<PAGE>
OPPENHEIMER INSURED TAX-EXEMPT BOND FUND
SEMI-ANNUAL REPORT MARCH 31, 1994
[logo]
"WE NEED TAX-FREE INCOME FROM OUR INVESTMENTS.
"OPPENHEIMER'S INSURED MUNICIPAL BOND FUND HAS GIVEN US THE INCOME WE NEED TO DO
THE THINGS WE ENJOY."
<PAGE>
FUND FACTS
- - --------------------------------------------------------------------------------
FIVE FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER INSURED TAX-EXEMPT BOND FUND
----------------------------------------------------------------------
1 The Fund seeks current income exempt from federal income tax through
investments in insured municipal bonds, which are insured against risk
of default.
----------------------------------------------------------------------
2 During the six-month period ended 3/31/94, the Fund's total return at
net asset value was -5.62% for Class A shares and -5.94% for Class B
shares.(2)
----------------------------------------------------------------------
3 The value of tax-free income has increased under the new higher
federal tax rates. The table shows the taxable equivalent yield needed
to match the Fund's standardized yield for the new top tax brackets.*
<TABLE>
<CAPTION>
Here is the taxable equivalent of the
Fund's yield for an investor in the:
---------------------------------------------------------------------
Fund Yield 31% Federal 36% Federal 39.6% Federal
on 3/31/94 Tax Bracket Tax Bracket Tax Bracket
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A 4.54%(1) 6.58% 7.09% 7.52%
Class B 3.94%(1) 5.71% 6.16% 6.52%
<FN>
* This table assumes that an investor's highest 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 taxes. For investors subject
to alternative minimum tax, a portion of the Fund's distributions may
increase that tax.
</TABLE>
----------------------------------------------------------------------
4 The Fund's average annual total returns for Class A shares for the 1-
and 5-year periods ended 3/31/94 and since inception on 11/11/86 were
-3.39%, 7.34% and 6.46%, respectively.(3)
----------------------------------------------------------------------
5 "The bonds in the Fund's portfolio are insured by a number of
highly-rated, well-financed companies including Municipal Bond
Investors Assurance Corp. (MBIA), American Municipal Bond Assurance
Corp. (AMBAC) and Financial Guarantee Insurance Corp. (FGIC). These
private firms provide assurance against default of payment of interest
and principal by the issuing municipality or government agency."
PORTFOLIO MANAGER ROBERT PATTERSON MARCH 31, 1994
IN THIS REPORT:
ANSWERS TO THREE TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
/ / HOW HAS THE RECENT INCREASE IN INTEREST RATES AFFECTED THE FUND?
/ / WHAT COMPANIES INSURE THE BONDS IN THE FUND'S PORTFOLIO?
/ / WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL BOND MARKET FOR THE REMAINDER OF
1994?
GET THE FACTS ABOUT BONDS AND BOND MUTUAL FUNDS. CALL 1-800-525-7048 FOR YOUR
FREE COPY OF OPPENHEIMERFUNDS "FACTS ABOUT BOND FUNDS" BROCHURE.
1. 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
for Class A shares 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 Class A share from 9/30/93 and
3/31/93 to 3/31/94, without considering sales charges. Total return for Class B
shares from 5/3/93 (inception of class) and held until 3/31/94 was -5.25%. This
reflects the change in value of a hypothetical investment made on 5/3/93 and
held until 3/31/94, after applying the contingent deferred sales charge of 5%.
During a portion of the period(s) 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. Average annual total return is based on a hypothetical investment held until
3/31/94, after deducting the maximum initial sales charge of 4.75% for Class A
shares.
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. The value of the Fund's shares is
not insured.
2 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
REPORT TO SHAREHOLDERS
- - --------------------------------------------------------------------------------
Oppenheimer Insured Tax-Exempt Bond Fund produced a high level of tax-free
income during the six-month period ended March 31, 1994. The Fund's standardized
yield was 4.54% for Class A shares and 3.94% for Class B shares for the 30-day
period ended March 31, 1994.(4)
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
municipal bonds to decline.
