[Cover Page]
OPPENHEIMER FLORIDA MUNICIPAL FUND
Semiannual Report January 31, 1997
[LOGO]OPPENHEIMERFUNDS/SM/
The Right Way to Invest
<PAGE>
YIELD
STANDARDIZED YIELDS
For the 30 Days Ended 1/31/97:(4)
CLASS A
4.26%
CLASS B
3.73%
CLASS C
3.41%
This Fund is for FLORIDA residents who need an investment that's EXEMPT from
current INCOME TAXES.
HOW YOUR FUND IS MANAGED
Oppenheimer Florida Municipal Fund invests in a diversified portfolio of
Florida municipal bonds. As a Fund shareholder, you receive income that is
free from federal taxes and the benefit of owning an investment whose shares are
exempt from Florida intangible personal property taxes.(1) Your dividends
don't increase your taxable income the way taxable investments do, so you can
keep more of what you earn.
PERFORMANCE
Cumulative total returns for the six months ended 1/31/97 were 3.99% for Class
A shares, 3.51% for Class B shares and 3.46% for Class C shares, without
deducting sales charges.(2)
Your Fund's average annual total returns for Class A shares for the 1-year
period ended 12/31/96 and since inception on 10/1/93 were (.93)% and 3.64%,
respectively. For Class B shares, average annual total returns for the 1-year
period ended 12/31/96 and since inception on 10/1/93 were (1.69)% and 3.63%,
respectively. For Class C shares, average annual total returns for the 1-year
period ended 12/31/96 and since inception on 8/29/95 were 2.20% and 6.82%,
respectively. (3)
OUTLOOK
"We remain optimistic and, given current market conditions, we believe that
municipal bond investments offer a good value."
Robert Patterson, Portfolio Manager
January 31, 1997
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF 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. For more complete
information, please review the prospectus carefully before you invest. As of
October 10, 1996, the Fund's name was changed from "Oppenheimer Florida
Tax-Exempt Fund."
1. A portion of the distributions paid by the Fund may be subject to federal and
state 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. Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
3. Class A returns include the current maximum initial sales charge of 4.75%.
Class B returns include the applicable contingent deferred sales charge of 5%
(1-year) and 3% (since inception). Class C returns include the 1% contingent
deferred sales charge for the 1-year result. An explanation of the different
performance calculations is in the Fund's prospectus. Class B and Class C shares
are subject to an annual 0.75% asset-based sales charge.
4. Standardized yield is based on net investment income calculated for the
30-day period ended 1/31/97. Falling net asset values will tend to artificially
raise yields.
2 Oppenheimer Florida Municipal Fund
<PAGE>
BRIDGET A. MACASKILL
President
Oppenheimer
Florida Municipal Fund
Dear Shareholder,
It's true that the stock market of 1996 received virtually all the
recognition this past year. While excitement during the second half of the year
revolved around equities, the bond market was experiencing a quiet, yet solid,
rebound.
Some analysts anticipated that moderated economic growth and low
inflation would help stabilize interest rates, and even lower them--all factors
that would be beneficial for the bond market. During the second half of 1996,
that's exactly how events unfolded. In October, when the economy was
characterized by a firm dollar, low inflation and slow growth, the Federal
Reserve responded by maintaining its hands-off approach to interest rates. It
appeared that earlier concerns about rapid inflationary growth had been
overblown, and interest rates declined soon afterward. With continued,
sustainable, non-inflationary growth of around 2% to 2.5%, and no interest rate
raises expected from the Federal Reserve, the economy seemed to have settled
into a comfortable pattern of neither too little nor too much growth.
Moving ahead to 1997, President Clinton has pledged to focus on
balancing the federal budget during his second term. In fact, politicians from
every camp are discussing their intent to reduce the budget, perhaps through a
balanced budget amendment. Such a move should prove beneficial for the municipal
bond market. The other good news for municipal bond investors is that President
Clinton has no plans of initiating a flat tax, a proposal that would have
eliminated the tax advantages of municipal bonds.
On the other hand, investors may have experienced some volatility in
the income stream from municipal bond funds. This is primarily because the
availability of quality bonds paying high dividends has decreased over the past
few years, making it more difficult to find value bonds. We believe that over
the long term and on a tax-adjusted basis, our funds will continue to offer
value with the potential for higher total return.
When you consider the combination of these developments last year--a
sustained economic growth pattern, the assurance of a balanced federal budget
and the dissipated threat of a flat tax--the tax advantages of municipal bond
investing become much more attractive.
Your portfolio managers discuss the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill
February 24, 1997
3 Oppenheimer Florida Municipal Fund
<PAGE>
ROBERT PATTERSON
Portfolio Manager
Q + A
AN INTERVIEW WITH YOUR FUND'S MANAGERS
HOW HAS THE FUND PERFORMED?
