[photo of highway ramps]
Semiannual Report March 31, 2000
Oppenheimer
New York Municipal Fund
[logo]
OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
REPORT HIGHLIGHTS
We found attractive yields in insured bonds with maturities in the 15- to
20-year range.
Because yield differences have narrowed between high-quality and lower-quality
municipal bonds, we focused primarily on insured securities.
We believe that the Fund's undervalued holdings may benefit as the investment
environment improves and demand for high-yielding securities picks up.
Contents
1 President's Letter
3 An Interview
with Your Fund's
Manager
10 Financial
Statements
29 Officers and Trustees
Cumulative
Total Returns
For the 6-Month Period
Ended 3/31/00*
Class A
Without With
Sales Chg. Sales Chg.
----------------------
1.09% -3.71%
Class B
Without With
Sales Chg. Sales Chg.
----------------------
0.62% -4.30%
Class C
Without With
Sales Chg. Sales Chg.
----------------------
0.70% -0.28%
*See Notes, page 8, for further details.
<PAGE>
PRESIDENT'S LETTER
[photo]
Bridget A. Macaskill
President
Oppenheimer
New York
Municipal Fund
Dear Shareholder,
For many years, we have encouraged investors to consider whether they could
tolerate more risk in their long-term investments by participating in the stock
market, which has historically provided higher long-term returns than any other
asset class. Today, however, we have a very different concern: some investors
may be assuming too much risk by concentrating their investments in just a
handful of stocks or sectors or by "chasing performance."
Alan Greenspan, the Chairman of the Federal Reserve Board, has stated his
view that the recent spectacular returns of some sectors of the market are
partly responsible for pushing our economy to growth rates that could lead to
higher inflation. The dramatic rise in the prices of a narrow segment of the
market has created enormous wealth for some investors. In turn, those investors
are spending at a rate that the Fed believes may threaten the healthy growth of
our economy.
That's why the Fed has been raising interest rates steadily and decisively
over the past year. By making borrowing more expensive, the Fed is attempting to
slow economic growth. It is a precarious balancing act: too much tightening
creates the risk of recession, while too little opens the door to inflation.
The implications are clear: investors must be prepared for near-term market
volatility. In the bond market, higher interest rates usually lead to lower bond
prices. In the stock market, slower economic growth could reduce corporate
earnings and put downward pressure on stock prices. Highly valued stocks may be
particularly vulnerable to a correction. The Securities and Exchange Commission
Chairman, Arthur Levitt, has cautioned investors against the expectation that
the types of returns seen in the recent bull market will last forever. We agree.
1 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
PRESIDENT'S LETTER
Because of the prospect of continued market volatility, we encourage you to
consider diversifying your investments. Indeed, diversification may help you
mitigate the effects of sharp declines in any one area. It may also help you
better position your portfolio to seek greater returns over the long run.
While "new economy" stocks have risen since our last report to you, many "old
economy" stocks are selling at unusually low prices. In the bond market, higher
interest rates over the short term may reduce inflation concerns, which should
be beneficial over the long term. By buying out-of-favor investments, you may be
able to profit when and if they return to favor in the future. Of course, there
is no assurance that value investing will return to favor in the market, but it
may be a diversification strategy to consider for part of your portfolio.
What specific investments should you consider today so that you are prepared
for tomorrow? The answer depends on your individual investing goals, risk
tolerance and financial circumstances. We urge you to talk with your financial
advisor about ways to diversify your portfolio. This may include considering
global diversification as part of your strategy. While investing abroad has
special risks, such as the effects of foreign currency fluctuation, it also
offers opportunities to participate in global economic growth and to hedge
against the volatility in U.S. markets.
We thank you for your continued confidence in OppenheimerFunds, The Right Way
to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
April 24, 2000
2 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
[photo]
Portfolio Management
Team (l to r)
Christian Smith
Robert Patterson
(Portfolio Manager)
Q How did Oppenheimer New York Municipal Fund perform over the six-month period
that ended March 31, 2000?
A. The Fund's performance over the past six months reflects a very challenging
investment environment for most bond funds. During most of the reporting period,
stronger-than-expected economic growth fueled investors' concerns that
inflationary pressures might reemerge. As a result, interest rates and most bond
yields rose. Because bond yields and prices move in opposite directions, higher
interest rates eroded the value of many fixed-income securities, including
municipal bonds from New York issuers. In addition, the tax-exempt bond market
was subject to adverse supply-and-demand influences, which further eroded
returns. However, in March 2000 bond prices improved and rates declined as
investors became confident that the Federal Reserve Board would take steps to
cool the economy and ease inflationary pressures. We expect that the Federal
Reserve Board's actions will lead to further declines in interest rates.
What economic forces affected municipal bonds and the Fund?
When the reporting period began on October 1, 1999, the Federal Reserve Board
had already implemented two interest-rate hikes. They did so in response to
concerns that unsustainable economic growth might reignite inflationary
pressures. While inflation had not yet accelerated, noticeable early warning
signs included low unemployment, high levels of consumer spending and borrowing,
and rising commodities
3 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
prices. When the economy subsequently gained momentum, the Federal Reserve Board
raised short-term interest rates again in November, February and March. These
increases were reflected in municipal bond prices which declined as the Fed took
action.
What supply-and-demand factors influenced the Fund's performance?
Although demand from individual investors has remained strong, higher interest
rates reduced demand from corporate and institutional investors. With these
investors effectively absent from the market, municipal bond yields rose further
than would have been expected from the Fed's interest-rate increases alone.
During the first quarter of 2000, however, we began to see a sharp
reduction in the supply of new municipal bonds. With interest rates rising last
year, many municipalities issued bonds early to avoid higher rates. As a result,
greater liquidity appears to have returned to the municipal bond market, which
is a positive sign for buyers and sellers alike.
How have New York's municipal bonds fared in this environment?
The strong U.S. economy has boosted tax revenues for New York State and many of
its municipalities, reducing their need to borrow through issuance of municipal
bonds. Perhaps most important, better economic conditions have enabled New York
state and New York city to improve their fiscal operations and receive
credit-rating upgrades from the major bond rating agencies. These changes have
positively affected many of our holdings, including state agency bonds.
