunded, Series S,
6.50%, 7/1/22 NR/AAA 7,000,000 7,709,240
- -------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Series W, Inverse
Floater, 6.50%, 7/1/10(1) Baa1/A 9,000,000 10,001,250
- -------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU RRB,
Unrefunded Balance, Series A, 7.75%, 7/1/08 Baa1/BBB+ 1,355,000 1,386,653
- -------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU Special RRB,
Unrefunded Balance, Series A, 7.90%, 7/1/07 Baa1/BBB+ 95,000 97,231
- -------------------------------------------------------------------------------------------
PR EPAU CAP RRB, Series N, MBIA Insured,
Zero Coupon, 5.69%, 7/1/17(3) Aaa/AAA 24,000,000 9,920,400
- -------------------------------------------------------------------------------------------
PR EPAU RB, Series AA, MBIA Insured,
5.25%, 7/1/16 Aaa/AAA 5,000,000 5,190,350
- -------------------------------------------------------------------------------------------
PR EPAU RB, Series AA, MBIA Insured,
5.25%, 7/1/17 Aaa/AAA 5,000,000 5,165,750
- -------------------------------------------------------------------------------------------
PR EPAU RB, Series DD, 5%, 7/1/28 Baa1/BBB+ 7,240,000 7,103,019
- -------------------------------------------------------------------------------------------
PR Housing Bank & Finance Agency SFM RB,
Homeownership--Fourth Portfolio, Escrowed
to Maturity, 8.50%, 12/1/18 Aaa/NR 1,580,000 1,868,113
- -------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC
Facilities FAU RB, American Airlines, Inc.
Project, 6.45%, 12/1/25(2) Baa1/BBB- 1,285,000 1,410,108
- -------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC
Facilities FAU RB, Warner Lambert Co. Project,
7.60%, 5/1/14 A1/NR 3,000,000 3,100,290
- -------------------------------------------------------------------------------------------
PR POAU RB, American Airlines SPF Project,
Series A, 6.25%, 6/1/26 Baa2/BBB- 8,000,000 8,629,760
- -------------------------------------------------------------------------------------------
PR Public Buildings Authority RB, Series B,
5.25%, 7/1/21 Baa1/A 300,000 302,223
- -------------------------------------------------------------------------------------------
PR Telephone Authority RB, MBIA Insured,
Inverse Floater, 7.57%, 1/16/15(1) Aaa/AAA 10,000,000 10,762,500
------------
95,260,259
- -------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $676,931,728) 100.0% 727,062,595
- -------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.0) (351,302)
------------ ------------
Net Assets 100.0% $726,711,293
============ ============
</TABLE>
15 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================
Statement of Investment (Unaudited)(Continued)
===================================================================================================
- ---------------------------------------------------------------------------------------------------
To simplify the listings of securities, abbreviations are used per the table below:
<S> <C> <C> <C>
CAP --Capital Appreciation L.I. --Long Island
CMWLTH --Commonwealth MAG --Mortgage 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. MTAU --Metropolitan Transportation Authority
Pollution Control MWFAU --Municipal Water Finance Authority
EPAU --Electric Power Authority NYC --New York City
ERDAUEF --Energy Research & Development NYS --New York State
Authority Electric Facilities PAU --Power Authority
ERDAUGF --Energy Research & Development PAUNYNJ --Port Authority of New York & New Jersey
Authority Gas Facilities PC --Pollution Control
ERDAUPC --Energy Research & Development POAU --Port Authority
Authority Pollution Control RB --Revenue Bonds
FAU --Finance Authority RR --Resource Recovery
GOB --General Obligation Bonds RRB --Revenue Refunding Bonds
GORB --General Obligation Refunding Bonds SDI --School District
GP --General Purpose SFM --Single Family Mortgage
HDC --Housing Development Corp. SPF --Special Facilities
HFA --Housing Finance Agency SPO --Special Obligations
HFASC --Housing Finance Agency SUEFS --State University Educational
Service Contract 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>
(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 $97,560,825 or 13.42% of the
Fund's net assets as of March 31, 1999.