Our Performance has been relatively strong. We attribute the Fund's success to
our strategy of holding municipal bonds that offer potentially high after-tax
income. As a result of this strategic positioning, Oppenheimer Florida Municipal
Fund finished 10th out of 81 Florida municipal debt funds ranked by Lipper
Analytical Services for the 1-year period ended 12/31/96.(1)
WHAT INVESTMENT STRATEGIES MADE POSITIVE CONTRIBUTIONS
TO PERFORMANCE?
We prefer essential service revenue bonds -- such as water and sewer, toll
roads and transportation bonds--to generate obligation bonds. Revenue bonds
maintain user fees that generate a revenue stream. These bonds are more in step
with today's economic climate, where the policies coming out of Washington
place more pressure on states and localities to produce their own revenues and
services. With revenue bonds, the primary purpose is to finance an essential
service such as water and sewer,and to that extent, they encounter less
political pressure and have the capacity to charge fees necessary to maintain
the services. Because higher-yielding bonds often have a lower rating, they
require careful analysis of the risk of default.
We've reduced our exposure to general obligation bonds, and have avoided
the fiscal pressures that have plagued Miami. However, we believe Dade
County will offer some interesting opportunities for restructuring
financing projects during 1997. Going forward, if Dade County recognizes and
resolves its problems, we expect to see signs of better managed communities
within this county.(2)
DID ANY INVESTMENTS LAG IN PERFORMANCE?
In the last six months, as interest rates have declined, defensively
positioned prerefunded bonds have not performed as well as discount and zero
coupon bonds. Fortunately, we correctly anticipated the decline in interest
rates and reduced our prerefunded bond exposure. Instead, we purchased housing
bonds that provided us with higher income.
WHAT AREAS OF THE MARKET ARE YOU CURRENTLY TARGETING?
We've been buying bonds in planned community developments. These
neighborhoods are designed for different types of housing--single family,
detached and condominium living. They are self-contained communities, with
pre-planned grammar, middle and high schools built within the gated community.
Demand within these communities is so high that high school registrations
have reached capacity even before construction is completed.
WHAT IS YOUR OUTLOOK FOR THE FUND?
We continue to maintain a positive outlook. Currently, long-term interest
rates are low, there doesn't appear to be any real inflation on the horizon,
and we've seen steady, moderate economic growth in the United States for some
time. We therefore remain optimistic and, given current market conditions,
we believe that municipal bond investments offer a good value.
1. Source: Lipper Analytical Services 12/31/96. Oppenheimer Florida Municipal
Fund was ranked 35th out of 43 funds in its category for the 3-year period ended
12/31/96. Oppenheimer Florida Municipal Fund is characterized by Lipper as a
Florida municipal debt fund. Lipper performance is based on total return and
does not take sales charges into account.
2. The Fund's portfolio is subject to change.
4 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS January 31, 1997 (Unaudited)
RATINGS: MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES - 96.0%
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 87.0%
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alachua Cnty., FL HFAU RRB, Santa Fe Healthcare Facilities
Project, 6%, 11/15/09 Baa1/AAA $ 1,000,000 $ 1,053,200
-----------------------------------------------------------------------------------------------------------------------------
Brevard Cnty., FL HFA MH RRB, Windover Oaks Project,
Series A, 6.90%, 2/1/27 NR/AAA 1,000,000 1,109,740
-----------------------------------------------------------------------------------------------------------------------------
Brevard Cnty., FL Housing FAU SFM RB, 6.70%, 9/1/27 Aaa/NR 1,000,000 1,026,500
-----------------------------------------------------------------------------------------------------------------------------
Broward Cnty., FL RR RB:
Broward Waste Energy-LP North Project, 7.95%, 12/1/08 A/A 1,760,000 1,934,645
Ses Broward Co.-LP South Project, 7.95%, 12/1/08 A/A- 1,370,000 1,505,945
-----------------------------------------------------------------------------------------------------------------------------
Broward Cnty., FL School District GOB, Prerefunded, 7.125%,
2/15/08 Aaa/AAA 750,000 809,100
-----------------------------------------------------------------------------------------------------------------------------
Clay Cnty., FL Housing FAU RB, SFM, 6.55%, 3/1/28 Aaa/NR 1,100,000 1,116,126
-----------------------------------------------------------------------------------------------------------------------------
Collier Cnty., FL HFAU RRB, The Moorings, Inc. Project, 7%,
12/1/19 NR/BBB+/A- 1,000,000 1,063,280
-----------------------------------------------------------------------------------------------------------------------------
