<PAGE> 1
OPPENHEIMER PENNSYLVANIA TAX-EXEMPT FUND
Annual Report December 31, 1994
[FIGURE NUMBER 1]
Photo of couple hiking
"We need
more
income,
not more
taxes."
[LOGO]
<PAGE> 2
This Fund is for people who want to earn income that's exempt from taxes.
YIELD
STANDARDIZED YIELD
For the 30 Days Ended 12/31/94:4
Class A
5.58%
Class B
5.10%
HOW YOUR FUND IS MANAGED
Oppenheimer Pennsylvania Tax-Exempt Fund invests in a diversified portfolio of
investment grade Pennsylvania tax-free 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.
Your Fund invests in investment grade municipal bonds and notes listed
within the four highest rating categories by Moody's, Standard & Poor's or
Fitch's.
PERFORMANCE
Total return at net asset value for the 12 months ended 12/31/94 was -7.68% for
Class A shares and -8.32% for Class B shares(2).
The financial markets had a difficult year and, like many mutual funds,
your Fund felt the effects. While difficult years are hard to accept, they're an
inevitable part of investing. That's why keeping a long-term perspective is
crucial to getting the most from your investment.
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1- and 5-year periods ended 12/31/94 and since inception
of the Class on 9/18/89 were -12.06%, 4.90% and 5.26%, respectively. For Class B
shares, average annual total returns for the 1-year period ended 12/31/94 and
since inception of the Class on 5/1/93 were -12.68% and -3.52%, respectively(3).
OUTLOOK
"In line with our primary objective--providing an above-average level of
tax-free income from an investment quality portfolio of Pennsylvania municipal
bonds--we keep the duration of the Fund's portfolio somewhat longer than that of
most other funds. This hampered our short-term performance, but we believe that,
in the long run, shareholders will benefit significantly when interest rates
stabilize and the Pennsylvania municipal market's positive fun-damentals
emerge."
Robert Patterson, Portfolio Manager
December 31, 1994
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 from 12/31/93 to 12/31/94,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
3. Average annual total returns are based on a hypothetical investment held
until 12/31/94, after deducting the current maximum initial sales charge of
4.75% for Class A shares. Total return for Class B shares was based on a
hypothetical investment held for that period, after deducting the contingent
deferred sales charge of 5% (1 year) and 4% (since inception) for Class B
shares.
4. Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 12/31/94, divided by the maximum offering
price at the end of the period, compounded semi-annually and then annualized.
Falling net asset values will tend to artificially raise yields. 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.
2 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 3
Dear OppenheimerFunds Shareholder,
The past year was marked by one of the greatest tests of the municipal bond
market in more than six decades. In 1994, the Federal Reserve undertook one of
the most aggressive inflation-fighting efforts in its history, raising interest
rates six times and driving bond prices down across the board. Then, in early
December as the market started to stabilize, Orange County, California,
defaulted on a $100 million bond issue, for reasons not related to the bonds
themselves, but rather to the aggressive use of derivatives (investments whose
value is derived from another security, currency, commodity or index) in
managing the county's portfolio. Although Orange County's problems didn't affect
OppenheimerFunds tax-free portfolios significantly, at year end, many investors
were left wondering what the future holds not only for interest rates, but for
the municipal market itself.
Looking at Orange County, there is no question that their problems have
added temporarily to the uncertainties surrounding the tax-free market. In the
near term, investors' heightened sense of caution may push new-issue prices
modestly lower and new-issue yields somewhat higher. In the longer term,
however, we expect developments in Orange County are likely to help rather than
hurt the market. The municipal bond market has always been one of the most
conservative places to invest, and with the increased attention paid to risks of
all types, we expect it to become less risky.
As for the Fed's actions to raise interest rates, changing interest rates
and fluctuating bond prices are facts of life affecting all bond markets, and
it's a bond market basic principle that when interest rates rise, bond prices
generally decline. That is why we believe the best measure for any fixed income
investment is its performance over the long term. And we believe the long-term
outlook for the municipal market is excellent, which is supported by several
considerations.
First, the Fed's attempt to fend off possible future inflation, while
temporarily disconcerting, is beginning to have its desired effect. The economy
is starting to slow, and although short-term rates may move up modestly from
their present levels, long-term interest rates should stabilize in their current
range. Long-term rates may even begin to decline as overblown concerns about
inflation abate.
Those concerns are, in fact, already fading. The inflation rate--as
measured by the Consumer Price Index--continues to run at less than 3% a year,
and there's nothing on the horizon to suggest to us that it will increase
substantially anytime soon. As a result, municipal bonds today offer some of the
highest real, inflation-adjusted returns we have seen in years. In addition,
while the economy is showing some signs of slowing, it is still growing at a
solid pace. As a result, the financial strength of many municipal issuers
continues to improve, again providing solid support for municipal bond prices.
