<PAGE>
Oppenheimer Pennsylvania Tax-Exempt Fund
Semiannual Report June 30, 1995
"We want investment INCOME that won't add to our taxes."
[PHOTO]
[OppenheimerFunds Logo]
<PAGE>
This Fund is for people who need INCOME that's EXEMPT from taxes.
NEWS
STANDARDIZED YIELD
For the 30 Days Ended 6/30/95:4
Class A
4.68%
Class B
4.14%
BEAT THE AVERAGE
Total Return for the 1-Year Period Ended 6/30/95:
Oppenheimer Pennsylvania
Tax-Exempt Fund (at net asset value)(2)
8.57%
Lipper Pennsylvania Municipal
Debt Fund Average(5)
7.74%
- --------------------------------------------------------------------------------
HOW YOUR FUND IS MANAGED
- --------------------------------------------------------------------------------
Oppenheimer Pennsylvania Tax-Exempt Fund invests in a diversified portfolio of
Pennsylvania municipal bonds. As a Fund shareholder, you receive income that is
free from federal, Pennsylvania and in some cases, local school district income
taxes.(1) Your dividends don't increase your taxable income the way taxable
investments do, so you can keep more of what you earn.
Pennsylvania Tax-Exempt Fund is managed by an experienced team of municipal
bond specialists who research investments thoroughly before they are included in
the Fund's portfolio.
- --------------------------------------------------------------------------------
PERFORMANCE
- --------------------------------------------------------------------------------
Total return at net asset value for the 6 months ended 6/30/95 was 9.77% for
Class A shares and 9.35% for Class B shares.(2)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1- and 5-year periods ended 6/30/95 and since inception
of the Class on 9/18/89 were 3.42%, 6.41% and 6.50%, respectively. For Class B
shares, average annual total returns for the 1-year period ended 6/30/95 and
since inception of the Class on 5/1/93 were 2.74% and 1.86%, respectively.(3)
- ---------------------------------------------------------------------
OUTLOOK
- ---------------------------------------------------------------------
"We believe the current market is fairly valued. There are still plenty of
positives, along with a good supply and demand relationship. As far as the Fund
is concerned, in the first half of the year, we realized significant
appreciation. For the remainder of the year, we expect a stable market. Relative
to other fixed income securities and against a low inflation backdrop, the
outlook for muni bonds is very good."
Robert Patterson, Portfolio Manager
June 30, 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 will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
1. A portion of the distributions paid by the Fund may be subject to federal and
state income taxes. For investors subject to federal and/or state alternative
minimum tax (AMT), the Fund's distributions may increase this tax. Capital gains
distributions, if any, are taxed as capital gains.
2. Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
3. Class A returns show results of hypothetical investments on 6/30/94, 6/30/90
and 9/18/89 (inception of class), after deducting the current maximum initial
sales charge of 4.75%. Class B returns show results of hypothetical investments
on 6/30/94 and 5/1/93 (inception of class), and the deduction of the applicable
contingent deferred sales charge of 5% (1 year) and 3% (since inception). An
explanation of the different performance calculations is in the Fund's
prospectus.
4. Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 6/30/95, 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.
5. Source: Lipper Analytical Services. The Lipper total return average for the
1-year period was for 52 Pennsylvania municipal debt funds. The average is shown
for comparative purposes only. Oppenheimer Pennsylvania Tax-Exempt Fund is
characterized by Lipper as a Pennsylvania municipal debt fund. Lipper
performance does not take sales charges into consideration.
2 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
DEAR OPPENHEIMERFUNDS SHAREHOLDER,
[Photo]
Donald W. Spiro
President
Oppenheimer Pennsylvania
Tax-Exempt Fund
[PHOTO]
Jon S. Fossel
Chairman and CEO
Oppenheimer Management
Corporation
In contrast to last year, the first half of 1995 has been exceptionally good for
the bond market. Almost all types of bonds have participated in the upswing and,
in many cases, have more than made up for last year's declines in the first half
alone--rewarding investors who were patient through the market's short-term
difficulties. The strength of the current market adds to evidence showing, once
again, that profitable investing calls for a long-term perspective.
The single most important factor behind the rally was a change in the
Federal Reserve's monetary policy. From February 1994 to February 1995, the Fed
raised rates aggressively to preempt possible inflation by slowing the economy
to a more moderate growth rate, thus prolonging the current cycle of economic
growth. As evidence began to mount that indicated the economy was indeed
slowing, the Fed stopped raising rates.