[callout]
"When the effects of income taxes are considered, municipal bonds are providing
much higher levels of `take home' income than U.S. Treasury securities."
4 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
How was the Fund managed in this environment?
We primarily focused on repositioning the portfolio to provide a cushion against
the adverse effects of a declining market. With higher yielding securities
available, we sold some of our lower yielding holdings to maintain the Fund's
income stream. Emphasis was directed toward securities positively impacted by
the improved economic conditions within New York state, including general
obligation debt and public higher education credits.
Where did you find the most attractive investment opportunities?
We found particularly attractive yields in insured bonds with maturities in the
15- to 20-year range. Because the yield difference between high-quality and
lower-quality bonds had narrowed, we believed that we would not be adequately
compensated for the extra risks lower-yielding bonds carry. We preferred the 15-
to 20-year maturity range because their prices held up better than securities in
the 10- to 15-year range, which were particularly hard hit by the lack of demand
from institutional buyers.
On the other hand, we carefully avoided those sectors of the market that
we regarded as troublesome, such as health-care. We have also avoided bonds
selling at a deep discount to their face values, because these types of bonds
tend to be particularly vulnerable in declining markets.
Average Annual
Total Returns
For the Periods Ended 3/31/00(1)
Class A
1-Year 5-Year 10-Year
.........................
-7.22% 4.20% 5.98%
Class B Since
1-Year 5-Year Inception
.........................
-7.96% 4.09% 3.88%
Class C Since
1-Year 5-Year Inception
.........................
-4.19% N/A 4.24%
-------------------------
Because of ongoing market volatility, the Fund's returns may fluctuate and may
be less than the results shown.
1. See notes on page 8 for further details.
5 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
How do municipal bond yields currently compare to taxable bond yields?
By the end of the reporting period, 30-year, AAA-rated municipal bonds from New
York issuers were providing approximately 100% of the yield of 30-year U.S.
Treasury securities. This compares to a historical average of about 90%. When
the effects of federal, state and New York city income taxes are taken into
account, municipal bonds are providing much higher levels of "take home" income
than U.S. Treasury securities. As a result, municipal bonds currently represent
very attractive values, in our opinion, especially for New York residents in the
higher income tax brackets.
What is your outlook for the foreseeable future?
We are cautious over the near term and optimistic over the longer term. We
expect the U.S. economy to remain strong over the next several months, which may
prompt the Federal Reserve Board to increase interest rates further.
Accordingly, we intend to maintain our defensive posture until we believe the
Fed's moves toward a more restrictive monetary policy are complete. If and when
evidence emerges that the bulk of interest-rate increases are behind us, we are
likely to see the return of corporate and institutional buyers, which should
help support tax-exempt bond prices.
Standardized Yields(2)
For the 30 Days Ended 3/31/00
---------------------
Class A 5.03%
---------------------
Class B 4.52
---------------------
Class C 4.52
2. Standardized yield is based on net investment income for the 30-day period
ended March 31, 2000. Falling share prices will tend to artificially raise
yields.
6 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
For our part, when the investment environment improves, we are prepared to seize
attractive opportunities more aggressively, with an eye toward locking in high
yields and participating in the potential for capital appreciation. In our view,
this kind of active management approach is what makes Oppenheimer New York
Municipal Fund an important part of The Right Way to Invest.
Credit Allocation(3)
[pie chart]
AAA 32.9%
AA 15.8
A 27.6
BBB 12.2
BB 8.7
B 2.8
Top Five Industries(4)
----------------------------------------------------------
Higher Education 19.1%
----------------------------------------------------------
General Obligation 12.1
----------------------------------------------------------
Highways 8.7
----------------------------------------------------------
Electric Utilities 8.5
----------------------------------------------------------
Manufacturing, Non-Durable Goods 6.5
3. Portfolio data is subject to change. Percentages are as of March 31, 2000,
and are dollar-weighted based on total market value of investments. 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 12.83% of total investments) which have ratings assigned by the
Fund's investment advisor in categories equivalent to those of ratings
organizations.
4. Portfolio data is subject to change. Percentages are as of March 31, 2000,
and are based on total market value of investments.
7 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES
In reviewing performance and rankings, please remember that past performance
does not guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. For quarterly
updates on the Fund's performance, please contact your financial advisor, call
us at 1.800.525.7048 or visit our website, www.oppenheimerfunds.com.
Total returns 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. The Fund's total returns and yields
shown do not show the effects of income taxes on an individual's investment.
Taxes may reduce your actual investment returns on income or gains paid by the
Fund or any gains you may realize if you sell your shares.
Class A shares were first publicly offered on 8/16/84. Class A returns include
the current maximum initial sales charge of 4.75%, except where noted. The
Fund's maximum sales charge for Class A shares was lower prior to 1/31/86, so an
individual's account performance may have been higher for that period.
