UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-5867
Oppenheimer New Jersey Municipal Fund
(Exact name of registrant as specified in charter)
6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
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(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: JULY 31
Date of reporting period: AUGUST 1, 2004 - JANUARY 31, 2005
ITEM 1. REPORTS TO STOCKHOLDERS.
TOP HOLDINGS AND ALLOCATIONS
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TOP TEN INDUSTRIES
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Tobacco Settlements 18.8%
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Higher Education 12.2
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Sales Tax Revenue 11.2
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Airlines 7.7
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Hospital/Health Care 6.1
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Pollution Control 5.7
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Adult Living Facilities 5.5
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Electric Utilities 5.4
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Marine/Aviation Facilities 4.9
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Water Utilities 3.7
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Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2005, and are based on total value of investments.
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CREDIT ALLOCATION
[PIE CHART]
AAA 19.4%
AA 2.0
A 11.0
BBB 50.7
BB 2.4
B 5.5
CCC 2.2
Not Rated 6.8
Portfolio holdings and allocations are subject to change. Percentages are as of
January 31, 2005, and are dollar-weighted based on total investments. Securities
rated by any rating organization are included in the equivalent S & P rating
category. The allocation includes rated securities and those not rated by a
national rating organization but to which the ratings above have been assigned
by the Manager for internal purposes as being comparable, in the Manager's
judgment, to securities rated by a rating agency in the same category.
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11 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES
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Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not reflect the deduction of income taxes on an individual's investment. Taxes
may reduce your actual investment returns on income or gains paid by the Fund or
any gains you may realize if you sell your shares. THIS SEMIANNUAL REPORT MUST
BE PRECEDED OR ACCOMPANIED BY THE CURRENT PROSPECTUS OF OPPENHEIMER NEW JERSEY
MUNICIPAL FUND. BEFORE INVESTING IN ANY OF THE OPPENHEIMER FUNDS, INVESTORS
SHOULD CAREFULLY CONSIDER A FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND
EXPENSES. FUND PROSPECTUSES CONTAIN THIS AND OTHER INFORMATION ABOUT THE FUNDS.
FOR MORE INFORMATION, ASK YOUR FINANCIAL ADVISOR, CALL US AT 1.8000.525.7048, OR
VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM. READ PROSPECTUSES CAREFULLY
BEFORE INVESTING.
The Fund's investment strategy and focus can change over time. The mention of
specific fund holdings does not constitute a recommendation by OppenheimerFunds,
Inc.
CLASS A shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable 4.75% maximum initial sales
charge.
CLASS B shares of the Fund were first publicly offered on 3/1/94. The average
annual total returns are shown net of the applicable contingent deferred sales
charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A
shares 72 months after purchase, the 10-year return for Class B uses Class A
performance for the period after conversion.
Class B shares are subject to an annual 0.75% asset-based sales charge.
CLASS C shares of the Fund were first publicly offered on 8/29/95. The average
annual total returns are shown net of the applicable 1% contingent deferred
sales charge for the one-year period. Class C shares are subject to an annual
0.75% asset-based sales charge.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
12 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Fund expenses. These examples are intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended January 31, 2005.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line for the class of shares you hold, together with the amount you invested, to
estimate the expense that you paid over the period. Simply divide your account
value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00
= 8.60), then multiply the result by the number in the "actual" line under the
heading entitled "Expenses Paid During Period" to estimate the expenses you paid
on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio for each class of shares, and
an assumed rate of return of 5% per year before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example for
the class of shares you hold with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads), or a $12.00 fee imposed annually
on accounts valued at less than $500.00 (subject to exceptions described in
13 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FUND EXPENSES
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the Statement of Additional Information). Therefore, the "hypothetical" lines of
the table are useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
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BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(8/1/04) (1/31/05) JANUARY 31, 2005
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Class A Actual $1,000.00 $1,104.10 $3.97
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Class A Hypothetical 1,000.00 1,021.37 3.82
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Class B Actual 1,000.00 1,099.80 8.05
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Class B Hypothetical 1,000.00 1,017.50 7.74
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Class C Actual 1,000.00 1,099.80 8.00
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Class C Hypothetical 1,000.00 1,017.55 7.69
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Fund's annualized expense ratio for that class,
multiplied by the average account value over the period, multiplied by 184/366
(to reflect the one-half year period). Those annualized expense ratios based on
the 6-month period ended January 31, 2005 are as follows:
CLASS EXPENSE RATIOS
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Class A 0.75%
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Class B 1.52
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Class C 1.51
The expense ratios reflect voluntary waivers or reimbursements of expenses by
the Fund's Manager that can be terminated at any time, without advance notice.