Like most bonds, municipal bonds benefited from the Fed's moves, but they
also gained for a number of other reasons. First, the income municipal or
tax-free bonds pay is currently very attractive compared to the after-tax income
from other fixed income investments. This has made them appealing to investors
whose primary goal is income. In addition, relatively short supply and increased
demand for municipal bonds--particularly in regions with high tax rates--have
supported higher prices.
We believe the municipal bond market is strong today; however, the ongoing
congressional budget talks may have an effect as the year continues. State
governments are under financial pressure as the Federal government moves to
reduce the deficit. Thus, states and municipalities may find that although they
will be in a position of having greater say over how money is spent locally,
they will have less money overall--lowering the ratings of some bonds, thus
decreasing the number of quality issues available. Careful credit analysis will
play an even more important role in selecting investments. The good news is that
your managers have always believed in careful analysis and will continue to
steer the Fund toward promising investment opportunities.
Going forward, your Fund's management team is optimistic, but somewhat more
conser-vative. Municipal bonds have experienced tremendous capital appreciation
during the first half of this year, and your managers want to avoid giving back
gains the Fund has made. Our goal remains to combine the income needs of our
shareholder with a desire to limit risk. Your managers believe the Fund will be
in a strong position to do both for the remainder of the year and in the future.
Your portfolio manager discusses the outlook for your Fund on the following
pages. Thank you for your confidence in OppenheimerFunds, and we look forward to
helping you continue to reach your investment goals in the future.
/s/ Donald W. Spiro /s/ Jon S. Fossel
Donald W. Spiro Jon S. Fossel
July 24, 1995
3 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
Q & A
[PHOTO]
AN INTERVIEW WITH YOUR FUND'S MANAGER.
Q WHAT IS THE OUTLOOK FOR THE MUNICIPAL MARKET?
THE FUND HAS PERFORMED VERY WELL OVER THE LAST 12 MONTHS, AS IT BEAT THE LIPPER
PENNSYLVANIA MUNICIPAL DEBT FUND AVERAGE FOR THE 1-YEAR PERIOD ENDED JUNE 30,
1995. WHAT FACTORS AFFECTED THE MUNICIPAL BOND MARKET SINCE THE LAST REPORT?
Municipal bonds had a strong run since Thanksgiving of last year and
particularly in the first quarter of this year. Toward the end of last year,
interest rates began to decline and the fixed income markets started to rally,
and most bonds participated in the rally. This, in turn, increased demand for
municipal bonds and put pressure on the already short supply. As a result, the
increased demand and short supply pushed prices higher. Thus, municipal bonds
experienced significant capital appreciation over the past six months.
Because we anticipated the rally, the Fund was well positioned, and we were
able to take advantage of the positive market environment.
WHAT CHANGES HAVE YOU MADE AS A RESULT OF THE BOND RALLY?
Most of the changes we made occurred last November, when we began to anticipate
a turnaround.
We've increased our holdings of prerefunded and insured bonds in the
portfolio--these issues were hit hardest in 1994's tough market, so they've
provided the greatest appreciation since the turnaround.
We've also been selling positions in par bonds, which we bought at a
discount and which have now reached par value. Our thinking here is that having
reached par, they may underperform in the future.
In addition, we've recently moved part of the portfolio into Pennsylvania
Housing Finance Agency (HFA) bonds. These are AA-rated bonds that offer a yield
premium over many other top-rated issues.(1)
1. The Fund's portfolio is subject to change.
4 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
FACING PAGE
Top left: Robert Patterson, Portfolio Manager
[PHOTO]
Top right: The trading desk
[PHOTO]
Bottom: Len Darling, Executive VP, Director of Fixed Income Investments, with
Jon Fossel, CEO and Chairman, Oppenheimer Management Corporation
[PHOTO]
THIS PAGE
Right: Robert Patterson
[PHOTO]
Below: Len Darling with Caryn Halbrecht, Tax-Exempt Portfolio Manager
[PHOTO]
A THE LONG-TERM OUTLOOK FOR THE MARKET REMAINS POSITIVE.
WITH A RECORD NUMBER OF BOND CALLS EXPECTED THIS SUMMER, HOW ARE YOU POSITIONING
THE PORTFOLIO TO PROTECT INCOME?
The calls--or built-in opportunities for issuers to buy back bonds prior to
maturity--we expect to see will continue to bolster the favorable supply/demand
characteristics in the muni bond market.
