[photo of highway ramps]
Annual Report September 30, 2000
Oppenheimer
New York Municipal Fund
[logo] OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
REPORT HIGHLIGHTS
Fears of higher inflation and rising yields early in the period gave way to a
more positive outlook and a bond market rally by fiscal year-end.
Rising demand and a falloff in supply helped to keep municipal prices high
during the latter part of the fiscal year.
The economy in New York, like that of the nation, continued to expand.
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Manager
7 Fund Performance
12 Financial
Statements
32 Independent
Auditors' Report
33 Federal
Income Tax
Information
34 Officers and
Trustees
Average Annual
Total Returns*
For the 1-Year Period
Ended 9/30/00
Class A
Without With
Sales Chg. Sales Chg.
------------------------
4.78% -0.20%
Class B
Without With
Sales Chg. Sales Chg.
------------------------
3.98% -0.99%
Class C
Without With
Sales Chg. Sales Chg.
------------------------
3.97% 2.98%
*See Notes on page 10 for further details.
<PAGE>
PRESIDENT'S LETTER
[photo]
Bridget A. Macaskill
President
Oppenheimer
New York
Municipal Fund
Dear Shareholder,
Over the past several decades, our investment teams have learned the importance
of avoiding complacency when it comes to navigating the financial markets--
especially when times are good. Right now, times appear particularly good. The
U.S. economy is in its tenth year of expansion. In the bond market, U.S.
Treasury issues have been performing favorably over the past year. In addition,
despite volatility in the second quarter, the stock market has been providing
attractive returns from a wide spectrum of industry sectors, capitalization
ranges and investment styles.
We have arrived at this juncture after months of monitoring the rapid pace of
global economic growth and its implications for inflation, as well as the
Federal Reserve Board's evolving monetary policy. At this point, economic
indicators suggest a dampening of short-term inflationary pressures. While
recent increases in oil prices are certainly taking their toll, we don't believe
this signals a return to 1970's-style inflation. Accordingly, if the Fed
continues in its diligence, the economy could maintain its healthy rate of
growth.
In the bond market, the achievement of a federal budget surplus has prompted
the Treasury to buy back many of its long-term securities. The resulting supply
shortage boosted these securities' returns, causing an inversion of the yield
curve--an unusual situation in which shorter term Treasuries yield more than
their longer term counterparts. Other bond sectors are offering many
opportunities in the form of attractive valuations.
Perhaps most important is that we have begun to see encouraging signs in the
stock market. Formerly high-flying Internet stocks have generally come down to
earth, and investors have begun to refocus on companies with strong business
fundamentals and justifiable valuations. Investors have also returned to
long-neglected, value-oriented companies.
1 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
PRESIDENT'S LETTER
What else do these various trends tell us? They tell us that the ability to
discriminate between long-term potential and short-lived fads has become more
critical than ever. Trying to generate good long-term performance requires
tracking the best companies through intensive research, combined with
hard-earned experience.
At OppenheimerFunds, our seasoned portfolio management teams fight
complacency by remaining constantly aware of the risks that face the economy and
financial markets. Virtually anything could affect the overall markets--a surge
in inflation, a decline in productivity, deteriorating corporate earnings, or
even the new Administration's proposals regarding tax reform, healthcare and
Social Security. However, by remaining vigilant in our quest for fundamentally
sound businesses, we believe we can find good investments that can weather
market volatility.
In this environment, we encourage you to consult your financial
advisor and to stay on track with your long-term financial plan. For our part,
we will continue to monitor the opportunities and risks ever present in the
financial markets. Thank you for your confidence in OppenheimerFunds, The Right
Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
October 20, 2000
These general market views represent opinions of OppenheimerFunds, Inc. and are
not intended to predict or depict performance of the securities markets or any
particular fund. Specific discussion, as it applies to your Fund, is contained
in the pages that follow. Stocks and bonds have different types of investment
risks; stocks are subject to market volatility and bonds are subject to credit
and interest rate risks.
2 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
[PHOTO]
Portfolio Manager
Jerry Webman
Q How would you characterize the results for Oppenheimer New York Municipal Fund
for the fiscal year that ended September 30, 2000?
A. After a challenging beginning to the 12-month period for both the Fund and
municipal securities markets, matters took a turn for the better and ended on a
considerably stronger note. For the full period, the Fund delivered a total
return in line with the overall market while providing a strong income stream
throughout the year.
Why was the environment "challenging" initially? Why did the situation improve
later on?
Initially, heated economic growth gave rise to concerns that the rate of
inflation might accelerate. Responding to the prospect of higher inflation,
investors began to demand higher yields from all fixed income securities,
including municipal bonds from New York issuers. Since bond yields and prices
move in opposite directions, the value of most bonds fell.
To preempt the possibility of rising inflation, the Federal Reserve Board
(the Fed) boosted key short-term interest rates by 0.25% in November 1999, as
well as in February and March 2000. By April, early signs hinted at a potential
slowing of the economy, taking some pressure off bond yields. Finally, in May
2000, the Fed raised short-term rates by an additional 0.50%, the largest rate
hike since 1994. Reassured by this event, investors allowed yields to decline
further; the effect was most pronounced for issues with longer maturities (e.g.,
20 to 30 years). As yields declined, prices rose and the municipal market
rallied.
3 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
What other factors influenced the municipal markets during the period?
The supply-demand relationship played a key role in the value of municipal
securities. Initially, corporate and institutional investors were drawn to the
rising yields offered by non-municipal issuers, consequently lowering demand for
municipal securities. This, in turn, helped push municipals' prices down even
further.
As the period progressed, however, the strong economy enabled New York State
and its many municipalities to forgo refinancing old debt and limited their need
to issue new debt. At the same time, yields on municipal securities, when
compared to yields on U.S. Treasury securities, remained high, attracting
individual investors to the marketplace. With supply at low levels and demand on
the rise, prices of municipal securities increased noticeably after May 2000.
How did you manage the Fund in response to these economic and market factors?
Early on, we believed that the Fed was on the right track and would ultimately
succeed in reining in inflationary pressures. Nonetheless, faced with rising
interest rates and a declining market, we assumed a cautious stance, purchasing
securities with shorter maturities. To help keep the Fund's income stream high,
we traded lower yielding holdings for higher yielding ones. We maintained this
stance through the first three quarters of the fiscal year, so the Fund did not
participate as fully as it might have in the market rally that occurred in the
spring.
By summer, it had become increasingly evident to us that the Fed's actions
were having the desired effect. We repositioned the portfolio for a more
positive environment of stable economic growth and lower rates of inflation. As
a result, the Fund's total return showed marked gains in the final quarter of
the fiscal year.
[callout]
"We focused on high grade securities in the 15- to 20-year maturity range, which
offer much of the capital appreciation potential of longer term securities, but
with less volatility."
4 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
What segments of the New York municipal market did you find most attractive?