In anticipation of changing interest rates, your Fund's managers made
several moves late last year and early in 1994 to make the Fund less sensitive
to interest rate increases. The most important was to concentrate a higher
portion of the Fund's assets in intermediate-term bonds because they are less
sensitive to rate changes. This strategy reduced the impact on the Fund when
rising rates drove down prices more significantly in long-term bonds than in
intermediate-term bonds.
During the past six months, the portfolio continued to enjoy an
attractive yield due to the higher yields on insured bonds compared to uninsured
bonds of the same quality. We continued our strategy of using call protection to
lock in rates on higher-yielding securities in order to maintain income for the
Fund. Call protection prevents issuers from calling or redeeming bonds before
maturity.
The Fund's portfolio is diversified by market sector and by state, and
remains focused on essential service bonds from states with higher taxes and
high demand for tax-free bonds such as New York, Michigan and Pennsylvania.
Essential service bonds are backed by predictable income streams, such as
utility revenues or transportation tolls. New purchases include Austin, Texas
Utility and Suffolk County, New York Southwest Sewer.(6)
Going forward, we believe the market setback was not unusual after the
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.
AFTER-TAX YIELD ADVANTAGE
As of March 31, 1994
<TABLE>
<CAPTION>
BEFORE AFTER
TAXES TAXES*
- - -----------------------------------------------------------------------
<S> <C> <C>
Oppenheimer Insured Tax-Exempt Bond Fund Class A
standardized yield(4) 4.54% 4.54%
- - -----------------------------------------------------------------------
Oppenheimer Insured Tax-Exempt Bond Fund Class B
standardized yield(4) 3.94% 3.94%
- - -----------------------------------------------------------------------
Average money market fund rate(5) 2.30% 1.47%
- - -----------------------------------------------------------------------
Average rate for one-year CDs(5) 3.13% 2.00%
<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>
/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 Insured for Oppenheimer Insured
Tax-Exempt Bond Fund Tax-Exempt Bond Fund
April 25, 1994
4. See footnote 1, page 2.
5. Source of data: BANK RATE MONITOR, 3/31/94. The CD rate is an 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 or by the companies that insure bonds
held in the Fund's portfolio.
6. The Fund's portfolio is subject to change.
3 Oppenheimer Insured 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>
MUNICIPAL BONDS AND NOTES-101.1%
- - ----------------------------------------------------------------------------------------------------------------------------------
ALABAMA-1.4% Pelham, Alabama General Obligation Warrants,
AMBAC Insured, 7.10%, 8/1/15 Aaa/AAA $1,000,000 $1,084,172
- - ----------------------------------------------------------------------------------------------------------------------------------
ALASKA-0.7% Alaska Energy Authority Power Revenue Bonds,
Bradley Lake Hydroelectric Project, Series 2,
MBIA Insured, 7.25%, 7/1/21 Aaa/AAA 500,000 541,747
- - ----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA-13.1% California Public Capital Improvements Financing
Authority Revenue Bonds, Pooled Project, Series B,
BIG Insured, 8.10%, 3/1/18 Aaa/AAA 240,000 260,898
---------------------------------------------------------------------------------------------------------
California State General Obligation Bonds,
FSA Insured, 5.50%, 4/1/19 Aaa/AAA 2,235,000 2,006,223
---------------------------------------------------------------------------------------------------------
California State Public Works Board Lease Revenue
Bonds, Department of Corrections California State
Prison, Series B, MBIA Insured, 5.50%, 12/1/12 Aaa/AAA/A+ 2,400,000 2,235,554
---------------------------------------------------------------------------------------------------------
Los Angeles, California Waste-Water System
Revenue Refunding Bonds, Series A, MBIA Insured,
5.70%, 6/1/20 Aaa/AAA/A+ 1,000,000 922,254
---------------------------------------------------------------------------------------------------------