Finally, the market's supply and demand characteristics are strong. The
supply of new municipal bonds currently is running some 40% below last year's
pace, while we expect demand for tax-free bonds is likely to increase
substantially over the next few months, helped by more stable bond markets and
rising investor demand to ease their tax burdens.
Together, these factors suggest to us that 1995 will be rewarding for
municipal investors. Your portfolio manager discusses the outlook for your Fund
on the following pages. We appreciate your confidence and we look forward to
continue helping you reach your investment goals.
Donald W. Spiro Jon S. Fossel
- ---------------- -------------
Donald W. Spiro Jon S. Fossel
January 23, 1995
[FIGURE NUMBER 2]
Photo of Donald W. Spiro
Donald W. Spiro
President
Oppenheimer
Pennsylvania
Tax-Exempt Fund
[FIGURE NUMBER 3]
Photo of Jon S. Fossel
Jon S. Fossel
Chairman and CEO
Oppenheimer
Management
Corporation
3 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 4
Q + A
[FIGURE NUMBER 4]
Photo of Robert Patterson
[FIGURE NUMBER 5]
Photo of person at trading desk
Q What is your view of Pennsylvania's economy?
An interview with your Fund's manager.
A LOT HAPPENED IN THE PENNSYLVANIA MUNICIPAL MARKET OVER THE PAST YEAR. WHAT
WERE THE MOST IMPORTANT FACTORS AFFECTING THE FUND'S PERFORMANCE?
Many factors combined to make 1994 one of the most challenging years tax-free
investors have seen in decades, but one stands out: the Federal Reserve's effort
to fend off inflation by raising interest rates, which drove interest up and
bond prices down. The Fed's actions affected virtually all municipal bonds and
bond funds, and this Fund was no exception.
DID THOSE DEVELOPMENTS CAUSE YOU TO CHANGE YOUR INVESTMENT STRATEGY?
In seeking to provide an attractive level of tax-free income, our investment
strategy remains the same--to keep the Fund's duration, a technical measure of a
bond 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 more
than some other funds, but we delivered an attractive level of tax-free income.
And we believe the Fund will benefit from this longer duration as investors
recognize the fundamental positives that should drive the Pennsylvania municipal
market in the future. Of course, within this strategy we made some adjustments
to the portfolio to position it more defensively.
WHAT PORTFOLIO ADJUSTMENTS DID
YOU MAKE?
We reduced the Fund's average maturity somewhat, focusing on bonds in the 15- to
20-year maturity range. All other things being equal, bonds with these shorter
maturities are less sensitive to changing interest rates than longer-maturity
bonds. We also reduced our exposures to municipal utility issues. We also
focused more attention on insured and pre-refunded issues, which today
[FIGURE NUMBER 6]
Photo of Len Darling and Jon Fossel
4 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 5
make up a significant portion of the portfolio(1).
WHAT ARE PREREFUNDED BONDS AND WHAT MAKES THEM SO ATTRACTIVE?
Prerefunded bonds are municipal bonds that, as their name implies, have been
refinanced by the issuer ahead of their scheduled call or maturity dates by
bonds with a lower interest rate. What makes prerefunded bonds so attractive is
their income streams and credit quality.
When a bond is refunded in advance of what would be its "normal"
retirement date, part of the proceeds of the new issue are used to buy U.S.
Treasury securities sufficient to pay off the holders of the orig-inal bond
issue in full. These government securities are placed in an escrow account, and
the refunded issue automatically has the same low risk of default as a triple-A
rated security. As a result, we earn above-market yields on refunded issues
until they are retired, and benefit from the highest credit quality.
WHAT OTHER KINDS OF BONDS ARE YOU FOCUSING ON TODAY?
We're continuing to find good values in the Pennsylvania housing sector, as well
as in the transportation and education sectors. The state's economy also
continues to strengthen--a fact reflected in Philadelphia's recent upgrade--and
if that trend continues we may be-come more interested in general obligation
issues, which we tended to avoid during the recession.
SOME ANALYSTS ARE PREDICTING THAT A RECORD AMOUNT OF MUNICIPAL BONDS WILL BE
CALLED IN 1995. HOW ARE YOU MANAGING CALLS?
Bond calls, which allow issuers to redeem bonds before their scheduled maturity
and replace them with lower-yielding issues--are a fact of life in the municipal
bond market. Because interest rates are cur-rently much lower than they were in
the mid-1980s when many of the municipal bonds outstanding today were issued,
it's fully possible that some of the bonds in the Fund's port-folio will be
called.
We manage that by stay-ing on top of the portfolio at all times, trying to
anticipate calls and seeking to buy bonds that offer both attractive yields and
significant call protection. Virtually no municipal bond fund can avoid calls
entirely. The key is to take a forward-looking view and manage them
intelligently.
