- ----------------------------------------
Oppenheimer Insured Tax-Exempt Bond Fund
Semiannual Report March 31, 1995
- ----------------------------------------
"We want an
investment
that won't
add to our
taxes ...
and we need to feel
comfortable."
[LOGO] Oppenheimer Funds(R)
<PAGE>
This Fund is for people who want an investment that's
exempt from taxes and who feel secure
investing in a Fund holding insured bonds.
Yield
- ---------------------------------
Standardized Yield
- ---------------------------------
For the 30 Days Ended 3/31/95:(2)
Class A
- ---------------------------------
4.87%
- ---------------------------------
Class B
- ---------------------------------
4.34%
- ---------------------------------
- --------------------------------------------------------------------------------
How Your Fund Is Managed
- --------------------------------------------------------------------------------
Oppenheimer Insured Tax-Exempt Bond Fund invests primarily in a diversified
portfolio of insured municipal bonds.(1) As a Fund shareholder, you receive
income that is free from federal income taxes. The insured bonds in the Fund's
portfolio are insured by 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.
- --------------------------------------------------------------------------------
Performance
- --------------------------------------------------------------------------------
Total returns at net asset value for the 6 months ended 3/31/95 for Class A and
B shares were 5.32% and 4.92%, respectively.(3)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1- and 5-year periods ended 3/31/95 and since inception
of the Class on 11/11/86 were 0.47%, 6.66% and 6.35%, respectively. For Class B
shares, average annual total returns for the 1-year period ended 3/31/95 and
since inception of the Class on 5/3/93 were -0.37% and 0.30%, respectively.(4)
- --------------------------------------------------------------------------------
Outlook
- --------------------------------------------------------------------------------
"The insured sector of the municipal market continues to offer substantial value
to investors. Insured bonds are delivering attractive returns today, and we
believe that the fundamentals for long-term performance--positive supply and
demand characteristics, improving state economies, and a generally positive
interest rate outlook--are in place."
Robert Patterson and Caryn Halbrecht
Portfolio Managers
March 31, 1995
All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment and principal
value on an investment in the Fund is not insured and will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
1. The payment of interest and principal on such bonds is insured. The value of
the Fund's shares is not insured.
2. Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 3/31/95, divided by the maximum offering price
at the end of the period, compounded semiannually and then annualized. Falling
net asset values will tend to artificially raise yields.
3. Based on the change in net asset value per share from 9/30/94 to 3/31/95,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
4. Class A returns show results of hypothetical investments on 4/1/94, 4/1/90
and 11/11/86 (inception of class), after deducting the current maximum initial
sales charge of 4.75%. Class B returns show results of hypothetical investments
on 4/1/94 and 5/3/93 (inception of class) and the deduction of the applicable
contingent deferred sales charge of 5% (1-year) and 4% (since inception). An
explanation of the different total returns is in the Fund's prospectus. Prior to
4/7/90, the Fund had a different advisor.
2 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
[PHOTOGRAPH]
James C. Swain
Chairman
Oppenheimer Insured
Tax-Exempt Bond Fund
[PHOTOGRAPH]
Jon S. Fossel
President
Oppenheimer Insured
Tax-Exempt Bond Fund
Dear OppenheimerFunds Shareholder,
To see how greatly the municipal market has improved since our last
report--issued in one of the worst years for bonds on record--we need look no
further than the market's reaction to the Federal Reserve's most recent
short-term rate increase in February. While the markets had already anticipated
this move, unlike previous rate increases, long-term interest rates continued to
decline and bonds rallied further. While the Fed could possibly raise rates
again, we believe that this positive environment will likely last throughout
1995--an outlook supported by a number of considerations.
Most important, concerns about the impact of inflation on bond prices are
fading fast. The Fed's actions to fend off inflation seem to have had the
desired effect. By most indicators--commodity prices, consumer spending, housing
starts, and many others--economic growth is slowing to a pace that can be
sustained without reigniting inflation or causing a recession.
That's good news for municipal bondholders, and it gets even better. At
current prices, intermediate and long-term municipal bonds are producing some of
the best real, inflation-adjusted returns in years. With the actual inflation
rate running at about 3 percent today, many tax-free investors are clearly being
rewarded.
These positives are enhanced by another development: a marked shift in the
municipal bond market's supply and demand dynamics. While demand for tax-free
securities appears to be returning to its long-term upward trend, municipal bond
supplies are being constrained. Not only have higher interest rates caused the
volume of new tax-free issues to fall from 1994 levels, the high volume of bond
calls, in which issuers redeem bonds before their scheduled maturities, is
producing municipal bond shortages nationwide. This combination of growing
demand and shrinking supply is providing strong support to municipal bond
prices.