Class B shares of the Fund were first publicly offered on 3/1/93. Except where
noted, Class B returns include the applicable contingent deferred sales charge
of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares
72 months after purchase, the "life-of-class" return for Class B uses Class A
performance for the period after conversion. Class B shares are subject to an
annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 8/29/95. Class C
returns include the contingent deferred sales charge of 1% for the 1-year
period. Class C shares are subject to an annual 0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
8 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Financials
9 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS March 31, 2000 / Unaudited
<TABLE>
<CAPTION>
Ratings: Market
Moody's/ Principal Value
S&P/Fitch Amount See Note 1
======================================================================================================
<S> <C> <C>
Municipal Bonds and Notes--99.2%
------------------------------------------------------------------------------------------------------
New York--82.0%
Allegany Cnty., NY IDA RB, Houghton College
Civic Facility, 5.25%, 1/15/18 NR/BBB $ 1,500,000 $ 1,349,820
------------------------------------------------------------------------------------------------------
Allegany Cnty., NY IDA RB, Houghton College
Civic Facility, 5.25%, 1/15/24 NR/BBB 1,500,000 1,304,520
------------------------------------------------------------------------------------------------------
Erie Cnty., NY IDA Life Care Community RB,
Episcopal Church Home, Series A, 6%, 2/1/28 NR/NR 6,700,000 5,589,140
------------------------------------------------------------------------------------------------------
Monroe Cnty., NY IDA RB, DePaul
Community Facilities, Series A, 5.875%, 2/1/28 NR/NR 1,800,000 1,475,226
------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 6.83%, 8/1/08(1) A3/A- 8,250,000 8,580,000
------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.31%, 8/1/13(1) A3/A-/A 5,000,000 5,287,500
------------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 8.31%, 8/1/14(1) A3/A- 8,150,000 8,577,875
------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series A, 7.75%, 8/15/16 Aaa/AAA/A 157,500 166,569
------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series D, 7.50%, 2/1/19 Aaa/A-/A- 1,295,000 1,377,232
------------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series F, 8.25%, 11/15/17 Aaa/A-/A- 8,500,000 9,105,115
------------------------------------------------------------------------------------------------------
NYC GOB, Series B, 8.25%, 6/1/07 A3/A-/A- 1,750,000 2,062,305
------------------------------------------------------------------------------------------------------
NYC GOB, Series B, FSA Insured, 6%, 10/1/07 Aaa/AAA/AAA 7,500,000 7,791,600
------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance,
Series A, 7.75%, 3/15/03 A3/A-/A- 10,000 10,297
------------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance,
Series D, 7.50%, 2/1/19 A3/A-/A- 5,000 5,284
------------------------------------------------------------------------------------------------------
NYC GORB, Unrefunded Balance,
Series F, 7.625%, 2/1/14 A3/A-/A- 5,000 5,290
------------------------------------------------------------------------------------------------------
NYC GOUN, Prerefunded, Series C,
Subseries C-1, 7.50%, 8/1/20 Aaa/BBB+/A- 5,000 5,378
------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Seaview Town House Project,
6.50%, 1/15/18 NR/NR 2,756,012 2,802,314
------------------------------------------------------------------------------------------------------
NYC HDC MH RB, Keith Plaza Project, 6.50%, 2/15/18 NR/NR 1,806,000 1,836,468
------------------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RRB, AMBAC Insured,
Inverse Floater, 7.59%, 2/15/23(1) Aaa/AAA/AAA 12,500,000 11,265,625
------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Community Resources
Development, 7.50%, 8/1/26 NR/NR 4,000,000 4,095,760
------------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, USTA National Tennis
Center Project, FSA Insured, 6.375%, 11/15/14 Aaa/AAA/AAA 1,500,000 1,583,400
------------------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
5.75%, 10/1/36 Baa3/BBB- 3,500,000 3,102,260
------------------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
6.20%, 10/1/22 Baa3/BBB- 5,000,000 4,855,550
------------------------------------------------------------------------------------------------------
NYC IDA SPF RB, Northwest Airlines, Inc., 6%, 6/1/27 Ba2/BB 14,000,000 12,587,400
------------------------------------------------------------------------------------------------------
NYC IDA SPF RB, United Air Lines, Inc. Project,
5.65%, 10/1/32 Baa3/BB+ 6,585,000 5,744,161
10 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Ratings: Market
Moody's/ Principal Value
S&P/Fitch Amount See Note 1
------------------------------------------------------------------------------------------------------
New York Continued
NYC IDAU Civil Facility RB, YMCA Greater NY Project,
5.80%, 8/1/16 Baa3/NR/BBB $ 2,470,000 $ 2,445,374
------------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project, 7.80%, 1/1/16 NR/NR 6,800,000 7,168,628
------------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project, 7.95%, 1/1/28 NR/NR 13,500,000 14,268,960
------------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn. Project,
6%, 1/1/15 A3/A/A- 6,000,000 6,090,960
------------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group Assn. Project,
6.125%, 1/1/24 A3/A/A- 3,000,000 3,019,830
------------------------------------------------------------------------------------------------------
NYC MCFFA RB, Series D, 6.45%, 2/15/09 Aa2/AAA 145,000 152,051
------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RB, Series A, FGIC Insured,
5.50%, 6/15/32 Aaa/AAA/AAA 8,800,000 8,391,592
------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Prerefunded,
Series A, 7.10%, 6/15/12 NR/AAA/AAA 180,000 187,411
------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
6.75%, 6/15/17 Aa3/A/AA- 2,480,000 2,560,426
------------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
Series A-1994, 7.10%, 6/15/12 Aa3/A/AA- 95,000 98,509
------------------------------------------------------------------------------------------------------
NYC Niagara Falls SDI COP, High School Facility,
5.375%, 6/15/28 Baa3/BBB- 7,645,000 6,671,715
------------------------------------------------------------------------------------------------------
NYS DA RB, CUS, Series 1, 5.375%, 7/1/24 Baa1/A-/A- 19,500,000 17,939,415
------------------------------------------------------------------------------------------------------
NYS DA RB, Ithaca College, AMBAC Insured,
5.25%, 7/1/26 Aaa/AAA 5,750,000 5,285,917
------------------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed to
Maturity, BIG Insured, 7.375%, 7/1/16 Aaa/AAA 250,000 292,860
------------------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed to
Maturity, MBIA Insured, 7.375%, 7/1/16 Aaa/AAA 2,300,000 2,694,450
------------------------------------------------------------------------------------------------------