WHAT'S YOUR OUTLOOK FOR THE PENNSYLVANIA MARKET GOING FORWARD?
Our long-term outlook is very constructive. The positives at work on the
national level--low inflation, reduced municipal bond supply, and rising demand
for tax-free securities driven by rising tax burdens--are, if anything, even
stronger here.
The Pennsylvania economy has recovered from the recession very well; its
finances, and those of the state's major cities, are in good shape, while the
supply of Pennsylvania state paper is limited. This com-bination of reduced
supply and mounting demand should pro-vide support for Pennsylvania municipal
bond prices. -
1. The Fund's portfolio is subject to change.
FACING PAGE
Top left: Robert Patterson,
Portfolio Manager
Top right: The trading desk
Bottom: Len Darling, Executive VP,
Director of Fixed Income
Investments, with Jon Fossel,
CEO and Chairman, Oppenheimer
Management Corporation
THIS PAGE
Robert Patterson
A The state's economy has recovered from the recession very well; its finances
are in good shape.
[FIGURE NUMBER 7]
Photo of Robert Patterson
5 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1994
<TABLE>
<CAPTION>
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
----------------- ------ ------------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES--97.9%
PENNSYLVANIA--95.5% 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 $1,706,742
Allegheny County, Pennsylvania Hospital Development
Authority Revenue Bonds, Presbyterian University Hospital,
Prerefunded, Series A, MBIA Insured, 7.60%, 3/1/08 Aaa/AAA 600,000 646,047
Berks County, Pennsylvania General Obligation Bonds,
FGIC Insured, 8.425%, 11/15/20(1) Aaa/AAA/AAA 1,000,000 1,078,526
Berks County, Pennsylvania Municipal Authority Hospital
Revenue Bonds, Reading Hospital Medical Center Project,
MBIA Insured, 5.70%, 10/1/14 Aaa/AAA/AAA 1,250,000 1,110,293
Blair County, Pennsylvania Hospital Authority Revenue
Bonds, Altoona Hospital Project, AMBAC Insured,
5.523%, 7/1/14(1) Aaa/AAA/AAA 700,000 664,855
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 1,000,000 863,353
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 2,166,425
Delaware County, Pennsylvania Authority Revenue Bonds,
Villanova University, MBIA Insured, 6.90%, 8/1/16 Aaa/AAA 1,000,000 1,010,429
Delaware County, Pennsylvania Industrial Development
Authority Revenue Refunding Bonds, Resource Recovery
Project, Series A, 8.10%, 12/1/13 Aa3/A+ 2,630,000 2,789,157
Delaware River Joint Toll Bridge Commission Pennsylvania
Bridge Revenue Bonds, Interstate 78, Prerefunded,
FGIC Insured, 7.80%, 7/1/18 Aaa/AAA/AAA 1,450,000 1,578,444
Langhorne Manor Boro, Pennsylvania Higher Education
& Health Authority Revenue Bonds, Woods Schools
Project, Prerefunded, 8.75%, 11/15/14 NR/AAA 1,000,000 1,147,480
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 1,290,951
Northampton County, Pennsylvania Hospital Authority
Revenue Bonds, Easton Hospital, Series A, MBIA Insured,
6.25%, 1/1/19 Aaa/AAA 1,000,000 939,850
Northcumberland County, Pennsylvania Commonwealth
Lease Authority Revenue Bonds, MBIA Insured,
6.25%, 10/15/09 Aaa/AAA 2,000,000 2,048,592
Pennsylvania Convention Center Authority Revenue Bonds,
Escrowed to Maturity, Series A, FGIC Insured, 6.70%, 9/1/16 Aaa/AAA/AAA 1,850,000 1,835,159
Pennsylvania Economic Development Financing
Authority Wastewater Treatment Revenue Bonds,
Sun Co., Inc.--R & M Project, Series A, 7.60%, 12/1/24 Baa1/BBB+ 2,000,000 2,009,244
Pennsylvania Housing Finance Agency Revenue Bonds,
Single Family Mtg., Series 31C, 9.315%, 10/1/23(1) Aa/AA 1,000,000 956,234
Pennsylvania Housing Finance Agency Revenue Bonds,
Single Family Mtg., Series 36, 5.45%, 10/1/14 Aa/AA 1,000,000 848,580
</TABLE>
6 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 7
<TABLE>
<CAPTION>
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
---------------- ------ ------------
<S> <C> <C> <C>
PENNSYLVANIA Pennsylvania Housing Finance Agency Revenue Bonds,
(CONTINUED) Single Family Mtg., Series 40, 6.80%, 10/1/15 Aa/AA $2,000,000 $1,973,482
Pennsylvania Housing Finance Agency Revenue
Refunding Bonds, Rental Housing, 5.80%, 7/1/18 Aaa/AAA 2,000,000 1,762,722
Pennsylvania Housing Finance Agency Revenue
Refunding Bonds, Rental Housing, 6.40%, 7/1/12 Aaa/AAA 1,500,000 1,455,525