We focused primarily on high grade securities in the 15- to 20-year maturity
range, which offer much of the capital appreciation potential of the longest
term securities (e.g., 25- to 30-year maturities) but have tended to be less
volatile. A substantial portion of the Fund's assets were invested in higher
education bonds, insured utilities issues and other high quality revenue bonds,
while the balance was focused in the most creditworthy general obligation bonds:
those of New York State and New York City.
What do you foresee for the New York municipal market and the Fund?
Our near term outlook is mildly cautious. We are optimistic that the Fed will
keep inflation from spiraling out of control, but are not certain that it has
completed its course of interest rate hikes. As for New York, we are very
positive. The state's economy continues to expand. Cash flows are strong, in
many cases exceeding state or municipal budgets, so the fiscal outlook is good.
As always, we will continue to look for opportunities to
keep the income stream high and to participate in capital appreciation. In our
view, this active, total return approach is what makes Oppenheimer New York
Municipal Fund part of The Right Way to Invest.
Average Annual
Total Returns
For the Periods Ended 9/30/00(1)
Class A
1-Year 5-Year 10-Year
-----------------------------
-0.20% 4.14% 6.13%
Class B Since
1-Year 5-Year Inception
-----------------------------
-0.99% 4.03% 4.10%
Class C Since
1-Year 5-Year Inception
-----------------------------
2.98% 4.32% 4.47%
-----------------------------
Standardized Yields(2)
For the 30 Days Ended 9/30/00
-----------------------------
Class A 4.95%
-----------------------------
Class B 4.43
-----------------------------
Class C 4.43
1. See notes on page 10 for further details.
2. Standardized yield is based on net investment income for the 30-day period
ended September 30, 2000. Falling share prices will tend to artificially raise
yields.
5 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Top Five Industries(4)
-----------------------------------------------------------
Higher Education 16.6%
-----------------------------------------------------------
Electric Utilities 12.6
-----------------------------------------------------------
General Obligation 11.3
-----------------------------------------------------------
Highways 8.9
-----------------------------------------------------------
Marine/Aviation Facilities 6.7
Credit Allocation(3)
[pie chart]
AAA 28.9%
AA 14.6
A 29.1
BBB 12.6
BB 10.4
B 2.8
Other 1.6
3. Portfolio data is subject to change. Percentages are as of September 30,
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 13.87% of total investments) which have ratings assigned
by the Manager in categories equivalent to those of ratings organizations.
4. Portfolio data is subject to change. Percentages are as of September 30,
2000, and are based on total market value of investments.
6 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FUND PERFORMANCE
How has the Fund performed? Below is a discussion by OppenheimerFunds, Inc., of
the Fund's performance during its fiscal year ended September 30, 2000, followed
by a graphical comparison of the Fund's performance to an appropriate
broad-based market index.
Management's discussion of performance. During the fiscal year that ended
September 30, 2000, Oppenheimer New York Municipal Fund performed relatively
well, delivering a total return on par with the overall market. A weak bond
market throughout much of the period can be attributed to signs of strong
economic growth and concerns about higher rates of inflation. Following a series
of interest rate hikes by the Federal Reserve, indications of a less robust
economy and thus, less inflationary pressure, led to a bond market rally. Adding
to the strength of the rally was a reduction in the supply of municipal bonds,
which helped to keep prices relatively high. Responding to the early period
difficulties, the Fund pursued a shorter average maturity, which helped to
cushion it against the impact of rising yields and falling prices, while
employing selected techniques to boost yield. Maintaining this cautious
approach, the Fund underperformed its peer group when the market rallied in the
spring of 2000. Performance improved markedly, however, in the final quarter as
management pursued a longer average maturity and repositioned the portfolio for
a more positive interest rate environment going forward.
Comparing the Fund's performance to the market. The graphs that follow show the
performance of a hypothetical $10,000 investment in each class of shares of the
Fund held until September 30, 2000. In the case of Class A shares, performance
is measured over a ten-year period. In the case of Class B shares, performance
is measured from inception of the Class on March 1, 1993. In the case of Class C
shares, performance is measured from inception of the Class on August 29, 1995.
The Fund's performance reflects the deduction of the 4.75% maximum initial sales
charge on Class A shares, and the applicable contingent deferred sales charge
for Class B and Class C shares. The graphs assume that all dividends and capital
gains distributions were reinvested in additional shares.
The Fund's performance is compared to the performance of that of the Lehman
Brothers Municipal Bond Index, an unmanaged index of a broad range of investment
grade municipal bonds that is widely regarded as a measure of the performance of
the general municipal bond market.
Index performance reflects the reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the data
in the graphs that follow shows the effect of taxes. The Fund's performance
reflects the effects of Fund business and operating expenses. While index
comparisons may be useful to provide a benchmark for the Fund's performance, it
must be noted that the Fund's investments are not limited to the securities in
the index.
7 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FUND PERFORMANCE
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer New York Municipal Fund (Class A) Lehman Brothers Municipal Bond Index
<S> <C> <C>
09/30/90 9525 10000
12/31/90 9883 10431
03/31/91 10127 10667
06/30/91 10313 10895
09/30/91 10757 11319
12/31/91 11112 11698
03/31/92 11065 11733
06/30/92 11632 12177
09/30/92 11886 12502
12/31/92 12183 12729
03/31/93 12646 13202
06/30/93 13076 13634
09/30/93 13618 14095
12/31/93 13785 14293
03/31/94 12937 13508
06/30/94 12927 13657
09/30/94 12865 13751
12/31/94 12573 13554
03/31/95 13565 14512
06/30/95 13852 14862
09/30/95 14098 15289
12/31/95 14787 15920
03/31/96 14612 15728
06/30/96 14674 15849
09/30/96 15035 16212
12/31/96 15399 16625
03/31/97 15365 16585
06/30/97 15940 17157
09/30/97 16356 17674
12/31/97 16810 18153
03/31/98 16997 18362
06/30/98 17227 18642
09/30/98 17724 19214
12/31/98 17789 19329
03/31/99 17960 19501
06/30/99 17626 19156
09/30/99 17305 19080
12/31/99 16996 18932
03/31/00 17494 19485
06/30/00 17644 19780
09/30/00 18132 20258
</TABLE>
Average Annual Total Return of Class A Shares of the Fund at 9/30/00(1)
1-Year -0.20% 5-Year 4.14% 10-Year 6.13%
Class B
Shares Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer New York Municipal Fund (Class B) Lehman Brothers Municipal Bond Index
<S> <C> <C>
03/01/93 10000 10000
03/31/93 9933 9894
06/30/93 10231 10218
09/30/93 10624 10564
12/31/93 10741 10712
03/31/94 10052 10124
06/30/94 10026 10235
09/30/94 9967 10306
12/31/94 9722 10158
03/31/95 10460 10876
06/30/95 10670 11138
09/30/95 10839 11458
12/31/95 11339 11931
03/31/96 11184 11788
06/30/96 11210 11878
09/30/96 11464 12150
12/31/96 11719 12460
03/31/97 11672 12430
06/30/97 12086 12858
09/30/97 12378 13246
12/31/97 12697 13605
03/31/98 12825 13762
06/30/98 12974 13971
09/30/98 13322 14400
12/31/98 13345 14487
03/31/99 13463 14615
06/30/99 13196 14357
09/30/99 12955 14300
12/31/99 12724 14189
03/31/00 13097 14603
06/30/00 13209 14824
09/30/00 13574 15183
</TABLE>
Average Annual Total Return of Class B Shares of the Fund at 9/30/00(1)