NYS DA RB, Pooled Capital Program, Partially
Prerefunded, FGIC Insured, 7.80%, 12/1/05 Aaa/AAA/AAA 1,125,000 1,147,702
------------------------------------------------------------------------------------------------------
NYS DA RB, Rosalind & Joseph Gurwin Geriatric,
AMBAC Insured, 5.70%, 2/1/37 Aaa/AAA 2,000,000 1,945,540
------------------------------------------------------------------------------------------------------
NYS DA RB, SUEFS, FGIC Insured, 5.75%, 5/15/24 Aaa/AAA/AAA 9,700,000 9,655,380
------------------------------------------------------------------------------------------------------
NYS DA RB, Upstate Community Colleges,
Series A, 5%, 7/1/28 NR/BBB+/A 10,000,000 8,472,800
------------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Second Series A, 5.75%, 7/1/18 Baa1/A- 6,750,000 6,775,110
------------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Series B, 6%, 7/1/14 Baa1/A- 10,875,000 11,387,539
------------------------------------------------------------------------------------------------------
NYS DA RRB, Fordham University, FGIC Insured,
5.75%, 7/1/15 Aaa/AAA/AAA 9,100,000 9,210,838
------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Joseph's Hospital Health Center,
MBIA Insured, 5.25%, 7/1/18 Aaa/AAA 5,035,000 4,771,367
------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Thomas Aquinas, 5.25%, 7/1/28 NR/AA 1,500,000 1,332,795
------------------------------------------------------------------------------------------------------
NYS DA RRB, St. Vincent's Hospital, 7.375%, 8/1/11 Aa2/AAA 125,000 131,596
11 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Ratings: Market
Moody's/ Principal Value
S&P/Fitch Amount See Note 1
------------------------------------------------------------------------------------------------------
New York Continued
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/15 A3/A/A $23,090,000 $22,605,341
------------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A, 5.25%, 5/15/21 A3/A/A 5,010,000 4,731,845
------------------------------------------------------------------------------------------------------
NYS DA SPO Bonds, CUS, Series E, FSA Insured,
5.75%, 7/1/11 Aaa/AAA/AAA 5,955,000 6,290,564
------------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series A, 6.60%, 9/15/12 Aaa/AAA/AAA 250,000 264,123
------------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series C, 7.20%, 3/15/11 Aa1/A+/AA 350,000 357,760
------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Consolidated Edison Co.,
Series A, 7.50%, 1/1/26 A1/A+ 280,000 283,410
------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co., Prerefunded,
Series C, 6.90%, 8/1/22 Baa3/A- 10,200,000 10,873,914
------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Prerefunded, Series A, 7.15%, 12/1/20 Ba1/A- 5,510,000 5,858,618
------------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Unrefunded Balance,
Series A, 7.15%, 12/1/20 Ba1/A- 1,990,000 2,081,620
------------------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series B, Inverse Floater, 9.26%, 7/1/26(1) A1/A/A 6,000,000 6,585,000
------------------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series D, MBIA Insured, Inverse Floater, 6.90%, 7/8/26(1) Aaa/AAA/A 3,000,000 2,613,750
------------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Project,
Series A, MBIA Insured, 6.15%, 7/1/26 Aaa/AAA 4,000,000 4,044,480
------------------------------------------------------------------------------------------------------
NYS GORB, 9.875%, 11/15/05 A2/A+/A+ 400,000 492,456
------------------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-A,
7.05%, 8/15/24 Aa1/NR 350,000 365,645
------------------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-C,
6.95%, 8/15/24 Aa1/NR 220,000 225,201
------------------------------------------------------------------------------------------------------
NYS HFA RB, Prerefunded, 8%, 11/1/08 Aaa/A- 1,000,000 1,041,240
------------------------------------------------------------------------------------------------------
NYS HFA RB, Unrefunded Balance, 8%, 11/1/08 Baa/A- 550,000 565,230
------------------------------------------------------------------------------------------------------
NYS HFA RRB, Housing Mtg.,
Series A, 6.10%, 11/1/15 Aaa/AAA/AAA 12,170,000 12,386,504
------------------------------------------------------------------------------------------------------
NYS HFA RRB, State University Construction,
Escrowed to Maturity, Series A, 7.90%, 11/1/06 Aaa/AAA 1,750,000 1,944,425
------------------------------------------------------------------------------------------------------
NYS HFASC Obligation RB, Series A, 6%, 3/15/26 Baa1/A- 10,000,000 10,002,900
------------------------------------------------------------------------------------------------------
NYS LGAC RRB, Series B, 5.50%, 4/1/21 A3/AA-/A+ 3,000,000 2,886,240
------------------------------------------------------------------------------------------------------
NYS LGAC RRB, Series E, 5%, 4/1/21 A3/AA-/A+ 500,000 457,175
------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg. Project,
Series 69, 5.50%, 10/1/28 Aa2/NR 6,400,000 5,932,800
------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg.,
Series 71, 5.40%, 4/1/29(2) Aa2/NR 20,465,000 18,651,392
------------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg.,
Series VV, 7.375%, 10/1/11 Aa2/NR 125,000 129,228
------------------------------------------------------------------------------------------------------
NYS MAG RB, Inverse Floater, 5.80%, 10/1/24(1) NR/NR 10,000,000 8,346,200
12 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Ratings: Market
Moody's/ Principal Value
S&P/Fitch Amount See Note 1
------------------------------------------------------------------------------------------------------
New York Continued
NYS MAG RB, Series 40-B, 6.40%, 10/1/12 Aa2/NR $ 500,000 $ 514,065
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Long-Term Health Care,
Series C, FSA Insured, 6.40%, 11/1/14 Aaa/AAA/AAA 2,800,000 2,926,728
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
7.70%, 2/15/18 NR/A- 350,000 350,784
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series A, FGIC Insured, 6.375%, 8/15/17 Aaa/AAA/AAA 80,000 83,388
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series B, 7.875%, 8/15/20 A3/NR 365,000 376,359
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Prerefunded, Series D, 6.45%, 2/15/09 Aa2/AAA 180,000 190,546
------------------------------------------------------------------------------------------------------
NYS MCFFA RRB, MHESF, Unrefunded Balance,
Series A, 8.875%, 8/15/07 A3/A- 2,800,000 2,871,400
------------------------------------------------------------------------------------------------------
NYS MTAU RB, Transportation Facilities Service
Contracts, Series 3, 7.375%, 7/1/08 Baa1/A- 250,000 276,188
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RB, Series X, 6%, 1/1/14 Aa3/A+ 14,510,000 14,745,352
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series A, 5%, 1/1/15 Aa3/A+ 3,500,000 3,299,135
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series B, 5%, 1/1/20 Aa3/A+ 500,000 457,405
