<PAGE>
OPPENHEIMER INTERMEDIATE TAX-EXEMPT BOND FUND
SEMI-ANNUAL REPORT MARCH 31, 1994
[Oppenheimer Logo]OPPENHEIMER FUNDS.
"WHEN FEDERAL INCOME TAXES
INCREASED, WE TURNED TO THIS FUND
FOR TAX-FREE INCOME.
"NOW WE KEEP MORE OF WHAT WE EARN
FROM OUR INVESTMENT, SO WE CAN DO
THE THINGS WE ENJOY."
<PAGE>
FUND FACTS
- - -------------------------------------------------------------------------------
SIX FACTS EVERY SHAREHOLDER SHOULD KNOW
ABOUT OPPENHEIMER INTERMEDIATE
TAX-EXEMPT BOND FUND
------------------------------------------------------
1 The Fund seeks current income exempt
from federal income taxes through
investments in investment grade
municipal securities.
------------------------------------------------------
2 The standardized yield for Class A
shares for the 30 days ended March 31,
IN THIS REPORT: 1994 was 4.33%.(1)
ANSWERS TO THREE ------------------------------------------------------
TIMELY QUESTIONS YOU 3 For the six- and twelve-month periods
SHOULD ASK YOUR ended March 31, 1994, the Fund's total
FUND'S MANAGERS. return at net asset value for Class A
shares was --3.50% and 1.70%,
/ / HOW HAS THE RECENT respectively.(2)
INCREASE IN INTEREST
RATES AFFECTED THE FUND? ------------------------------------------------------
4 The Fund holds an investment grade
/ / WHICH STATES' portfolio of municipal securities as
MUNICIPAL BONDS HAS shown in its credit rating allocation on
THE FUND EMPHASIZED March 31, 1994:(3)
RECENTLY AND WHY?
/ / WHAT IS YOUR OUTLOOK
FOR THE MUNICIPAL ----------------------------------------
BOND MARKET FOR THE AAA 30.7%
REMAINDER OF 1994? ----------------------------------------
AA 24.9%
GET THE FACTS ABOUT ------------------------------ [Pie Chart]
BONDS AND BOND A 37.7%
MUTUAL FUNDS. CALL -----------------------------------
1-800-525-7048 TO BBB 6.7%
RECEIVE YOUR FREE COPY
OF OPPENHEIMERFUNDS ------------------------------------------------------
"FACTS ABOUT BOND 5 The Fund's average annual total returns
FUNDS" BROCHURE. for Class A shares for the 1- and 5-year
periods ended March 31, 1994 and since
inception of the Fund on November 11,
1986 were--1.86% and 7.59% and 7.06%
respectively.(4)
------------------------------------------------------
6 "We believe the recent volatility in the
municipal bond market has created some
attractive buying opportunities. We will
concentrate our search on the special
tax states, such as New York,
Massachusetts, Michigan and Texas.
Consistent with the Fund's current
holdings, we favor bonds from states
with higher taxes or high demand for
tax-free bonds because these issues
often provide good value and upside
potential for price increases."
PORTFOLIO MANAGER ROBERT PATTERSON,
MARCH 31, 1994
1. Standardized yield for Class C shares for the 30-day period ended 3/31/94 was
2.44%. Standardized yield is net investment income calculated on a yield-
to-maturity basis for the 30-day period ended 3/31/94, divided by the maximum
offering price at the end of the period, compounded semi-annually and
then annualized. Falling net asset values will tend to artificially raise
yields.
2. Based on the change in net asset value per share from 9/30/93 and 3/31/93 to
3/31/94, without taking into account sales charges. Total return at net asset
value for Class C shares was --3.53% for the period from inception on 12/1/93 to
3/31/94. During a portion of the periods for which total return information is
depicted, the Fund's investment advisor assumed or waived some of the Fund's
expenses. Without that expense assumption or waiver, which is no longer in
effect, the total returns for those periods would have been less.
3. The Fund's portfolio is subject to change.
4. Average annual total returns for Class A shares are based on a hypothetical
investment held until 3/31/94, after deducting the current maximum initial sales
charge of 3.50%.
All total return figures assume reinvestment of dividends and capital gains
distributions.
Past performance is not indicative of future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost.
2 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
REPORT TO SHAREHOLDERS
- - -------------------------------------------------------------------------------
AFTER-TAX YIELD ADVANTAGE
<TABLE>
<CAPTION>
As of March 31, 1994
BEFORE AFTER
TAXES TAXES*
- - ---------------------------------------------------
<S> <C> <C>
Oppenheimer 4.33% 4.33%
Intermediate
Tax-Exempt
Bond Fund A
standardized
yield(5)
- - ---------------------------------------------------
Average 2.30% 1.47%
money market
fund rate(7)
- - ---------------------------------------------------
Average rate 3.13% 2.00%
for one-year
CDs(7)
- - ---------------------------------------------------
Three-month 3.56% 2.28%
U.S. Treasury
bill rate(7)
<FN>
*After-tax figures assume a 36% effective tax bracket applies to the change in
taxable income resulting from a switch between taxable and non-taxable
investments. A portion of the Fund's distributions may be subject to federal
and/or state income tax. For investors subject to alternative minimum tax, a
portion of the Fund's distributions may increase that tax.