As the Fed concludes its tightening efforts--and recent events suggest that
point is near--long-term interest rates will likely stay within their current
range, and could possibly decline further as the economy slows. Of course, there
is a possibility of rising rates later this year if future economic reports
indicate that the economy isn't slowing as quickly as it seems to be today;
however, we believe that over the longer term, the downward trend of rates will
continue.
Of course, no one can predict the future with perfect clarity, especially
when looking ahead involves forecasting interest rates. The bond markets are
always subject to fluctuations and, as we saw in 1994, the shifts sometimes can
be sharp. Overall, however, we believe the outlook for the bond markets today
appears positive.
On the following pages, your portfolio manager discusses the trends in
place today and the outlook for your Fund in more detail. We appreciate your
confidence in OppenheimerFunds, and will continue to do our best to help you
meet your long-term investment objectives.
/s/ James C. Swain /s/ Jon S. Fossel
James C. Swain Jon S. Fossel
April 24, 1995
3 Oppenheimer Insured Tax-Exempt Fund
<PAGE>
Robert Patterson and
Caryn Halbrecht
Portfolio Managers
Q + A
An interview with your Fund's managers.
A lot happened in the municipal market over the past year. What were the most
important factors affecting the Fund's performance?
Many factors combined to make the past year one of the most challenging that
tax-free investors have seen in decades, but one factor stands out: the Federal
Reserve's efforts to fend off inflation, which drove interest rates up and bond
prices down. The Fed's actions affected all municipal bonds and bond funds, and
this Fund was no exception.
Since November of 1994, the bond market has staged a strong rally, as it
became clear that the Fed's actions were working. With inflation fears largely
out of the way, the general tone of the municipal market is becoming more
positive every day, and recent Fund performance reflects it.
Did you change your investment strategy?
Not in any significant way. Our objective is to provide shareholders with the
most attractive level of tax-free income possible from a portfolio of insured
tax-free bonds. To do that, we keep the Fund's duration--a technical measure of
a portfolio's sensitivity to interest rate changes--slightly longer than those
of many other funds. As a result, the Fund's net asset value declined slightly
more than that of some other funds when interest rates were rising, but we
delivered a very attractive level of tax-free income.
Over time, this longer duration should continue to benefit shareholders, as
investors recognize the fundamental positives--low inflation, reduced supply and
increasing demand--at work in the municipal market today.
Of course, within this strategic framework, we made some adjustments to
position the portfolio somewhat more defensively.
What adjustments did you make?
We reduced the Fund's average maturity slightly, focusing on bonds in the 15 to
20-year maturity range. All other things being equal, the shorter a bond's
maturity, the less sensitive it is to changing interest rates. We also reduced
our exposure to discount coupon bonds and replaced them with more defensive,
higher coupon securities.(1)
What other kinds of bonds are you focusing on today?
We're continuing to find good values in bonds issued by states, such as
Michigan, Oklahoma and South Dakota, especially in the education, housing and
healthcare sectors.
What's your outlook for the insured bond market going forward?
This sector should continue to perform well as individuals and insurance
companies concentrate their municipal bond investments primarily in the 15 to
20-year maturity range. |_|
1. The Fund's portfolio is subject to change.
4 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Statement of Investments (Unaudited)
-----------------------------------------------------------------------------------------------------------
Ratings: Moody's/ Face Market Value
S&P's/Fitch's Amount See Note 1
====================================================================================================================================
Municipal Bonds and Notes--98.4%
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alabama--1.3% Pelham, Alabama General Obligation Warrants,
AMBAC Insured, 7.10%, 8/1/15 Aaa/AAA/AAA $1,000,000 $ 1,120,954
- ------------------------------------------------------------------------------------------------------------------------------------
Alaska--4.6% Alaska Energy Authority Power Revenue Bonds,
Bradley Lake Hydroelectric Project, Series 2, MBIA
Insured, 7.25%, 7/1/21 Aaa/AAA 500,000 532,496
-----------------------------------------------------------------------------------------------------------
North Slope Boro, Alaska General Obligation Revenue
Refunding Bonds, Series G, FSA Insured, 8.35%, 6/30/98 Aaa/AAA/A- 3,000,000 3,297,429
-----------
3,829,925