(2.) Securities with an aggregate market value of $4,486,910 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.
16 Oppenheimer New York Municipal Fund
<PAGE>
================================================================================
================================================================================
- --------------------------------------------------------------------------------
As of March 31, 1999, securities subject to the alternative minimum tax amount
to $201,170,630 or 27.68% of the Fund's net assets.
Distribution or investments by industry, as a percentage of total investments at
value, is as follows:
<TABLE>
<CAPTION>
Industry Market Value Percent
- ------------------------------------------------------------------------------------
<S> <C> <C>
Higher Education $ 97,576,722 13.4%
- ------------------------------------------------------------------------------------
Electric Utilities 90,948,415 12.5
- ------------------------------------------------------------------------------------
General Obligation 75,776,903 10.4
- ------------------------------------------------------------------------------------
Municipal Leases 67,496,381 9.3
- ------------------------------------------------------------------------------------
Highways 64,996,862 8.9
- ------------------------------------------------------------------------------------
Single Family Housing 42,120,865 5.8
- ------------------------------------------------------------------------------------
Corporate Backed 36,939,498 5.1
- ------------------------------------------------------------------------------------
Multifamily Housing 34,268,186 4.7
- ------------------------------------------------------------------------------------
Hospital/Healthcare 33,952,175 4.7
- ------------------------------------------------------------------------------------
Marine/Aviation Facilities 33,107,833 4.6
- ------------------------------------------------------------------------------------
Water Utilities 23,955,524 3.3
- ------------------------------------------------------------------------------------
Sales Tax 23,725,856 3.3
- ------------------------------------------------------------------------------------
Manufacturing, Non-Durable Goods 22,410,581 3.1
- ------------------------------------------------------------------------------------
Resource Recovery 17,601,210 2.4
- ------------------------------------------------------------------------------------
Special Assessment 15,875,627 2.2
- ------------------------------------------------------------------------------------
Not-for-Profit Organization 11,641,544 1.6
- ------------------------------------------------------------------------------------
Gas Utilities 11,092,500 1.5
- ------------------------------------------------------------------------------------
Telephone Utilities 10,762,500 1.5
- ------------------------------------------------------------------------------------
Adult Living Facilities 9,070,338 1.2
- ------------------------------------------------------------------------------------
Pollution Control 3,100,290 0.4
- ------------------------------------------------------------------------------------
Sewer Utilities 642,785 0.1
------------ -------
Total $727,062,595 100.0%
============ =======
</TABLE>
See accompanying Notes to Financial Statements.
17 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statement of Assets and Liabilities March 31, 1999 (Unaudited)
===========================================================================================
===========================================================================================
Assets
<S> <C>
Investments, at value (cost $676,931,728)--see accompanying statement $727,062,595
- -------------------------------------------------------------------------------------------
Cash 1,042,222
- -------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 11,755,167
Shares of beneficial interest sold 65,324
Other 10,647
------------
Total assets 739,935,955
===========================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 9,677,600
Dividends 1,856,467
Shares of beneficial interest redeemed 872,943
Distribution and service plan fees 418,338
Trustees' compensation--Note 1 252,421
Shareholder reports 71,290
Transfer and shareholder servicing agent fees 55,689
Custodian fees 15,318
Other 4,596
------------
Total liabilities 13,224,662
===========================================================================================
Net Assets $726,711,293
============
===========================================================================================
Composition of Net Assets
Paid-in capital $678,068,593
- -------------------------------------------------------------------------------------------
Overdistributed net investment income (1,168,646)
- -------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (319,521)
- -------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Notes 3 and 6 50,130,867
------------
Net assets $726,711,293
============
</TABLE>
18 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
===========================================================================================
===========================================================================================
Net Asset Value Per Share
<S> <C>
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$616,013,609 and 47,293,928 shares of beneficial interest outstanding) $13.03
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $13.68
- -------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $103,824,216 and
7,969,307 shares of beneficial interest outstanding) $13.03
- -------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $6,873,468 and
527,768 shares of beneficial interest outstanding) $13.02
</TABLE>
See accompanying Notes to Financial Statements.