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series Y, 5.50%, 1/1/17 Aa3/A+ 15,000,000 15,068,850
------------------------------------------------------------------------------------------------------
NYS TBTAU SPO RRB, Series A, MBIA Insured,
6.625%, 1/1/17 Aaa/AAA 500,000 515,650
------------------------------------------------------------------------------------------------------
NYS UDC RB, Series A, MBIA Insured,
5.50%, 4/1/16 Aaa/AAA/AAA 7,500,000 7,496,025
------------------------------------------------------------------------------------------------------
NYS UDC RRB, Correctional Capital Facilities,
Series A, 5.25%, 1/1/21 Baa1/A-/A 1,000,000 917,660
------------------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sr. Lien, Series B, 5.60%, 7/1/26 A2/NR/A 1,295,000 1,213,052
------------------------------------------------------------------------------------------------------
NYS United Nations Development Corp. RRB,
Sub. Lien, Series C, 5.60%, 7/1/26 A3/NR/A- 3,000,000 2,810,160
------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY IDA SWD Facility RRB,
Solvay Paperboard LLC Project, 7%, 11/1/30 NR/NR 16,300,000 16,136,348
------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY RR Agency RB, RR Facilities
Project, 7%, 5/1/15 Baa1/NR 16,500,000 16,735,125
------------------------------------------------------------------------------------------------------
PAUNYNJ Consolidated RRB, 78th
Series, 6.50%, 4/15/11(2) A1/AA-/AA- 250,000 259,818
------------------------------------------------------------------------------------------------------
PAUNYNJ SPO RRB, KIAC-4 Project,
Fifth Installment, 6.75%, 10/1/19 NR/NR 12,600,000 12,692,988
------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RRB, Nissequogue
Cogen Partners Facility, 5.50%, 1/1/23 NR/NR 3,500,000 3,010,910
------------------------------------------------------------------------------------------------------
Syracuse, NY IDA Civic Facilities RB, Crouse Health
Hospital, Inc. Project, Series A, 5.375%, 1/1/23 NR/BBB 1,000,000 782,730
------------------------------------------------------------------------------------------------------
TSASC, Inc., NY RB, Series 1, 6.25%, 7/15/34 Aa2/A/A+ 14,750,000 14,594,093
------------
481,006,674
13 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Ratings: Market
Moody's/ Principal Value
S&P/Fitch Amount See Note 1
======================================================================================================
U.S. Possessions--17.2%
------------------------------------------------------------------------------------------------------
Guam PAU RRB, Series A, MBIA-IBC Insured,
5.125%, 10/1/29 Aaa/AAA/AAA $ 7,750,000 $ 7,041,340
------------------------------------------------------------------------------------------------------
Guam PAU RRB, Series A, MBIA-IBC Insured,
5.25%, 10/1/34 Aaa/AAA/AAA 10,000,000 9,238,000
------------------------------------------------------------------------------------------------------
PR CMWLTH Aqueduct & Sewer Authority RB,
Escrowed to Maturity, 10.25%, 7/1/09 Aaa/AAA 1,265,000 1,584,666
------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Prerefunded,
Series S, 6.50%, 7/1/22 NR/AAA 7,000,000 7,400,820
------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Series W,
Inverse Floater, 6.46%, 7/1/10(1) Baa1/A 9,000,000 9,191,250
------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU RRB,
Unrefunded Balance, Series A, 7.75%, 7/1/08 Baa1/BBB+ 1,355,000 1,365,772
------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU Special RRB,
Unrefunded Balance, Series A, 7.90%, 7/1/07 Baa1/BBB+ 95,000 95,789
------------------------------------------------------------------------------------------------------
PR CMWLTH Linked GORB, FSA Insured,
Inverse Floater, 8.13%, 7/1/20(1) Aaa/AAA/AAA 11,500,000 11,571,875
------------------------------------------------------------------------------------------------------
PR CMWLTH Linked GOUN, FSA Insured,
Inverse Floater, 5.83%, 7/1/20(1) Aaa/AAA/AAA 15,000,000 15,054,300
------------------------------------------------------------------------------------------------------
PR EPAU CAP RRB, Series N, MBIA Insured,
Zero Coupon, 5.69%, 7/1/17(3) Aaa/AAA 24,000,000 9,366,000
------------------------------------------------------------------------------------------------------
PR Housing Bank & Finance Agency SFM RB,
Homeownership--Fourth Portfolio,
Escrowed to Maturity, 8.50%, 12/1/18 Aaa/NR 1,580,000 1,742,487
------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/19 NR/BBB 1,000,000 919,910
------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/29 NR/BBB 2,000,000 1,775,800
------------------------------------------------------------------------------------------------------
PR Industrial, Medical & Environmental PC Facilities
FAU RB, American Airlines, Inc. Project, 6.45%, 12/1/25(2) Baa1/BBB- 1,285,000 1,290,564
------------------------------------------------------------------------------------------------------
PR POAU RB, American Airlines SPF Project,
Series A, 6.25%, 6/1/26 Baa2/BBB- 8,000,000 7,897,680
------------------------------------------------------------------------------------------------------
PR Telephone Authority RB, MBIA Insured,
Inverse Floater, 6.76%, 1/16/15(1) Aaa/AAA 10,000,000 10,600,000
------------------------------------------------------------------------------------------------------
Virgin Islands PFAU RB, Series A, 6.375%, 10/1/19 NR/BBB- 4,470,000 4,502,586
------------
100,638,839
------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $579,359,254) 99.2% 581,645,513
------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.8 4,884,518
------------------------
Net Assets 100.0% $586,530,031
========================
</TABLE>
14 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FOOTNOTES TO STATEMENT OF INVESTMENTS
To simplify the listings of securities, abbreviations are used per the table
below:
<TABLE>
<S> <C>
CAP Capital Appreciation
CMWLTH Commonwealth
COP Certificates of Participation
CUS City University System
DA Dormitory Authority
EFCPC Environmental Facilities Corp. Pollution Control
EPAU Electric Power Authority
ERDAUEF Energy Research & Development Authority Electric Facilities
ERDAUGF Energy Research & Development Authority Gas Facilities
ERDAUPC Energy Research & Development Authority Pollution Control
FAU Finance Authority
GP General Purpose
GOB General Obligation Bonds
GORB General Obligation Refunding Bonds
GOUN General Obligation Unlimited Nts.
HDC Housing Development Corp.
HFA Housing Finance Agency
HFASC Housing Finance Agency Service Contract
HTAU Highway & Transportation Authority
IDA Industrial Development Agency
IDAU Industrial Development Authority
LGAC Local Government Assistance Corp.
LI Long Island
MAG Mtg. Agency
MCFFA Medical Care Facilities Finance Agency
MH Multifamily Housing
MHESF Mental Health Services Facilities
MTAU Metropolitan Transportation Authority
MWFAU Municipal Water Finance Authority
NYC New York City
NYS New York State
PAUNYNJ Port Authority of New York & New Jersey
PAU Power Authority
PFAU Public Finance Authority
POAU Port Authority
RB Revenue Bonds
RR Resource Recovery
RRB Revenue Refunding Bonds
SDI School District
SFM Single Family Mtg.