1-Year -0.99% 5-Year 4.03% Life 4.10%
1. See page 10 for further details.
8 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Class C
Shares Comparison of Change in Value of $10,000 Hypothetical Investments in:
<TABLE>
<CAPTION>
Oppenheimer New York Municipal Fund (Class C) Lehman Brothers Municipal Bond Index
<S> <C> <C>
08/29/95 10000 10000
09/30/95 10110 10063
12/31/95 10576 10479
03/31/96 10424 10353
06/30/96 10445 10432
09/30/96 10680 10671
12/31/96 10916 10943
03/31/97 10871 10917
06/30/97 11257 11293
09/30/97 11529 11633
12/31/97 11826 11949
03/31/98 11936 12086
06/30/98 12084 12270
09/30/98 12399 12647
12/31/98 12420 12723
03/31/99 12506 12836
06/30/99 12259 12609
09/30/99 12013 12559
12/31/99 11775 12461
03/31/00 12097 12825
06/30/00 12177 13019
09/30/00 12491 13334
</TABLE>
Average Annual Total Return of Class C Shares of the Fund at 9/30/00(1)
1-Year 2.98% 5-Year 4.32% Life 4.47%
The performance information for the Lehman Brothers Municipal Bond Index in the
graphs begins on 9/30/90 for Class A, 2/28/93 for Class B and 8/31/95 for Class
C.
Past performance is not predictive of future performance. Graphs are not drawn
to the same scale.
9 | 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. Because of ongoing
market volatility, the Fund's returns may fluctuate and current returns may be
less than the results shown as of 9/30/00. 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 and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. The Fund's total returns 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. Unless otherwise noted,
Class A returns include the current maximum initial sales charge of 4.75%. 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. Unless
otherwise 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. Unless
otherwise noted, 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.
10 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Financials
11 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS September 30, 2000
<TABLE>
<CAPTION>
Ratings:
Moody's/ Market
S&P/Fitch Principal Value
(Unaudited) Amount See Note 1
================================================================================================
<S> <C> <C> <C>
Municipal Bonds and Notes--98.7%
------------------------------------------------------------------------------------------------
New York--79.8%
Allegany Cnty., NY IDA RB, Houghton College
Civic Facility, 5.25%, 1/15/18 NR/BBB $ 1,500,000 $ 1,365,525
------------------------------------------------------------------------------------------------
Allegany Cnty., NY IDA RB, Houghton
College Civic Facility, 5.25%, 1/15/24 NR/BBB 1,500,000 1,324,605
------------------------------------------------------------------------------------------------
Erie Cnty., NY IDA Life Care Community RB,
Episcopal Church Home, Series A, 6%, 2/1/28 NR/NR 6,700,000 5,538,220
------------------------------------------------------------------------------------------------
L.I., NY PAU Electric System CAP RB, FSA Insured,
Zero Coupon, 5.83%, 6/1/19(1) Aaa/AAA/AAA 6,000,000 2,076,180
------------------------------------------------------------------------------------------------
L.I., NY PAU Electric System CAP RB, FSA Insured,
Zero Coupon, 5.86%, 6/1/20(1) Aaa/AAA/AAA 4,500,000 1,465,470
------------------------------------------------------------------------------------------------
L.I., NY PAU Electric System CAP RB, FSA Insured,
Zero Coupon, 5.88%, 6/1/21(1) Aaa/AAA/AAA 5,810,000 1,780,068
------------------------------------------------------------------------------------------------
L.I., NY PAU Electric System CAP RB, FSA Insured,
Zero Coupon, 5.90%, 6/1/22(1) Aaa/AAA/AAA 10,000,000 2,881,200
------------------------------------------------------------------------------------------------
Monroe Cnty., NY IDA RB, DePaul Community
Facilities, Series A, 5.875%, 2/1/28 NR/NR 1,800,000 1,461,888
------------------------------------------------------------------------------------------------
Niagara Falls, NY SDI COP, High School Facilities,
MBIA-IBC Insured, 5.375%, 6/15/28 Aaa/AAA/AAA 7,645,000 7,229,112
------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 6.724%, 8/1/08(2) A3/A- 8,250,000 8,806,875
------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 7.702%, 8/1/13(2) A3/A-/A 5,000,000 5,337,500
------------------------------------------------------------------------------------------------
NYC GOB, Inverse Floater, 7.702%, 8/1/14(2) A3/A- 8,150,000 8,649,187
------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series A, 7.75%, 8/15/16 Aaa/AAA/A+ 157,500 164,403
------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series D, 7.50%, 2/1/19 Aaa/A/A+ 1,295,000 1,365,176
------------------------------------------------------------------------------------------------
NYC GOB, Prerefunded, Series F, 8.25%, 11/15/17 Aaa/A/A+ 8,500,000 8,985,605
------------------------------------------------------------------------------------------------
NYC GOB, Series B, 8.25%, 6/1/07 A2/A+/A- 1,750,000 2,089,605
------------------------------------------------------------------------------------------------
NYC GOB, Series B, FSA Insured, 6%, 10/1/07 Aaa/AAA/AAA 7,500,000 7,791,375
------------------------------------------------------------------------------------------------
NYC GOB, Unrefunded Balance,
Series D, 7.50%, 2/1/19 A3/A-/A- 5,000 5,243
------------------------------------------------------------------------------------------------
NYC GORB, Unrefunded Balance,
Series F, 7.625%, 2/1/14 A3/A-/A- 5,000 5,248
------------------------------------------------------------------------------------------------
NYC GOUN, Prerefunded, Series C,
Subseries C-1, 7.50%, 8/1/20 Aaa/A/A+ 5,000 5,340
------------------------------------------------------------------------------------------------
NYC HDC MH RB, Glenn Gardens Project,
6.50%, 1/15/18 NR/NR 2,715,634 2,774,890
------------------------------------------------------------------------------------------------
NYC HDC MH RB, Keith Plaza Project,
6.50%, 2/15/18 NR/NR 1,783,092 1,822,160
------------------------------------------------------------------------------------------------
NYC Health & Hospital Corp. RRB,
AMBAC Insured, Inverse Floater, 6.826%, 2/15/23(2) Aaa/AAA/AAA 12,500,000 11,765,625
------------------------------------------------------------------------------------------------
NYC IDA Civic Facility RB, Community
Resources Development, 7.50%, 8/1/26 NR/NR 4,000,000 4,081,600
12 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Ratings:
Moody's/ Market
S&P/Fitch Principal Value
(Unaudited) Amount See Note 1
------------------------------------------------------------------------------------------------
New York Continued
NYC IDA Civic Facility RB, USTA National
Tennis Center Project, FSA Insured,
6.375%, 11/15/14 Aaa/AAA/AAA $ 1,500,000 $ 1,607,115
------------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
5.75%, 10/1/36 Baa3/BBB- 3,500,000 3,194,940
------------------------------------------------------------------------------------------------