Dade Cnty., FL GORB, FGIC Insured, 12%, 10/1/04 Aaa/AAA/AAA 100,000 145,836
-----------------------------------------------------------------------------------------------------------------------------
Dade Cnty., FL IDAU RB, Miami Cerebral Palsy Services
Project, 8%, 6/1/22 NR/NR 1,240,000 1,248,668
-----------------------------------------------------------------------------------------------------------------------------
Dade Cnty., FL Professional Sports Franchise Facilities Tax &
Capital Appreciation RB, MBIA Insured, 5.85%, 10/1/26(1) Aaa/AAA 3,200,000 593,440
-----------------------------------------------------------------------------------------------------------------------------
Dade Cnty., FL Special Obligation RRB, Series B, AMBAC
Insured, Zero Coupon, 6.25%, 10/1/14(1) Aaa/AAA/AAA 4,755,000 1,743,658
-----------------------------------------------------------------------------------------------------------------------------
Fishhawk, FL Community Development District Special
Assessment RB, 7.625%, 5/1/18 NR/NR 1,000,000 996,700
-----------------------------------------------------------------------------------------------------------------------------
FL BOE Capital Outlay Public Education:
GOB, Prerefunded, Series A, 7.25%, 6/1/23(2) Aaa/AAA 2,210,000 2,446,072
GORB, Series D, 5.125%, 6/1/22 Aa/AA/AA 700,000 640,647
-----------------------------------------------------------------------------------------------------------------------------
FL Division of Bond Finance General Services RB:
Construction & Recreation Lands-Department of
Natural Resources, Prerefunded, Series A, MBIA Insured,
7.25%, 7/1/06 Aaa/AAA 1,000,000 1,065,850
Sunshine Skyway Project, Prerefunded, 10.25%, 6/1/08 Aaa/AAA 1,000,000 1,041,660
-----------------------------------------------------------------------------------------------------------------------------
FL HFA RB, Maitland Club Apts. Project, Series B-1,
AMBAC Insured, 6.75%, 8/1/14 Aaa/AAA/AAA 1,000,000 1,066,640
-----------------------------------------------------------------------------------------------------------------------------
FL Turnpike Authority RB, Prerefunded, 7.50%, 7/1/19 Aaa/NR/AAA 700,000 767,144
-----------------------------------------------------------------------------------------------------------------------------
Hillsborough Cnty., FL IDAU PC RRB, Tampa Electric Co.
Project, Series 92, 8%, 5/1/22 Aa3/AA/AA- 1,000,000 1,163,150
-----------------------------------------------------------------------------------------------------------------------------
Hillsborough Cnty., FL Utility RRB, Series A, FSA Insured,
7%, 8/1/14 Aaa/AAA 750,000 830,602
-----------------------------------------------------------------------------------------------------------------------------
Jacksonville, FL HFAU RB, Daughters Health Project, Series
B, 7.50%, 11/1/15 Aaa/AA 2,000,000 2,247,820
-----------------------------------------------------------------------------------------------------------------------------
Lee Cnty., FL School Board COP, Series A, 7.75%, 8/1/05 Aaa/AAA 1,000,000 1,149,870
-----------------------------------------------------------------------------------------------------------------------------
Martin Cnty., FL IDAU RRB, Indiantown Cogeneration
Project, Series A, 7.875%, 12/15/25 Baa3/BBB-/BBB 2,000,000 2,291,600
</TABLE>
5 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED)
RATINGS:MOODY'S/ FACE MARKET VALUE
S&P'S/FITCH'S AMOUNT SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Miami Beach, FL RA Tax Increment RB, City Center Historic
Convention, Series B:
6.25%, 12/1/16 Baa/BBB $ 500,000 $ 501,815
6.35%, 12/1/22 Baa/BBB 500,000 502,630
-----------------------------------------------------------------------------------------------------------------------------
Miami, FL Sanitation & Sewer Systems GOB, FGIC Insured,
6.50%, 1/1/14 Aaa/AAA 1,750,000 1,855,858
-----------------------------------------------------------------------------------------------------------------------------
Orange Cnty., FL Housing FAU SFM RB, 6.85%, 10/1/27 NR/AAA 1,000,000 1,040,720
-----------------------------------------------------------------------------------------------------------------------------
Orange Cnty., FL Sales Tax RB, Series B, MBIA Insured,
5.375%, 1/1/24 Aaa/AAA 1,000,000 941,750
-----------------------------------------------------------------------------------------------------------------------------
Orlando, FL Utilities Commission Water & Electric RB,
Inverse Floater, 7.316%, 10/1/17(3) Aa/AA- 1,000,000 962,500
-----------------------------------------------------------------------------------------------------------------------------
Port St. Lucie, FL Utility RB, Series A, FGIC Insured, Zero
Coupon, 6.25%, 9/1/16(1) Aaa/AAA 1,045,000 328,987
-----------------------------------------------------------------------------------------------------------------------------
St. Petersburg, FL Public Improvement RRB, MBIA Insured,
6.375%, 2/1/12 Aaa/AAA 750,000 795,518
--------------
35,987,671
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. POSSESSIONS - 9.0%