Pennsylvania Intergovernmental Cooperative Authority
Special Tax Revenue Bonds, City of Philadelphia Funding
Program, MBIA Insured, 5.60%, 6/15/15 Aaa/AAA/BBB+ 1,500,000 1,319,146
Pennsylvania Intergovernmental Cooperative Authority
Special Tax Revenue Refunding Bonds, City of Philadelphia
Funding Program, MBIA Insured, 5.60%, 6/15/16 Aaa/AAA 1,000,000 876,731
Pennsylvania State General Obligation Refunding Bonds,
Fst. Series, 10%, 4/15/98 A1/AA--/AA-- 1,880,000 2,144,631
Pennsylvania State Higher Education Assistance Agency
Student Loan Revenue Bonds, Series B, AMBAC Insured,
7.316%, 3/1/22(1) Aaa/AAA/AAA 1,250,000 957,575
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 1,542,981
Pennsylvania State Higher Educational Facilities Authority
College & University Revenue Bonds, RIDC Regional
Growth Fund--Carnegie, 9%, 11/1/09 NR/A+ 1,250,000 1,308,581
Pennsylvania State Higher Educational Facilities Authority
College & University Revenue Bonds, Thomas Jefferson
University, Series A, 6.625%, 8/15/09 Aa/A+ 750,000 756,824
Pennsylvania State Higher Educational Facilities
Authority Health Services Revenue Bonds, University of
Pennsylvania, Series A, 6%, 1/1/10 Aa/AA-- 2,000,000 1,897,742
Pennsylvania State Industrial Development Authority
Economic Development Revenue Bonds, Prerefunded,
Series A, 7%, 1/1/11 NR/A--/AAA 1,000,000 1,078,594
Pennsylvania State Turnpike Commission Revenue Bonds,
Series P, AMBAC Insured, 6%, 12/1/17 Aaa/AAA/AAA 2,000,000 1,848,026
Pennsylvania State Turnpike Commission Turnpike
Revenue Bonds, Prerefunded, Series E, MBIA Insured,
7.50%, 12/1/09 Aaa/AAA 1,000,000 1,095,442
Pennsylvania State University Revenue Refunding Bonds,
5.50%, 8/15/16 A1/AA-- 1,000,000 869,007
Pennsylvania State University Revenue Refunding Bonds,
Series B, 5.50%, 8/15/16 A1/AA-- 2,500,000 2,172,517
Philadelphia, Pennsylvania Gas Works Revenue Bonds,
14th Series, 6.375%, 7/1/26 Baa1/BBB/A-- 1,800,000 1,620,988
Philadelphia, Pennsylvania Gas Works Revenue Bonds,
15th Series, 5.25%, 8/1/15 Baa1/BBB/A-- 1,000,000 802,254
Philadelphia, Pennsylvania Hospitals & Higher
Educational Facilities Authority Revenue Bonds,
Albert Einstein Medical Center, 7.625%, 4/1/11 A/BBB+ 3,500,000 3,604,264
</TABLE>
7 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
RATINGS: MOODY'S/
S&P'S/FITCH'S FACE MARKET VALUE
(UNAUDITED) AMOUNT SEE NOTE 1
---------------- ------ -------------
<S> <C> <C> <C>
PENNSYLVANIA Philadelphia, Pennsylvania Hospitals & Higher Educational
(CONTINUED) Facilities Authority Revenue Bonds, Temple University
Hospital, Series A, 6.625%, 11/15/23 Baa1/BBB+ $3,800,000 $ 3,464,908
Philadelphia, Pennsylvania Municipal Authority Justice
Lease Revenue Refunding Bonds, Series A, FGIC Insured,
5.625%, 11/15/14 Aaa/AAA/AAA 3,000,000 2,673,801
Philadelphia, Pennsylvania Regional Port Authority Lease
Revenue Bonds, MBIA Insured, 6.87%, 9/1/20(1) Aaa/AAA 2,100,000 1,785,550
Philadelphia, Pennsylvania Water & Sewer Revenue Bonds,
Escrowed to Maturity, Tenth Series, 7.35%, 9/1/04 NR/AAA/BBB 245,000 261,923
Philadelphia, Pennsylvania Water & Wastewater Revenue
Bonds, 5.75%, 6/15/13 Baa/BBB/BBB 1,000,000 853,149
Schuylkill County, Pennsylvania Industrial Development
Authority Resource Recovery Revenue Refunding Bonds,
Schuylkill Energy Resources, Inc., 6.50%, 1/1/10 NR/NR/BBB-- 2,895,000 2,617,607
Schuylkill County, Pennsylvania Industrial Development
Authority Resource Recovery Revenue Refunding Bonds,
Schuylkill Energy Resources, Inc., 6.50%, 1/1/10 NR/NR/BBB-- 105,000 105,000
St. Mary Hospital Authority Langhorne, Pennsylvania
Hospital Revenue Refunding Bonds, Franciscan Health
Project, Series B, BIG Insured, 7%, 7/1/14 Aaa/AAA 500,000 509,907
Washington County, Pennsylvania Municipal Facility
Lease Authority Revenue Bonds, Prerefunded, AMBAC
Insured, 7.45%, 12/15/12 Aaa/AAA/AAA 1,000,000 1,102,646
-----------
67,151,884
U.S. POSSESSIONS--2.4% Puerto Rico Commonwealth Public Improvement General
Obligation Bonds, YCNS, MBIA Insured, 7.384%, 7/1/08(1) Aaa/AAA 1,000,000 839,442
Puerto Rico Electric Power Authority Revenue Refunding
Bonds, Series N, 5%, 7/1/12 Baa1/A-- 1,000,000 838,115
-----------
1,677,557
-----------
Total Municipal Bonds and Notes (Cost $73,527,286) 68,829,441