Los Angeles County, California Metropolitan
Transportation Authority Sales Tax Revenue
Refunding Bonds, Series A, MBIA Insured,
5.625%, 7/1/18 Aaa/AAA/A+ 1,500,000 1,372,172
---------------------------------------------------------------------------------------------------------
Sacramento, California Municipal Utility District
Electric Revenue Refunding Bonds:
Series B, FGIC Insured, 9.73%, 8/15/18(1) Aaa/AAA/AAA 1,000,000 1,016,614
Series D, MBIA Insured, 5.25%, 11/15/20 Aaa/AAA/A- 1,500,000 1,296,110
---------------------------------------------------------------------------------------------------------
San Jose, California Redevelopment Agency Tax
Allocation Bonds, Merged Area Redevelopment
Project, MBIA Insured, 5.25%, 8/1/16 Aaa/AAA/A 1,000,000 879,295
----------
9,989,120
- - ----------------------------------------------------------------------------------------------------------------------------------
COLORADO-2.2% Colorado Health Facilities Authority Revenue Bonds:
PSL Health System Project, Series A, FSA Insured,
7.25%, 2/15/16 Aaa/AAA 500,000 546,720
---------------------------------------------------------------------------------------------------------
Rose Medical Center, Prerefunded, MBIA Insured,
7%, 8/15/21 Aaa/AAA 500,000 561,390
---------------------------------------------------------------------------------------------------------
Poudre Valley, Colorado Hospital District Hospital
Revenue Bonds, AMBAC Insured, 6.625%, 12/1/11 Aaa/AAA 500,000 547,800
----------
1,655,910
- - ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA-0.7% Alachua County, Florida Library District General
Obligation Refunding Bonds, MBIA Insured,
6.25%, 8/1/17 Aaa/AAA 250,000 254,571
---------------------------------------------------------------------------------------------------------
Escambia County, Florida Utilities Authority
Revenue Refunding Bonds, Utility System,
Prerefunded, FGIC Insured, 7.625%, 1/1/07 Aaa/AAA/AAA 250,000 278,058
----------
532,629
- - ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA-1.3% Fulton De Kalb, Georgia Hospital Authority Revenue
Certificates, Prerefunded, Series A, AMBAC
Insured, 7.25%, 1/1/20 Aaa/AAA 900,000 1,008,852
4 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
HAWAII-2.6% Hawaii State Airport System Revenue Refunding
Bonds, Third Series, AMBAC Insured, 5.60%, 7/1/06 Aaa/AAA $2,000,000 $1,975,410
- - ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS-4.6% Cook County, Illinois Community College District
No. 508 Certificates of Participation:
Lease Certificates, Series C, MBIA Insured,
7.70%, 12/1/07 Aaa/AAA 2,500,000 2,905,022
FGIC Insured, 8.75%, 1/1/05 Aaa/AAA/AAA 500,000 622,624
----------
3,527,646
- - ----------------------------------------------------------------------------------------------------------------------------------
INDIANA-6.2% Fort Wayne, Indiana Hospital Authority Revenue
Bonds, Parkview Memorial Hospital Project,
Series A, FGIC Insured, 7.50%, 11/15/11 Aaa/AAA/AAA 250,000 270,736
---------------------------------------------------------------------------------------------------------
Hamilton Southeastern, Indiana Consolidated School
Building Corp. Revenue Refunding Bonds, Fst. Mtg.,
AMBAC Insured, 7%, 7/1/11 Aaa/AAA 500,000 533,941
---------------------------------------------------------------------------------------------------------
Indiana Health Facilities Financing Authority
Hospital Revenue Bonds, Community Hospital
of Indiana, MBIA Insured, 7%, 7/1/21 Aaa/AAA 500,000 535,403
---------------------------------------------------------------------------------------------------------
Indiana State Office Building Revenue Bonds,
Commission Capital Complex, Series B,
MBIA Insured, 7.40%, 7/1/15 Aaa/AAA 2,500,000 2,848,092
---------------------------------------------------------------------------------------------------------
Whitko, Indiana Middle School Building Corp.
Revenue Bonds, Fst. Mtg., AMBAC Insured,
6.75%, 7/15/12 Aaa/AAA 500,000 524,483
----------
4,712,655
- - ----------------------------------------------------------------------------------------------------------------------------------
KANSAS-0.7% Burlington, Kansas Pollution Control Revenue
Refunding Bonds, Kansas Gas and Electric Co.