Other than that, we don't expect to feel much effect from the number of
bond calls. We primarily invest in bonds with "call protection," a feature that
allows us to be the ones who decide how long we'll own a bond. We've always
considered call protection an important feature, so the Fund is fairly well
insulated against call risk.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL BOND MARKET?
Favorable economic fundamentals and strong technical factors, namely the
imbalance between supply and demand, continue to create a positive environment
for municipal bonds going forward.
This year, demand for municipal bonds is expected to outstrip supply, which
we believe should continue. While this "positive" for munis has been briefly
offset by concerns from various tax reform proposals, we believe that these
fears are overblown and the long-term outlook for the market remains positive.
WHAT IS YOUR OUTLOOK FOR THE FUND?
We believe the current market is fairly valued. As stated before, there are
still plenty of positives, along with a good supply and demand relationship.
As far as the Fund is concerned, in the first half of the year, we realized
significant appreciation. For the remainder of the year, we expect a stable
market.
Relative to other fixed income securities and against a low inflation
backdrop, the outlook for the Fund is very good. Investors were well compensated
for waiting out last year's market, and we believe the current strength should
persist through 1995 and into next year. / /
5 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS June 30, 1995 (Unaudited)
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES--98.5%
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--93.4% Allegheny County, Pennsylvania Hospital
Development Authority Revenue Bonds, Magee
Women's Hospital, FGIC Insured, 5.375%, 10/1/13 Aaa/AAA/AAA $ 2,000,000 $ 1,886,568
------------------------------------------------------------------------------------------------
Allegheny County, Pennsylvania Hospital
Development Authority Revenue Bonds,
Presbyterian University Hospital, Prerefunded,
Series A, MBIA Insured, 7.60%, 3/1/08 Aaa/AAA 600,000 658,651
------------------------------------------------------------------------------------------------
Berks County, Pennsylvania General Obligation
Bonds, FGIC Insured, Inverse Floater,
8.27%, 11/10/20(1) Aaa/AAA/AAA 1,000,000 1,095,986
------------------------------------------------------------------------------------------------
Blair County, Pennsylvania Hospital Authority
Revenue Bonds, Altoona Hospital Project, AMBAC
Insured, Inverse Floater, 7.721%, 7/1/14(1) Aaa/AAA/AAA 700,000 741,420
------------------------------------------------------------------------------------------------
Bucks County, Pennsylvania Water & Sewer
Authority Revenue Bonds, Neshaminy Interceptor
System, Prerefunded, FGIC Insured,
7.50%, 12/1/13 Aaa/AAA/AAA 1,500,000 1,646,553
------------------------------------------------------------------------------------------------
Dauphin County, Pennsylvania General Authority
Hospital Revenue Bonds, Hapsco-Western
Pennsylvania Hospital Project, Series A-1, MBIA
Insured, 5.50%, 7/1/13 Aaa/AAA 1,000,000 958,139
------------------------------------------------------------------------------------------------
Dauphin County, Pennsylvania Hospital Authority
Revenue Refunding Bonds, Harrisburg Hospital
Project, MBIA Insured, 8.25%, 7/1/14 Aaa/AAA 1,450,000 1,565,024
------------------------------------------------------------------------------------------------
Dauphin County, Pennsylvania Hospital Authority
Revenue Refunding Bonds, Polyclinic Medical
Center Project, MBIA Insured, 5.40%, 8/15/13 Aaa/AAA/NR 2,500,000 2,367,122
------------------------------------------------------------------------------------------------
Delaware County, Pennsylvania Authority
University Revenue Bonds, Villanova University,
MBIA Insured, 6.90%, 8/1/16 Aaa/AAA 1,000,000 1,056,714
------------------------------------------------------------------------------------------------
Delaware County, Pennsylvania Industrial
Development Authority Revenue Refunding Bonds,
Resource Recovery Project,
Series A, 8.10%, 12/1/13 Aa3/A+ 3,200,000 3,370,294
------------------------------------------------------------------------------------------------