SPF Special Facilities
SPO Special Obligations
SUEFS State University Educational Facilities System
SWD Solid Waste Disposal
TBTAU Triborough Bridge & Tunnel Authority
UDC Urban Development 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 $97,673,375 or 16.65% of the
Fund's net assets as of March 31, 2000.
2. Securities with an aggregate market value of $3,949,624 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.
15 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
FOOTNOTES TO STATEMENT OF INVESTMENTS Continued
As of March 31, 2000, securities subject to the alternative minimum tax amount
to $171,469,922 or 29.23% of the Fund's net assets.
Distribution of 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 $ 110,982,018 19.1%
General Obligation 70,093,077 12.1
Highways 50,678,462 8.7
Electric Utilities 49,307,048 8.5
Manufacturing, Non-Durable Goods 37,573,936 6.5
Marine/Aviation Facilities 36,890,413 6.3
Single Family Housing 35,316,171 6.1
Multi-Family Housing 27,619,032 4.7
Pollution Control 25,755,792 4.4
Municipal Leases 23,637,298 4.1
Hospital/Healthcare 21,368,347 3.7
Resource Recovery 16,735,125 2.9
Special Assessment 15,807,145 2.7
Water Utilities 13,180,363 2.3
Not-for-Profit Organization 10,934,694 1.9
Telephone Utilities 10,600,000 1.8
Sales Tax 9,307,563 1.6
Adult Living Facilities 9,009,906 1.5
Gas Utilities 6,585,000 1.1
Sewer Utilities 264,123 0.0
-----------------------------
Total $581,645,513 100.0%
=============================
</TABLE>
See accompanying Notes to Financial Statements.
16 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES Unaudited
<TABLE>
<CAPTION>
March 31, 2000
===================================================================================
<S> <C>
Assets
Investments, at value (cost $579,359,254)--see accompanying statement $581,645,513
-----------------------------------------------------------------------------------
Cash 680,919
-----------------------------------------------------------------------------------
Receivables and other assets:
Interest 10,515,640
Shares of beneficial interest sold 154,033
Other 6,509
------------
Total assets 593,002,614
===================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 2,924,963
Dividends 1,870,403
Shares of beneficial interest redeemed 722,373
Distribution and service plan fees 358,726
Trustees' compensation 245,227
Daily variation on futures contracts 154,687
Transfer and shareholder servicing agent fees 70,756
Other 125,448
------------
Total liabilities 6,472,583
===================================================================================
Net Assets $586,530,031
============
===================================================================================
Composition of Net Assets
Paid-in capital $593,314,529
-----------------------------------------------------------------------------------
Overdistributed net investment income (785,895)
-----------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (7,277,049)
-----------------------------------------------------------------------------------
Net unrealized appreciation on investments 1,278,446
------------
Net assets $586,530,031
============
===================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on
net assets of $520,622,508 and 43,253,254 shares of
beneficial interest outstanding) $12.04
Maximum offering price per share (net asset value plus
sales charge of 4.75% of offering price) $12.64
-----------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $59,935,753 and 4,978,377
shares of beneficial interest outstanding) $12.04
-----------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $5,971,770 and 496,103 shares
of beneficial interest outstanding) $12.04
</TABLE>
See accompanying Notes to Financial Statements.
17 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF OPERATIONS Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended March 31, 2000
===================================================================================
<S> <C>
Investment Income
Interest $ 19,838,145
===================================================================================
Expenses
Management fees 1,653,220
-----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 629,825
Class B 338,501
Class C 32,332
-----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 220,330
-----------------------------------------------------------------------------------
Custodian fees and expenses 59,086
-----------------------------------------------------------------------------------
Trustees' compensation 44,547
-----------------------------------------------------------------------------------
Other 102,036
------------
Total expenses 3,079,877
Less expenses paid indirectly (14,667)
------------
Net expenses 3,065,210
===================================================================================
Net Investment Income 16,772,935
===================================================================================
Realized and Unrealized Loss
Net realized loss on:
Investments (6,795,864)
Closing of futures contracts (511,611)
------------
Net realized loss (7,307,475)
-----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (5,111,341)
------------
Net realized and unrealized loss (12,418,816)
===================================================================================
Net Increase in Net Assets Resulting from Operations $ 4,354,119
============
</TABLE>
See accompanying Notes to Financial Statements.
18 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
March 31, 2000 September 30,
(Unaudited) 1999
===================================================================================
<S> <C> <C>
Operations
Net investment income $ 16,772,935 $ 34,880,340
-----------------------------------------------------------------------------------
Net realized gain (loss) (7,307,475) 5,448,607
-----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (5,111,341) (56,154,817)
---------------------------
Net increase (decrease) in net assets resulting
from operations 4,354,119 (15,825,870)
===================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A (15,042,321) (29,719,227)
Class B (1,549,491) (4,077,657)
Class C (148,340) (276,008)
-----------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (26,446) --
Class B (3,232) --
Class C (311) --
===================================================================================
Beneficial Interest Transactions
Net increase (decrease) in net assets
resulting from beneficial interest transactions:
Class A (43,852,694) 8,969,591
Class B (17,082,259) (21,968,327)
Class C (349,476) 756,432
===================================================================================
Net Assets
Total decrease (73,700,451) (62,141,066)
-----------------------------------------------------------------------------------
Beginning of period 660,230,482 722,371,548
---------------------------
End of period (including overdistributed net
investment income of $785,895 and $818,678,
respectively) $586,530,031 $660,230,482
===========================
</TABLE>
See accompanying Notes to Financial Statements.