The "Financial Highlights" tables in the Fund's financial statements, included
in this report, also show the gross expense ratios, without such waivers or
reimbursements.
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14 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS January 31, 2005 / Unaudited
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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MUNICIPAL BONDS AND NOTES--102.2%
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NEW JERSEY--89.6%
$ 1,970,000 Camden County Improvement Authority
(Cooper Health System) 6.000% 02/15/2027 $ 2,048,386
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15,000 Collingswood GO 5.875 07/15/2018 15,433
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1,000,000 Delaware River Port Authority PA/NJ 5.400 01/01/2016 1,046,390
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5,170,000 Delaware River Port Authority PA/NJ 1 5.500 01/01/2026 5,418,160
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2,000,000 Garden State Preservation Trust
(Open Space & Farmland Preservation) 1 5.800 11/01/2023 2,259,180
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20,000 Gloucester County Improvement Authority
(Governmental Leasing Program) 5.900 04/01/2007 20,122
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5,000 Gloucester County Utilities Authority 5.125 01/01/2013 5,011
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725,000 Higher Education Student Assistance Authority
Student Loan 6.000 06/01/2015 732,874
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3,755,000 Hudson County Improvement Authority (Koppers Site) 6.125 01/01/2029 3,690,940
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1,000,000 Hudson County Solid Waste Improvement Authority 6.000 01/01/2029 991,660
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2,500,000 Middlesex County Pollution Control Authority
(Amerada Hess Corp.) 6.050 09/15/2034 2,623,400
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35,000 New Brunswick Hsg. & Urban Devel. Authority 5.500 08/01/2011 35,436
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50,000 New Brunswick Hsg. & Urban Devel. Authority 5.750 07/01/2024 50,145
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135,000 NJ EDA (American Airlines) 7.100 11/01/2031 98,087
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255,000 NJ EDA (Anheuser-Busch Companies) 5.850 12/01/2030 265,911
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100,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2018 105,141
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25,000 NJ EDA (Cadbury at Cherry Hill) 5.500 07/01/2028 25,639
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25,000 NJ EDA (Cascade Corp.) 8.250 02/01/2026 24,650
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2,505,000 NJ EDA (Cigarette Tax) 5.500 06/15/2024 2,627,695
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3,000,000 NJ EDA (Cigarette Tax) 5.500 06/15/2031 3,123,480
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1,500,000 NJ EDA (Cigarette Tax) 5.750 06/15/2029 1,594,230
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10,000,000 NJ EDA (Cigarette Tax) 5.750 06/15/2034 10,558,900
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5,985,000 NJ EDA (Continental Airlines) 6.250 09/15/2019 5,013,934
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85,000 NJ EDA (Continental Airlines) 6.250 09/15/2029 67,849
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2,020,000 NJ EDA (Continental Airlines) 6.400 09/15/2023 1,680,640
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2,500,000 NJ EDA (Continental Airlines) 6.625 09/15/2012 2,303,650
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3,500,000 NJ EDA (Continental Airlines) 9.000 06/01/2033 3,586,660
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100,000 NJ EDA (Courthouse Convalescent Center) 8.700 02/01/2014 100,116
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100,000 NJ EDA (Devereux Foundation) 5.450 05/01/2027 106,065
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25,000 NJ EDA (Eastern Shore) 8.000 02/01/2011 24,996
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160,000 NJ EDA (Elizabethtown Water Company) 5.600 12/01/2025 165,074
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4,000,000 NJ EDA (Empowerment Zone-Cumberland) 7.750 08/01/2021 3,993,040
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15,000,000 NJ EDA (Fairleigh Dickinson University), Series D 6.000 07/01/2025 15,919,050
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320,000 NJ EDA (Hackensack Water Company) 5.800 03/01/2024 327,168
15 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW JERSEY Continued
$ 25,000 NJ EDA (Hackensack Water Company) 5.900% 03/01/2024 $ 25,532
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2,000,000 NJ EDA (Jersey Central Power & Light) 7.100 07/01/2015 2,068,000
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6,100,000 NJ EDA (JVG Properties) 5.375 03/01/2019 6,141,541
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2,500,000 NJ EDA (Kapkowski Road Landfill) 6.500 04/01/2031 2,714,300
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130,000 NJ EDA (Kullman Associates) 6.750 07/01/2019 122,247