NYC IDA RRB, Brooklyn Navy Yard Cogen Partners,
6.20%, 10/1/22 Baa3/BBB- 5,000,000 4,998,200
------------------------------------------------------------------------------------------------
NYC IDA SPF RB, Northwest Airlines, Inc.,
6%, 6/1/27 Ba2/BB 14,000,000 12,885,320
------------------------------------------------------------------------------------------------
NYC IDA SPF RB, United Air Lines, Inc. Project,
5.65%, 10/1/32 Baa3/BB+ 6,585,000 5,787,227
------------------------------------------------------------------------------------------------
NYC IDAU Civil Facility RB, YMCA
Greater NY Project, 5.80%, 8/1/16 Baa3/NR/BBB 2,470,000 2,475,039
------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project, 7.80%, 1/1/16 NR/NR 6,800,000 7,174,136
------------------------------------------------------------------------------------------------
NYC IDAU RB, Visy Paper, Inc. Project, 7.95%, 1/1/28 NR/NR 13,500,000 14,278,140
------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group
Assn. Project, 6%, 1/1/15 A3/A /A- 6,000,000 6,130,620
------------------------------------------------------------------------------------------------
NYC IDAU SPF RB, Terminal One Group
Assn. Project, 6.125%, 1/1/24 A3/A /A- 3,000,000 3,045,330
------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Prerefunded,
Series A, 7.10%, 6/15/12 NR/AAA/AAA 180,000 185,229
------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
6.75%, 6/15/17 Aa3/AA/AA- 2,480,000 2,538,950
------------------------------------------------------------------------------------------------
NYC MWFAU WSS RRB, Unrefunded Balance,
Series A-1994, 7.10%, 6/15/12 Aa3/AA/AA- 95,000 97,540
------------------------------------------------------------------------------------------------
NYS DA RB, Ithaca College, AMBAC Insured,
5.25%, 7/1/26 Aaa/AAA 5,750,000 5,376,537
------------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed
to Maturity, BIG Insured, 7.375%, 7/1/16 Aaa/AAA 245,000 292,175
------------------------------------------------------------------------------------------------
NYS DA RB, Judicial Facilities Lease, Escrowed
to Maturity, MBIA Insured, 7.375%, 7/1/16 Aaa/AAA 2,265,000 2,676,664
------------------------------------------------------------------------------------------------
NYS DA RB, Pooled Capital Program,
Partially Prerefunded, FGIC Insured,
7.80%, 12/1/05 Aaa/AAA/AAA 895,000 908,246
------------------------------------------------------------------------------------------------
NYS DA RB, Upstate Community Colleges,
Series A, 5%, 7/1/28 NR/BBB+/A 10,000,000 8,647,000
------------------------------------------------------------------------------------------------
NYS DA RRB, CUS Consolidated-1,
FSA Insured, 5.375%, 7/1/24 Aaa/AAA/AAA 19,500,000 18,715,515
------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Second Series A,
5.75%, 7/1/18 Baa1/A- 6,750,000 6,927,457
------------------------------------------------------------------------------------------------
NYS DA RRB, CUS, Series B, 6%, 7/1/14 Baa1/A- 10,875,000 11,521,192
------------------------------------------------------------------------------------------------
NYS DA RRB, Mount Sinai Health,
Series A, 6.50%, 7/1/25 Baa1/BBB+/A- 10,000,000 10,475,700
13 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
Ratings:
Moody's/ Market
S&P/Fitch Principal Value
(Unaudited) Amount See Note 1
------------------------------------------------------------------------------------------------
New York Continued
NYS DA RRB, St. Joseph's Hospital Health
Center, MBIA Insured, 5.25%, 7/1/18 Aaa/AAA $ 5,035,000 $ 4,824,235
------------------------------------------------------------------------------------------------
NYS DA RRB, St. Vincent's Hospital,
7.375%, 8/1/11 Aa2/AAA 120,000 124,987
------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS, Series A,
5.25%, 5/15/15 A3/A /A 23,090,000 23,076,839
------------------------------------------------------------------------------------------------
NYS DA RRB, SUEFS,
Series A, 5.25%, 5/15/21 A3/A /A 5,010,000 4,853,287
------------------------------------------------------------------------------------------------
NYS DA SPO Bonds, CUS, Series E,
FSA Insured, 5.75%, 7/1/11 Aaa/AAA/AAA 5,955,000 6,381,497
------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series A, 6.60%, 9/15/12 Aaa/AAA/AAA 250,000 263,212
------------------------------------------------------------------------------------------------
NYS EFCPC RB, State Water Revolving Fund,
Series C, 7.20%, 3/15/11 Aa1/A+/AA 350,000 357,651
------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Consolidated Edison Co.,
Series A, 7.50%, 1/1/26 A1/A+ 280,000 283,374
------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, L.I. Lighting Co., Prerefunded,
Series C, 6.90%, 8/1/22 Baa3/A- 10,200,000 10,854,228
------------------------------------------------------------------------------------------------
NYS ERDAUEF RB, Unrefunded Balance,
Series A, 7.15%, 12/1/20 Ba1/A- 1,990,000 2,077,460
------------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series B, Inverse Floater, 9.077%, 7/1/26(2) A1/A /A 6,000,000 6,862,500
------------------------------------------------------------------------------------------------
NYS ERDAUGF RB, Brooklyn Union Gas Co.,
Series D, MBIA Insured, Inverse Floater,
6.931%, 7/8/26(2) Aaa/AAA/AAA 3,000,000 2,726,250
------------------------------------------------------------------------------------------------
NYS ERDAUPC RB, NYS Electric & Gas Project,
Series A, MBIA Insured, 6.15%, 7/1/26 Aaa/AAA 4,000,000 4,086,960
------------------------------------------------------------------------------------------------
NYS GORB, 9.875%, 11/15/05 A2/A+/A+ 400,000 491,816
------------------------------------------------------------------------------------------------
NYS HFA RB, MH Secured Mtg. Program-A,
7.05%, 8/15/24 Aa1/NR 350,000 364,252
------------------------------------------------------------------------------------------------
NYS HFA RB, Unrefunded Balance, 8%, 11/1/08 Aaa/A- 420,000 428,324
------------------------------------------------------------------------------------------------
NYS HFA RRB, Housing Mtg.,
Series A, 6.10%, 11/1/15 Aaa/AAA/AAA 12,170,000 12,526,094
------------------------------------------------------------------------------------------------
NYS HFA RRB, State University Construction,
Escrowed to Maturity, Series A, 7.90%, 11/1/06 Aaa/AAA 1,750,000 1,943,532
------------------------------------------------------------------------------------------------
NYS HFASC Obligation RB, Series A, 6%, 3/15/26 Baa1/A- 10,000,000 10,109,900
------------------------------------------------------------------------------------------------
NYS LGAC RRB, Series E, 5%, 4/1/21 A3/AA-/A+ 500,000 463,975
------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg.,
Series 69, 5.50%, 10/1/28 Aa2/NR 6,370,000 6,056,278
------------------------------------------------------------------------------------------------
NYS MAG RB, Homeowner Mtg.,
Series 71, 5.40%, 4/1/29 Aa2/NR 20,465,000 19,136,003
14 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