SHORT-TERM TAX-EXEMPT OBLIGATIONS--0.5%
Philadelphia, Pennsylvania Authority for Industrial
Development Revenue Bonds, Franklin Institute Project,
5.50%(2) (Cost $400,000) 400,000 400.00
TOTAL INVESTMENTS, AT VALUE (COST $73,927,286) 98.4% 69,229,441
OTHER ASSETS NET OF LIABILITIES 1.6 1,111,672
-----------
NET ASSETS 100.0% $70,341,113
===========
</TABLE>
1. Represents the current interest rate for a variable
rate bond. These 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
$6,282,182 or 8.9% of the Fund's net assets, at December
31, 1994.
2. Floating or variable rate obligation maturing in more
than one year. The interest rate, which is based on
specific, or an index of, current market interest rates,
is subject to change periodically and is the effective
rate on December 31, 1994. A demand feature allows the
recovery of principal at any time, or at specified
intervals not exceeding one year, on up to 30 days'
notice.
See accompanying Notes to Financial Statements.
8 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 9
STATEMENT OF ASSETS AND LIABILITIES December 31, 1994
<TABLE>
<S> <C> <C>
ASSETS Investments, at value (cost $73,927,286)--see accompanying statement $69,229,441
Cash 156,742
Receivables:
Interest 1,393,024
Shares of beneficial interest sold 549,174
Other 9,876
-----------
Total assets 71,338,257
LIABILITIES Payables and other liabilities:
Shares of beneficial interest redeemed 630,369
Dividends 246,005
Distribution and service plan fees--Note 4 26,193
Other 94,577
-----------
Total liabilities 997,144
NET ASSETS $70,341,113
===========
COMPOSITION OF Paid-in capital $76,139,920
NET ASSETS Undistributed (overdistributed) net investment income (62,280)
Accumulated net realized gain (loss) from investment transactions (1,038,682)
Net unrealized appreciation (depreciation) on investments--Note 3 (4,697,845)
-----------
Net assets $70,341,113
===========
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets of $60,857,134
and 5,440,395 shares of beneficial interest outstanding) $11.19
Maximum offering price per share (net asset value plus sales charge of 4.75%
of offering price) $11.75
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $9,483,979 and 847,844 shares of beneficial interest outstanding) $11.19
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 10
STATEMENT OF OPERATIONS For The Year Ended December 31,
1994
<TABLE>
<S> <C> <C>
INVESTMENT INCOME Interest $4,653,517
EXPENSES Management fees--Note 4 420,696
Distribution and service plan fees:
Class A--Note 4 92,871
Class B--Note 4 65,901
Transfer and shareholder servicing agent fees--Note 4 77,912
Legal and auditing fees 22,432
Shareholder reports 18,183
Trustees' fees and expenses 14,321
Custodian fees and expenses 1,442
Registration and filing fees:
Class A 1,132
Class B 1,585
Other 29,915
-----------
Total expenses 746,390
NET INVESTMENT INCOME (LOSS) 3,907,127
REALIZED AND Net realized gain (loss) on investments (1,065,903)
UNREALIZED Net change in unrealized appreciation or depreciation on investments (8,445,048)
GAIN (LOSS) -----------
ON INVESTMENTS Net realized and unrealized gain (loss) on investments (9,510,951)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(5,603,824)
===========
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 11
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
1994 1993
--------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income (loss) $ 3,907,127 $ 2,891,932
Net realized gain (loss) on investments (1,065,903) 206,077
Net change in unrealized appreciation or depreciation on investments (8,445,048) 3,029,967
----------- -----------
Net increase (decrease) in net assets resulting from operations (5,603,824) 6,127,976
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.686 and $.702 per share, respectively) (3,639,305) (2,800,212)
SHAREHOLDERS Class B ($.594 and $.368 per share, respectively) (367,811) (80,782)
Distributions from net realized gain on investments:
Class A ($.044 per share) -- (215,004)
Class B ($.044 per share) -- (17,419)
BENEFICIAL INTEREST Net increase (decrease) in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions--Note 2 4,897,535 28,394,854
Net increase (decrease) in net assets resulting from Class B