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1,000,000 NJ EDA (Marcus L. Ward Home) 5.750 11/01/2024 1,049,910
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1,000,000 NJ EDA (Marcus L. Ward Home) 5.800 11/01/2031 1,038,440
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1,000,000 NJ EDA (Masonic Charity Foundation of NJ) 5.500 06/01/2031 1,068,430
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750,000 NJ EDA (Masonic Charity Foundation of NJ) 6.000 06/01/2025 840,105
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50,000 NJ EDA (Middlesex Water Company) 5.200 10/01/2022 50,581
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70,000 NJ EDA (Middlesex Water Company) 5.250 10/01/2023 70,531
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70,000 NJ EDA (NJ American Water Company) 5.350 06/01/2023 70,613
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240,000 NJ EDA (NJ American Water Company) 5.350 06/01/2023 242,102
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60,000 NJ EDA (NJ American Water Company) 5.375 05/01/2032 63,463
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65,000 NJ EDA (NJ American Water Company) 5.500 06/01/2023 65,320
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615,000 NJ EDA (NJ American Water Company) 5.950 11/01/2029 641,507
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85,000 NJ EDA (NJ American Water Company) 6.000 05/01/2036 89,809
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6,520,000 NJ EDA (NJ American Water Company) 6.875 11/01/2034 6,671,720
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15,000 NJ EDA (NJ Natural Gas Company) 5.375 08/01/2023 15,106
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5,000 NJ EDA (NJ Natural Gas Company) 5.375 08/01/2023 5,060
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1,915,000 NJ EDA (NUI Corp.) 5.250 11/01/2033 1,938,516
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40,000 NJ EDA (NUI Corp.) 5.700 06/01/2032 42,033
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90,000 NJ EDA (NUI Corp.) 6.350 10/01/2022 92,069
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2,000,000 NJ EDA (Public Schools Small Project Loan Program) 2 12.608 3 09/01/2011 2,471,760
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4,605,000 NJ EDA (Public Service Electric & Gas) 6.400 05/01/2032 4,812,686
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25,000 NJ EDA (Rutgers University) 6.100 07/01/2014 25,572
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4,335,000 NJ EDA (RWJ Hospital/CCC/RWJ
Health Care Corp. Obligated Group) 6.500 07/01/2024 4,434,445
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2,000,000 NJ EDA (St. Francis Life Care Corp.) 5.750 10/01/2023 1,950,700
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480,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2019 496,613
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510,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2020 527,366
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545,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2021 563,862
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575,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2022 593,285
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610,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2023 628,709
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650,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2024 669,955
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690,000 NJ EDA (The Gill/St. Bernards School) 6.000 02/01/2025 709,230
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3,770,000 NJ EDA (Trigen-Trenton District Energy Company) 6.200 12/01/2010 3,790,207
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2,370,000 NJ EDA (United Methodist Homes of NJ) 5.125 07/01/2025 2,174,594
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2,000,000 NJ EDA Retirement Community (Cedar Crest Village) 7.250 11/15/2021 2,130,160
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2,100,000 NJ EDA Retirement Community (Seabrook Village) 8.000 11/15/2015 2,271,843
16 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW JERSEY Continued
$ 1,440,000 NJ EFA (Bloomfield College) 6.850% 07/01/2030 $ 1,474,718
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1,290,000 NJ EFA (Fairleigh Dickinson University), Series G 5.700 07/01/2028 1,326,946
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3,540,000 NJ EFA (Georgian Court College) 6.500 07/01/2033 3,995,633
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60,000 NJ EFA (Monmouth University) 5.625 07/01/2013 60,406
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2,000,000 NJ EFA (Monmouth University) 5.800 07/01/2022 2,109,240
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5,000 NJ EFA (Richard Stockton State College) 5.350 07/01/2023 5,055
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250,000 NJ EFA (St. Peter's College) 5.500 07/01/2027 246,410
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100,000 NJ EFA (University of Medicine and Dentistry) 5.250 12/01/2025 102,809
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10,000 NJ Health Care Facilities Financing Authority