Ratings:
Moody's/ Market
S&P/Fitch Principal Value
(Unaudited) Amount See Note 1
------------------------------------------------------------------------------------------------------
New York Continued
NYS MAG RB, Inverse Floater, 4.917%, 10/1/24(2) NR/NR $10,000,000 $ 8,819,900
------------------------------------------------------------------------------------------------------
NYS MAG RB, Series 40-B, 6.40%, 10/1/12 Aa2/NR 500,000 517,880
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Long-Term Health Care,
Series C, FSA Insured, 6.40%, 11/1/14 Aaa/AAA/AAA 2,800,000 2,919,056
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
7.70%, 2/15/18 NR/A- 300,000 300,636
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series A, FGIC Insured, 6.375%, 8/15/17 Aaa/AAA/AAA 80,000 83,159
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, MHESF, Unrefunded Balance,
Series B, 7.875%, 8/15/20 A3/NR 340,000 347,596
------------------------------------------------------------------------------------------------------
NYS MCFFA RB, Prerefunded,
Series D, 6.45%, 2/15/09 Aa2/AAA 320,000 338,653
------------------------------------------------------------------------------------------------------
NYS MCFFA RRB, MHESF, Unrefunded Balance,
Series A, 8.875%, 8/15/07 A3/A- 1,950,000 1,990,950
------------------------------------------------------------------------------------------------------
NYS MTAU RB, Transportation Facilities
Service Contracts, Series 3, 7.375%, 7/1/08 Baa1/A- 250,000 276,700
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RB, Series X, 6%, 1/1/14 Aa3/A+ 14,510,000 14,647,120
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series A, 5%, 1/1/15 Aa3/A+ 2,000,000 1,920,040
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series B, 5%, 1/1/20 Aa3/A+ 500,000 467,395
------------------------------------------------------------------------------------------------------
NYS TBTAU GP RRB, Series Y, 5.50%, 1/1/17 Aa3/A+ 15,000,000 15,258,900
------------------------------------------------------------------------------------------------------
NYS TBTAU SPO RRB, Series A,
MBIA Insured, 6.625%, 1/1/17 Aaa/AAA 500,000 512,195
------------------------------------------------------------------------------------------------------
NYS UDC CAP RRB, Correctional,
FSA Insured, 5.25%, 1/1/21 Aaa/AAA/AAA 1,000,000 944,530
------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY IDA SWD Facility RRB,
Solvay Paperboard LLC Project, 7%, 11/1/30 NR/NR 16,300,000 15,648,815
------------------------------------------------------------------------------------------------------
Onondaga Cnty., NY RR Agency RB,
RR Facilities Project, 7%, 5/1/15 Baa1/NR 16,500,000 16,840,725
------------------------------------------------------------------------------------------------------
PAUNYNJ Consolidated RRB, 78th Series,
6.50%, 4/15/11 A1/AA-/AA- 250,000 258,873
------------------------------------------------------------------------------------------------------
PAUNYNJ SPO RRB, KIAC-4 Project,
Fifth Installment, 6.75%, 10/1/19 NR/NR 12,600,000 12,741,750
------------------------------------------------------------------------------------------------------
Suffolk Cnty., NY IDA RRB, Nissequogue
Cogen Partners Facility, 5.50%, 1/1/23 NR/NR 3,500,000 2,986,865
------------------------------------------------------------------------------------------------------
Syracuse, NY IDA Civic Facilities RB,
Crouse Health Hospital, Inc. Project,
Series A, 5.375%, 1/1/23 NR/BBB 1,000,000 795,190
------------------------------------------------------------------------------------------------------
TSASC, Inc., NY RB, Series 1, 6.25%, 7/15/34 Aa2/A /A+ 14,750,000 14,796,463
------------
450,416,417
15 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
Ratings:
Moody's/ Market
S&P/Fitch Principal Value
(Unaudited) Amount See Note 1
------------------------------------------------------------------------------------------------------
U.S. Possessions--18.9%
Guam PAU RRB, Series A, MBIA-IBC Insured,
5.125%, 10/1/29 Aaa/AAA/AAA $ 7,750,000 $ 7,232,378
------------------------------------------------------------------------------------------------------
Guam PAU RRB, Series A, MBIA-IBC Insured,
5.25%, 10/1/34 Aaa/AAA/AAA 10,000,000 9,527,300
------------------------------------------------------------------------------------------------------
PR CMWLTH Aqueduct & Sewer Authority RB,
Escrowed to Maturity, 10.25%, 7/1/09 Aaa/AAA 1,225,000 1,525,591
------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Prerefunded,
Series S, 6.50%, 7/1/22 NR/AAA 7,000,000 7,371,070
------------------------------------------------------------------------------------------------------
PR CMWLTH HTAU RB, Series W,
Inverse Floater, 6.41%, 7/1/10(2) Baa1/A 9,000,000 9,438,750
------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU RRB,
Unrefunded Balance, Series A, 7.75%, 7/1/08 Baa1/BBB+ 1,355,000 1,358,238
------------------------------------------------------------------------------------------------------
PR CMWLTH Infrastructure FAU Special RRB,
Unrefunded Balance, Series A, 7.90%, 7/1/07 Baa1/BBB+ 95,000 96,853
------------------------------------------------------------------------------------------------------
PR CMWLTH Refunding GOUN,
Series 312, FSA Insured, 6.592%, 7/1/20(3) Baa1/A 19,000,000 19,498,750
------------------------------------------------------------------------------------------------------
PR EPAU CAP RRB, Series N, MBIA Insured,
Zero Coupon, 5.69%, 7/1/17(1) Aaa/AAA 24,000,000 9,828,240
------------------------------------------------------------------------------------------------------
PR Housing Bank & Finance Agency SFM RB,
Homeownership-Fourth Portfolio,
Escrowed to Maturity, 8.50%, 12/1/18 Aaa/NR 1,580,000 1,724,649
------------------------------------------------------------------------------------------------------
PR Industrial Medical & Environmental
PC Facilities FAU RRB, Special Facilities-American
Airlines, Series A, 6.45%, 12/1/25 Baa1/BBB- 1,285,000 1,340,384
------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/19 NR/BBB 1,000,000 929,400
------------------------------------------------------------------------------------------------------
PR Industrial Tourist Educational Medical &
Environmental Control Facilities RRB, Ana G. Mendez
University Project, 5.375%, 2/1/29 NR/BBB 2,000,000 1,794,300
------------------------------------------------------------------------------------------------------
PR Industrial, Tourist, Educational, Medical &
Environmental Control Facilities RB, Cogen Facilities
AES Puerto Rico Project, 6.625%, 6/1/26 Baa2/NR/BBB 11,025,000 11,464,126
------------------------------------------------------------------------------------------------------
PR POAU RB, American Airlines SPF Project,
Series A, 6.25%, 6/1/26 Baa2/BBB- 8,000,000 8,145,280
------------------------------------------------------------------------------------------------------
PR Telephone Authority RB, Prerefunded,
MBIA Insured, Inverse Floater, 6.87%, 1/16/15(2) Aaa/AAA 10,000,000 10,537,500