- ------------------------------------------------------------------------------------------------------------------------------------
California--5.4% California Public Capital Improvements
Financing Authority Revenue Bonds, Pooled
Project, Series B, BIG Insured, 8.10%, 3/1/18 Aaa/AAA 235,000 252,956
-----------------------------------------------------------------------------------------------------------
California Statewide Communities Development
Authority Hospital Revenue Certificates of
Participation, Cedars-Sinai Medical Center,
MBIA-IBC Insured, 6.50%, 8/1/12 Aaa/AAA 1,000,000 1,058,875
-----------------------------------------------------------------------------------------------------------
Northern California Power Agency Public Power
Revenue Refunding Bonds, Hydroelectric
Project No. 1, Prerefunded, Series A, 8%, 7/1/13 NR/AAA 2,000,000 2,121,528
-----------------------------------------------------------------------------------------------------------
Sacramento, California Municipal Electric Utility District
Revenue Refunding Bonds, Series G, MBIA Insured,
6.50%, 9/1/13 Aaa/AAA/A- 1,000,000 1,069,111
-----------
4,502,470
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado--3.4% Colorado Health Facilities Authority Revenue Bonds, PSL
Health System Project, Series A, FSA Insured, 7.25%, 2/15/16 Aaa/AAA 500,000 540,151
-----------------------------------------------------------------------------------------------------------
Colorado Health Facilities Authority Revenue Bonds,
Rose Medical Center, Prerefunded, MBIA Insured, 7%, 8/15/21 Aaa/AAA 500,000 558,058
-----------------------------------------------------------------------------------------------------------
Douglas County, Colorado School District No. RE-1
Douglas and Elbert Counties General Obligation
Improvement Bonds, Series A, MBIA Insured, 8%, 12/15/09 Aaa/AAA 1,000,000 1,218,911
-----------------------------------------------------------------------------------------------------------
Poudre Valley, Colorado Hospital District Revenue
Bonds, Prerefunded, AMBAC Insured, 6.625%, 12/1/11 Aaa/AAA/AAA 500,000 545,730
-----------
2,862,850
- ------------------------------------------------------------------------------------------------------------------------------------
Delaware--2.6% Delaware Transportation System Authority Revenue
Refunding Bonds, 7.75%, 7/1/04 Aaa/AAA 2,000,000 2,197,278
- ------------------------------------------------------------------------------------------------------------------------------------
Florida--1.2% Orange County, Florida Tourist Development Tax Revenue
Refunding Bonds, Series A, MBIA Insured, 5.90%, 10/1/10 Aaa/AAA/A 1,000,000 1,018,339
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia--1.2% Fulton De Kalb, Georgia Hospital Authority Revenue
Certificates, Prerefunded, Series A, AMBAC
Insured, 7.25%, 1/1/20 Aaa/AAA/AAA 900,000 996,399
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois--6.7% Cook County, Illinois Community College
District No. 508 Certificates of Participation, FGIC
Insured, 8.75%, 1/1/05 Aaa/AAA/AAA 500,000 618,308
-----------------------------------------------------------------------------------------------------------
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 2,929,097
-----------------------------------------------------------------------------------------------------------
Illinois Health Facilities Authority Revenue
Bonds, Memorial Medical Center Project, MBIA
Insured, 6.75%, 10/1/11 Aaa/AAA 2,000,000 2,078,088
-----------
5,625,493
</TABLE>
5 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Statement of Investments (Unaudited)(Continued)
-----------------------------------------------------------------------------------------------------------
Ratings: Moody's/ Face Market Value
S&P's/Fitch's Amount See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Indiana--5.1% 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 $ 269,774
-----------------------------------------------------------------------------------------------------------
Hamilton Southeastern, Indiana Consolidated
School Building Corp. Revenue Refunding Bonds,
Fst. Mtg., AMBAC Insured, 7%, 7/1/11 Aaa/AAA/AAA 500,000 536,120
-----------------------------------------------------------------------------------------------------------
Indiana State Office Building Commission
Capital Complex Revenue Bonds, Series B, MBIA
Insured, 7.40%, 7/1/15 Aaa/AAA 2,500,000 2,890,650
-----------------------------------------------------------------------------------------------------------
Whitko, Indiana Middle School Building Corp
Revenue Bonds, Fst. Mtg., AMBAC Insured,
6.75%, 7/15/12 Aaa/AAA/AAA 500,000 521,819
-----------
4,218,363
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts--7.9% Massachusetts State General Obligation Bonds,
FGIC Insured, 7.875%, 6/1/97 Aaa/AAA/AAA 1,500,000 1,591,956
-----------------------------------------------------------------------------------------------------------
Massachusetts State Health & Educational Facilities
Authority Revenue Bonds, Lahey Clinic Medical