</TABLE>
Oppenheimer Intermediate Tax-Exempt Bond Fund continued to produce attractive
tax-free yields during the six months ended March 31, 1994. Standardized yield
for Class A shares was 4.33% for the 30-day period ended March 31, 1994.(5)
The U.S. municipal bond market's stellar performance over
the past two years was interrupted in February and March of this year as
increases in interest rates created volatility in the markets. As the U.S.
economy is strengthening, the Federal Reserve raised short-term interest rates
as a pre-emptive strike against inflation. In general, when interest rates
increase, bond prices decrease. Thus, the interest rate increases caused the
prices of the municipal bonds to decline.
In anticipation of a possible rise in interest rates, we
made several moves late in 1993 and at the start of this year to lessen the
effect of an increase on the Fund's portfolio. We concentrated a higher portion
of assets in intermediate-term bonds because they are less sensitive to interest
rate changes. This strategy helped limit the impact on the Fund when rising
rates drove down prices more significantly on long-term bonds than on
intermediate-term bonds.
We continued to stay concentrated in investment grade
municipal bonds. We also locked in rates on higher-yielding securities with call
protection, which helps maintain the income available to the Fund.
The Fund's portfolio remains well diversified by state and
by market sector with an emphasis on states with higher taxes or high demand for
tax-free bonds such as New York, Texas and Pennsylvania.(6)
Going forward, we believe recent market volatility was
normal after a prolonged period of strong performance, and that it presents
attractive buying opportunities in the near term.
We appreciate the confidence you have placed in the Fund,
and look forward to serving your investment needs in the future.
/s/ JAMES C. SWAIN /s/ JON S. FOSSEL
James C. Swain, Chairman, Jon S. Fossel, President,
Oppenheimer Tax-Exempt Bond Fund Oppenheimer Tax-Exempt Bond Fund
for Oppenheimer Intermediate for Oppenheimer Intermediate
Tax-Exempt Bond Fund Tax-Exempt Bond Fund
April 25, 1994
5. See footnote 1, page 2.
6. See footnote 3, page 2.
7. Source of data: BANK RATE MONITOR, 3/31/94. The average CD rate is the
average rate of 12-month certificates of deposit available for purchase from 10
regional banks on 3/31/94. The average money market fund rate is the average
rate for the 30-day period ended 3/31/94 for 10 selected money market mutual
funds. CDs are insured by the FDIC and may provide a guaranteed return, and
money market funds provide stability of principal, whereas the Fund's yield and
share value may fluctuate and are not insured by the FDIC. Source of U.S.
Treasury bill rate is BLOOMBERG L.P., 3/31/94. Principal and interest payments
on Treasury bonds are guaranteed by the U.S. Government.
3 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENT OF INVESTMENTS March 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS AND NOTES--95.0%
- - ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--11.9% Corona, California Certificates of Participation,
Prerefunded, Series B, 10%, 11/1/20 Aaa/AAA $1,000,000 $1,333,553
---------------------------------------------------------------------------------------------------------
Los Angeles, California Revenue Refunding Bonds,
Wastewater System, Series D, FGIC Insured, 8.70%,
11/1/02 Aaa/AAA/AAA 1,500,000 1,823,653
---------------------------------------------------------------------------------------------------------
Los Angeles County, California Transport
Commission Sales Tax Revenue Bonds, Prerefunded,
Series A, 6.75%, 7/1/11 Aaa/A+/A+ 1,355,000 1,499,185
---------------------------------------------------------------------------------------------------------
Palomar Pomerado, California Health System Revenue
Bonds, Capital Appreciation Project, MBIA Insured,
0%, 12/1/04 Aaa/AAA 1,000,000 557,287
---------------------------------------------------------------------------------------------------------
Sacramento, California Municipal Utility District
Electric Revenue Refunding Bonds, Prerefunded,
Series V, 7.50%, 8/15/18 Aaa/AAA/A- 1,000,000 1,107,445
---------------------------------------------------------------------------------------------------------
San Bernardino County, California Certificates of
Participation, Medical Center Financing Project:
5.25%, 8/1/06 Baa1/A 1,000,000 887,964
6%, 8/1/09 Baa1/A 1,000,000 937,082
---------------------------------------------------------------------------------------------------------