Delaware River Joint Toll Bridge Commission
Revenue Bonds, Interstate 78, Prerefunded, FGIC
Insured, 7.80%, 7/1/18 Aaa/AAA/AAA 1,275,000 1,418,455
------------------------------------------------------------------------------------------------
Langhorne Manor Boro, Pennsylvania Higher
Education & Health Authority Revenue Bonds,
Woods Schools Project, Prerefunded,
8.75%, 11/15/14 NR/AAA 1,000,000 1,181,700
------------------------------------------------------------------------------------------------
Lehigh County, Pennsylvania General Purpose
Authority Revenue Bonds, Lehigh Valley Hospital,
Inc., Series A, MBIA Insured, 7%, 7/1/16 Aaa/AAA 1,250,000 1,399,746
------------------------------------------------------------------------------------------------
Northampton County, Pennsylvania Hospital
Authority Revenue Bonds, Easton Hospital,
Series A, MBIA Insured, 6.25%, 1/1/19 Aaa/AAA 1,000,000 1,022,773
------------------------------------------------------------------------------------------------
Northumberland County, Pennsylvania Authority
Commonwealth Lease Revenue Bonds, MBIA
Insured, 6.25%, 10/15/09 Aaa/AAA 2,000,000 2,162,468
------------------------------------------------------------------------------------------------
Pennsylvania Convention Center Authority Revenue
Bonds, Escrowed to Maturity, Series A, FGIC
Insured, 6.70%, 9/1/16 Aaa/AAA/AAA 1,850,000 2,048,890
</TABLE>
6 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Pennsylvania Economic Development Financing
(CONTINUED) Authority Wastewater Treatment Revenue Bonds,
Sun Co., Inc.-R & M Project,
Series A, 7.60%, 12/1/24 Baa1/BBB+ $ 2,000,000 $ 2,120,584
------------------------------------------------------------------------------------------------
Pennsylvania Housing Finance Agency Revenue
Bonds, Single Family Mtg., Series 31C, Inverse
Floater, 9.417%, 10/1/23(1) Aa/AA 1,000,000 1,023,981
------------------------------------------------------------------------------------------------
Pennsylvania Housing Finance Agency Revenue
Bonds, Single Family Mtg.,
Series 36, 5.45%, 10/1/14 Aa/AA 1,000,000 936,520
------------------------------------------------------------------------------------------------
Pennsylvania Housing Finance Agency Revenue
Bonds, Single Family Mtg.,
Series 40, 6.80%, 10/1/15 Aa/AA 2,000,000 2,059,672
------------------------------------------------------------------------------------------------
Pennsylvania Housing Finance Agency Revenue
Bonds, Single Family Mtg.,
Series 44C, 6.65%, 10/1/21 Aa/AA 1,000,000 1,007,160
------------------------------------------------------------------------------------------------
Pennsylvania State General Obligation Refunding
Bonds, First Series, 10%, 4/15/98 A1/AA- /AA- 1,880,000 2,145,531
------------------------------------------------------------------------------------------------
Pennsylvania State Higher Education Assistance
Agency Student Loan Revenue Bonds, AMBAC
Insured, Inverse Floater, 7.905%, 3/1/22(1) Aaa/AAA/AAA 1,250,000 1,149,152
------------------------------------------------------------------------------------------------
Pennsylvania State Higher Educational Facilities
Authority College & University Revenue Bonds,
Hahnemann University Project, MBIA Insured,
7.20%, 7/1/19 Aaa/AAA 1,500,000 1,616,332
------------------------------------------------------------------------------------------------
Pennsylvania State Higher Educational Facilities
Authority College & University Revenue Bonds,
RIDC Regional Growth Fund-Carnegie, 9%, 11/1/09 NR/AA- 1,250,000 1,290,852
------------------------------------------------------------------------------------------------
Pennsylvania State Higher Educational Facilities
Authority College & University Revenue Bonds,
Thomas Jefferson University,
Series A, 6.625%, 8/15/09 Aa/A+ 750,000 805,678
------------------------------------------------------------------------------------------------
Pennsylvania State Industrial Development
Authority Economic Development Revenue Bonds,
Prerefunded, Series A, 7%, 1/1/11 NR/A- /AAA 1,000,000 1,133,096
------------------------------------------------------------------------------------------------
Pennsylvania State Turnpike Commission Turnpike
Revenue Bonds, Prerefunded, Series E, MBIA