- ------------------------------------------------------------------------------------------------------------------------------------
PR Commonwealth Aqueduct & Sewer Authority RB,
Escrowed to Maturity, 10.25%, 7/1/09 Aaa/AAA 400,000 554,648
-----------------------------------------------------------------------------------------------------------------------------
PR Commonwealth HTAU RB:
Prerefunded, Series T, 6.625%, 7/1/18 Aaa/AAA 500,000 559,260
Series W, Inverse Floater, 6.688%, 7/1/10(3) Baa1/A 1,000,000 963,750
-----------------------------------------------------------------------------------------------------------------------------
PR Public Buildings Authority Guaranteed Public Education &
HF RB, Prerefunded, Series L, 6.875%, 7/1/21 Aaa/AAA 600,000 677,958
-----------------------------------------------------------------------------------------------------------------------------
PR Telephone Authority RB, MBIA Insured, Inverse Floater,
7.068%, 1/16/15(3) Aaa/AAA 1,000,000 970,000
----------------
3,725,616
----------------
Total Municipal Bonds and Notes (Cost $39,542,569) 39,713,287
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT OBLIGATIONS - 2.4%
- ------------------------------------------------------------------------------------------------------------------------------------
St. Lucie, FL PC RRB, Florida Power & Light Co. Project,
3.60%, 1/1/26(4) 1,000,000 1,000,000
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $40,542,569) 98.4% 40,713,287
-----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.6 642,704
---------- ----------------
NET ASSETS 100.0% $ 41,355,991
========== ================
</TABLE>
6 Oppenheimer Florida Municipal Fund
<PAGE>
-------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED)
1. For zero coupon bonds, the interest rate shown is the effective yield
on the date of purchase.
2. Securities with an aggregate market value of
$221,364 are held in collateralized accounts to cover initial margin
requirements on open futures sales contracts. See Note 5 of Notes to
Financial Statements.
3. Represents the current interest rate for a variable rate bond.
These 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 $2,896,250 or 7% of the Fund's net assets at
January 31, 1997.
4. Floating or variable rate obligation maturing in more than one
year. The interest rate, which is based on specific, or an index
of, market interest rates, is subject to change periodically and is
the effective rate on January 31, 1997. This instrument may also
have a demand feature which allows the recovery of principal at any
time, or at specified intervals not exceeding one year, on up to 30
days' notice. Maturity date shown represents effective maturity based on
variable rate and, if applicable, demand feature.
As of January 31, 1997, securities subject to the alternative minimum tax
amounted to $6,541,586 or 15.82% of the Fund's net assets.
Distribution of investments by industry, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
INDUSTRY MARKET VALUE PERCENT
<S> <C> <C>
General Obligation $ 5,897,513 14.5%
Resource Recovery 3,440,590 8.5
Special Assessment 3,390,103 8.3
Highways 3,331,814 8.2
Hospital/Healthcare 3,301,020 8.1
Single Family Housing 3,183,346 7.8
Lease Rental 2,893,678 7.1
Sales Tax 2,685,408 6.6
Corporate Backed 2,291,600 5.6
Multi-Family Housing 2,176,380 5.3
Pollution Control 2,163,150 5.3
Water Utilities 1,714,237 4.2
Non Profit Organization 1,248,668 3.1
Adult Living Facilities 1,063,280 2.6
Telephone Utilities 970,000 2.4
Electric Utilities 962,500 2.4
---------------- --------------
$ 40,713,287 100.0%
================ ==============
</TABLE>
To simplify the listings of the Oppenheimer Florida Municipal Fund
holdings in the Statement of Investments, we have abbreviated the
descriptions of many of the securities per the table below:
<TABLE>
<CAPTION>
<S> <C>
BOE - Board of Education IDAU - Industrial Development Authority
COP - Certificates of Participation MH - Multifamily Housing
FAU - Finance Authority PC - Pollution Control
GOB - General Obligation Bonds RA - Redevelopment Agency
GORB - General Obligation Refunding Bonds RB - Revenue Bonds
HF - Health Facilities RR - Resource Recovery
HFA - Housing Finance Agency RRB - Revenue Refunding Bonds
HFAU - Health Facilities Authority SFM - Single Family Mortgage
HTAU - Highway & Transportation Authority
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1997 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS Investments, at value (cost $40,542,569) - see accompanying statement $40,713,287
----------------------------------------------------------------------------------------------------
Cash 219,634
----------------------------------------------------------------------------------------------------
Receivables:
Interest 530,942
Shares of beneficial interest sold 86,074
Daily variation on futures contracts - Note 5 36,583
----------------------------------------------------------------------------------------------------
Deferred organization costs - Note 1 494
----------------------------------------------------------------------------------------------------
Other 4,011
------------------