University of California Refunding Certificates of
Participation, UCLA Center Chiller/Cogen Project,
5.50%, 11/1/14 Aa/NR/A+ 2,000,000 1,793,430
----------
9,939,599
- - ----------------------------------------------------------------------------------------------------------------------------------
COLORADO--0.7% Meridian Metropolitan District, Colorado General
Obligation Refunding Bonds, 7.50%, 12/1/11 A3/NR 500,000 547,639
- - ----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT--4.0% Connecticut State Special Tax Revenue Bonds,
Transportation Infrastructure Project,
Prerefunded, Series A, 7.125%, 6/1/07 NR/AAA 3,000,000 3,361,725
- - ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA--1.7% Georgia State Residential Finance Authority Home
Ownership Mtg. Revenue Bonds, Series A-1,
FHA Insured, 7.50%, 6/1/17 Aa/AA+ 250,000 254,774
---------------------------------------------------------------------------------------------------------
Monroe County, Georgia Development Authority
Pollution Control Revenue Bonds, Oglethorpe
Power Corp. Scherer Project, Series A, 5.35%,
1/1/98 A3/AA-/A+ 1,180,000 1,190,255
----------
1,445,029
- - ----------------------------------------------------------------------------------------------------------------------------------
HAWAII--1.2% Hawaii State General Obligation Bonds,
Series BT, 6%, 2/1/02 Aa/AA 1,000,000 1,043,664
</TABLE>
4 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ILLINOIS--2.9% Chicago, Illinois General Obligation Refunding
Bonds, Prerefunded, Series B, 9.25%, 1/1/13 A/A- $ 500,000 $ 578,882
---------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority Pollution
Control Revenue Refunding Bonds, Central Illinois
Public Service Co., Series A, 7.60%, 3/1/14 Aa2/AA 250,000 275,417
---------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Revenue
Refunding Bonds, Lutheran Health Systems,
Prerefunded, Series C, MBIA Insured, 7.50%, 4/1/18 Aaa/AAA 400,000 450,130
---------------------------------------------------------------------------------------------------------
Illinois State Sales Tax Revenue Bonds,
Prerefunded, Series F, 8%, 6/15/18 Aaa/AAA 500,000 568,466
---------------------------------------------------------------------------------------------------------
Southwestern Illinois Development Authority,
Hospital Revenue Bonds, Saint Elizabeth Medical
Center, 8%, 6/1/10 NR/A- 500,000 562,207
----------
2,435,102
- - ----------------------------------------------------------------------------------------------------------------------------------
INDIANA--0.3% Indiana University Revenue Bonds, Hospital
Facilities Project, 7%, 1/1/09 A1/A+ 215,000 225,185
- - ----------------------------------------------------------------------------------------------------------------------------------
IOWA--0.2% Des Moines, Iowa Hospital Revenue Bonds, Iowa
Methodist Medical Center, 7.875%, 8/15/15 A1/A+ 150,000 166,434
- - ----------------------------------------------------------------------------------------------------------------------------------
MAINE--0.6% Maine State Housing Authority Revenue Bonds, Mtg.
Purchase Project, Series A, 7.50%, 11/15/22 A1/AA 500,000 529,015
- - ----------------------------------------------------------------------------------------------------------------------------------
MARYLAND--7.1% Howard County, Maryland Certificates of
Participation, Series A, 8.05%, 2/15/21 NR/AA+ 350,000 412,922
---------------------------------------------------------------------------------------------------------
Maryland State Health and Higher Educational
Facilities Authority Revenue Refunding Bonds,
Johns Hopkins University, 7.50%, 7/1/20 Aa1/AA- 650,000 712,809
---------------------------------------------------------------------------------------------------------
Maryland Water Quality Financing Administration
Revenue Bonds, Revolving Loan Fund:
Series A, 0%, 9/1/04 Aa/AA/AA- 1,575,000 867,335
Series A, 0%, 9/1/05 Aa/AA/AA- 1,575,000 810,022
Series A, 0%, 9/1/06 Aa/AA/AA- 1,575,000 755,033
Series A, 0%, 9/1/07 Aa/AA/AA- 1,575,000 702,415
Series A, 0%, 9/1/08 Aa/AA/AA- 1,575,000 655,860
---------------------------------------------------------------------------------------------------------
Washington Suburban Sanitation District,
Maryland Revenue Bonds, Sewage Disposal Project,
5.60%, 6/1/01 Aa1/AA 1,000,000 1,022,398
----------
5,938,794
- - ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS--7.3% Massachusetts Municipal Wholesale Electric Co.