Insured, 7.50%, 12/1/09 Aaa/AAA 1,000,000 1,133,673
------------------------------------------------------------------------------------------------
Pennsylvania State Turnpike Commission Turnpike
Revenue Bonds, Prerefunded,
Series K, 7.50%, 12/1/19 Aaa/AAA 2,500,000 2,834,182
------------------------------------------------------------------------------------------------
Pennsylvania State University Revenue Refunding
Bonds, 5.50%, 8/15/16 A1/AA- 1,000,000 945,063
------------------------------------------------------------------------------------------------
Pennsylvania State University Revenue Refunding
Bonds, Series B, 5.50%, 8/15/16 A1/AA- 2,500,000 2,362,657
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Gas Works Revenue
Bonds, 14th Series, 6.375%, 7/1/26 Baa1/BBB/A- 1,800,000 1,768,950
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Gas Works Revenue
Bonds, 15th Series, 5.25%, 8/1/15 Baa1/BBB/A- 1,000,000 865,876
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Hospitals & Higher
Educational Facilities Authority Revenue Bonds,
Albert Einstein Medical Center, 7.625%, 4/1/11 A/BBB+ 3,500,000 3,664,164
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Hospitals & Higher
Educational Facilities Authority Revenue Bonds,
Temple University Hospital,
Series A, 6.625%, 11/15/23 Baa1/A- 3,800,000 3,800,000
</TABLE>
7 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
STATEMENT OF INVESTMENTS (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA Philadelphia, Pennsylvania Municipal Authority
(CONTINUED) Justice Lease Revenue Refunding Bonds, Series A,
FGIC Insured, 5.625%, 11/15/14 Aaa/AAA/AAA $ 3,000,000 $ 2,910,279
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Regional Port
Authority Lease Revenue Bonds, MBIA Insured,
Inverse Floater, 7.995%, 9/1/20(1) Aaa/AAA 2,100,000 2,027,951
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Water & Sewer
Revenue Bonds, Escrowed to Maturity,
Tenth Series, 7.35%, 9/1/04 NR/AAA 245,000 280,121
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Water & Wastewater
Revenue Bonds, FGIC Insured, 10%, 6/15/05 Aaa/AAA/AAA 1,900,000 2,545,337
------------------------------------------------------------------------------------------------
Philadelphia, Pennsylvania Water & Wastewater
Revenue Refunding Bonds, MBIA Insured,
5.75%, 6/15/13 Aaa/AAA 1,000,000 986,758
------------------------------------------------------------------------------------------------
Schuylkill County, Pennsylvania Industrial
Development Authority Resource Recovery Revenue
Refunding Bonds, Schuylkill Energy Resources,
Inc., 6.50%, 1/1/10 NR/NR 2,895,000 2,805,344
------------------------------------------------------------------------------------------------
St. Mary Hospital Authority Langhorne,
Pennsylvania Hospital Revenue Refunding Bonds,
Franciscan Health Project, Series B, BIG
Insured, 7%, 7/1/14 Aaa/AAA 500,000 531,511
------------------------------------------------------------------------------------------------
Washington County, Pennsylvania Municipal
Facility Lease Authority Revenue Bonds,
Prerefunded, AMBAC Insured, 7.45%, 12/15/12 Aaa/AAA/AAA 2,000,000 2,294,124
-----------
71,625,051
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS--5.1% Puerto Rico Commonwealth General Obligation
Bonds, Yield Curve Notes, MBIA Insured,
Inverse Floater, 7.384%, 7/1/08(1) Aaa/AAA 1,000,000 1,019,151
------------------------------------------------------------------------------------------------
Puerto Rico Electric Power Authority Revenue
Refunding Bonds, Series N, 5%, 7/1/12 Baa1/A- 1,000,000 895,311
------------------------------------------------------------------------------------------------
Puerto Rico Housing Bank & Finance Agency
Single Family Mtg. Revenue Bonds, Affordable
Housing Mtg.--Portfolio I, 6.25%, 4/1/29 Aaa/AAA 2,000,000 1,991,390
-----------
3,905,852
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $75,222,895) 98.5% 75,530,903
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.5 1,122,778
------------ -----------
NET ASSETS 100.0% $76,653,681
------------ -----------
------------ -----------
<FN>
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.
Inverse floaters amount to $7,057,641 or 9.2%
of the Fund's net assets, at June 30, 1995.