Center, Series B, MBIA Insured, 5.625%, 7/1/15 Aaa/AAA 2,000,000 1,911,385
-----------------------------------------------------------------------------------------------------------
Massachusetts State Health & Educational Facilities
Authority Revenue Bonds, Mt. Auburn Hospital
Issue, Series B-1, MBIA Insured, 6.25%, 8/15/14 Aaa/AAA 1,000,000 1,028,614
-----------------------------------------------------------------------------------------------------------
Massachusetts State Housing Finance Revenue
Bonds, Series A, AMBAC Insured, 6.60%, 7/1/14 Aaa/AAA/AAA 2,000,000 2,031,472
-----------
6,563,427
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan--6.0% Detroit, Michigan Sewage Disposal Revenue Bonds,
FGIC Insured, 5.70%, 7/1/23 Aaa/AAA/AAA 4,000,000 3,795,612
-----------------------------------------------------------------------------------------------------------
Lansing, Michigan Sewer Disposal Revenue
Refunding Bonds, FGIC Insured, 5.85%, 5/1/14 Aaa/AAA/AAA 1,000,000 977,481
-----------------------------------------------------------------------------------------------------------
Michigan Municipal Board Authority Revenue
Bonds, Local Government, Group 19, AMBAC
Insured, 7.50%, 11/1/09 Aaa/AAA/AAA 250,000 267,797
-----------
5,040,890
- ------------------------------------------------------------------------------------------------------------------------------------
Nebraska--0.6% Nebraska Investment Finance Authority Hospital
Revenue Bonds, Nebraska Methodist Health
System, MBIA Insured, 7%, 3/1/06 Aaa/AAA 500,000 542,551
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada--3.9% Clark County, Nevada School District General
Obligation Bonds, Series B, MBIA Insured,
6.75%, 3/1/08 Aaa/AAA 2,000,000 2,115,342
-----------------------------------------------------------------------------------------------------------
Humboldt County, Nevada Pollution Control
Revenue Bonds, Idaho Power Co. Project, AMBAC
Insured, 8.30%, 12/20/14 Aaa/AAA/AAA 1,000,000 1,168,539
-----------
3,283,881
- ------------------------------------------------------------------------------------------------------------------------------------
New Hampshire--0.7% New Hampshire Turnpike System Revenue Refunding
Bonds, Series A, FGIC Insured, 6.75%, 11/1/11 Aaa/AAA/AAA 500,000 544,194
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey--3.3% East Orange, New Jersey General Obligation Bonds,
FSA Insured, 8.40%, 8/1/06 Aaa/AAA 1,000,000 1,244,945
-----------------------------------------------------------------------------------------------------------
Union City, New Jersey General Obligation Bonds,
FSA Insured, 6.375%, 11/1/10 Aaa/AAA 1,435,000 1,536,404
-----------
2,781,349
</TABLE>
6 Oppenheimer Insured 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>
New York--9.5% City of New York Municipal Water Finance Authority
Revenue Refunding Bonds, Water & Sewer System
Project, Series F, AMBAC Insured, 5.50%, 6/15/11 Aaa/AAA/AAA $4,000,000 $ 3,874,636
-----------------------------------------------------------------------------------------------------------
New York State Medical Care Facilities Finance
Agency Revenue Bonds, Unrefunded Balance,
MBIA-IBC Insured, 7.75%, 8/15/10 Aaa/AAA 370,000 413,333
-----------------------------------------------------------------------------------------------------------
Niagara Falls, New York General Obligation Public
Improvement Bonds, MBIA Insured, 7.50%, 3/1/12 Aaa/AAA 1,340,000 1,575,349
-----------------------------------------------------------------------------------------------------------
Suffolk County, New York Industrial Development
Authority Revenue Bonds, Southwest Sewer System,
FGIC Insured, 6%, 2/1/07 Aaa/AAA/AAA 2,000,000 2,084,194
-----------
7,947,512
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio--1.9% Maumee, Ohio Hospital Revenue Bonds, St. Luke's
Hospital Project, 5.80%, 12/1/14 Aaa/AAA/AAA 1,000,000 984,930
-----------------------------------------------------------------------------------------------------------
Streetsboro, Ohio City School District General
Obligation Bonds, AMBAC Insured, 7.125%, 12/1/10 Aaa/AAA/AAA 500,000 564,505
-----------
1,549,435
- ------------------------------------------------------------------------------------------------------------------------------------
Oklahoma--7.6% Grove, Oklahoma Municipal Services Authority
Utility & Sales Tax Revenue Bonds, Series 1991,
CGIC Insured, 7%, 2/1/16 Aaa/AAA 1,115,000 1,183,753
-----------------------------------------------------------------------------------------------------------
Oklahoma Baptist University Authority Revenue
Bonds, FGIC Insured, 7.10%, 8/1/09 Aaa/AAA/AAA 150,000 159,406
-----------------------------------------------------------------------------------------------------------
Oklahoma State Industrial Authority Revenue
Bonds, Health Systems-Baptist Center, Series C,
AMBAC Insured, 7%, 8/15/05 Aaa/AAA/AAA 4,000,000 4,435,724
-----------------------------------------------------------------------------------------------------------
Tulsa, Oklahoma Airports Improvement Trust