19 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
March 31, 2000 Sept. 30,
Class A (Unaudited) 1999 1998 1997 1996 1995
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $12.24 $13.17 $12.79 $12.41 $12.29 $11.92
-------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .32 .64 .64 .69 .68 .69
Net realized and unrealized gain (loss) (.20) (.94) .40 .37 .12 .41
---------------------------------------------------------------------------
Total income (loss) from investment
operations .12 (.30) 1.04 1.06 .80 1.10
-------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.32) (.63) (.66) (.68) (.68) (.70)
Distributions from net realized gain -- -- -- -- -- (.03)
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.32) (.63) (.66) (.68) (.68) (.73)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.04 $12.24 $13.17 $12.79 $12.41 $12.29
===========================================================================
===============================================================================================================================
Total Return, at Net Asset Value(1) 1.09% (2.36)% 8.36% 8.78% 6.65% 9.58%
===============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $520,623 $575,254 $609,183 $634,789 $667,258 $673,050
-------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $548,255 $603,604 $621,555 $652,048 $684,981 $659,465
-------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 5.47% 5.04% 4.96% 5.49% 5.50% 5.76%
Expenses 0.90% 0.88% 0.87%(3) 0.86%(3) 0.91%(3) 0.90%(3)
-------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 13% 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $79,909,329 and $141,582,201, respectively.
See accompanying Notes to Financial Statements
20 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
March 31, 2000 Sept. 30,
Class B (Unaudited) 1999 1998 1997 1996 1995
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $12.25 $13.18 $12.79 $12.41 $12.30 $11.93
-------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .26 .54 .55 .59 .60 .60
Net realized and unrealized gain (loss) (.19) (.94) .41 .38 .10 .42
---------------------------------------------------------------------------
Total income (loss) from investment
operations .07 (.40) .96 .97 .70 1.02
-------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.28) (.53) (.57) (.59) (.59) (.62)
Distributions from net realized gain -- -- -- -- -- (.03)
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.28) (.53) (.57) (.59) (.59) (.65)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.04 $12.25 $13.18 $12.79 $12.41 $12.30
===========================================================================
===============================================================================================================================
Total Return, at Net Asset Value(1) 0.62% (3.11)% 7.62% 7.97% 5.77% 8.75%
===============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $59,936 $78,526 $107,021 $106,459 $101,302 $91,108
-------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $67,499 $98,597 $106,130 $104,183 $98,488 $81,743
-------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 4.69% 4.25% 4.21% 4.72% 4.73% 4.95%
Expenses 1.67% 1.65% 1.63%(3) 1.63%(3) 1.68%(3) 1.67%(3)
-------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 13% 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $79,909,329 and $141,582,201, respectively.
See accompanying Notes to Financial Statements.
21 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
March 31, 2000 Sept. 30,
Class C (Unaudited) 1999 1998 1997 1996 1995(5)
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $12.24 $13.17 $12.79 $12.41 $12.30 $12.22
-------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 .56 .47 .57 .60 .05
Net realized and unrealized gain (loss) (.21) (.96) .48 .39 .09 .08
---------------------------------------------------------------------------
Total income (loss) from investment
operations .08 (.40) .95 .96 .69 .13
-------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.28) (.53) (.57) (.58) (.58) (.05)
Distributions from net realized gain -- -- -- -- -- --
---------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.28) (.53) (.57) (.58) (.58) (.05)
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.04 $12.24 $13.17 $12.79 $12.41 $12.30
===========================================================================
===============================================================================================================================
Total Return, at Net Asset Value(1) 0.70% (3.11)% 7.54% 7.95% 5.64% 1.10%
===============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $5,972 $6,450 $6,168 $4,749 $2,007 $25
-------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $6,454 $6,622 $5,420 $3,798 $ 752 $18
-------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(2)
Net investment income 4.70% 4.26% 4.30% 4.67% 4.60% 3.67%
Expenses 1.67% 1.65% 1.63%(3) 1.63%(3) 1.77%(3) 1.37%(3)
-------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 13% 18% 25% 21% 21% 15%
</TABLE>
1. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
2. Annualized for periods of less than one full year.
3. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 2000, were $79,909,329 and $141,582,201, respectively.
5. For the period from August 29, 1995 (inception of offering) to September 30,
1995.
See accompanying Notes to Financial Statements
22 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<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 an 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 at their offering price, which is normally net asset value plus an initial
sales charge. Class B and Class C shares are sold without an initial sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights to earnings, assets and voting
privileges, except that each class has its own expenses directly attributable to
that class and exclusive voting rights with respect to matters affecting that
class. Classes A, B and C shares have separate distribution and/or service
plans. Class B shares will automatically convert to Class A shares six years
after the date of purchase. The following is a summary of significant accounting
policies consistently followed by the Fund.
--------------------------------------------------------------------------------
Securities Valuation. Securities for which quotations are readily available are
valued at the last sale price or, if in the absence of a sale, at the last sale
price on the prior trading day if it is within the spread of the closing bid and
asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at cost
(or last determined market value) and adjusted for amortization or accretion 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.
23 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
1. Significant Accounting Policies Continued
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.
--------------------------------------------------------------------------------
Trustees' Compensation. The Fund has adopted an unfunded retirement plan for the
Fund's independent Board of 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, 2000, a provision of $17,090 was made for the Fund's projected
benefit obligations and payments of $11,424 were made to retired trustees,
resulting in an accumulated liability of $245,177 as of March 31, 2000.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of annual compensation they are entitled to receive from the Fund. Under
the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees 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 investment income per share.
--------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
--------------------------------------------------------------------------------
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded by
the Fund.
--------------------------------------------------------------------------------
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date. Original
issue discount is accreted and premium is amortized in accordance with federal
income tax requirements. For municipal bonds acquired after April 30, 1993, on
disposition or maturity, taxable ordinary income is recognized to the extent of
the lesser of gain or market discount that would have accrued over the holding
period. Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
24 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
There are certain risks arising from geographic concentration in any state.