Project, MBIA Insured, 7%, 6/1/31 Aaa/AAA 500,000 532,555
- - ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS-4.1% Massachusetts State Health and Educational
Facilities Authority Revenue Bonds, Northeastern
University, Series E, 6.55%, 10/1/22 Aaa/AAA 3,000,000 3,094,167
- - ----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN-3.7% Detroit, Michigan Sewage Disposal System Revenue
Refunding Bonds, FGIC Insured, 8.33%, 7/1/23(1) Aaa/AAA/AAA 2,000,000 1,750,028
---------------------------------------------------------------------------------------------------------
Michigan Municipal Board Authority Revenue Bonds,
Local Government, Group 19, AMBAC Insured,
7.50%, 11/1/09 Aaa/AAA 250,000 275,932
---------------------------------------------------------------------------------------------------------
Sault Sainte Marie, Michigan General Obligation
Bonds, AMBAC Insured, 7.50%, 9/1/10 Aaa/AAA 250,000 283,174
---------------------------------------------------------------------------------------------------------
Western Townships, Michigan Utilities Authority
General Obligation Refunding Bonds, Sewerage
Disposal Systems Project, CGIC Insured,
6.50%, 1/1/19 Aaa/AAA 500,000 515,254
----------
2,824,388
- - ----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA-0.7% Nebraska Investment Finance Authority Hospital
Revenue Bonds, Nebraska Methodist Health System,
MBIA Insured, 7%, 3/1/06 Aaa/AAA 500,000 537,818
5 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
NEVADA-4.3% Clark County, Nevada School District General
Obligation Bonds, Series B, MBIA Insured, 6.75%,
3/1/08 Aaa/AAA $2,000,000 $ 2,116,822
---------------------------------------------------------------------------------------------------------
Humboldt County, Nevada Pollution Control
Revenue Bonds, Idaho Power Co. Project,
AMBAC Insured, 8.30%, 12/20/14 Aaa/AAA 1,000,000 1,175,541
----------
3,292,363
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE-0.7% New Hampshire Turnpike System Revenue Refunding
Bonds, Series A, FGIC Insured, 6.75%, 11/1/11 Aaa/AAA/AAA 500,000 539,111
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY-2.3% Bergen County, New Jersey Utilities Authority
Water Pollution Control Revenue Bonds, Series A,
FGIC Insured, 6.50%, 12/15/12 Aaa/AAA/AAA 500,000 517,659
---------------------------------------------------------------------------------------------------------
East Orange, New Jersey General Obligation Bonds,
FSA Insured, 8.40%, 8/1/06 Aaa/AAA 1,000,000 1,216,752
----------
1,734,411
- - ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK-18.3% Dormitory Authority of the State of New York
Revenue Bonds, Manhattan College, Asset Guaranty
Insured, 6.50%, 7/1/19 NR/AA 1,000,000 1,012,551
---------------------------------------------------------------------------------------------------------
New York City Municipal Water Finance Authority:
Revenue Bonds, Water and Sewer System:
Series B, AMBAC Insured, 5.375%, 6/15/19 Aaa/AAA/A 2,805,000 2,487,022
Series C, AMBAC Insured, 6.20%, 6/15/21 Aaa/AAA 1,500,000 1,484,271
Revenue Refunding Bonds, Water and Sewer
System, Series F, AMBAC Insured, 5.50%, 6/15/11 Aaa/AAA/A 2,000,000 1,869,002
---------------------------------------------------------------------------------------------------------
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Mental Health Services
Facilities Improvement Project:
Prerefunded, Series A, MBIA Insured, 7.75%, 8/15/10 Aaa/AAA 625,000 702,111
Prerefunded, Series B, CGIC Insured, 7.875%, 8/15/15 Aaa/AAA 500,000 558,097
---------------------------------------------------------------------------------------------------------
New York State Urban Development Corp. Revenue
Refunding Bonds, Correctional Facilities Capital
Project, Series A, FSA Insured, 5.25%, 1/1/14 Aaa/AAA/A 3,115,000 2,790,090
---------------------------------------------------------------------------------------------------------
Suffolk County, New York Industrial Development
Authority Revenue Bonds, Southwest Sewer System,
FGIC Insured, 6%, 2/1/07 Aaa/AAA/AAA 2,000,000 2,026,622
---------------------------------------------------------------------------------------------------------
Suffolk County, New York Water Authority Revenue
Bonds, Waterworks Project, MBIA Insured, 5%, 6/1/12 Aaa/AAA 1,250,000 1,097,656
----------
14,027,422
- - ----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA-2.4% North Carolina Municipal Power Agency Electric
Revenue Refunding Bonds, No. 1 Catawba, FSA
Insured, 6.20%, 1/1/18 Aaa/AAA 1,800,000 1,811,012
- - ----------------------------------------------------------------------------------------------------------------------------------
OHIO-1.5% Clermont County, Ohio Sewer System Revenue
Bonds, Prerefunded, AMBAC Insured, 7.375%, 12/1/20 Aaa/AAA 250,000 285,307