Total assets 41,591,025
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Payables and other liabilities:
Dividends 121,801
Trustees' fees 42,648
Shares of beneficial interest redeemed 32,249
Shareholder reports 16,821
Distribution and service plan fees 5,487
Audit fees 4,981
Transfer and shareholder servicing agent fees 2,157
Other 8,890
------------------
Total liabilities 235,034
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $41,355,991
------------------
------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $41,505,358
NET ASSETS ----------------------------------------------------------------------------------------------------
Undistributed net investment income 10,051
----------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (331,073)
----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments - Notes 3 and 5 171,655
------------------
Net assets $41,355,991
------------------
------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets
of $26,830,491 and 2,396,638 shares of beneficial interest outstanding) $11.20
Maximum offering price per share (net asset value plus sales charge
of 4.75% of offering price) $11.76
----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $14,052,456 and 1,253,275 shares of beneficial interest outstanding) $11.21
----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $473,044 and 42,274 shares of beneficial interest outstanding) $11.19
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Interest $1,165,119
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees - Note 4 107,540
----------------------------------------------------------------------------------------------------
Distribution and service plan fees - Note 4:
Class A 27,949
Class B 67,250
Class C 823
----------------------------------------------------------------------------------------------------
Shareholder reports 16,710
----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees - Note 4 15,412
----------------------------------------------------------------------------------------------------
Trustees' fees and expenses - Note 1 9,254
----------------------------------------------------------------------------------------------------
Legal and auditing fees 5,066
----------------------------------------------------------------------------------------------------
Insurance expenses 2,067
----------------------------------------------------------------------------------------------------
Custodian fees and expenses 1,521
----------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 2,266
Class B 258
Class C 118
----------------------------------------------------------------------------------------------------
Other 2,458
------------------
Total expenses 258,692
Less expenses paid indirectly - Note 4 (2,514)
Less reimbursement and assumption of expenses by
OppenheimerFunds, Inc. - Note 4 (20,968)
------------------
Net expenses 235,210
- ------------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 929,909
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND Net realized gain (loss) on:
UNREALIZED GAIN (LOSS) Investments (40,251)
Closing of futures contracts 84,389
------------------
Net realized gain 44,138
----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 287,757
------------------
Net realized and unrealized gain 331,895
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,261,804
------------------
------------------
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JANUARY 31, 1997 PERIOD ENDED YEAR ENDED
(UNAUDITED) JULY 31, 1996(1) DECEMBER 31,1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income $929,909 $946,530 $1,358,473
-------------------------------------------------------------------------------------------------------------
Net realized gain (loss) 44,138 179,624 (116,007)
-------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 287,757 (1,072,986) 2,622,466
-------------------------------------------------------
Net increase in net assets resulting from operations 1,261,804 53,168 3,864,932
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS Class A (601,030) (584,598) (824,373)
TO SHAREHOLDERS Class B (312,350) (351,171) (528,564)
Class C (3,626) (2,112) (79)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from
beneficial interest transactions - Note 2:
Class A 7,265,322 503,417 5,923,134
Class B 1,043,149 574,639 3,616,484
Class C 399,347 35,925 38,376
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 9,052,616 229,268 12,089,910
-------------------------------------------------------------------------------------------------------------
Beginning of period 32,303,375 32,074,107 19,984,197
-------------------------------------------------------------
End of period [including undistributed
(overdistributed) net investment income
of $10,051, $(2,852) and $(7,891),
respectively] $41,355,991 $32,303,375 $32,074,107
-------------------------------------------------------------
-------------------------------------------------------------
</TABLE>
1. The Fund changed its fiscal year end from
December 31 to July 31.
See accompanying Notes to Financial Statements.