19 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statement of Operations For the Six Months Ended March 31, 1999 (Unaudited)
===========================================================================================
===========================================================================================
<S> <C>
Investment Income
Interest $ 20,816,809
===========================================================================================
Expenses
Management fees--Note 4 1,863,651
- -------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 688,671
Class B 531,750
Class C 32,551
- -------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 285,539
- -------------------------------------------------------------------------------------------
Shareholder reports 60,945
- -------------------------------------------------------------------------------------------
Custodian fees and expenses 39,860
- -------------------------------------------------------------------------------------------
Trustees' compensation--Note 1 34,354
- -------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 23,973
- -------------------------------------------------------------------------------------------
Insurance expenses 6,292
- -------------------------------------------------------------------------------------------
Other 21,157
------------
Total expenses 3,588,743
Less expenses paid indirectly--Note 4 (17,705)
------------
Net expenses 3,571,038
===========================================================================================
Net Investment Income 17,245,771
===========================================================================================
Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments 3,340,799
Closing of futures contracts 1,671,227
------------
Net realized gain 5,012,026
- -------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (13,703,973)
------------
Net realized and unrealized loss (8,691,947)
===========================================================================================
Net Increase in Net Assets Resulting from Operations $ 8,553,824
============
</TABLE>
See accompanying Notes to Financial Statements.
20 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Statements of Changes in Net Assets
===========================================================================================
Six Months Ended Year Ended
March 31, 1999 September 30,
(Unaudited) 1998
===========================================================================================
<S> <C> <C>
Operations
Net investment income $ 17,245,771 $ 35,535,861
- -------------------------------------------------------------------------------------------
Net realized gain 5,012,026 2,676,806
- -------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (13,703,973) 19,959,087
------------ -------------
Net increase in net assets resulting from operations 8,553,824 58,171,754
===========================================================================================
Dividends to Shareholders
Dividends from net investment income:
Class A (14,497,899) (31,874,990)
Class B (2,136,326) (4,618,825)
Class C (131,780) (234,931)
===========================================================================================
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting
from beneficial interest transactions--Note 2:
Class A 13,767,577 (43,774,682)
Class B (1,993,824) (2,555,074)
Class C 778,173 1,261,316
===========================================================================================
Net Assets
Total increase (decrease) 4,339,745 (23,625,432)
- -------------------------------------------------------------------------------------------
Beginning of period 722,371,548 745,996,980
------------ -------------
End of period (including overdistributed net investment
income of $1,168,646 and $1,648,412, respectively) $726,711,293 $722,371,548
============ =============
</TABLE>
See accompanying Notes to Financial Statements.
21 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Financial Highlights
===========================================================================================
Class A
-------------------------------------------
Six Months
Ended
March 31,
1999 Year Ended September 30,
(Unaudited) 1998 1997 1996
===========================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $13.17 $12.79 $12.41 $12.29
- -------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .32 .64 .69 .68
Net realized and unrealized gain (loss) (.15) .40 .37 .12
-------- -------- -------- --------
Total income (loss) from investment
operations .17 1.04 1.06 .80
- -------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.31) (.66) (.68) (.68)
Distributions from net realized gain -- -- -- --
Distributions in excess of net realized gain -- -- -- --
-------- -------- -------- --------
Total dividends and distributions
to shareholders (.31) (.66) (.68) (.68)
- -------------------------------------------------------------------------------------------
Net asset value, end of period $13.03 $13.17 $12.79 $12.41
======== ======== ======== ========
===========================================================================================
Total Return, at Net Asset Value(2) 1.33% 8.36% 8.78% 6.65%
===========================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $616,014 $609,183 $634,789 $667,258
- -------------------------------------------------------------------------------------------
Average net assets (in thousands) $606,322 $621,555 $652,048 $684,981
- -------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.93%(3) 4.96% 5.49% 5.50%
Expenses(4) 0.88%(3) 0.87% 0.86% 0.91%
- -------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 10% 25% 21% 21%
</TABLE>
(1.) For the period from August 29, 1995 (inception of offering) to September
30, 1995.
(2.) Assumes a $1,000 hypothetical initial investment on the business day before
the first day 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.