beneficial interest transactions--Note 2 4,838,266 5,516,888
NET ASSETS Total increase (decrease) 124,861 36,926,301
Beginning of period 70,216,252 33,289,951
----------- -----------
End of period [including undistributed (overdistributed)
net investment income of $(62,280) and $96,255, respectively] $70,341,113 $70,216,252
=========== ===========
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 12
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------
YEAR ENDED
DECEMBER 31,
1994 1993 1992 1991
---- ---- ---- ----
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $12.85 $12.05 $11.93 $11.43
Income (loss) from investment operations:
Net investment income .67 .69 .76 .74
Net realized and unrealized gain
(loss) on investments (1.64) .85 .17 .53
------ ------ ------ ------
Total income (loss) from
investment operations (.97) 1.54 .93 1.27
Dividends and distributions to shareholders:
Dividends from net investment income (.69) (.70) (.73) (.73)
Distributions from net realized gain
on investments -- (.04) (.08) (.04)
------ ------ ------ ------
Total dividends and distributions
to shareholders (.69) (.74) (.81) (.77)
Net asset value, end of period $11.19 $12.85 $12.05 $11.93
====== ====== ====== ======
TOTAL RETURN, AT NET ASSET VALUE(3) (7.68)% 13.12% 8.04% 11.49%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $60,857 $64,640 $33,290 $13,791
Average net assets (in thousands) $62,786 $50,974 $21,936 $10,717
Number of shares outstanding
at end of period (in thousands) 5,440 5,031 2,764 1,156
Ratios to average net assets:
Net investment income 5.65% 5.52% 6.36% 6.30%
Expenses, before voluntary
assumption by the Manager
or Distributor .98% 1.06% 1.39% 1.29%
Expenses, net of voluntary
assumption by the Manager
or Distributor N/A .99% 1.06% N/A
Portfolio turnover rate(5) 37.0% 14.6% 29.9% 15.5%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-----------------------------
YEAR ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31,
1990 1989(2) 1994 1993(1)
---- ------ ---- ------
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.58 $11.43 $12.84 $12.44
Income (loss) from investment operations:
Net investment income .81 .18 .59 .36
Net realized and unrealized gain
(loss) on investments (.15) .15 (1.65) .45
------ ------ ------ ------
Total income (loss) from
investment operations .66 .33 (1.06) .81
Dividends and distributions to shareholders:
Dividends from net investment income (.81) (.18) (.59) (.37)
Distributions from net realized gain
on investments -- -- -- (.04)
------ ------ ------ ------
Total dividends and distributions
to shareholders (.81) (.18) (.59) (.41)
Net asset value, end of period $11.43 $11.58 $11.19 $12.84
====== ====== ====== ======
TOTAL RETURN, AT NET ASSET VALUE(3) 6.00% 3.25% (8.32)% 6.67%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $8,406 $2,353 $9,484 $5,576
Average net assets (in thousands) $5,170 $1,231 $7,329 $2,770
Number of shares outstanding
at end of period (in thousands) 735 203 848 434
Ratios to average net assets:
Net investment income 7.06% 6.12%(4) 4.88% 4.26%(4)
Expenses, before voluntary
assumption by the Manager
or Distributor 1.77% 2.49%(4) 1.85% 1.88%(4)
Expenses, net of voluntary
assumption by the Manager
or Distributor .59% .91%(4) 1.75% 1.78%(4)
Portfolio turnover rate(5) 5.3% 0.0% 37.0% 14.6%
</TABLE>
1. For the period from May 1, 1993 (inception of
offering) to December 31, 1993.
2. For the period from September 18, 1989 (commencement
of operations) to December 31, 1989.
3. Assumes a hypothetical initial investment on the
business day before the first day of the fiscal period,
with all dividends and distributions reinvested in
additional shares on the reinvestment date, and
redemption at the net asset value calculated on the last
business day of the fiscal period. Sales charges are not
reflected in the total returns.
4. Annualized.
5. The lesser of purchases or sales of portfolio
securities for a period, divided by the monthly average
of the market value of portfolio securities owned during
the period. Securities with a maturity or expiration date
at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of
investment securities (excluding short-term securities)
for the year ended December 31, 1994 were $36,612,834 and
$25,522,759, respectively.