---------------------------------------------------------------------------------------------------------
Streetsboro, Ohio City School District General
Obligation Bonds, AMBAC Insured, 7.125%, 12/1/10 Aaa/AAA 500,000 561,825
---------------------------------------------------------------------------------------------------------
Toledo, Ohio Sewer System Revenue Refunding
Bonds, Mtg. Program, MBIA Insured, 7.375%, 11/15/10 Aaa/AAA 250,000 274,983
----------
1,122,115
6 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA-3.2% Grove, Oklahoma Municipal Services Authority
Utility and Sales Tax Revenue Bonds, Series 1991,
CGIC Insured, 7%, 2/1/16 Aaa/AAA $1,115,000 $ 1,183,405
---------------------------------------------------------------------------------------------------------
Norman, Oklahoma Regional Hospital Authority
Revenue Bonds, MBIA Insured, 6.90%, 9/1/21 Aaa/AAA 500,000 521,389
---------------------------------------------------------------------------------------------------------
Oklahoma Baptist University Authority Revenue
Bonds, FGIC Insured, 7.10%, 8/1/09 Aaa/AAA/AAA 150,000 161,031
---------------------------------------------------------------------------------------------------------
Tulsa, Oklahoma Airports Improvement Trust
Consolidated General Revenue Bonds,
MBIA Insured, 7.50%, 6/1/08 Aaa/AAA 500,000 543,752
----------
2,409,577
- - ----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA-14.3% Allegheny County, Pennsylvania Hospital
Development Authority Revenue Bonds, Presbyterian
University Hospital, Series A, MBIA Insured,
7.60%, 3/1/08 Aaa/AAA 1,400,000 1,519,197
---------------------------------------------------------------------------------------------------------
Berks County, Pennsylvania General Obligation
Bonds, FGIC Insured, 10.798%, 11/15/20(1) Aaa/AAA 1,000,000 1,121,743
---------------------------------------------------------------------------------------------------------
Butler County, Pennsylvania Hospital Authority
Revenue Bonds, North Hills Passavant Hospital,
Series A, CGIC Insured, 7%, 6/1/22 Aaa/AAA 200,000 214,944
---------------------------------------------------------------------------------------------------------
Northampton County, Pennsylvania Higher Education
Authority Revenue Bonds, Lehigh University
Project, MBIA Insured, 6.90%, 10/15/06 Aaa/AAA 2,000,000 2,179,262
---------------------------------------------------------------------------------------------------------
Pennsylvania Intergovernmental Cooperative
Authority Special Tax Revenue Refunding Bonds,
City of Philadelphia Funding Program, MBIA
Insured, 5.60%, 6/15/16 Aaa/AAA 2,000,000 1,858,400
---------------------------------------------------------------------------------------------------------
Pennsylvania State Higher Education Assistance
Agency Student Loan Residual Interest Revenue
Bonds, Series 1992B, AMBAC Insured, 9.384%, 3/1/22(1) Aaa/AAA 1,250,000 1,273,097
---------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Regional Port Authority
Lease Revenue Bonds, MBIA Insured, 9.20%, 9/1/20(1) Aaa/AAA 1,900,000 2,026,042
---------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania School District
General Obligation Bonds, Series A, MBIA Insured,
5.75%, 7/1/07 Aaa/AAA 500,000 498,116
---------------------------------------------------------------------------------------------------------
Purchase Line, Pennsylvania School District
General Obligation Bonds, Series 1990, MBIA
Insured, 7.30%, 1/15/11 Aaa/AAA 250,000 277,268
----------
10,968,069
- - ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA-1.1% Florence County, South Carolina School District
No. 003 Certificates of Participation, Series B,
CGIC Insured, 7%, 1/1/11 Aaa/AAA 310,000 330,073
---------------------------------------------------------------------------------------------------------
Sumter County, South Carolina School District
No. 017 Certificates of Participation, Series A,
CGIC Insured, 7.125%, 1/1/11 Aaa/AAA 500,000 544,928
----------
875,001
7 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<CAPTION>
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
<S> <C> <C> <C>
- - ----------------------------------------------------------------------------------------------------------------------------------
TEXAS-4.3% Austin, Texas Combined Utility Systems Revenue
Refunding Bonds:
Series A, MBIA Insured, 0%, 11/15/09 Aaa/AAA $3,615,000 $ 1,371,733
Prerefunded, BIG Insured, 8.625%, 11/15/17 Aaa/AAA 250,000 304,207
---------------------------------------------------------------------------------------------------------
Dallas/Fort Worth, Texas Regional Airport Revenue
Bonds, FGIC Insured, 6.50%, 11/1/11 Aaa/AAA/AAA 1,600,000 1,632,534
----------
3,308,474
- - ----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA-1.9% Norfolk, Virginia Water Revenue Bonds, AMBAC