(3.) Annualized.
(4.) Beginning in fiscal 1995, the expense ratio reflects the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not been
adjusted.
22 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
===========================================================================================
Class B
- -------------------------------------------------------------------------------------------
Six Months
Ended
March 31,
1999 Year Ended September 30,
1995 1994 (Unaudited) 1998 1997 1996
===========================================================================================
<S> <C> <C> <C> <C> <C>
$11.92 $13.50 $13.18 $12.79 $12.41 $12.30
- -------------------------------------------------------------------------------------------
.69 .74 .27 .55 .59 .60
.41 (1.46) (.16) .41 .38 .10
- ------- ------- ------- ------- ------- -------
1.10 (.72) .11 .96 .97 .70
- -------------------------------------------------------------------------------------------
(.70) (.72) (.26) (.57) (.59) (.59)
(.03) (.03) -- -- -- --
-- (.11) -- -- -- --
- ------- ------- ------- ------- ------- -------
(.73) (.86) (.26) (.57) (.59) (.59)
- -------------------------------------------------------------------------------------------
$12.29 $11.92 $13.03 $13.18 $12.79 $12.41
======= ======= ======= ======= ======= =======
===========================================================================================
9.58% (5.55%) 0.86% 7.62% 7.97% 5.77%
===========================================================================================
$163,050 $687,233 $103,824 $107,021 $106,459 $101,302
- -------------------------------------------------------------------------------------------
$659,465 $738,747 $106,625 $106,130 $104,183 $ 98,488
- -------------------------------------------------------------------------------------------
5.76% 5.68% 4.15% 4.21% 4.72% 4.73%
0.90% 0.86% 1.65% 1.63% 1.63% 1.68%
- -------------------------------------------------------------------------------------------
15% 9% 10% 25% 21% 21%
</TABLE>
(5.) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 1999, were $72,341,168 and $72,811,601, respectively.
23 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
===========================================================================================
Financial Highlights (Continued)
===========================================================================================
Class B (continued)
----------------------------
Year Ended September 30,
Year Ended September 30, 1995 1994
===========================================================================================
<S> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $ 11.93 $13.50
- -------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .60 .64
Net realized and unrealized gain (loss) .42 (1.45)
------- -------
Total income (loss) from investment
operations 1.02 (.81)
- -------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.62) (.62)
Distributions from net realized gain (.03) (.03)
Distributions in excess of net realized gain -- (.11)
------- -------
Total dividends and distributions
to shareholders (.65) (.76)
- -------------------------------------------------------------------------------------------
Net asset value, end of period $ 12.30 $ 11.93
======= =======
===========================================================================================
Total Return, at Net Asset Value(2) 8.75% (6.22)%
===========================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $91,108 $73,943
- -------------------------------------------------------------------------------------------
Average net assets (in thousands) $81,743 $61,008
Ratios to average net assets:
Net investment income 4.95% 4.88%
Expenses(4) 1.67% 1.65%
- -------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 15% 9%
</TABLE>
(1.) For the period from August 29, 1995 (inception of offering) to September
30, 1995.
(2.) 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.
(3.) Annualized.
(4.) Beginning in fiscal 1995, the expense ratio reflects the effect of gross
expenses paid indirectly by the Fund. Prior year expense ratios have not been
adjusted.