------------------------------------------------------------------------------------------------------
Virgin Islands PFAU RB, Series A, 6.375%, 10/1/19 NR/BBB- 4,970,000 5,094,399
------------
106,907,208
------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $545,384,375) 98.7% 557,323,625
------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 1.3 7,589,861
------------------------------
Net Assets 100.0% $564,913,486
==============================
</TABLE>
16 | 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> <C> <C>
CAP Capital Appreciation MAG Mortgage Agency
CMWLTH Commonwealth MWFAU Municipal Water Finance Authority
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 NR Not Rated
EPAU Electric Power Authority NYC New York City
ERDAUEF Energy Research & Development NYS New York State
Authority Electric Facilities PAUNYNJ Port Authority of New York & New Jersey
ERDAUGF Energy Research & Development PAU Power Authority
Authority Gas Facilities PC Pollution Control
ERDAUPC Energy Research & Development PFAU Public Finance Authority
Authority Pollution Control POAU Port Authority
FAU Finance Authority RB Revenue Bonds
GP General Purpose RR Resource Recovery
GOB General Obligation Bonds RRB Revenue Refunding Bonds
GORB General Obligation Refunding Bonds SDI School District
GOUN General Obligation Unlimited Notes SFM Single Family Mortgage
HDC Housing Development Corp. SPF Special Facilities
HFA Housing Finance Agency SPO Special Obligations
HFASC Housing Finance Agency Service Contract SUEFS State University Educational Facilities System
HTAU Highway & Transportation Authority SWD Solid Waste Disposal
IDA Industrial Development Agency TBTAU Triborough Bridge & Tunnel Authority
IDAU Industrial Development Authority UDC Urban Development Corp.
LGAC Local Government Assistance Corp. WSS Water & Sewer System
L.I. Long Island
</TABLE>
1. For zero coupon bonds, the interest rate shown is the effective yield on the
date of purchase.
2. 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 $72,944,087 or 12.91% of the
Fund's net assets as of September 30, 2000.
3. Represents the current interest rate for a variable or increasing rate
security.
17 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
Footnotes to Statement of Investments Continued
As of September 30, 2000, securities subject to the alternative minimum tax
amount to $178,286,659 or 31.56% 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 $ 92,856,686 16.6%
Electric Utilities 70,176,716 12.6
General Obligation 63,196,124 11.3
Highways 49,615,470 8.9
Marine/Aviation Facilities 37,593,033 6.7
Manufacturing, Non-Durable Goods 37,101,091 6.7
Single Family Housing 36,254,709 6.5
Hospital/Healthcare 32,151,692 5.8
Multi-Family Housing 27,597,297 5.0
Pollution Control 20,028,273 3.6
Resource Recovery 16,840,725 3.0
Special Assessment 14,796,463 2.7
Municipal Leases 14,569,846 2.6
Telephone Utilities 10,537,500 1.9
Water Utilities 8,273,769 1.5
Not-for-Profit Organization 8,163,754 1.5
Adult Living Facilities 7,000,108 1.3
Gas Utilities 6,862,500 1.2
Sales Tax 1,919,066 0.3
Sewer Utilities 1,788,803 0.3
------------------------------
Total $557,323,625 100.0%
==============================
</TABLE>
See accompanying Notes to Financial Statements.
18 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES September 30, 2000
<TABLE>
===============================================================================================
<S> <C>
Assets
Investments, at value (cost $545,384,375)--see accompanying statement $557,323,625
-----------------------------------------------------------------------------------------------
Cash 479,934
-----------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 9,677,226
Shares of beneficial interest sold 384,342
Other 4,794
------------
Total assets 567,869,921
===============================================================================================
Liabilities
Payables and other liabilities:
Dividends 1,714,545
Shares of beneficial interest redeemed 405,414
Distribution and service plan fees 336,392
Trustees' compensation 186,713
Shareholder reports 117,401
Transfer and shareholder servicing agent fees 107,457
Other 88,513
------------
Total liabilities 2,956,435
===============================================================================================
Net Assets $564,913,486
============
===============================================================================================
Composition of Net Assets
Paid-in capital $566,380,443
-----------------------------------------------------------------------------------------------
Overdistributed net investment income (556,606)
-----------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (12,849,601)
-----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 11,939,250
------------
Net Assets $564,913,486
============
===============================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$509,288,493 and 41,903,837 shares of beneficial interest outstanding) $12.15
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $12.76
-----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $49,671,365
and 4,086,045 shares of beneficial interest outstanding) $12.16
-----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $5,953,628
and 489,813 shares of beneficial interest outstanding) $12.15
</TABLE>
See accompanying Notes to Financial Statements.
19 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended September 30, 2000
<TABLE>
===============================================================================================
<S> <C>
Investment Income
Interest $37,823,250
===============================================================================================
Expenses
Management fees 3,186,686
-----------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 1,216,926
Class B 604,282
Class C 61,274
-----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 407,143
-----------------------------------------------------------------------------------------------
Custodian fees and expenses 125,550
-----------------------------------------------------------------------------------------------
Other 263,266
-----------
Total expenses 5,865,127
Less expenses paid indirectly (25,223)
-----------
Net expenses 5,839,904
===============================================================================================
Net Investment Income 31,983,346
===============================================================================================
Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments (9,200,845)
Closing of futures contracts (3,674,641)
-----------
Net realized loss (12,875,486)
-----------------------------------------------------------------------------------------------
Net change in unrealized appreciation on investments 5,549,463
-----------
Net realized and unrealized loss (7,326,023)
===============================================================================================
Net Increase in Net Assets Resulting from Operations $24,657,323
===========
</TABLE>
See accompanying Notes to Financial Statements.