Revenue Bonds, Power Supply Systems, Series E,
5.70%, 7/1/01 A/BBB+/A- 1,000,000 998,726
---------------------------------------------------------------------------------------------------------
Massachusetts State Dedicated Income Tax Bonds,
Series A, 7.875%, 6/1/97 A/A/A+ 1,000,000 1,082,382
---------------------------------------------------------------------------------------------------------
Massachusetts State Health and Educational
Facilities Authority Revenue Bonds, New England
Memorial Hospital, Series B, 5.90%, 7/1/03 Baa/NR/BBB 2,600,000 2,508,238
---------------------------------------------------------------------------------------------------------
Massachusetts State Special Obligation Revenue
Bonds, Series A, AMBAC Insured, 6.25%, 6/1/05 A/A/A 1,500,000 1,537,257
----------
6,126,603
</TABLE>
5 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN--0.6% Michigan State Hospital Finance Authority Revenue
Bonds, McLaren Obligated Group, Prerefunded,
Series A, 7.50%, 9/15/21 Aaa/NR $ 435,000 $ 502,233
- - ----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA--1.2% Omaha, Nebraska Public Power District Electric
Revenue Bonds, Series A, 5.10%, 2/1/03 Aa/AA 1,000,000 970,191
- - ----------------------------------------------------------------------------------------------------------------------------------
NEVADA--2.7% Clark County, Nevada School District General
Obligation Bonds, Series A, MBIA Insured,
9.75%, 6/1/01 Aaa/AAA 1,800,000 2,244,198
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY--6.0% New Jersey State General Obligation Bonds,
5.80%, 8/1/01 Aa1/AA+/AA+ 2,000,000 2,064,848
---------------------------------------------------------------------------------------------------------
New Jersey State Housing and Mortgage Finance
Agency Revenue Bonds, Series A, 6.50%, 11/1/03 NR/A+ 1,860,000 1,917,349
---------------------------------------------------------------------------------------------------------
New Jersey State Turnpike Authority Revenue Bonds,
Series A, 5.80%, 1/1/02 A/A/A 1,000,000 1,021,788
----------
5,003,985
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO--0.7% New Mexico State Hospital Equipment Loan Council
Revenue Bonds, San Juan Regional Medical Center,
Inc. Project, 7.90%, 6/1/11 A/NR 500,000 556,207
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK--14.8% City of New York General Obligation:
Bonds, Prerefunded, Series B, 8.25%, 6/1/19 Aaa/A- 500,000 597,266
Refunding Bonds, Series D, 5.70%, 8/1/02 Baa1/A- 5,500,000 5,424,341
---------------------------------------------------------------------------------------------------------
New York State General Obligation Refunding Bonds,
7.80%, 11/15/99 A/A- 1,000,000 1,135,154
---------------------------------------------------------------------------------------------------------
New York State Medical Care Facilities Finance
Agency Revenue:
Bonds, Mental Health Services Facilities,
Series B, AMBAC Insured, 5.85%, 2/15/02 Aaa/AAA 1,000,000 1,032,358
Refunding Bonds, Mental Health Services
Facilities, Series F, 6%, 2/15/03 Baa1/BBB+ 1,000,000 997,199
---------------------------------------------------------------------------------------------------------
New York State Urban Development Corp. Revenue
Refunding Bonds, Correctional Facilities Capital Project,
5.25%, 1/1/02 Baa1/BBB/A 2,035,000 1,948,596
---------------------------------------------------------------------------------------------------------
Port Authority of New York and New Jersey
Consolidated Revenue Bonds, Eighty-Second
Series, 4.80%, 8/1/99 A1/AA-/AA- 1,250,000 1,242,379
----------
12,377,293
- - ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA--0.2% Oklahoma County, Oklahoma Home Finance Authority
Revenue Bonds, GNMA Collateral Mtg. Program,
7.65%, 1/1/23 NR/AA+ 125,000 134,609
</TABLE>
6 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PENNSYLVANIA--10.0% Greensburg Salem, Pennsylvania School District
General Obligation Bonds, Prerefunded, MBIA
Insured, 7.10%, 1/1/19 Aaa/AAA $ 250,000 $ 271,953
---------------------------------------------------------------------------------------------------------
Pennsylvania Intergovernmental Cooperative
Authority Special Tax Revenue Bonds, City of
Philadelphia Funding Program, FGIC Insured,
5.25%, 6/15/06 Aaa/AAA/AAA 4,020,000 3,865,515
---------------------------------------------------------------------------------------------------------
Pennsylvania State Industrial Development
Authority Revenue Bonds, Economic Development
Project, Series A, 6.80%, 7/1/01 A/A-/A 3,000,000 3,213,609
---------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania School District Revenue
Bonds, Series A, MBIA Insured, 5.45%, 7/1/04 Aaa/AAA 1,000,000 996,804
----------