10 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS A CLASS B
----------------------------------------------------------------- -----------------------------
SIX MONTHS PERIOD SIX MONTHS PERIOD
ENDED ENDED ENDED ENDED
JANUARY 31, JULY 31, YEAR ENDED DECEMBER 31, JANUARY 31, 1997 JULY 31,
1997 (UNAUDITED) 1996(2) 1995 1994 1993(3) (UNAUDITED) 1996(2)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value,
beginning of period $11.07 $11.40 $10.26 $11.79 $11.43 $11.09 $11.42
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income .31 .36 .63 .64 .14 .27 .31
Net realized and
unrealized gain (loss) .12 (.34) 1.14 (1.53) .36 .11 (.34)
- ------------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations .43 .02 1.77 (.89) .50 .38 (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from
net investment income (.30) (.35) (.63) (.64) (.14) (.26) (.30)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $11.20 $11.07 $11.40 $10.26 $11.79 $11.21 $11.09
=======================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT
NET ASSET VALUE(4) 3.99% 0.25% 17.60% (7.66)% 4.39% 3.51% (0.19)%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $26,830 $19,366 $19,377 $11,992 $7,062 $14,052 $12,865
- ------------------------------------------------------------------------------------------------------------------------------------
Average net
assets (in thousands) $22,177 $18,415 $14,508 $9,741 $2,471 $13,340 $12,843
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 5.45%(5) 5.50%(5) 5.71% 5.90% 5.08%(5) 4.72%(5) 4.75%(5)
Expenses, before
reimbursement and
voluntary assumption
by the Manager
or Distributor(6) 1.15%(5) 1.23%(5) 1.36% 1.25% 1.89%(5) 1.89%(5) 1.97%(5)
Expenses, net of
reimbursement and voluntary
assumption by the Manager
or Distributor 1.03%(5) 1.09%(5) 0.53% 0.29% -- 1.77%(5) 1.83%(5)
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 13.2% 21.2% 18.4% 30.4% -- 13.2% 21.2%
</TABLE>
1. For the period from August 29, 1995 (inception of offering) to
December 31, 1995.
2. The Fund changed its fiscal year end from December 31 to July 31.
3. For the period from October 1, 1993 (commencement of operations) to
December 31, 1993.
4. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), 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.
5. Annualized.
6. Beginning in fiscal 1995, the expense ratio reflects the effect
of gross expenses paid indirectly by the Fund. Prior year expense ratios have
not been adjusted.
7. 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 January 31, 1997 were $11,820,881 and
$4,519,989, respectively.
See accompanying Notes to Financial Statements.
11 Oppenheimer Florida Municipal Fund
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
CLASS B (CONTINUED) CLASS C
--------------------------------------- ------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED PERIOD ENDED
YEAR ENDED DECEMBER 31, JANUARY 31, JULY 31, DECEMBER 31,
1995 1994 1993(3) 1997 (UNAUDITED) 1996(2) 1995(1)
-------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $10.27 $11.81 $11.43 $11.07 $11.40 $10.96
- ------------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .55 .56 .12 .26 .31 .20
Net realized and unrealized gain (loss) 1.15 (1.54) .38 .12 (.34) .44
- ---------------------------------------------------------- -------------------------------------------------------------------------
Total income (loss) from investment
operations 1.70 (.98) .50 .38 (.03) .64
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from net
investment income (.55) (.56) (.12) (.26) (.30) (.20)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.42 $10.27 $11.81 $11.19 $11.07 $11.40
===========================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(4) 16.81% (8.42)% 4.35% 3.46% (0.22)% 5.86%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $12,658 $7,992 $4,874 $473 $72 $39
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $10,772 $6,987 $2,304 $163 $78 $5
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 4.92% 5.13% 4.20%(5) 4.46%(5) 4.68%(5) 4.68%(5)
Expenses, before reimbursement and
voluntary assumption by the Manager
or Distributor(6) 2.11% 1.99% 2.20%(5) 1.96%(5) 1.99%(5) 1.92%(5)
Expenses, net of reimbursement and
voluntary assumption by the Manager
or Distributor 1.29% 1.03% 0.38%(5) 1.82%(5) 1.87%(5) 1.43%(5)
- ------------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 18.4% 30.4% -- 13.2% 21.2% 18.4%
</TABLE>
1. For the period from August 29, 1995 (inception of offering) to
December 31, 1995.
2. The Fund changed its fiscal year end from December 31 to July 31.
3. For the period from October 1, 1993 (commencement of operations)
to December 31, 1993.
4. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), 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.
5. Annualized.
6. Beginning in fiscal 1995, the expense ratio reflects the effect
of gross expenses paid indirectly by the Fund. Prior year expense ratios have
not been adjusted.
7. 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 January 31, 1997 were $11,820,881 and
$4,519,989, respectively.
See accompanying Notes to Financial Statements.