Consolidated General Revenue Bonds, MBIA
Insured, 7.50%, 6/1/08 Aaa/AAA 500,000 530,693
-----------
6,309,576
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania--6.7% Allegheny County, Pennsylvania Hospital
Development Authority Revenue Bonds,
Presbyterian University Hospital, Prerefunded,
Series A, MBIA Insured, 7.60%, 3/1/08 Aaa/AAA 1,400,000 1,527,405
-----------------------------------------------------------------------------------------------------------
Berks County, Pennsylvania General Obligation
Bonds, FGIC Insured, Inverse Floater,
8.28%, 11/10/20(1) Aaa/AAA/AAA 1,000,000 1,105,657
-----------------------------------------------------------------------------------------------------------
Pennsylvania State Higher Education Assistance
Agency Student Loan Revenue Bonds, AMBAC
Insured, Inverse Floater, 7.975%, 3/1/22(1) Aaa/AAA/AAA 1,250,000 1,143,859
-----------------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Regional Port Authority
Lease Revenue Bonds, MBIA Insured, Inverse
Floater, 8.03%, 9/1/20(1) Aaa/AAA 1,900,000 1,847,159
-----------
5,624,080
</TABLE>
7 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Statement of Investments March 31, 1995 (Unaudited)(Continued)
-----------------------------------------------------------------------------------------------------------
Ratings: Moody's/ Face Market Value
S&P's/Fitch's Amount See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
South Carolina--0.7% Sumter County, South Carolina School District
No. 017 Certificates of Participation, Series A, CGIC
Insured, 7.125%, 1/1/11 Aaa/AAA $ 500,000 $ 543,371
- ------------------------------------------------------------------------------------------------------------------------------------
South Dakota--1.4% South Dakota State Lease Revenue Trust
Certificates, Series B, CGIC Insured, 8%, 9/1/02 Aaa/AAA 1,000,000 1,137,467
- ------------------------------------------------------------------------------------------------------------------------------------
Texas--9.6% Austin, Texas Combined Utility Systems Revenue
Refunding Bonds, Series A, MBIA Insured,
Zero Coupon, 11/15/09 Aaa/AAA 3,615,000 1,549,143
-----------------------------------------------------------------------------------------------------------
Grand Prairie, Texas Health Facilities Revenue
Refunding Bonds, Dallas/Ft. Worth Medical Center
Project, AMBAC Insured, 6.875%, 11/1/10 Aaa/AAA/AAA 1,800,000 1,926,169
-----------------------------------------------------------------------------------------------------------
Houston, Texas Certificates of Participation, Water
Conveyance System Project, Series J, AMBAC
Insured, 6.125%, 12/15/08 Aaa/AAA/AAA 2,345,000 2,455,782
-----------------------------------------------------------------------------------------------------------
Rio Grande Valley Health Facilities Development
Corp. Texas Retirement Facility Revenue Bonds,
Golden Palms, Series B, MBIA Insured, 6.40%, 8/1/12 Aaa/AAA 2,000,000 2,066,434
-----------
7,997,528
- ------------------------------------------------------------------------------------------------------------------------------------
Virginia--0.7% Roanoke, Virginia Industrial Development
Authority Hospital Revenue Bonds, Roanoke
Memorial Hospital Project-Carilion Health,
Prerefunded, MBIA Insured, 7.25%, 7/1/10 Aaa/AAA 500,000 558,801
- ------------------------------------------------------------------------------------------------------------------------------------
Washington--3.4% Tacoma, Washington Electric Systems Revenue
Bonds, AMBAC Insured, 6.514%, 1/2/15 Aaa/AAA/AAA 2,000,000 2,052,998
-----------------------------------------------------------------------------------------------------------
Washington State Public Power Supply System
Revenue Refunding Bonds, Series A, FGIC Insured,
Zero Coupon, 7/1/09 Aaa/AAA/AAA 2,000,000 827,478
-----------
2,880,476
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin--0.7% Wisconsin State Health & Educational Facilities
Authority Revenue Bonds, SSM Healthcare Projects,
Prerefunded, Series B, MBIA Insured, 7%, 6/1/20 Aaa/AAA 500,000 551,296
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Possessions--2.3% Puerto Rico Commonwealth Linked Revenue
Bonds, 5.831%, 7/1/20 Aaa/AAA/AAA 2,000,000 1,930,672
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $81,119,393) 98.4% 82,158,577
- ------------------------------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 1.6 1,359,670
---------- -----------
Net Assets 100.0% $83,518,247
========== ===========
1. Represents the current interest rate for a variable rate bond. Variable rate bonds known as "inverse
floaters" pay interest at a rate that varies inversely with short-term interest rates. As interest rates
rise, inverse floaters produce less current income. Their price may be more volatile than the price of a
comparable fixed-rate security. The multiplier for these inverse floaters is 1. Inverse floaters amount to
$4,096,675 or 4.9% of the Fund's net assets, at March 31, 1995.
See accompanying Notes to Financial Statements.