Distribution of investments by industry, as a
percentage of total investments at value, is
as follows:
</TABLE>
<TABLE>
<CAPTION>
INDUSTRY MARKET VALUE PERCENT
<S> <C> <C>
------------------------------------------------------------------------------------------------
Hospitals $ 18,595,119 24.6%
Utilities 15,164,544 20.1
Education 10,677,452 14.1
Lease/Rental 9,415,760 12.5
Housing 7,018,722 9.3
Transportation 5,995,806 7.9
General Obligation Bonds 4,260,668 5.7
Corporate-Backed Municipals 2,120,584 2.8
Student Loans 1,149,152 1.5
Revenue Bonds 1,133,096 1.5
------------ -------
$ 75,530,903 100.0%
------------ -------
------------ -------
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1995 (Unaudited)
<TABLE>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS Investments, at value (cost $75,222,895)--see accompanying statement $75,530,903
------------------------------------------------------------------------------------------------
Cash 107,178
------------------------------------------------------------------------------------------------
Receivables:
Interest 1,266,392
Shares of beneficial interest sold 238,113
------------------------------------------------------------------------------------------------
Other 6,631
-----------
Total assets 77,149,217
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Payables and other liabilities:
Dividends 245,258
Shares of beneficial interest redeemed 164,875
Trustees' fees 29,731
Distribution and service plan fees--Note 4 28,854
Shareholder communications 13,444
Transfer and shareholder servicing agent fees 1,104
Other 12,270
-----------
Total liabilities 495,536
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $76,653,681
-----------
-----------
- -----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF
NET ASSETS Paid-in capital $77,691,025
------------------------------------------------------------------------------------------------
Overdistributed net investment income (70,199)
------------------------------------------------------------------------------------------------
Accumulated net realized loss from investment transactions (1,275,153)
------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 308,008
-----------
Net assets $76,653,681
-----------
-----------
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE Class A Shares:
Net asset value and redemption price per share (based on net assets of $64,577,719
and 5,411,976 shares of beneficial interest outstanding) $11.93
Maximum offering price per share (net asset value plus sales charge of 4.75% of
offering price) $12.52
------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $12,075,962 and 1,012,133 shares of beneficial interest outstanding) $11.93
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended June 30, 1995 (Unaudited)
<TABLE>
<S> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME Interest $ 2,528,681
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 4 225,042
------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 47,313
Class B--Note 4 49,582
------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 22,442
------------------------------------------------------------------------------------------------
Shareholder reports 21,100
------------------------------------------------------------------------------------------------
Legal and auditing fees 5,575
------------------------------------------------------------------------------------------------
Trustees' fees and expenses 4,256
------------------------------------------------------------------------------------------------
Custodian fees and expenses 2,262
------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 60
Class B 616
------------------------------------------------------------------------------------------------
Other 6,448
-----------
Total expenses 384,696
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 2,143,985
- -----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized loss on investments (236,471)
GAIN (LOSS) ON INVESTMENTS ------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 5,005,853
-----------
Net realized and unrealized gain on investments 4,769,382
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 6,913,367
RESULTING FROM OPERATIONS -----------
-----------
</TABLE>
See accompanying Notes to Financial Statements
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DEC. 31, 1994
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS Net investment income $ 2,143,985 $ 3,907,127
------------------------------------------------------------------------------------------------
Net realized loss on investments (236,471) (1,065,903)
------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on
investments 5,005,853 (8,445,048)
------------ ------------
Net increase (decrease) in net assets resulting from operations 6,913,367 (5,603,824)
- -----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.342 and $.686 per share, respectively) (1,873,009) (3,639,305)
SHAREHOLDERS Class B ($.2973 and $.594 per share, respectively) (278,895) (367,811)
- -----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase (decrease) in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions--Note 2 (376,521) 4,897,535
------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B
beneficial interest transactions--Note 2 1,927,626 4,838,266
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 6,312,568 124,861
------------------------------------------------------------------------------------------------
Beginning of period 70,341,113 70,216,252
------------ ------------
End of period (including overdistributed net investment
income of $70,199 and $62,280, respectively) $ 76,653,681 $ 70,341,113