12 Oppenheimer Florida Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Florida Municipal Fund (the Fund), formerly named
Oppenheimer Florida Tax-Exempt Fund, is a separate series of
Oppenheimer Multi-State Municipal Trust, a non-diversified, open-end
management investment company registered under the Investment Company
Act of 1940, as amended. The Fund's investment objective is to seek as
high a level of current interest income exempt from federal income and
Florida state taxes for individual investors as is available from
municipal securities and consistent with preservation of capital. The
Fund's investment adviser is OppenheimerFunds, Inc. (the Manager). The
Fund offers Class A, Class B and Class C shares. Class A shares are
sold with a front-end sales charge. Class B and Class C shares may be
subject to a contingent deferred sales charge. All 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 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 are valued 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 January 31, 1997, a provision of
$5,097 was made for the Fund's projected benefit obligations, and
payments of $1,509 were made to retired trustees, resulting in an
accumulated liability of $42,596 at January 31, 1997.
ORGANIZATION COSTS. The Manager advanced $1,480 for organization and
start-up costs of the Fund. Such expenses are being amortized over a
five year period from the effective date operations commenced. In the
event that all or part of the Manager's initial investment in shares of
the Fund is withdrawn during the amortization period, the redemption
proceeds will be reduced to reimburse the Fund for any unamortized
expenses, in the same ratio as the number of shares redeemed bears to
the number of initial shares outstanding at the time of such
redemption.
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to declare dividends
separately for Class A, Class B and Class C 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 Florida Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
1. SIGNIFICANT ACCOUNTING POLICIES (continued)
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 for tax
purposes. 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, on disposition or maturity,
taxable ordinary income is recognized to the extent of the lesser of
gain or market discount that would have accrued over the holding
period. 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.
The Fund concentrates its investments in Florida and, therefore, may
have more credit risks related to the economic conditions of Florida
than a portfolio with a broader geographical diversification.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of income and
expenses during the reporting period. Actual results could differ from
those estimates.
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JANUARY 31, PERIOD ENDED JULY 31, YEAR ENDED DECEMBER 31,
1997 1996(2) 1995(1)
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
<S> <C> <C> <C> <C> <C> <C>
Class A:
Sold 836,082 $ 9,371,263 324,714 $ 3,615,201 828,453 $ 9,144,873
Dividends reinvested 21,418 238,798 21,248 235,271 29,020 318,951
Redeemed (210,001) (2,344,739) (296,530) (3,347,055) (327,025) (3,540,690)
------------ ------------- ---------- ------------ ---------- ------------
Net increase 647,499 $ 7,265,322 49,432 $ 503,417 530,448 $ 5,923,134
============ ============= ========== ============= =========== ============
Class B:
Sold 217,359 $ 2,432,464 169,888 $ 1,894,958 419,746 $ 4,609,025
Dividends reinvested 9,610 107,316 10,448 115,841 15,141 166,726
Redeemed (133,850) (1,496,631) (128,987) (1,436,160) (104,153) (1,159,267)
------------- ------------- ---------- ------------ ---------- ------------
Net increase 93,119 $ 1,043,149 51,349 $ 574,639 330,734 $ 3,616,484
============== ============ =========== ============= ========== ============
Class C:
Sold 36,432 $ 407,042 6,447 $ 72,184 3,407 $ 38,376
Dividends reinvested 213 2,372 140 1,550 -- --
Redeemed (899) (10,067) (3,466) (37,809) -- --
--------------- -------------- ------------ ------------ ----------- ------------
Net increase 35,746 $ 399,347 3,121 $ 35,925 3,407 $ 38,376
============== ============= ============ ============ =========== ============
</TABLE>
1. For the year ended December 31, 1995 for Class A and Class B shares and
for the period from August 29, 1995 (inception of offering) to December 31,
1995 for Class C shares.
2. The Fund changed its fiscal year end from December 31 to July 31.
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At January 31, 1997, net unrealized appreciation on investments of $170,718
was composed of gross appreciation of $669,931, and gross depreciation of
$499,213.
14 Oppenheimer Florida Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
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 0.60% on the
first $200 million of average annual net assets, 0.55 on the next $100
million, 0.50% on the next $200 million, 0.45% on the next $250 million,
0.40% on the next $250 million and 0.35% on net assets in excess of $1
billion. Effective January 1, 1997, the Manager has voluntarily undertaken
to waive a portion of its management fee, whereby the Fund pays a fee not
to exceed 0.545% of average annual net assets. 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 January 31, 1997, commissions (sales charges paid
by investors) on sales of Class A shares totaled $67,288, of which $8,294
was retained by OppenheimerFunds 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 and Class C shares totaled $69,777 and $1,632. During the six
months ended January 31, 1997, OFDI received contingent deferred sales
charges of 36,533 upon redemption of Class B shares as reimbursement for
sales commissions advanced by OFDI at the time of sale of such shares.
OppenheimerFunds Services (OFS), a division of the Manager, is the transfer
and shareholder servicing agent for the Fund, and for other registered
investment companies. OFS's total costs of providing such services are
allocated ratably to these companies.