24 Oppenheimer New York Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
==========================================================================================================
==========================================================================================================
Class C
- ----------------------------------------------------------------------------------------------------------
Six Months
Ended
March 31,
1999 Year Ended September 30,
(Unaudited) 1998 1997 1996 1995
==========================================================================================================
<S> <C> <C> <C> <C>
$13.17 $12.79 $12.41 $12.30 $12.22
- ----------------------------------------------------------------------------------------------------------
.28 .47 .57 .60 .05
(.17) .48 .39 .09 .08
------ ------ ------ ------ ------
.11 .95 .96 .69 .13
- ----------------------------------------------------------------------------------------------------------
(.26) (.57) (.58) (.58) (.05)
-- -- -- -- --
-- -- -- -- --
------ ------ ------ ------ ------
(.26) (.57) (.58) (.58) (.05)
- ----------------------------------------------------------------------------------------------------------
$13.02 $13.17 $12.79 $12.41 $12.30
====== ====== ====== ====== ======
==========================================================================================================
0.86% 7.54% 7.95% 5.64% 1.10%
==========================================================================================================
$6,873 $6,168 $4,749 $2,007 $25
- ----------------------------------------------------------------------------------------------------------
$6,532 $5,420 $3,798 $ 752 $18
- ----------------------------------------------------------------------------------------------------------
4.15%(3) 4.30% 4.67% 4.60% 3.67%(3)
1.65%(3) 1.63% 1.63% 1.77% 1.37%(3)
- ----------------------------------------------------------------------------------------------------------
10% 25% 21% 21% 15%
</TABLE>
(5.) The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 1999, were $72,341,168 and $72,811,601, respectively.
See accompanying Notes to Financial Statements.
25 Oppenheimer New York Municipal
<PAGE>
================================================================================
Notes to Financial Statements (Unaudited)
================================================================================
================================================================================
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. Class B and Class C shares may be subject to a
contingent deferred sales charge. All classes of shares have identical rights to
earnings, assets and voting privileges, except that each class has its own
distribution and/or service plan, expenses directly attributable to that class
and exclusive voting rights with respect to matters affecting that class. Class
B shares will automatically convert to Class A shares six years after the date
of purchase. The following is a summary of significant accounting policies
consistently followed by the Fund.
- --------------------------------------------------------------------------------
Investment Valuation. Portfolio securities are valued at 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.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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. Therefore, no
federal income or excise tax provision is required. As of September 30, 1998,
the Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $5,384,000, which expires between 2003 and 2005.
26 Oppenheimer New York Municipal Fund
<PAGE>
================================================================================
================================================================================
================================================================================
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 six months ended
March 31, 1999, a provision of $3,796 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 $239,053 as of March 31, 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 fees 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 Trustee 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.
- --------------------------------------------------------------------------------
Distributions to Shareholders. The Fund intends to declare dividends separately
for Class A, Class B and Class C shares from net investment income each day the
New York Stock Exchange is open for business and pay such dividends monthly.
Distributions from net realized gains on investments, if any, will be declared
at least once each year.
- --------------------------------------------------------------------------------
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 the 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.
- --------------------------------------------------------------------------------
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Original issue discount on securities purchased
is amortized over the life of the respective securities, in accordance with
federal income tax requirements. For bonds acquired after April 30, 1993,
accrued market discount is recognized at maturity or disposition as taxable
ordinary income. Taxable ordinary income is realized to the extent of the lesser
of gain or accrued market discount. 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.
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.
27 Oppenheimer New York Municipal Fund
<PAGE>
================================================================================
Notes to Financial Statements (Unaudited)(Continued)
================================================================================
================================================================================
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>
Six Months Ended March 31, 1999 Year Ended September 30, 1998
------------------------------- -------------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,258,593 $ 16,445,871 3,928,958 $ 50,847,551
Dividends reinvested 757,535 9,895,775 1,692,174 21,877,187
Redeemed (2,819,540) (36,866,180) (8,997,338) (116,499,420)
Issued in connection with the
acquisition of The New York
Tax-Exempt Income Fund,
Inc.--Note 6 1,852,945 24,292,111 -- --
------------- ------------- ------------- -------------
Net increase (decrease) 1,049,533 $ 13,767,577 (3,376,206) $ (43,774,682)
============= ============= ============= =============
- -------------------------------------------------------------------------------------------------
Class B:
Sold 490,229 $ 6,411,906 925,113 $ 11,973,080
Dividends reinvested 106,638 1,393,395 233,067 3,013,390
Redeemed (750,138) (9,799,125) (1,356,282) (17,541,544)
------------- ------------- ------------- -------------
Net decrease (153,271) $ (1,993,824) (198,102) $ (2,555,074)
============= ============= ============= =============
- -------------------------------------------------------------------------------------------------
Class C:
Sold 101,829 $ 1,330,221 187,441 $ 2,433,192
Dividends reinvested 8,018 104,735 14,729 190,501
Redeemed (50,307) (656,783) (105,189) (1,362,377)
------------- ------------- ------------- -------------
Net increase 59,540 $ 778,173 96,981 $ 1,261,316
============= ============= ============= =============
================================================================================================
</TABLE>
3. Unrealized Gains and Losses on Investments
As of March 31, 1999, net unrealized appreciation on investments of $50,130,867
was composed entirely of gross appreciation of $50,536,906, and gross
depreciation of $406,039.