------------ ------------
------------ ------------
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED DECEMBER 31,
(UNAUDITED) 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.19 $12.85 $12.05 $11.93 $11.43 $11.58
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .34 .67 .69 .76 .74 .81
Net realized and unrealized gain
(loss) on investments .74 (1.64) .85 .17 .53 (.15)
------- ------- ------- ------- ------- -------
Total income (loss) from
investment operations 1.08 (.97) 1.54 .93 1.27 .66
- ---------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.34) (.69) (.70) (.73) (.73) (.81)
Distributions from net realized gain
on investments -- -- (.04) (.08) (.04) --
------- ------- ------- ------- ------- -------
Total dividends and distributions
to shareholders (.34) (.69) (.74) (.81) (.77) (.81)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.93 $11.19 $12.85 $12.05 $11.93 $11.43
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
- ---------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 9.77% (7.68)% 13.12% 8.04% 11.49% 6.00%
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $64,578 $60,857 $64,640 $33,290 $13,791 $8,406
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $64,552 $62,786 $50,974 $21,936 $10,717 $5,170
- ---------------------------------------------------------------------------------------------------------------
Number of shares outstanding
at end of period (in thousands) 5,412 5,440 5,031 2,764 1,156 735
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.83%(3) 5.65% 5.52% 6.36% 6.30% 7.06%
Expenses, before voluntary
assumption by the Manager
or Distributor .91%(3) .98% 1.06% 1.39% 1.29% 1.77%
Expenses, net of voluntary
assumption by the Manager
or Distributor N/A N/A .99% 1.06% N/A .59%
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 16.5% 37.0% 14.6% 29.9% 15.5% 5.3%
<CAPTION>
CLASS B
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED DEC. 31,
(UNAUDITED) 1994 1993(1)
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.19 $12.84 $12.44
- -----------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income 30 .59 .36
Net realized and unrealized gain
(loss) on investments .74 (1.65) .45
------- ------- -------
Total income (loss) from
investment operations 1.04 (1.06) .81
- -----------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.30) (.59) (.37)
Distributions from net realized gain
on investments -- -- (.04)
------- ------- -------
Total dividends and distributions
to shareholders (.30) (.59) (.41)
- -----------------------------------------------------------------------------------
Net asset value, end of period $11.93 $11.19 $12.84
------- ------- -------
------- ------- -------
- -----------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 9.35% (8.32)% 6.67%
- -----------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $12,076 $9,484 $5,576
- -----------------------------------------------------------------------------------
Average net assets (in thousands) $11,111 $7,329 $2,770
- -----------------------------------------------------------------------------------
Number of shares outstanding
at end of period (in thousands) 1,012 848 434
- -----------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.04%(3) 4.88% 4.26%(3)
Expenses, before voluntary
assumption by the Manager
or Distributor 1.78%(3) 1.85% 1.88%(3)
Expenses, net of voluntary
assumption by the Manager
or Distributor 1.68%(3) 1.75% 1.78%(3)
- -----------------------------------------------------------------------------------
Portfolio turnover rate(4) 16.5% 37.0% 14.6%
<FN>
1. For the period from May 1, 1993 (inception
of offering) to December 31, 1993.
2. 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.
3. Annualized.
4. The lesser of purchases or sales of
portfolio securities for a period, divided by
the monthly average of the market value of
portfolio securities owned during the period.
Securities with a maturity or expiration date
at the time of acquisition of one year or less
are excluded from the calculation. Purchases
and sales of investment securities (excluding
short-term securities) for the period ended
June 30, 1995 were $14,144,348 and
$12,220,462, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Pennsylvania Tax-Exempt Fund (the
ACCOUNTING POLICIES Fund) is a separate series of Oppenheimer
Multi-State Tax-Exempt Trust, a non-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.
--------------------------------------------------
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.
--------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted
a nonfunded retirement plan for the Fund's
independent trustees. Benefits are based on years
of service and fees paid to each trustee during
the years of service. During the six months ended
June 30, 1995, a provision of $13,266 was made for
the Fund's projected benefit obligations, and a
payment of $507 was made to a retired trustee,
resulting in an accumulated liability of $27,432
at June 30, 1995.
12 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
- --------------------------------------------------------------------------------
1. SIGNIFICANT DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to
ACCOUNTING POLICIES declare dividends separately for Class A and Class
(CONTINUED) 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.
--------------------------------------------------
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. 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. Realized gains
and losses on investments and unrealized
appreciation and depreciation are determined on an
identified cost basis, which is the same basis
used for federal income tax purposes.