Insured, 5.25%, 11/1/13 Aaa/AAA 1,000,000 887,884
---------------------------------------------------------------------------------------------------------
Roanoke, Virginia Industrial Development Authority
Hospital Revenue Bonds, Roanoke Memorial
Hospital Project-Carilion Health, Prerefunded,
MBIA Insured, 7.25%, 7/1/10 Aaa/AAA 500,000 564,211
----------
1,452,095
- - ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON-1.0% Washington State Public Power Supply System
Revenue Refunding Bonds, Series A, FGIC Insured,
0%, 7/1/09 Aaa/AAA/AAA 2,000,000 794,060
- - ----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA-1.1% West Virginia School Building Authority Revenue
Bonds, Prerefunded, MBIA Insured, 7.25%, 7/1/15 Aaa/AAA 750,000 846,316
- - ----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN-1.4% Wisconsin State Health & Educational Facilities
Authority Revenue Bonds:
Novus Health Group, Series B, MBIA Insured,
6.75%, 12/15/20 Aaa/AAA 500,000 530,248
SSM Healthcare Projects, Prerefunded, Series B,
MBIA Insured, 7%, 6/1/20 Aaa/AAA 500,000 557,059
----------
1,087,307
- - ----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS-1.3% Puerto Rico Commonwealth General Obligation
Refunding Bonds, YCNS, FSA Insured, 8.882%, 7/1/20(1) Aaa/AAA 1,000,000 995,924
----------
Total Municipal Bonds and Notes (Cost $78,295,349) 77,280,326
- - ----------------------------------------------------------------------------------------------------------------------------------
- - ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS-2.6%
- - ----------------------------------------------------------------------------------------------------------------------------------
East Baton Rouge Parish, Louisiana Pollution
Control Revenue Refunding Bonds, Exxon Project,
3.25%(2)(Cost $2,000,000) 2,000,000 2,000,000
- - ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $80,295,349) 103.7% 79,280,326
- - ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (3.7) (2,791,971)
----------- -----------
NET ASSETS 100.0% $76,488,355
----------- -----------
----------- -----------
<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 Insured Tax-Exempt Bond Fund
<PAGE>
---------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES March 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
- - -------------------------------------------------------------------------------
<S> <C> <C>
Assets Investments, at value (cost $80,295,349)-see accompanying statement $79,280,326
-------------------------------------------------------------------------------------
Receivables:
Interest 1,118,905
Investments sold 1,001,385
Shares of beneficial interest sold 753,528
-------------------------------------------------------------------------------------
Other 6,247
----------
Total assets 82,160,391
- - ---------------------------------------------------------------------------------------------------------
Liabilities Bank overdraft 669,691
-------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 4,137,456
Shares of beneficial interest redeemed 563,488
Dividends 216,786
Distribution and service plan fees-Note 4 49,047
Other 35,568
-----------
Total liabilities 5,672,036
- - ---------------------------------------------------------------------------------------------------------
Net Assets $76,488,355
-----------
- - ---------------------------------------------------------------------------------------------------------
Composition of Paid-in capital $77,600,675
Net Assets -------------------------------------------------------------------------------------
Undistributed net investment income 30,646
-------------------------------------------------------------------------------------
Accumulated net realized loss from investment transactions (127,943)
-------------------------------------------------------------------------------------
Net unrealized depreciation on investments-Note 3 (1,015,023)
Net assets $76,488,355
- - ---------------------------------------------------------------------------------------------------------
Net Asset Value Class A Shares:
Per Share Net asset value and redemption price per share (based on
net assets of $66,780,967 and 4,036,464 shares of beneficial
interest outstanding) $16.54
Maximum offering price per share (net asset value plus sales
charge of 4.75% of offering price) $17.36
-------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per
share (based on net assets of $9,707,388 and 586,369 shares
of beneficial interest outstanding) $16.56
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 1994 (Unaudited)
- - ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income Interest $2,248,625
- - ---------------------------------------------------------------------------------------------------------
Expenses Management fees-Note 4 165,635