20 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended September 30, 2000 1999
=========================================================================================================
<S> <C> <C>
Operations
Net investment income $ 31,983,346 $ 34,880,340
---------------------------------------------------------------------------------------------------------
Net realized gain (loss) (12,875,486) 5,448,607
---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) 5,549,463 (56,154,817)
-----------------------------
Net increase (decrease) in net assets resulting from operations 24,657,323 (15,825,870)
=========================================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A (28,683,339) (29,719,227)
Class B (2,761,971) (4,077,657)
Class C (280,505) (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 (60,001,374) 8,969,591
Class B (27,798,244) (21,968,327)
Class C (418,897) 756,432
=========================================================================================================
Net Assets
Total decrease (95,316,996) (62,141,066)
---------------------------------------------------------------------------------------------------------
Beginning of period 660,230,482 722,371,548
-----------------------------
End of period (including overdistributed net investment
income of $556,606 and $818,678, respectively) $564,913,486 $660,230,482
=============================
</TABLE>
See accompanying Notes to Financial Statements.
21 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class A Year Ended September 30, 2000 1999 1998 1997 1996
=============================================================================================================================
<S> <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
-----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .64 .64 .64 .69 .68
Net realized and unrealized gain (loss) (.09) (.94) .40 .37 .12
----------------------------------------------------------------------
Total income (loss) from investment
operations .55 (.30) 1.04 1.06 .80
-----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.64) (.63) (.66) (.68) (.68)
Distributions from net realized gain --(1) -- -- -- --
----------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.64) (.63) (.66) (.68) (.68)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.15 $12.24 $13.17 $12.79 $12.41
======================================================================
=============================================================================================================================
Total Return, at Net Asset Value(2) 4.78% (2.36)% 8.36% 8.78% 6.65%
=============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $509,288 $575,254 $609,183 $634,789 $667,258
-----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $529,839 $603,604 $621,555 $652,048 $684,981
-----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 5.45% 5.04% 4.96% 5.49% 5.50%
Expenses 0.89% 0.88% 0.87%(4) 0.86%(4) 0.91%(4)
-----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 18% 25% 21% 21%
</TABLE>
1. Less than $0.005 per share.
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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
22 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
<TABLE>
<CAPTION>
Class B Year Ended September 30, 2000 1999 1998 1997 1996
=============================================================================================================================
<S> <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
-----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .53 .54 .55 .59 .60
Net realized and unrealized gain (loss) (.07) (.94) .41 .38 .10
----------------------------------------------------------------------
Total income (loss) from investment
operations .46 (.40) .96 .97 .70
-----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.55) (.53) (.57) (.59) (.59)
Distributions from net realized gain --(1) -- -- -- --
----------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.55) (.53) (.57) (.59) (.59)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.16 $12.25 $13.18 $12.79 $12.41
======================================================================
=============================================================================================================================
Total Return, at Net Asset Value(2) 3.98% (3.11)% 7.62% 7.97% 5.77%
=============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $49,671 $78,526 $107,021 $106,459 $101,302
-----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $60,299 $98,597 $106,130 $104,183 $ 98,488
-----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.68% 4.25% 4.21% 4.72% 4.73%
Expenses 1.67% 1.65% 1.63%(4) 1.63%(4) 1.68%(4)
-----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 18% 25% 21% 21%
</TABLE>
1. Less than $0.005 per share.
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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
23 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
<TABLE>
<CAPTION>
Class C Year Ended September 30, 2000 1999 1998 1997 1996
=============================================================================================================================
<S> <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
-----------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .56 .56 .47 .57 .60
Net realized and unrealized gain (loss) (.10) (.96) .48 .39 .09
----------------------------------------------------------------------
Total income (loss) from investment
operations .46 (.40) .95 .96 .69
-----------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.55) (.53) (.57) (.58) (.58)
Distributions from net realized gain --(1) -- -- -- --
----------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.55) (.53) (.57) (.58) (.58)
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $12.15 $12.24 $13.17 $12.79 $12.41
======================================================================
=============================================================================================================================
Total Return, at Net Asset Value(2) 3.97% (3.11)% 7.54% 7.95% 5.64%
=============================================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $5,954 $6,450 $6,168 $4,749 $2,007
-----------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $6,121 $6,622 $5,420 $3,798 $752
-----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 4.68% 4.26% 4.30% 4.67% 4.60%
Expenses 1.66% 1.65% 1.63%(4) 1.63%(4) 1.77%(4)
-----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 26% 18% 25% 21% 21%
</TABLE>
1. Less than $0.005 per share.
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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
See accompanying Notes to Financial Statements.
24 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. Significant Accounting Policies
Oppenheimer New York Municipal Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as 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 that is 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 a front-end
sales charge. Class B and Class C shares are sold without a front-end 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 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 listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Fund's assets
are valued. In the absence of a sale, the security is valued 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
amortized cost (which approximates market value).
--------------------------------------------------------------------------------
Non-Diversification Risk. The Fund is "non-diversified" and can invest in the
securities of a single issuer. To the extent the Fund invests a relatively high
percentage of its assets in the obligations of a single issuer or a limited
number of issuers, the Fund is subject to additional risk of loss if those
obligations lose market value or the borrower or issuer of those obligations
defaults.
--------------------------------------------------------------------------------
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.
25 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS 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.
As of September 30, 2000, the Fund had available for federal tax purposes an
unused capital loss carryover as follows:
Expiring
--------------------------------------
2008 $225,130
--------------------------------------------------------------------------------
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 year ended
September 30, 2000, a credit of $55,439 was made for the Fund's projected
benefit obligations and payments of $11,425 were made to retired trustees,
resulting in an accumulated liability of $172,647 as of September 30, 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.
26 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
--------------------------------------------------------------------------------
Classification of Dividends and Distributions to Shareholders. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal 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 dividends and distributions, the fiscal year in which amounts are distributed
may differ from the fiscal year in which the income or realized gain was
recorded by the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended September 30, 2000, amounts have been reclassified to reflect a
decrease in overdistributed net investment income of $4,541. Accumulated net
realized loss on investments was increased by the same amount. Net assets of the
Fund were unaffected by the reclassifications.
--------------------------------------------------------------------------------
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.
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.