- --------------------------------------------------------------------------------
2. SHARES OF The Fund has authorized an unlimited number of no
BENEFICIAL INTEREST par value shares of beneficial interest of each
class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1995 YEAR ENDED DECEMBER 31, 1994
------------------------------ ----------------------------
SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------
Class A:
Sold 473,606 $ 5,558,623 1,479,731 $ 17,605,222
Dividends reinvested 101,431 1,192,920 200,372 2,359,317
Redeemed (603,456) (7,128,064) (1,270,347) (15,067,004)
--------- ----------- ----------- ------------
Net increase (decrease) (28,419) $ (376,521) 409,756 $ 4,897,535
--------- ----------- ----------- ------------
--------- ----------- ----------- ------------
-------------------------------------------------------------------------------------
Class B:
Sold 197,695 $ 2,328,936 442,928 $ 5,204,609
Dividends reinvested 14,366 169,086 19,685 230,132
Redeemed (47,772) (570,396) (48,897) (596,475)
--------- ----------- ----------- ------------
Net increase 164,289 $ 1,927,626 413,716 $ 4,838,266
--------- ----------- ----------- ------------
--------- ----------- ----------- ------------
</TABLE>
13 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS At June 30, 1995, net unrealized appreciation on
investments of $308,008 was composed of gross
appreciation of $1,198,032 and gross depreciation
of $890,024.
- --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND
OTHER TRANSACTIONS
WITH AFFILIATES Management fees paid to the Manager were in
accordance with the investment advisory agreement
with the Fund which provides for a fee of .60% on
the first $200 million of average annual net
assets, .55% on the next $100 million, .50% on the
next $200 million, .45% on the next $250 million,
.40% on the next $250 million and .35% on net
assets in excess of $1 billion. The Manager has
agreed to assume Fund expenses (with specified
exceptions) in excess of the most stringent
applicable regulatory limit on Fund expenses.
For the six months ended June
30, 1995, commissions (sales charges paid by
investors) on sales of Class A shares totaled
$130,091, of which $37,438 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 $86,221, of which
12,035 was paid to an affiliated broker/dealer.
During the six months ended June 30, 1995, OFDI
received contingent deferred sales charges of
$17,772 upon redemption of Class B 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 .15% of its Class A
and .25% (voluntarily reduced to .15% by the
Fund's Board) of its Class B 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 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 June 30, 1995, OFDI paid $3,857 and $812 to
an affiliated broker/dealer as reimbursement for
Class A and Class B personal service and
maintenance expenses, respectively, and retained
$44,867 as reimbursement for Class B sales
commissions and service fee advances, as well as
financing costs.
- --------------------------------------------------------------------------------
5. SHAREHOLDER MEETING On May 25, 1995, a special shareholder meeting was
held at which the proposed changes in the Fund's
investment policies on investment grade and
unrated bonds were approved (Proposal No. 1), the
proposed changes in policies imposed under prior
law was approved (Proposal No. 2), and the Fund's
amended Class B 12b-1 Distribution and Service
Plan was approved by Class B shareholders
(Proposal No. 3), as described in the Fund's proxy
statement for that meeting. The following is a
report of the votes cast:
<TABLE>
<CAPTION>
NOMINEE/PROPOSAL FOR AGAINST WITHHELD/ABSTAIN BROKER NON-VOTES TOTAL
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
Proposal No. 1 3,217,642.975 291,187.048 177,175.115 60,000 3,686,005.138
Proposal No. 2 3,362,507.726 149,560.312 173,937.100 60,000 3,686,005.138
Proposal No. 3 511,956.560 20,636.294 21,934.200 23,450 554,527.054
</TABLE>
14 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
OPPENHEIMER PENNSYLVANIA TAX-EXEMPT FUND
A Series of Oppenheimer Multi-State Tax-Exempt Trust
- --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Robert E. Patterson, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- --------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- --------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER
SERVICING AGENT Oppenheimer Shareholder Services
- --------------------------------------------------------------------------------
CUSTODIAN OF
PORTFOLIO SECURITIES Citibank, N.A.
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
- --------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
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 Pennsylvania Tax-Exempt Fund. This
report must be preceded or accompanied by a
Prospectus of Oppenheimer Pennsylvania Tax-Exempt
Fund. For material information concerning the
Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any
bank, and are not insured by the FDIC or any other
agency, and involve investment risks, including
possible loss of the principal amount invested.
15 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE>
"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
information. 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, honored the OppenheimerFunds' transfer agent,
Oppenheimer Shareholder Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
[Photo]
Jennifer Leonard, Customer Service Representative
Oppenheimer Shareholder Services
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
RS0740.001.0695 August 31, 1995
- -------------------------------------------------------------------------------
[Logo] OPPENHEIMERFUNDS. ---------------
Oppenheimer Funds Distributor, Inc. Bulk Rate
P.O. Box 5270 U.S. Postage
Denver, CO 80217-5270 PAID
Permit No. 469
Denver, CO
---------------