28 Oppenheimer New York Municipal
<PAGE>
================================================================================
================================================================================
================================================================================
4. Management Fees and Other Transactions with Affiliates
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 six months ended March 31, 1999 was 0.52% of
average annual net assets for each class of shares.
For the six months ended March 31, 1999, commissions (sales charges paid by
investors) on sales of Class A shares totaled $294,712, of which $64,374 was
retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class A, Class
B and Class C shares totaled $11,743, $182,464 and $11,639, respectively. During
the six months ended March 31, 1999, OFDI received contingent deferred sales
charges of $44,962, $88,216 and $9,465, respectively, upon redemption of Class
A, Class B and Class C shares as reimbursement for sales commissions advanced by
OFDI at the time of sale of such shares.
OppenheimerFunds Services (OFS), a division of the Manager, is the transfer
and shareholder servicing agent for the Fund and other Oppenheimer funds. OFS's
total costs of providing such services are allocated ratably to these funds.
Expenses paid indirectly represent a reduction of custodian fees for
earnings on cash balances maintained by the Fund.
The Fund has adopted a Service Plan for Class A shares to reimburse OFDI
for a portion of its costs incurred in connection with the personal service and
maintenance of shareholder accounts that hold Class A shares. Reimbursement is
made quarterly at an annual rate that may not exceed 0.25% of the average annual
net assets of Class A shares of the Fund. OFDI uses the service fee to reimburse
brokers, dealers, banks and other financial institutions quarterly for providing
personal service and maintenance of accounts of their customers that hold Class
A shares. During the six months ended March 31, 1999, OFDI paid $12,284 to an
affiliated broker/dealer as reimbursement for Class A personal service and
maintenance expenses.
29 Oppenheimer New York Municipal
<PAGE>
================================================================================
Notes to Financial Statements (Unaudited)(Continued)
================================================================================
================================================================================
4. Management Fees and Other Transactions with Affiliates (continued)
The Fund has adopted Distribution and Service Plans for Class B and Class C
shares to compensate OFDI for its costs in distributing Class B and Class C
shares and servicing accounts. Under the Plans, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on Class B and Class C shares for its
services rendered in distributing Class B and Class C shares. OFDI also receives
a service fee of 0.25% per year to compensate dealers for providing personal
services for accounts that hold Class B and Class C shares. Each fee is computed
on the average annual net assets of Class B or Class C shares, determined as of
the close of each regular business day. During the six months ended March 31,
1999, OFDI paid $3,560 to an affiliated broker/dealer as compensation for Class
B personal service and maintenance expenses and retained $411,613 and $19,264,
respectively, as compensation for Class B and Class C sales commissions and
service fee advances, as well as financing costs. If either Plan is terminated
by the Fund, the Board of Trustees may allow the Fund to continue payments of
the asset-based sales charge to OFDI for distributing shares before the Plan was
terminated. As of March 31, 1999, OFDI had incurred excess distribution and
servicing costs of $2,233,997 for Class B and $65,537 for Class C.
================================================================================
5. Futures Contracts
The Fund may buy and sell interest rate futures contracts in order to gain
exposure to or 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 recognizes a realized gain or loss when the contract is
closed or expires.
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.
30 Oppenheimer New York Municipal
<PAGE>
================================================================================
================================================================================
================================================================================
6. Acquisition of The New York Tax-Exempt Income Fund, Inc.
On February 19, 1999, the Fund acquired all the net assets of The New York
Tax-Exempt Income Fund, Inc., pursuant to an agreement and plan of
reorganization approved by the Fund shareholders on February 12, 1999. The Fund
issued (at an exchange ratio of 0.736204 of the Fund to one share of The New
York Tax-Exempt Income Fund, Inc.) 1,852,945 shares of capital stock valued at
$24,292,111 exchange for the net assets, resulting in combined Class A net
assets of $625,750,285 on February 19, 1999. The net assets acquired included
net unrealized appreciation of $1,290,236. The exchange qualified as a tax-free
reorganization for federal income tax purposes.