Certain revenue or tax related event in a state may impair the ability of
certain issuers of municipal securities to pay principal and interest on their
obligations.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
================================================================================
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended March 31, 2000 Year Ended September 30, 1999
Shares Amount Shares Amount
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 3,299,359 $ 39,459,851 5,656,270 $ 72,055,946
Dividends and/or
distributions reinvested 836,144 9,995,921 1,573,355 20,244,395
Redeemed (7,862,375) (93,308,466) (6,493,894) (83,330,750)
--------------------------------------------------------
Net increase (decrease) (3,726,872) $(43,852,694) 735,731 $ 8,969,591
========================================================
-------------------------------------------------------------------------------------
Class B
Sold 331,287 $ 3,950,073 870,104 $ 11,062,376
Dividends and/or
distributions reinvested 84,148 1,006,674 205,324 2,647,249
Redeemed (1,849,149) (22,039,006) (2,785,915) (35,677,952)
--------------------------------------------------------
Net decrease (1,433,714) $(17,082,259) (1,710,487) $(21,968,327)
========================================================
-------------------------------------------------------------------------------------
Class C
Sold 167,843 $ 2,010,353 206,146 $ 2,644,751
Dividends and/or
distributions reinvested 9,194 109,863 16,196 208,516
Redeemed (207,749) (2,469,692) (163,755) (2,096,835)
--------------------------------------------------------
Net increase (decrease) (30,712) $ (349,476) 58,587 $ 756,432
========================================================
</TABLE>
================================================================================
3. Unrealized Gains and Losses on Securities
As of March 31, 2000, net unrealized appreciation on securities of $2,286,259
was composed entirely of gross appreciation of $16,360,550, and gross
depreciation of $14,074,291.
25 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
4. Fees and Other Transactions with Affiliates
Management Fees. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee of 0.60% of
the first $200 million of average annual net assets, 0.55% of the next $100
million, 0.50% of the next $200 million, 0.45% of the next $250 million, 0.40%
of the next $250 million and 0.35% of average annual net assets in excess of $1
billion. The Fund's management fee for the six months ended March 31, 2000, was
0.53% of average annual net assets for each class of shares, annualized for
periods of less than one full year, annualized for periods of less than one full
year.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund and for other
Oppenheimer funds. OFS's total costs of providing such services are allocated
ratably to these funds.
--------------------------------------------------------------------------------
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
Aggregate Class A Commissions Commissions Commissions
Front-End Front-End on Class A on Class B on Class C
Sales Charges Sales Charges Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by
Six Months Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
March 31, 2000 $163,998 $30,448 $-- $92,159 $2,936
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C
Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges
Six Months Ended Retained by Distributor Retained by Distributor Retained by Distributor
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
March 31, 2000 $-- $107,105 $3,960
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
26 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
--------------------------------------------------------------------------------
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares purchased. The Distributor makes payments to plan recipients quarterly at
an annual rate not to exceed 0.25% of the average annual net assets consisting
of Class A shares of the Fund. For the six months ended March 31, 2000, payments
under the Class A plan totaled $629,825, all of which was paid by the
Distributor to recipients. That included $10,979 paid to an affiliate of the
Manager. Any unreimbursed expenses the Distributor incurs with respect to Class
A shares in any fiscal year cannot be recovered in subsequent years.
--------------------------------------------------------------------------------
Class B and Class C Distribution and Service Plan Fees. Under each plan, service
fees and distribution fees are computed on the average of the net asset value of
shares in the respective class, determined as of the close of each regular
business day during the period. The Class B and Class C plans provide for the
Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and asset-based sales charges from the Fund under
the plans. If any plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carryforward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended March 31,
2000, were as follows:
<TABLE>
<CAPTION>
Distributor's Distributor's
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $338,501 $269,932 $1,774,285 2.96%
Class C Plan 32,332 10,298 84,939 1.42
</TABLE>
27 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
5. Futures Contracts
The Fund may buy and sell futures contracts in order to gain exposure to or to
seek to protect against changes in interest rates. The Fund may also buy or
write put or call options on these futures contracts.
The Fund generally sells futures contracts to hedge against increases in
interest rates and the resulting negative effect on the value of fixed rate
portfolio securities. The Fund may also purchase futures contracts to gain
exposure to changes in interest rates as it may be more efficient or cost
effective than actually buying fixed income securities.
Upon entering into a futures contract, the Fund is required to deposit
either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value. Subsequent payments (variation margin) are
made or received by the Fund each day. The variation margin payments are equal
to the daily changes in the contract value and are recorded as unrealized gains
and losses. The Fund may recognize a realized gain or loss when the contract is
closed or expires.
Securities held in collateralized accounts to cover initial margin
requirements on open futures contracts are noted in the Statement of
Investments. The Statement of Assets and Liabilities reflects a receivable
and/or payable for the daily mark to market for variation margin.
Risks of entering into futures contracts (and related options) include the
possibility that there may be an illiquid market and that a change in the value
of the contract or option may not correlate with changes in the value of the
underlying securities.
As of March 31, 2000, the Fund had outstanding futures contracts as follows:
<TABLE>
<CAPTION>
Number of Valuation as of Unrealized
Contract Description Expiration Date Contract March 31, 2000 Depreciation
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contracts to Sell
Municipal Bond 6/21/00 450 $42,904,688 $1,007,813
</TABLE>
================================================================================
6. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. 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 0.08%
per annum.
The Fund had no borrowings outstanding during the six months ended March
31, 2000.
28 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
OPPENHEIMER NEW YORK MUNICIPAL FUND
<TABLE>
===================================================================================
<S> <C>
Officers and Trustees Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Clayton K. Yeutter, Trustee
Robert E. Patterson, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
===================================================================================
Investment Advisor OppenheimerFunds, Inc.
===================================================================================
Distributor OppenheimerFunds Distributor, Inc.
===================================================================================
Transfer and Shareholder OppenheimerFunds Services
Servicing Agent
===================================================================================
Custodian of Citibank, N.A.
Portfolio Securities
===================================================================================
Independent Auditors KPMG LLP
===================================================================================
Legal Counsel Mayer, Brown & Platt
The financial statements included herein have been taken
from the records of the Fund without examination of
those records 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 more complete 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.
</TABLE>
29 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
INFORMATION AND SERVICES
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to
help.
--------------------------------------------------------------------------------
Internet
24-hr access to account information and transactions
www.oppenheimerfunds.com
--------------------------------------------------------------------------------
General Information
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
--------------------------------------------------------------------------------
Telephone Transactions
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
--------------------------------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
--------------------------------------------------------------------------------
Telecommunications Device for the Deaf (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
--------------------------------------------------------------------------------
OppenheimerFunds Information Hotline
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments
1.800.835.3104
--------------------------------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
--------------------------------------------------------------------------------
Ticker Symbols
Class A: OPNYX Class B: ONYBX Class C: ONYCX
RS0360.001.0300 May 30, 2000
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OppenheimerFunds(R)
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