</TABLE>
8 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1995 (Unaudited)
-----------------------------------------------------------------------------------------------------------
====================================================================================================================================
<S> <C> <C>
Assets Investments, at value (cost $81,119,393)--see accompanying statement $82,158,577
-----------------------------------------------------------------------------------------------------------
Cash 142,197
-----------------------------------------------------------------------------------------------------------
Receivables:
Interest 1,187,066
Shares of beneficial interest sold 730,601
-----------------------------------------------------------------------------------------------------------
Other 5,055
-----------
Total assets 84,223,496
====================================================================================================================================
Liabilities Payables and other liabilities:
Shares of beneficial interest redeemed 362,773
Dividends 253,634
Distribution and service plan fees--Note 4 48,181
Trustees' fees 5,048
Transfer and shareholder servicing agent fees--Note 4 4,658
Other 30,955
-----------
Total liabilities 705,249
====================================================================================================================================
Net Assets $83,518,247
===========
====================================================================================================================================
Composition of Paid-in capital $84,591,082
-----------------------------------------------------------------------------------------------------------
Net Assets Undistributed net investment income 1,771
-----------------------------------------------------------------------------------------------------------
Accumulated net realized loss from investment transactions (2,113,790)
-----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 1,039,184
-----------
Net assets $83,518,247
===========
====================================================================================================================================
Net Asset Value Class A Shares:
Per Share Net asset value and redemption price per share (based on net assets of
$71,590,068 and 4,330,487 shares of beneficial interest outstanding) $16.53
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $17.35
-----------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $11,928,179 and 721,161 shares of beneficial interest outstanding) $16.54
</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, 1995 (Unaudited)
-----------------------------------------------------------------------------------------------------------
====================================================================================================================================
<S> <C> <C>
Investment Income Interest $ 2,567,418
====================================================================================================================================
Expenses Management fees--Note 4 176,339
-----------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 79,928
Class B--Note 4 56,708
-----------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 47,090
-----------------------------------------------------------------------------------------------------------
Shareholder reports 27,274
-----------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 14,723
Class B 2,842
-----------------------------------------------------------------------------------------------------------
Legal and auditing fees 6,230
-----------------------------------------------------------------------------------------------------------
Custodian fees and expenses 2,532
-----------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 1,042
-----------------------------------------------------------------------------------------------------------
Other 14,128
-----------
Total expenses 428,836
====================================================================================================================================
Net Investment Income 2,138,582
====================================================================================================================================
Realized and Unrealized Net realized loss on investments (1,304,329)
Gain (Loss) on -----------------------------------------------------------------------------------------------------------
Investments Net change in unrealized appreciation or depreciation on investments 3,322,576
Net realized and unrealized gain on investments -----------
2,018,247
====================================================================================================================================
Net Increase in Net Assets Resulting From Operations $ 4,156,829
===========
</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
March 31, 1995 Year Ended
(Unaudited) Sept. 30, 1994
====================================================================================================================================
<S> <C> <C> <C>
Operations Net investment income $ 2,138,582 $ 3,906,344
-----------------------------------------------------------------------------------------------------------
Net realized loss on investments (1,304,329) (811,863)
-----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 3,322,576 (7,639,229)
------------ ------------
Net increase (decrease) in net assets resulting from operations 4,156,829 (4,544,748)
====================================================================================================================================
Dividends and Dividends from net investment income:
Distributions to Class A ($.445 and $.862 per share, respectively) (1,881,470) (3,348,993)
Shareholders Class B ($.3854 and $.731 per share, respectively) (275,591) (388,291)
-----------------------------------------------------------------------------------------------------------
Dividends in excess of net investment income:
Class A ($.0282 per share) -- (109,723)
Class B ($.024 per share) -- (12,722)
-----------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments:
Class A ($.0763 per share) -- (279,752)
Class B ($.0763 per share) -- (27,180)
====================================================================================================================================
Beneficial Interest Net increase in net assets resulting from Class A
Transactions beneficial interest transactions--Note 2 2,068,829 13,295,652
-----------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B
beneficial interest transactions--Note 2 86,183 7,516,981
====================================================================================================================================
Net Assets Total increase 4,154,780 12,101,224
-----------------------------------------------------------------------------------------------------------
Beginning of period 79,363,467 67,262,243