27 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS 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>
Year Ended September 30, 2000 Year Ended September 30, 1999
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 4,799,165 $ 57,489,455 5,656,270 $ 72,055,946
Dividends and/or
distributions reinvested 1,584,670 19,000,614 1,573,355 20,244,395
Redeemed (11,460,124) (136,491,443) (6,493,894) (83,330,750)
--------------------------------------------------------------
Net increase (decrease) (5,076,289) $ (60,001,374) 735,731 $ 8,969,591
==============================================================
-------------------------------------------------------------------------------------------
Class B
Sold 542,572 $ 6,491,530 870,104 $ 11,062,376
Dividends and/or
distributions reinvested 148,473 1,780,397 205,324 2,647,249
Redeemed (3,017,091) (36,070,171) (2,785,915) (35,677,952)
--------------------------------------------------------------
Net decrease (2,326,046) $ (27,798,244) (1,710,487) $(21,968,327)
==============================================================
-------------------------------------------------------------------------------------------
Class C
Sold 312,646 $ 3,730,882 206,146 $ 2,644,751
Dividends and/or
distributions reinvested 16,775 201,113 16,196 208,516
Redeemed (366,423) (4,350,892) (163,755) (2,096,835)
--------------------------------------------------------------
Net increase (decrease) (37,002) $ (418,897) 58,587 $ 756,432
==============================================================
</TABLE>
================================================================================
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended September 30, 2000, were
$152,972,813 and $246,594,835, respectively.
As of September 30, 2000, unrealized appreciation (depreciation) based on cost
of securities for federal income tax purposes of $550,161,830 was:
Gross unrealized appreciation $ 22,415,712
Gross unrealized depreciation (15,253,840)
------------
Net unrealized appreciation $ 7,161,872
============
28 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
================================================================================
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 year ended September 30, 2000, was an
annualized rate of 0.53%, before any waiver by the Manager if applicable.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund on an
Oat-costO basis. OFS also acts as the transfer and shareholder servicing agent
for the other Oppenheimer funds.
--------------------------------------------------------------------------------
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
Aggregate Class A Commissions Commissions Commissions
Front-End Front-End on Class A on Class B on Class C
Sales Charges Sales Charges Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by
Year Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
September 30, 2000 $335,490 $68,368 $1,081 $164,076 $15,900
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C
Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges
Year Ended Retained by Distributor Retained by Distributor Retained by Distributor
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
September 30, 2000 $-- $205,228 $4,610
</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.
29 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Continued
================================================================================
4. Fees and Other Transactions with Affiliates Continued
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares 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 year ended September 30, 2000, payments
under the Class A plan totaled $1,216,926 prior to Manager waiver if applicable,
all of which were paid by the Distributor to recipients, and included $21,419
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 carry-forward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the year ended September 30, 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 $604,282 $481,900 $1,586,367 3.19%
Class C Plan 61,274 17,447 104,035 1.75
</TABLE>
30 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
================================================================================
5. Futures Contracts
A futures contract is a commitment to buy or sell a specific amount of a
commodity or financial instrument at a particular price on a stipulated future
date at a negotiated price. Futures contracts are traded on a commodity
exchange. The Fund may buy and sell futures contracts that relate to broadly-
based securities indices "financial futures" or debt securities "interest rate
futures" in order to gain exposure to or to seek to protect against changes in
market value of stock and bonds or 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 decreases in market value of 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.
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.
================================================================================
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 year ended September 30,
2000.
31 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
INDEPENDENT AUDITORS' REPORT
================================================================================
The Board of Trustees and Shareholders of
Oppenheimer New York Municipal Fund:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer New York Municipal Fund as of
September 30, 2000, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended and the financial highlights for each of the years in
the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 2000, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer New York Municipal Fund as of September 30, 2000, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the five-year period then ended, in conformity with
accounting principles generally accepted in the United States of America.
KPMG LLP
Denver, Colorado
October 20, 2000
32 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
FEDERAL INCOME TAX INFORMATION Unaudited
================================================================================
In early 2001 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 2000. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Distributions of $0.0543, $0.0461 and $0.0462 per share were paid to Class
A, Class B and Class C shareholders, respectively, on December 10, 1999, of
which $0.0006 was designated as a "capital gain distribution" for federal income
tax purposes. Whether received in stock or in cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets held for more than one year (long-term capital gains).
None of the dividends paid by the Fund during the year ended September 30,
2000, are eligible for the corporate dividend-received deduction. The dividends
were derived from interest on municipal bonds and are not subject to federal
income tax. To the extent a shareholder is subject to any state or local tax
laws, some or all of the dividends received may be taxable.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
33 | 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
Jerry Webman, 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
For more complete information about Oppenheimer New York
Municipal Fund, please refer to the Prospectus. To obtain a
copy, call your financial advisor, or call OppenheimerFunds
Distributor, Inc. at 1.800.525.7048, or visit the
OppenheimerFunds Internet website, at
www.oppenheimerfunds.com.
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.
Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc., Two World Trade Center, New York, NY
10048-0203.
(C)Copyright 2000 OppenheimerFunds, Inc. All rights
reserved.
</TABLE>
34 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
OPPENHEIMERFUNDS FAMILY
<TABLE>
=========================================================================================================
<S> <C> <C>
Global Equity
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
=========================================================================================================
Equity
Stock Stock & Bond
Emerging Technologies Fund Main Street(R) Growth & Income Fund
Enterprise Fund Quest Opportunity Value Fund
Discovery Fund Total Return Fund
Main Street(R) Small Cap Fund Quest Balanced Value Fund
Quest Small Cap Fund(1) Capital Income Fund
MidCap Fund Multiple Strategies Fund
Main Street(R) Opportunity Fund Disciplined Allocation Fund
Growth Fund Convertible Securities Fund
Capital Appreciation Fund
Large Cap Growth Fund Specialty
Disciplined Value Fund Real Asset Fund(R)
Quest Capital Value Fund Gold & Special Minerals Fund
Quest Value Fund
Trinity Growth Fund
Trinity Core Fund
Trinity Value Fund
=========================================================================================================
Fixed Income
Taxable Municipal
International Bond Fund California Municipal Fund(3)
World Bond Fund(2) Main Street(R) California Municipal Fund(3)
High Yield Fund Florida Municipal Fund(3)
Champion Income Fund New Jersey Municipal Fund(3)
Strategic Income Fund New York Municipal Fund(3)
Bond Fund Pennsylvania Municipal Fund(3)
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund(2)
Limited-Term Government Fund Intermediate Municipal Fund
Rochester Division
Rochester Fund Municipals
Limited Term New York Municipal Fund
=========================================================================================================
Money Market(4)
Money Market Fund Cash Reserves
</TABLE>
1. The Fund's name changed from "Oppenheimer Quest Small Cap Value Fund" on
5/19/00.
2. The Fund's Board has proposed to reorganize the Fund into another Oppenheimer
fund subject to shareholder approval.
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
35 | OPPENHEIMER NEW YORK MUNICIPAL FUND
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK.
<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(1)
www.oppenheimerfunds.com
-------------------------------------------------------
General Information
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
-------------------------------------------------------
Telephone Transactions
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
-------------------------------------------------------
PhoneLink
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1.800.533.3310
-------------------------------------------------------
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Mon-Fri 9am-6:30pm ET
1.800.843.4461
-------------------------------------------------------
OppenheimerFunds Market 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
1. At times this website may be inaccessible or its transaction feature may be
unavailable.
[logo] OppenheimerFunds(R)
Distributor, Inc.
RA0360.001.0900 November 29, 2000