Expenses paid indirectly represent a reduction of custodian fees for
earnings on cash balances maintained by the Fund.
The Fund has adopted a Service Plan for Class A shares to reimburse OFDI
for a portion of its costs incurred in connection with the personal service
and maintenance of accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate that may not exceed 0.25% (voluntarily reduced
to 0.15% by the Fund's Board) of the average annual net assets of Class A
shares of the Fund. OFDI uses the service fee to reimburse brokers,
dealers, banks and other financial institutions quarterly for providing
personal service and maintenance of accounts of their customers that hold
Class A shares.
The Fund has adopted a reimbursement type Distribution and Service Plan for
Class B shares to reimburse OFDI for its services and costs in distributing
Class B shares and servicing accounts. Under the Plan, the Fund pays OFDI
an annual asset-based sales charge of 0.75% per year on Class B shares.
OFDI also receives a service fee of 0.25% (voluntarily reduced to 0.15% by
the Fund's Board) per year to reimburse dealers for providing personal
services for accounts that hold Class B shares. Both fees are computed on
the average annual net assets of Class B shares, determined as of the close
of each regular business day. If the Plan is terminated by the Fund, the
Board of Trustees may allow the Fund to continue payments of the
asset-based sales charge to OFDI for certain expenses it incurred before
the Plan was terminated. During the six months ended January 31, 1997, OFDI
retained $52,358 as compensation for Class B sales commissions and service
fee advances, as well as financing costs. As of January 31, 1997, OFDI had
incurred unreimbursed expenses of $411,178 for Class B.
The Fund has adopted a compensation type Distribution and Service Plan for
Class C shares to compensate OFDI for its services and costs in
distributing Class C shares and servicing accounts. Under the Plan, the
Fund pays OFDI an annual asset-based sales charge of 0.75% per year on
Class C shares. OFDI also receives a service fee of 0.25% (voluntarily
reduced to 15% by the Fund's Board) per year to compensate dealers for
providing personal services for accounts that hold Class C shares. Both
fees are computed on the average annual net assets of Class C shares,
determined as of the close of each regular business day. If the Plan is
terminated by the Fund, the Board of Trustees may allow the Fund to
continue payments of the asset-based sales charge to OFDI for certain
expenses it incurred before the Plan was terminated. As of
January 31,1997, OFDI had incurred unreimbursed expense of $1,318 for
Class C.
5. FUTURES CONTRACTS
The Fund may buy and sell interest rate futures contracts in order to gain
exposure to or protect against changes in interest rates or for purposes of
duration management. The Fund may also buy or write put or call options on
these futures contracts.
15 Oppenheimer Florida Municipal Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
5. FUTURES CONTRACTS (continued)
The Fund generally sells futures contracts to hedge against increases in
interest rates and the resulting negative effect on the value of fixed rate
portfolio securities. The Fund may also purchase futures contracts to gain
exposure to changes in interest rates as it may be more efficient or cost
effective than actually buying fixed income securities.
Upon entering into a futures contract, the Fund is required to deposit
either cash or securities in an amount (initial margin) equal to a certain
percentage of the contract value. Subsequent payments (variation margin)
are made or received by the Fund each day. The variation margin payments
are equal to the daily changes in the contract value and are recorded as
unrealized gains and losses. The Fund recognizes a realized gain or loss
when the contract is closed or expires.
Securities held in collateralized accounts to cover initial margin
requirements on open futures contracts are noted in the Statement of
Investments. The Statement of Assets and Liabilities reflects a receivable
or payable for the daily mark to market for variation margin.
Risks of entering into futures contracts (and related options) include the
possibility that there may be an illiquid market and that a change in the
value of the contract or option may not correlate with changes in the value
of the underlying securities.
At January 31, 1997, the Fund had outstanding futures contracts to purchase
debt securities as follows:
<TABLE>
<CAPTION>
Number of Valuation as of Unrealized
Expiration Date Futures Contracts January 31, 1997 Appreciation
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Municipal Bond Futures 3/97 30 $3,457,500 $937
16 Oppenheimer Florida Municipal Fund
</TABLE>
<PAGE>
OPPENHEIMER FLORIDA MUNICIPAL FUND
A Series of Oppenheimer Multi-State Municipal Trust
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of
Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Robert E. Patterson, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
INVESTMENT ADVISER OppenheimerFunds, Inc.
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
TRANSFER AND OppenheimerFunds 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
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 Florida Municipal
Fund. This report must be preceded or accompanied by a Prospectus of
Oppenheimer Florida Municipal 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.
17 Oppenheimer Florida Municipal Fund