------------ ------------
End of period (including undistributed net investment income
of $1,771 and $20,250, respectively) $ 83,518,247 $ 79,363,467
============ ============
</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 Six Months
Ended Ended
March 31, 1995 Year Ended September 30, Mar. 31, 1995 Year Ended Sept. 30,
(Unaudited) 1994 1993 1992 1991 1990(2) (Unaudited) 1994 1993(1)
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning
of period $16.14 $18.06 $16.92 $16.17 $15.16 $15.27 $16.15 $18.07 $17.33
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income .45 .89 .93 .96 .92 .98 .39 .77 .30
Net realized and
unrealized gain
(loss) on investments .39 (1.84) 1.35 .73 1.01 (.11) .39 (1.86) .74
------- ------- ------- ------- ------- ------- ------- ------- ------
Total income (loss) from
investment operations .84 (.95) 2.28 1.69 1.93 .87 .78 (1.09) 1.04
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions
to shareholders:
Dividends from net
investment income (.45) (.86) (.96) (.91) (.92) (.98) (.39) (.73) (.30)
Dividends in excess of net
investment income -- (.03) -- -- -- -- -- (.02) --
Distributions from net
realized gain on investments -- (.08) (.18) (.03) -- -- -- (.08) --
------- ------- ------- ------- ------- ------- ------- ------- ------
Total dividends and
distributions to
shareholders (.45) (.97) (1.14) (.94) (.92) (.98) (.39) (.83) (.30)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $16.53 $16.14 $18.06 $16.92 $16.17 $15.16 $16.54 $16.15 $18.07
======= ======= ======= ======= ======= ======= ======= ======= ======
====================================================================================================================================
Total Return, at Net Asset
Value(3) 5.32% (5.46)% 14.02% 10.74% 13.08% 5.81% 4.92% (6.20)% 6.04%
====================================================================================================================================
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $71,590 $67,793 $62,158 $33,751 $23,791 $16,863 $11,928 $11,571 $5,104
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $67,205 $66,953 $45,949 $27,811 $19,936 $15,145 $11,400 $9,209 $2,298
- -----------------------------------------------------------------------------------------------------------------------------------
Number of shares
outstanding
at end of period
(in thousands) 4,330 4,201 3,442 1,995 1,471 1,113 721 717 282
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average
net assets:
Net investment income 5.57%(4) 5.23% 5.40% 5.81% 5.83% 6.43% 4.79%(4) 4.43% 3.99%(4)
Expenses, before voluntary
assumption by the Manager .98%(4) 1.05% 1.18% 1.35% 1.60% 1.62% 1.75%(4) 1.82% 1.96%(4)
Expenses, net of voluntary
assumption by the Manager N/A N/A 1.10% .95% .91% .62% N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 28% 99% 7% 47% 67% 62% 28% 99% 7%
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. Total returns are not annualized for
periods of less than one full year.
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, 1995 were $21,788,074 and $21,460,608, respectively.
See accompanying Notes to Financial Statements.
</TABLE>
12 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
<S> <C>
-----------------------------------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
-----------------------------------------------------------------------------------------------------------
===================================================================================================================================
1. Significant Oppenheimer Insured Tax-Exempt Bond Fund (the Fund) is a separate series of Oppenheimer Tax-Exempt Bond
Accounting Policies 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 the close of the New York Stock Exchange on each
trading day. Listed and unlisted securities for which such information is regularly reported are valued at
the last sale price of the day or, in the absence of sales, at values based on the closing bid or asked
price or the last sale price on the prior trading day. Long-term and short-term "non-money market" debt
securities are valued by a portfolio pricing service approved by the Board of Trustees. Such securities
which cannot be valued by the approved portfolio pricing service are valued using dealer-supplied
valuations provided the Manager is satisfied that the firm rendering the quotes is reliable and that the
quotes reflect current market value, or under consistently applied procedures established by the Board of
Trustees to determine fair value in good faith. Short-term "money market type" debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined market value) adjusted for
amortization to maturity of any premium or discount. Forward contracts are valued based on the closing
prices of the forward currency contract rates in the London foreign exchange markets on a daily basis as
provided by a reliable bank or dealer. Options are valued based upon the last sale price on the principal
exchange on which the option is traded or, in the absence of any transactions that day, the value is based
upon the last sale price on the prior trading date if it is within the spread between the closing bid and
asked prices. If the last sale price is outside the spread, the closing bid or asked price closest to the
last reported sale price is used.
-----------------------------------------------------------------------------------------------------------
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 Taxes. The Fund intends to continue to comply with provisions of the Internal Revenue Code
applicable to regulated investment companies and to distribute all of its taxable income, including any
net realized gain on investments not offset by loss carryovers, to shareholders. Therefore, no federal
income or excise tax provision is required.
-----------------------------------------------------------------------------------------------------------
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.
-----------------------------------------------------------------------------------------------------------
Classification of Distributions to Shareholders. Net investment income (loss) and net realized gain (loss)
may differ for financial statement and tax purposes primarily because of premium amortization. The
character of the distributions made during the year from net investment income or net realized gains may
differ from their ultimate characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the
income or realized gain (loss) was recorded by the Fund. Effective October 1, 1993, the Fund adopted
Statement of Position 93-2: Determination, Disclosure, and Financial Statement Presentation of Income,
Capital Gain, and Return of Capital Distributions by Investment Companies. As a result, the Fund changed
the classification of distributions to shareholders to better disclose the differences between financial
statement amounts and distributions determined in accordance with income tax regulations.