See accompanying Notes to Financial Statements.
12 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 13
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT Oppenheimer Pennsylvania Tax-Exempt Fund (the Fund) is a
ACCOUNTING separate series of Oppenheimer Multi-State Tax-Exempt
POLICIES 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
4:00 p.m. (New York time) 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 debt securities are
valued by a portfolio pricing service approved by the
Board of Trustees. Long-term debt securities which cannot
be valued by the approved portfolio pricing service are
valued 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 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 INCOME TAXES. The Fund intends to continue to
comply with provisions of the Internal Revenue Code
applicable to regulated investment companies and to
distribute all of its taxable income, including any net
realized gain on investments not offset by loss
carryovers, to shareholders. Therefore, no federal income
tax provision is required. At December 31, 1994, the Fund
had available for federal income tax purposes an unused
capital loss carryover of approximately $842,000 which
will expire in 2002.
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 year ended December 31, 1994, the Fund's projected
benefit obligations were reduced by $14,071, resulting in
an accumulated liability of $14,673 at December 31, 1994.
No payments have been made under the plan.
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.
13 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT CHANGE IN ACCOUNTING CLASSIFICATION OF DISTRIBUTIONS TO
ACCOUNTING SHAREHOLDERS. Net investment income (loss) and net
POLICIES realized gain (loss) may differ for financial statement
(CONTINUED) 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 January 1, 1994, 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. Accordingly, subsequent to
December 31, 1993, amounts have been reclassified to
reflect a decrease in paid-in capital of $22,700, a
decrease in undistributed net investment income of
$21,143 and a decrease in accumulated net realized loss
on investments of $43,843. During the year ended December
31, 1994, in accordance with Statement of Position 93-2,
undistributed net investment loss was increased by
$37,403 and accumulated net realized loss on investments
was decreased by the same amount.
OTHER. Investment transactions are accounted for on the
date the investments are purchased or sold (trade date).
Original issue discount on securities purchased is
amortized over the life of the respective securities, in
accordance with federal income tax requirements. Realized
gains and losses on investments and unrealized
appreciation and depreciation are determined on an
identified cost basis, which is the same basis used for
federal income tax purposes. 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 The Fund has authorized an unlimited number of no par
BENEFICIAL value shares of beneficial interest of each class.
INTEREST Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1994 YEAR ENDED DECEMBER 31, 1993(1)
---------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Class A:
Sold 1,479,731 $17,605,222 2,598,125 $32,598,970
Dividends and distributions reinvested 200,372 2,359,317 156,253 1,972,297
Redeemed (1,270,347) (15,067,004) (487,470) (6,176,413)
---------- ----------- --------- -----------
Net increase 409,756 $ 4,897,535 2,266,908 $28,394,854
========== =========== ========= ===========
Class B:
Sold 442,928 $ 5,204,609 441,757 $ 5,613,333
Dividends and distributions reinvested 19,685 230,132 4,737 60,779
Redeemed (48,897) (596,475) (12,366) (157,224)
---------- ----------- --------- -----------
Net increase 413,716 $ 4,838,266 434,128 $ 5,516,888
========== =========== ========= ===========
</TABLE>
1. For the year ended December 31, 1993 for Class A
shares and for the period from May 1, 1993 (inception of
offering) to December 31, 1993 for Class B shares.
14 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 15
3. UNREALIZED At December 31, 1994, net unrealized depreciation on
GAINS AND investments of $4,697,845 was composed of gross
LOSSES ON appreciation of $243,742, and gross depreciation of
INVESTMENTS $4,941,587.
4. MANAGEMENT FEES Management fees paid to the Manager were in accordance
AND OTHER with the investment advisory agreement with the Fund
TRANSACTIONS which provides for an annual fee of .60% on the first
WITH AFFILIATES $200 million of 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 year ended December 31, 1994, commissions
(sales charges paid by investors) on sales of Class A
shares totaled $470,999, of which $125,278 was retained
by Oppenheimer Funds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general distributor, and by
an affiliated broker/dealer. During the year ended
December 31, 1994, OFDI received contingent deferred
sales charges of $7,854 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 year ended December 31, 1994, OFDI paid $7,608
and $385, respectively, to an affiliated broker/dealer as
reimbursement for Class A and Class B personal service
and maintenance expenses and retained $63,420 as
reimbursement for Class B sales commissions and service
fee advances, as well as financing costs.