(Allegany Health System Obligated Group) 5.200 07/01/2018 10,113
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65,000 NJ Health Care Facilities Financing Authority
(Atlantic Health Systems Hospital Corp.) 5.375 07/01/2019 70,059
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85,000 NJ Health Care Facilities Financing Authority
(Bayonne Hospital) 6.250 07/01/2012 86,939
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10,000 NJ Health Care Facilities Financing Authority
(Burdette Tomlin Memorial Hospital) 6.500 07/01/2012 10,372
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2,000,000 NJ Health Care Facilities Financing Authority
(Englewood Hospital & Medical Center) RITES 2 13.715 3 08/01/2025 2,729,720
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25,000 NJ Health Care Facilities Financing Authority
(ONP/MHC Obiligated Group) 5.375 07/01/2024 27,315
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2,000,000 NJ Health Care Facilities Financing Authority
(Raritan Bay Medical Center) 7.250 07/01/2014 2,109,000
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1,000,000 NJ Health Care Facilities Financing Authority
(RWJ University Hospital) 5.750 07/01/2025 1,094,360
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20,000 NJ Health Care Facilities Financing Authority
(Society of the Valley Hospital) 5.500 07/01/2020 22,030
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20,000 NJ Health Care Facilities Financing Authority
(South Jersey Hospital System) 6.000 07/01/2032 21,392
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750,000 NJ Health Care Facilities Financing Authority
(St. Joseph's Hospital & Medical Center) 6.000 07/01/2026 799,688
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45,000 NJ HFA 5.375 11/01/2008 45,066
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10,000 NJ HFA 5.700 11/01/2005 10,020
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10,000 NJ Higher Education Assistance Authority (Student Loans) 6.125 07/01/2015 10,026
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200,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.550 05/01/2027 213,948
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45,000 NJ Hsg. & Mortgage Finance Agency, Series A 5.650 05/01/2040 48,243
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75,000 NJ Hsg. & Mortgage Finance Agency, Series A 6.000 11/01/2014 76,826
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110,000 NJ Hsg. & Mortgage Finance Agency, Series A 6.050 11/01/2020 112,643
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1,000,000 NJ Hsg. & Mortgage Finance Agency, Series A 6.250 05/01/2028 1,035,470
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30,000 NJ Hsg. & Mortgage Finance Agency, Series B 5.850 11/01/2012 32,406
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100,000 NJ Hsg. & Mortgage Finance Agency, Series E1 5.750 05/01/2025 105,831
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15,000 NJ Hsg. & Mortgage Finance Agency, Series S 5.950 10/01/2017 15,676
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1,120,000 NJ Hsg. & Mortgage Finance Agency, Series U 5.750 04/01/2018 1,175,574
17 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
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PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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NEW JERSEY Continued
$ 10,000 NJ Hsg. & Mortgage Finance Agency, Series V 5.250% 04/01/2026 $ 10,315
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130,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2020 130,222
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480,000 NJ Sports & Exposition Authority, Series A 5.200 01/01/2024 480,821
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300,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.375 06/01/2018 294,936
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13,245,000 NJ Tobacco Settlement Financing Corp. (TASC) 5.750 06/01/2032 12,879,438
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6,580,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.000 06/01/2037 6,251,724
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9,295,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.125 06/01/2042 8,863,154
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2,405,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.250 06/01/2043 2,335,039
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235,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.375 06/01/2032 233,769
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2,500,000 NJ Tobacco Settlement Financing Corp. (TASC) 6.750 06/01/2039 2,543,450
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800,000 NJ Tobacco Settlement Financing Corp. Fixed Receipts 6.125 06/01/2042 762,840
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9,600,000 NJ Tobacco Settlement Financing Corp. RITES 2 9.131 3 06/01/2042 8,708,064
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2,500,000 NJ Transit Corp. ROLs, Series 152 10.281 3 09/15/2014 3,178,750
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80,000 NJ Transportation Trust Fund Authority 5.500 06/15/2015 82,498