Distribution and service plan fees:
Class A-Note 4 82,860
Class B-Note 4 36,769
--------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees-Note 4 44,696
--------------------------------------------------------------------------------
Shareholder reports 29,228
--------------------------------------------------------------------------------
Registration and filing fees:
Class A 3,169
Class B 1,880
--------------------------------------------------------------------------------
Legal and auditing fees 1,151
--------------------------------------------------------------------------------
Other 59,628
-----------
Total expenses 425,016
- - ---------------------------------------------------------------------------------------------------------
Net Investment Income 1,823,609
- - ---------------------------------------------------------------------------------------------------------
Realized and Unrealized Net realized loss from investments (36,313)
Loss on Investments
Net change in unrealized appreciation or depreciation on investments (6,370,860)
-----------
Net realized and unrealized loss on investments (6,407,173)
- - ----------------------------------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting From Operations $(4,583,564)
------------
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993
- - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income $ 1,823,609 $ 2,520,182
-----------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments (36,313) 242,996
-----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (6,370,860) 3,653,486
----------- -----------
Net increase (decrease) in net assets resulting from operations (4,583,564) 6,416,664
- - ------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.455 and $.96 per share, respectively) (1,700,786) (2,518,298)
SHAREHOLDERS Class B ($.384 and $.30 per share, respectively) (156,623) (38,890)
------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments:
Class A ($.076 and $.18 per share, respectively) (280,275) (387,637)
Class B ($.076 per share) (29,669) --
- - ------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions--Note 2 10,597,588 25,043,911
-----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B
beneficial interest transactions--Note 2 5,379,441 4,995,749
- - ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 9,226,112 33,511,499
-----------------------------------------------------------------------------------------------------
Beginning of period 67,262,243 33,750,744
----------- -----------
End of period (including undistributed net investment
income of $30,646 and $64,446, respectively) $76,488,355 $67,262,243
----------- -----------
----------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS A CLASS B
------------------------------------------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED
MARCH 31, 1994 SEPTEMBER 30, MARCH 31, 1994 SEPTEMBER 30,
(UNAUDITED) 1993 1992 1991 1990(2) 1989 (UNAUDITED) 1993(1)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $18.06 $16.92 $16.17 $15.16 $15.27 $14.96 $18.07 $17.33
- - ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .44 .93 .96 .92 .98 1.06 .38 .30
Net realized and unrealized
gain (loss) on investments (1.42) 1.35 .73 1.01 (.11) .31 (1.43) .74
------ ------ ------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations (.98) 2.28 1.69 1.93 .87 1.37 (1.05) 1.04
- - ------------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.46) (.96) (.91) (.92) (.98) (1.06) (.38) (.30)
Distributions from net realized
gain on investments (.08) (.18) (.03) -- -- -- (.08) --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (.54) (1.14) (.94) (.92) (.98) (1.06) (.46) (.30)
- - ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $16.54 $18.06 $16.92 $16.17 $15.16 $15.27 $16.56 $18.07
------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------
- - ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) (5.62)% 14.02% 10.74% 13.08% 5.81% 9.37% (5.94)% 6.04%
- - ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $66,781 $62,158 $33,751 $23,791 $16,863 $13,105 $9,707 $5,104
- - ------------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $65,742 $45,949 $27,811 $19,936 $15,145 $11,200 $6,934 $2,298
- - ------------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 4,036 3,442 1,995 1,471 1,113 858 586 282
- - ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.09%(4) 5.40% 5.81% 5.83% 6.43% 6.87% 4.46%(4) 3.99%(4)
Expenses, before voluntary
assumption by the Manager 1.09%(4) 1.18% 1.35% 1.60% 1.62% 2.04% 1.96%(4) 1.96%(4)
Expenses, net of voluntary
assumption by the Manager N/A 1.10% .95% .91% .62% .42% N/A N/A
- - ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 31% 7% 47% 67% 62% 142% 31% 7%
<FN>
1. For the period from May 3, 1993 (inception of offering) to September 30,
1993.