15 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 16
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders of Oppenheimer
Multi-State Tax-Exempt Trust:
We have audited the accompanying statements of
investments and assets and liabilities of Oppenheimer
Pennsylvania Tax-Exempt Fund (a series of Oppenheimer
Multi-State Tax-Exempt Trust) as of December 31, 1994,
and the related statement of operations for the year then
ended, the statements of changes in net assets for each
of the years in the two-year period then ended and the
financial highlights for each of the years in the
five-year period then ended and the period from September
18, 1989 (commencement of operations) to December 31,
1989. These financial statements and financial highlights
are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these
financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with
generally accepted auditing standards. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements and financial highlights are free of material
misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1994,
by correspondence with the custodian. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and
financial highlights referred to above present fairly, in
all material respects, the financial position of
Oppenheimer Pennsylvania Tax-Exempt Fund as of December
31, 1994, the results of its operations for the year then
ended, the changes in its net assets for each of the
years in the two-year period then ended, and the
financial highlights for each of the years in the five-
year period then ended and the period from September 18,
1989 (commencement of operations) to December 31, 1989,
in conformity with generally accepted accounting
principles.
KPMG PEAT MARWICK LLP
Denver, Colorado
January 23, 1995
16 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 17
FEDERAL INCOME TAX INFORMATION (Unaudited)
In early 1995, shareholders will receive information
regarding all dividends and distributions paid to them by
the Fund during calendar year 1994. Regulations of the
U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
None of the dividends paid by the Fund during the
fiscal year ended December 31, 1994 are eligible for the
corporate dividend-received deduction. The dividends were
derived from interest on municipal bonds and are not
subject to federal income tax. To the extent a
shareholder is subject to any state or local tax laws,
some or all of the dividends received may be taxable.
The foregoing information is presented to assist
shareholders in reporting distributions received from the
Fund to the Internal Revenue Service. Because of the
complexity of the federal regulations which may affect
your individual tax return and the many variations in
state and local tax regulations, we recommend that you
consult your tax advisor for specific guidance.
17 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 18
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 Oppenheimer Shareholder Services
SHAREHOLDER
SERVICING AGENT
CUSTODIAN OF Citibank, N.A.
PORTFOLIO SECURITIES
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
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.
18 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 19
OPPENHEIMERFUNDS FAMILY
OppenheimerFunds offers over 35 funds designed to fit
virtually every investment goal. Whether you're investing
for retirement, your children's education or tax-free
income, we have the funds to help you seek your objective.
When you invest with OppenheimerFunds, you can feel
comfortable knowing that you are investing with a
respected financial institution with over 30 years of
experience in helping people just like you reach their
financial goals. And you're investing with a leader in
global, growth stock and flexible fixed income
investments--with over 1.8 million shareholder accounts
and more than $29 billion under Oppenheimer's management
and that of our affiliates.
As an OppenheimerFunds shareholder, you can easily
exchange shares of eligible funds of the same class by
mail or by telephone for a small administrative fee(1).
For more information on OppenheimerFunds, please contact
your financial advisor or call us at 1-800-525-7048 for a
prospectus. You may also write us at the address shown on
the back cover. As always, please read the prospectus
carefully before you invest.
<TABLE>
<S> <C> <C>
STOCK FUNDS Discovery Fund Global Fund
Global Emerging Growth Fund(2) Oppenheimer Fund
Time Fund Value Stock Fund
Target Fund Gold & Special Minerals Fund
Growth Fund(3)
STOCK & BOND FUNDS Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth & Income Fund
BOND FUNDS High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income & Growth Fund Mortgage Income Fund
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Limited-Term Government Fund
Strategic Investment Grade Bond Fund
TAX-EXEMPT FUNDS New York Tax-Exempt Fund(4) New Jersey Tax-Exempt Fund(4)
California Tax-Exempt Fund(4) Tax-Free Bond Fund
Pennsylvania Tax-Exempt Fund(4) Insured Tax-Exempt Bond Fund
Florida Tax-Exempt Fund(4) Intermediate Tax-Exempt Bond Fund
MONEY MARKET FUNDS Money Market Fund Cash Reserves
</TABLE>
1. The fee is waived for PhoneLink exchanges between
existing accounts. Exchange privileges are subject to
change or termination.
2. Formerly Global Bio-Tech Fund and Global Environment
Fund.
3. Formerly Special Fund.
4. Available only to residents of those states.
OppenheimerFunds are distributed by Oppenheimer Funds
Distributor, Inc., Two World Trade Center, New York,
NY 10048-0203.
(C) Copyright 1995 Oppenheimer Management Corporation. All
rights reserved.
19 Oppenheimer Pennsylvania Tax-Exempt Fund
<PAGE> 20
"How may I help you?"
As an OppenheimerFunds shareholder, some special privileges are available to
you. 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 auto-mated 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. It also gives you the ability to make transactions using your
touch-tone phone. Of course, you can always speak with a Customer Service
Representative during business hours.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an indepen-dent, non-profit
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.
[FIGURE NUMBER 8]
Photo of Jennifer Leonard
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
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P.O. Box 5270 Permit No. 469
Denver, CO 80217-5270 Denver, CO