8,347,881
- - ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--2.4% Richland County, South Carolina Hospital
Facilities Revenue Bonds, Community Provider
Pooled Loan Program, CGIC Insured, Series A,
7.125%, 7/1/17 Aaa/AAA 250,000 269,645
---------------------------------------------------------------------------------------------------------
South Carolina State Education Assistance
Authority Revenue Bonds, Insured Student Loan,
6.30%, 9/1/01 NR/AA 1,400,000 1,441,623
---------------------------------------------------------------------------------------------------------
Spartanburg County, South Carolina Hospital
Facilities Improvement Revenue Refunding Bonds,
Mary Black Memorial Hospital, Inc. Project,
Prerefunded, 8.25%, 10/1/08 NR/A- 250,000 288,701
----------
1,999,969
- - ----------------------------------------------------------------------------------------------------------------------------------
TEXAS--5.4% Austin, Texas Combined Utility Systems Revenue
Refunding Bonds, Prerefunded, Series A, 9.50%,
5/15/15 Aaa/A 250,000 307,223
---------------------------------------------------------------------------------------------------------
Houston, Texas Revenue Refunding Bonds, Water
and Sewer System, Prior Lien, Series B, 5.60%,
12/1/01 A/A/A 2,200,000 2,207,968
---------------------------------------------------------------------------------------------------------
Texas A&M University Financing System Revenue
Refunding Bonds, Financing System Project, 5.40%,
5/15/02 Aa/AA/AA 1,000,000 1,003,193
---------------------------------------------------------------------------------------------------------
Texas National Research Laboratory Commission
Financing Corp. Lease Revenue Bonds,
Superconducting Super Collider, 6.25%, 12/1/00 NR/A-/A 1,000,000 993,989
----------
4,512,373
- - ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON--2.5% Port of Seattle, Washington Revenue Bonds,
Series B, 6.30%, 11/1/02 A1/AA-/AA- 1,000,000 1,042,289
---------------------------------------------------------------------------------------------------------
Washington State Public Power Supply System
Revenue Refunding Bonds, Nuclear Project No. 2,
Series B, 7%, 7/1/12 Aa/AA/AA 1,000,000 1,070,240
----------
2,112,529
</TABLE>
7 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WISCONSIN--0.3% Wisconsin State Transportation Revenue Bonds,
Series B, 5.20%, 7/1/02 A1/AA- $ 250,000 $ 243,443
- - ----------------------------------------------------------------------------------------------------------------------------------
WYOMING--3.3% Platte County, Wyoming Pollution Control Revenue
Refunding Bonds, Basin Electric Power Cooperative,
4.70%, 1/1/03 A2/A 3,000,000 2,777,724
- - ----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--7.0% Puerto Rico Commonwealth Highway and
Transportation Authority Revenue Bonds,
Series X, 6.93%, 7/1/04(1) Baa1/A 1,500,000 1,484,868
---------------------------------------------------------------------------------------------------------
Puerto Rico Electric Power Authority Revenue
Bonds, Series P, 6.75%, 7/1/03 Baa1/A- 2,000,000 2,155,084
---------------------------------------------------------------------------------------------------------
Puerto Rico Telephone Authority Revenue Bonds,
AMBAC Insured, 8.25%, 1/1/03(1) Aaa/AAA 2,350,000 2,163,560
----------
5,803,512
----------
----------
Total Municipal Bonds and Notes (Cost $81,091,464) 79,344,936
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS--2.4%
- - ----------------------------------------------------------------------------------------------------------------------------------
East Baton Rouge Parish, Louisiana Pollution Control
Revenue Refunding Bonds, Exxon Project, 3.25%(2) 600,000 600,000
---------------------------------------------------------------------------------------------------------
Missouri State Health & Educational Facilities Revenue
Bonds, Washington University, Series A, 3.25%(2) 1,400,000 1,400,000
----------
Total Short-Term Tax-Exempt Obligations
(Cost $2,000,000) 2,000,000
- - ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $83,091,464) 97.4% 81,344,936
- - ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 2.6 2,179,373
---------- -----------
NET ASSETS 100.0% $83,524,309
---------- -----------
---------- -----------
<FN>
1. Represents the current interest rate for a variable
rate security. 2. Floating or variable rate obligation
maturing in more than one year. The interest rate,
which is based on specific, or an index of, market
interest rates, is subject to change periodically and
is the effective rate on March 31, 1994. A demand
feature allows the recovery of principal at any time,
or at specified intervals not exceeding one year, on up
to 30 days' notice.