</TABLE>
13 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
-----------------------------------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
-----------------------------------------------------------------------------------------------------------
====================================================================================================================================
<S> <C>
1. Significant Other. Investment transactions are accounted for on the date the investments are purchased or sold (trade
Accounting Policies date). Realized gains and losses on investments and unrealized appreciation and depreciation are
(continued) determined on an identified cost basis, which is the same basis used for federal income tax purposes.
Original issue discount on securities purchased is amortized over the life of the respective securities,
in accordance with federal income tax requirements. For bonds acquired after April 30, 1993, accrued
market discount is recognized at maturity or disposition as taxable ordinary income. Taxable ordinary
income is realized to the extent of the lesser of gain or accrued market discount.
====================================================================================================================================
2. Shares of Beneficial The Fund has authorized an unlimited number of no par value shares of beneficial interest of each class.
Interest Transactions in shares of beneficial interest were as follows:
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended March 31, 1995 Year Ended September 30, 1994
------------------------------- -----------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 524,775 $ 8,337,682 1,358,474 $ 23,400,749
Dividends and distributions reinvested 87,153 1,380,838 164,884 2,823,809
Redeemed (482,609) (7,649,691 (763,948) (12,928,906)
-------- ------------ --------- ------------
Net increase 129,319 $ 2,068,829 759,410 $ 13,295,652
======== ============ ========= ============
-----------------------------------------------------------------------------------------------------------
Class B
Sold 102,931 $ 1,645,138 503,586 $ 8,682,918
Dividends and distributions reinvested 11,179 177,172 15,806 267,832
Redeemed (109,587) (1,736,127) (85,174) (1,433,769)
-------- ------------ --------- ------------
Net increase 4,523 $ 86,183 434,218 $ 7,516,981
======== ============ ========= ============
</TABLE>
<TABLE>
<S> <C>
====================================================================================================================================
3. Unrealized Gains At March 31, 1995, net unrealized appreciation on investments of $1,039,184 was composed of gross
and Losses on appreciation of $2,482,872, and gross depreciation of $1,443,688.
Investments
====================================================================================================================================
4. Management Fees and Management fees paid to the Manager were in accordance with the investment advisory agreement with the
Other Transactions Fund which provides for an annual fee of .45% on the first $100 million of net assets, .40% on the next
With Affiliates $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 state
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, 1995, commissions (sales charges paid by investors)
on sales of Class A shares totaled $59,485, of which $15,078 was retained by Oppenheimer Funds Distributor,
Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class B shares totaled $47,260, of which
$13,379 was paid to an affiliated broker/dealer. During the six months ended March 31, 1995, OFDI received
contingent deferred sales charges of $14,983 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, 1995, OFDI paid $3,139 and $291, respectively, to an affiliated broker/dealer as
reimbursement for Class A and Class B personal service and maintenance expenses and retained $49,830 as
reimbursement for Class B sales commissions and service fee advances, as well as financing costs.
</TABLE>
14 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
<TABLE>
-----------------------------------------------------------------------------------------------------------
Oppenheimer Insured Tax-Exempt Bond Fund
-----------------------------------------------------------------------------------------------------------
A Series of Oppenheimer Tax-Exempt Bond Fund
====================================================================================================================================
<S> <C>
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
Robert J. Bishop, Assistant Treasurer
Scott Farrar, 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 LLP
====================================================================================================================================
Legal Counsel Myer, Swanson, Adams & Wolf, 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.
</TABLE>
15 Oppenheimer Insured Tax-Exempt Bond Fund
<PAGE>
Information
General Information
Monday-Friday 8:30 a.m.-8 p.m. ET
Saturday 10 a.m.-2 p.m. ET
- -------------------------------------
1-800-525-7048
- -------------------------------------
Telephone Transactions
Monday-Friday 8:30 a.m.-8 p.m. ET
- -------------------------------------
1-800-852-8457
- -------------------------------------
PhoneLink
24 hours a day, automated
information and transactions
- -------------------------------------
1-800-533-3310
- -------------------------------------
Telecommunications Device
for the Deaf (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
- -------------------------------------
1-800-843-4461
- -------------------------------------
OppenheimerFunds
Information Hotline
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
- -------------------------------------
1-800-835-3104
- -------------------------------------
RS0865.001.0595 May 31, 1995
[PHOTOGRAPH]
Jennifer Leonard, Customer Service Representative
Oppenheimer Shareholder Services
"How may I help you?"
As an OppenheimerFunds shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your OppenheimerFunds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
informa-tion. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, hon-ored the OppenheimerFunds' transfer agent,
Oppenheimer Shareholder Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
- --------------------------------------------------------------------------------
[LOGO] Oppenheimer Funds(R) ---------------
Oppenheimer Funds Distributor, Inc. Bulk Rate
P.O. Box 5270 U.S. Postage
Denver, CO 80217-5270 PAID
Permit No. 469
Denver,CO
---------------