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
$44,321,778 and $22,691,429, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- - --------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Insured Tax-Exempt Bond Fund (the Fund) is
ACCOUNTING POLICIES 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 B shares. Class A shares are
sold with a front-end sales charge. Class B 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. Class B shares will
automatically convert to Class A shares six years after
the date of purchase. The following is a summary of
significant accounting policies consistently
followed by the Fund.
-------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued
at 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 B
shares from net investment income each day the New York
Stock Exchange is open for business and pay such
dividends monthly. Distributions from net realized
gains on investments, if any, will be declared
at least once each year.
-------------------------------------------------------
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.
13 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- - --------------------------------------------------------------------------------
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 YEAR ENDED SEPTEMBER 30, 1993(1)
------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 833,477 $14,776,080 1,716,581 $29,729,902
Dividends and distributions reinvested 84,512 1,503,476 122,875 2,119,692
Redeemed (323,283) (5,681,968) (392,790) (6,805,683)
-------- ----------- --------- -----------
Net increase 594,706 $10,597,588 1,446,666 $25,043,911
-------- ----------- --------- -----------
-------- ----------- --------- -----------
----------------------------------------------------------------------------------------------------------
Class B:
Sold 323,287 $ 5,722,462 281,944 $ 4,987,254
Dividends and distributions reinvested 6,446 113,992 1,056 18,887
Redeemed (25,784) (457,013) (580) (10,392)
-------- ----------- --------- -----------
Net increase 303,949 $ 5,379,441 282,420 $ 4,995,749
-------- ----------- --------- -----------
-------- ----------- --------- -----------
<FN>
1. For the year ended September 30, 1993 for Class A
shares and for the period from May 3, 1993
(inception of offering) to September 30, 1993 for
Class B shares.
</TABLE>
- - --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND At March 31, 1994, net unrealized depreciation of
LOSSES ON INVESTMENTS investments of $1,015,023 was composed of gross
appreciation of $1,804,290, and gross
depreciation of $2,819,313.
- - -------------------------------------------------------------------------------
4. MANAGEMENT FEES Management fees paid to the Manager were in
AND OTHER TRANSACTIONS accordance with the investment advisory agreement
WITH AFFILIATES with the Fund which provides for an annual fee of
.45% on the first $100 million of net assets, .40%
on the next $150 million, .375% on the next $250
million and .35% 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
$246,277, of which $58,467 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 $6,721 upon
redemption of Class B 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 B
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 B 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 B shares
sold prior to termination or discontinuance of the
plan. During the six months ended March 31, 1994,
OFDI paid $2,902 to an affiliated broker/dealer as
reimbursement for Class A personal service and
maintenance expenses and retained $36,769 as
reimbursement for Class B sales commissions and
service fee advances, as well as financing costs.
14 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
-------------------------------------------------------
OPPENHEIMER INSURED 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 Insured Tax-Exempt Bond Fund. This report
must be preceded or accompanied by a Prospectus of
Oppenheimer Insured Tax-Exempt Bond Fund. For
material information concerning the Fund, see the
Prospectus.
15 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
Back Cover A -- Insured 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
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``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.
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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
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``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
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1-800-525-7048
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to 2:00 p.m. ET.
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Make account transactions with a Customer Service Representative. Monday through
Friday from 8:30 a.m. to 8:00 p.m. ET.
PhoneLink
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Get automated information or make automated transactions. 24 hours a day, 7 days
a week.
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Hear timely and insightful messages on the economy and issues that affect your
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RS865.0594.N
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- - ------------
Bulk Rate
U.S. Postage
PAID
Permit No. 469
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- - ------------