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES March 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS Investments, at value (cost $83,091,464)--see accompanying statement $81,344,936
---------------------------------------------------------------------------------------------------------
Cash 706,169
---------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 1,631,944
Interest 1,277,509
---------------------------------------------------------------------------------------------------------
Other 5,469
-----------
Total assets 84,966,027
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Payables and other liabilities:
Investments purchased 1,000,000
Dividends 235,330
Shares of beneficial interest redeemed 141,129
Distribution and service plan fees--Note 4 37,352
Other 27,907
-----------
Total liabilities 1,441,718
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $83,524,309
-----------
-----------
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $85,384,894
NET ASSETS ---------------------------------------------------------------------------------------------------------
Undistributed net investment income 23,567
---------------------------------------------------------------------------------------------------------
Accumulated net realized loss from investment transactions (137,624)
---------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments--Note 3 (1,746,528)
-----------
Net assets $83,524,309
-----------
-----------
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets
of $79,318,132 and 5,519,282 shares of beneficial interest outstanding) $14.37
Maximum offering price per share (net asset value plus sales charge
of 3.50% of offering price) $14.89
---------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $4,206,177 and 293,015 shares of beneficial interest
outstanding) $14.35
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Interest $ 2,255,062
- - ----------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 4 192,497
---------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 79,367
Class C--Note 4 5,527
---------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 41,915
---------------------------------------------------------------------------------------------------------
Shareholder reports 29,193
---------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 12,896
Class C 3,269
---------------------------------------------------------------------------------------------------------
Legal and auditing fees 11,725
---------------------------------------------------------------------------------------------------------
Custodian fees and expenses 8,282
---------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 688
---------------------------------------------------------------------------------------------------------
Other 15,719
-----------
Total expenses 401,078
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,853,984
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized loss on investments (122,187)
LOSS ON INVESTMENTS Net change in unrealized appreciation or depreciation on investments (4,782,931)
-----------
Net realized and unrealized loss on investments (4,905,118)
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(3,051,134)
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
March 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income $ 1,853,984 $ 2,482,836
---------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (122,187) 295,937
---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (4,782,931) 2,171,010
----------- -----------
Net increase (decrease) in net assets resulting from operations (3,051,134) 4,949,783
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.384 and $.75 per share, respectively) (1,911,986) (2,380,648)
SHAREHOLDERS Class C ($.196 per share) (20,619) --
---------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments:
Class A ($.07 and $.473 per share, respectively) (341,370) (1,090,058)
Class C ($.07 per share) (271) --
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions--Note 2 14,323,296 38,932,453
---------------------------------------------------------------------------------------------------------
Net increase in assets resulting from Class C
beneficial interest transactions--Note 2 4,390,882 --
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 13,388,798 40,411,530
---------------------------------------------------------------------------------------------------------
Beginning of period 70,135,511 29,723,981
----------- -----------
End of period (including undistributed net investment
income of $23,567 and $102,188, respectively) $83,524,309 $70,135,511
----------- -----------
----------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A CLASS C
------------------------------------------------------------------------------ ---------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
MARCH 31, 1994 SEPTEMBER 30, MARCH 31, 1994(1)
(UNAUDITED) 1993 1992 1991 1990(2) 1989 (UNAUDITED)
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $15.34 $15.09 $14.40 $13.51 $13.57 $13.33 $15.14
- - ----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .37 .77 .86 .83 .90 .98 .18
Net realized and unrealized
gain (loss) on investments (.89) .70 .69 .91 (.08) .24 (.70)
--------------- ----------- ------ ------ ------ ------ -----------
Total income (loss) from investment
operations (.52) 1.47 1.55 1.74 .82 1.22 (.52)
- - ----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.38) (.75) (.86) (.85) (.88) (.98) (.20)
Distributions from net realized
gain on investments (.07) (.47) -- -- -- -- (.07)
--------------- ----------- ------ ------ ------ ------ -----------
Total dividends and distributions
to shareholders (.45) (1.22) (.86) (.85) (.88) (.98) (.27)
- - ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.37 $15.34 $ 15.09 $ 14.40 $ 13.51 $ 13.57 $14.35
--------------- ----------- ------ ------ ------ ------ -----------
--------------- ----------- ------ ------ ------ ------ -----------
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) (3.50)% 10.31% 11.10% 13.20% 6.14% 9.54% (3.53)%
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $79,318 $70,136 $29,724 $23,675 $20,287 $19,350 $4,206
- - ----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $75,670 $48,915 $25,153 $22,071 $20,576 $17,188 $1,715
- - ----------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 5,519 4,571 1,970 1,644 1,502 1,426 293
- - ----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.87%(4) 5.08% 5.87% 5.93% 6.56% 7.09% 2.92%(4)
Expenses, before voluntary
assumption by the Manager 1.03%(4) 1.07% 1.25% 1.35% 1.41% 1.56% 2.35%(4)
Expenses, net of voluntary
assumption by the Manager N/A%(4) 1.05% 1.16% 1.16% .66% .23% N/A%(4)
- - ----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 11.3% 21% 93% 75% 102% 180% 11.3%
<FN>
1. For the period from December 1, 1993 (inception of offering) to
March 31, 1994.