================================================================================
7. 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 six months ended March
31, 1999.
31 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
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
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
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 Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been
taken from the records of the Fund without examination
by the independent auditors. This is a copy of a report
to shareholders of Oppenheimer New York 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.
32 Oppenheimer New York Municipal Fund
<PAGE>
================================================================================
OppenheimerFunds Family
================================================================================
<TABLE>
<CAPTION>
=============================================================================================
Real Asset Funds
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Real Asset Fund Gold & Special Minerals Fund
=============================================================================================
Global Stock Funds
- ---------------------------------------------------------------------------------------------
Developing Markets Fund International Growth Fund Global Growth & Income Fund
International Small Global Fund Europe Fund
Company Fund Quest Global Value Fund
=============================================================================================
Stock Funds
- ---------------------------------------------------------------------------------------------
Enterprise Fund MidCap Fund Growth Fund
Discovery Fund Capital Appreciation Fund Large Cap Growth Fund
Quest Small Cap Value Fund Quest Capital Value Fund Disciplined Value Fund
Quest Value Fund
=============================================================================================
Stock & Bond Funds
- ---------------------------------------------------------------------------------------------
Main Street Growth & Total Return Fund Multiple Strategies Fund
Income Fund(1) Quest Balanced Disciplined Allocation Fund
Quest Opportunity Value Fund Convertible Securities Fund
Value Fund Capital Income Fund(2)
=============================================================================================
Taxable Bond Funds
- ---------------------------------------------------------------------------------------------
International Bond Fund Champion Income Fund U.S. Government Trust
World Bond Fund Strategic Income Fund Limited-Term Government Fund
High Yield Fund Bond Fund
=============================================================================================
Municipal Bond Funds
- ---------------------------------------------------------------------------------------------
California Municipal Fund(3) Pennsylvania Municipal Fund(3) Rochester Division:
Florida Municipal Fund(3) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(3) Insured Municipal Fund Limited Term New York
New York Municipal Fund(3) Intermediate Municipal Fund Municipal Fund
=============================================================================================
Money Market Funds(4)
- ---------------------------------------------------------------------------------------------
Money Market Fund Cash Reserves
</TABLE>
(1.) On 12/22/98, the Fund's name was changed from "Main Street Income & Growth
Fund."
(2.) On 4/1/99, the Fund's name was changed from "Equity Income Fund."
(3.) Available only to investors 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, NY 10048-0203.
(C) Copyright 1999 OppenheimerFunds, Inc. All rights reserved.
33 Oppenheimer New York Municipal Fund
<PAGE>
[This page is intentionally left blank.]
<PAGE>
Internet
24-hr access to account
information. Online
transactions now available
- ---------------------------
www.oppenheimerfunds.com
- ---------------------------
General Information
Mon-Fri 8:30am-9pm ET
Sat 10am-4pm ET
- ---------------------------
1-800-525-7048
- ---------------------------
Account 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
- ---------------------------
Telecommunication Device
for the Deaf (TDD)
Mon-Fri 8:30am-6pm ET
- ---------------------------
1-800-843-4461
- ---------------------------
OppenheimerFunds
Information Hotline
24 hours a day, timely and
insightful messages on the
economy and issues that
affect your investments
- ---------------------------
1-800-835-3104
- ---------------------------
Information and services
- --------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number or by visiting our website. And, by
enrolling in AccountLink, a convenient service that "links" your Oppenheimer
funds accounts and your bank checking or savings account, you can use the
Telephone Transactions number or website to make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today, or visit us at our website at www.oppenheimerfunds.com --
we're here to help.
[LOGO] OppenheimerFunds(R)
Distributor, Inc.
RS0360.001.0399 May 28, 1999