2. On April 7, 1990, Oppenheimer Management Corporation became the investment
advisor to the Fund.
3. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, 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.
4. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the six
months ended March 31, 1994 were $21,096,786 and $8,614,382, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Intermediate Tax-Exempt Bond Fund (the
ACCOUNTING POLICIES Fund) is a separate series of Oppenheimer Tax-Exempt
Bond Fund, a diversified, open-end management
investment company registered under the Investment
Company Act of 1940, as amended. The Fund's investment
advisor is Oppenheimer Management Corporation (the
Manager). The Fund offers both Class A and Class C
shares. Class A shares are sold with a front-end sales
charge. Class C shares may be subject to a contingent
deferred sales charge. Both classes of shares have
identical rights to earnings, assets and voting
privileges, except that each class has its own
distribution and/or service plan, expenses directly
attributable to a particular class and exclusive voting
rights with respect to matters affecting a single
class. The following is a summary of significant
accounting policies consistently followed by the Fund.
-------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued
at 4:00 p.m. (New York time) on each trading day.
Long-term debt securities are valued by a portfolio
pricing service approved by the Board of Trustees.
Long-term debt securities which cannot be valued by the
approved portfolio pricing service are valued by
averaging the mean between the bid and asked prices
obtained from two active market makers in such
securities. Short-term debt securities having a
remaining maturity of 60 days or less are valued at
cost (or last determined market value) adjusted for
amortization to maturity of any premium or discount.
Securities for which market quotes are not readily
available are valued under procedures established by
the Board of Trustees to determine fair value in good
faith.
-------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES.
Income, expenses (other than those attributable to a
specific class) and gains and losses are allocated
daily to each class of shares based upon the relative
proportion of net assets represented by such class.
Operating expenses directly attributable to a specific
class are charged against the operations of that class.
-------------------------------------------------------
FEDERAL INCOME 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 tax provision is required.
-------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to
declare dividends separately for Class A and Class C
from net investment income each day the New York Stock
Exchange is open for business and pay such dividends
monthly. Distributions from net realized gains on
investments, if any, will be declared at least once
each year.
-------------------------------------------------------
OTHER. Investment transactions are accounted for on the
date the investments are purchased or sold (trade
date). Original issue discount on securities purchased
is amortized over the life of the respective
securities, in accordance with federal income tax
requirements. 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.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
2. SHARES OF The Fund has authorized an unlimited number of no par
BENEFICIAL INTEREST value shares of beneficial interest of each class.
Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31, 1994(1) YEAR ENDED SEPTEMBER 30, 1993
---------------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,199,652 $18,014,963 3,115,937 $46,722,666
Dividends and distributions
reinvested 351,741 5,455,278 160,105 2,381,702
Redeemed (603,406) (9,146,945) (674,670) (10,171,915)
--------- ----------- --------- -----------
Net increase 947,987 $14,323,296 2,601,372 $38,932,453
--------- ----------- --------- -----------
--------- ----------- --------- -----------
---------------------------------------------------------------------------------------------------------
Class C:
Sold 295,697 $ 4,430,158 -- $ --
Dividends and distributions
reinvested 758 11,798 -- --
Redeemed (3,440) (51,074) -- --
--------- ----------- --------- -----------
Net increase 293,015 $ 4,390,882 -- $ --
--------- ----------- --------- -----------
--------- ----------- --------- -----------
<FN>
1. For the six months ended March 31, 1994 for Class A
shares and for the period from December 1, 1993
(inception of offering) to March 31, 1994 for Class C
shares.
</TABLE>
13 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
3. UNREALIZED GAINS At March 31, 1994, net unrealized depreciation of
AND LOSSES ON investments of $1,746,528 was composed of gross
INVESTMENTS appreciation of $879,727, and gross depreciation of
$2,626,255.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND Management fees paid to the Manager were in accordance
OTHER TRANSACTIONS with the investment advisory agreement with the Fund
WITH AFFILIATES which provides for an annual fee of .50% on the first
$100 million of net assets, .45% on the next
$150 million, .425% on the next $250 million and .40%
on net assets in excess of $500 million. The Manager
has agreed to assume Fund expenses (with specified
exceptions) in excess of the most stringent applicable
regulatory limit on Fund expenses.
The Manager acts as the accounting
agent for the Fund at an annual fee of $12,000, plus
out-of-pocket costs and expenses reasonably incurred.
For the six months ended March 31,
1994, commissions (sales charges paid by investors) on
sales of Class A shares totaled $272,233, of which
$105,596 was retained by Oppenheimer Funds Distributor,
Inc. (OFDI), a subsidiary of the Manager, as general
distributor, and by an affiliated broker/dealer. During
the six months ended March 31, 1994, OFDI received
contingent deferred sales charges of $298 upon
redemption of Class C shares, as reimbursement for
sales commissions advanced by OFDI at the time of sale
of such shares.
Oppenheimer Shareholder Services
(OSS), a division of the Manager, is the transfer and
shareholder servicing agent for the Fund, and for other
registered investment companies. OSS's total costs of
providing such services are allocated ratably to these
companies.
Under separate approved plans, each
class may expend up to .25% of its net assets annually
to reimburse OFDI for costs incurred in connection with
the personal service and maintenance of accounts that
hold shares of the Fund, including amounts paid to
brokers, dealers, banks and other institutions. In
addition, Class C shares are subject to an asset-based
sales charge of .75% of net assets annually, to
reimburse OFDI for sales commissions paid from its own
resources at the time of sale and associated financing
costs. In the event of termination or discontinuance
of the Class C plan, the Board of Trustees may allow
the Fund to continue payment of the asset-based sales
charge to OFDI for distribution expenses incurred on
Class C shares sold prior to termination or
discontinuance of the plan. During the six months ended
March 31, 1994, OFDI paid $7,894 to an affiliated
broker/dealer as reimbursement for Class A personal
service and maintenance expenses and retained $5,527 as
reimbursement for Class C sales commissions and service
fee advances, as well as financing costs.
14 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
OPPENHEIMER INTERMEDIATE TAX-EXEMPT BOND FUND
A Series of Oppenheimer Tax-Exempt Bond Fund
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES James C. Swain, Chairman and Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
Caryn R. Halbrecht, Vice President
Robert E. Patterson, Vice President
George C. Bowen, Vice President, Secretary and
Treasurer
Lynn M. Coluccy, Assistant Treasurer
Robert G. Zack, Assistant Secretary
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
CUSTODIAN OF Citibank, N.A.
PORTFOLIO SECURITIES
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
INDEPENDENT AUDITORS Deloitte & Touche
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
LEGAL COUNSEL Myer, Swanson & Adams, P.C.
The financial statements included herein have been
taken from the records of the Fund without examination
by the independent auditors.
This is a copy of a report to shareholders of
Oppenheimer Intermediate Tax-Exempt Bond Fund. This
report must be preceded or accompanied by a Prospectus
of Oppenheimer Intermediate Tax-Exempt Bond Fund. For
material information concerning the Fund, see the
Prospectus.
15 Oppenheimer Intermediate Tax-Exempt Bond Fund
<PAGE>
Thursday, May, 19, 1994 5:31 pm Page 1
57701 Back Cover B -- Intermediate Tax-Exempt Bond Fund
- - ------------
"How may I help you?"
- - ------------
"Just as OppenheimerFunds offers over 35 different mutual funds designed to help
meet virtually every investment need, Oppenheimer Shareholder Services offers a
variety of services to satisfy your individual needs. Whenever you require help,
we're only a toll-free phone call away.
"For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
"When you want to make account transactions, it's easy for you to redeem
shares, exchange shares, or conduct AccountLink transactions, simply by calling
our Telephone Transactions number.
"And for added convenience, OppenheimerFunds' PhoneLink, an automated voice
response system, is available 24 hours a day, 7 days a week. PhoneLink gives you
access to a variety of fund, account, and market information. You can even make
purchases, exchanges and redemptions using your touch-tone phone. Of course,
PhoneLink will always give you the option to speak with a Customer Service
Representative during the hours shown to the left.
"When you invest in OppenheimerFunds, you know you'll receive a high level
of customer service. The International Customer Service Association knows it,
too, as it awarded Oppenheimer Shareholder Services a 1993 Award of Excellence
for consistently demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
1993 AWARD OF EXCELLENCE LOGO
B&W PHOTO
Barbara Hennigar
Chief Executive Officer
Oppenheimer Shareholder Services
General Information
1-800-525-7048
Talk to a Customer Service Representative.
Monday through Friday from 8:30 a.m. to 8:00 p.m., and Saturday from 10:00 a.m.
to 2:00 p.m. ET.
Telephone Transactions
1-800-852-8457
Make account transactions with a Customer Service Representative. Monday through
Friday from
8:30 a.m. to 8:00 p.m. ET.
PhoneLink
1-800-533-3310
<PAGE>
Thursday, May 19, 1994 5:31 pm Page 2
Get automated information or make automated transactions. 24 hours a day, 7 days
a week.
Telecommunication
Device for the Deaf
1-800-843-4461
Service for the hearing impaired.
Monday through Friday from 8:30 a.m. to 8:00 p.m. ET.
OppenheimerFunds
Information Hotline
1-800-835-3104
Hear timely and insightful messages on the economy and issues that affect your
finances.
24 hours a day, 7 days a week.
RS860.0594.N
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- - ------------
Bulk Rate
U.S. Postage
PAID
Permit No. 469
Denver, CO
- - ------------