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2,500,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2011 2,647,350
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1,210,000 Port Authority NY/NJ (KIAC) 6.750 10/01/2019 1,281,511
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370,000 Port Authority NY/NJ, 106th Series 6.000 07/01/2016 390,491
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2,305,000 Port Authority NY/NJ, 238th Series ROLs 2 14.877 3 12/15/2032 2,803,710
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75,000 Readington-Lebanon Sewage Authority 5.250 01/01/2013 75,545
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20,000 Riverside Township GO 5.450 12/01/2010 20,027
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100,000 Salem County Industrial Pollution Control Financing
Authority (Atlantic City Electric Company) 5.600 11/01/2025 101,104
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150,000 Salem County Industrial Pollution Control Financing
Authority (Public Service Electric & Gas) 5.200 03/01/2025 150,819
- ---------------------------------------------------------------------------------------------------------------------------------
410,000 Salem County Industrial Pollution Control Financing
Authority (Public Service Electric & Gas) 5.450 02/01/2032 414,354
- ---------------------------------------------------------------------------------------------------------------------------------
510,000 Salem County Pollution Control Financing Authority
(E.I. Dupont De Nemours) 6.125 07/15/2022 513,494
- ---------------------------------------------------------------------------------------------------------------------------------
385,000 Salem County Pollution Control Financing Authority
(E.I. Dupont De Nemours) 6.500 11/15/2021 390,198
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1,100,000 Salem County Pollution Control Financing Authority
(Public Service Electric & Gas) 5.750 04/01/2031 1,182,676
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120,000 South Jersey Transit Authority (The Raytheon Company) 6.150 01/01/2022 123,546
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25,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2018 26,648
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100,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2019 106,590
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60,000 Union County Utilities Authority
(Ogden Martin Systems of Union) 5.375 06/01/2020 63,954
-------------
200,258,005
18 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PRINCIPAL VALUE
AMOUNT COUPON MATURITY SEE NOTE 1
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U.S. POSSESSIONS--12.6%
$ 1,450,000 Northern Mariana Islands, Series A 6.250% 03/15/2028 $ 1,508,885
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3,000,000 Northern Mariana Islands, Series A 6.750 10/01/2033 3,109,620
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1,000,000 Puerto Rico Electric Power Authority 5.375 07/01/2030 1,028,470
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100,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2019 104,981
- ---------------------------------------------------------------------------------------------------------------------------------
500,000 Puerto Rico ITEMECF (Ana G. Mendez University) 5.375 02/01/2029 516,885
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965,000 Puerto Rico ITEMECF (Congeneration Facilities) 6.625 06/01/2026 1,047,681
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250,000 Puerto Rico ITEMECF
(SEAM/Hospital Espanol Auxillio Obligated Group) 6.250 07/01/2024 257,528
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1,000,000 Puerto Rico Municipal Finance Agency RITES 2 9.118 3 08/01/2015 1,286,020
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6,880,000 Puerto Rico Port Authority (American Airlines), Series A 6.250 06/01/2026 4,864,986
- ---------------------------------------------------------------------------------------------------------------------------------
110,000 Puerto Rico Port Authority (American Airlines), Series A 6.300 06/01/2023 77,776
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15,000 Puerto Rico Port Authority, Series D 6.000 07/01/2021 15,086
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1,000,000 Puerto Rico Public Buildings Authority, Series D 5.125 07/01/2024 1,061,010
- ---------------------------------------------------------------------------------------------------------------------------------
340,000 University of Puerto Rico, Series O 5.375 06/01/2030 346,219
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150,000 University of V.I. , Series A 5.250 12/01/2023 158,058
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210,000 University of V.I. , Series A 5.375 06/01/2034 220,859
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1,000,000 University of V.I. , Series A 6.000 12/01/2024 1,091,760
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40,000 University of V.I. , Series A 6.250 12/01/2029 43,772
- ---------------------------------------------------------------------------------------------------------------------------------
105,000 V.I. Hsg. Finance Authority, Series A 6.500 03/01/2025 107,187
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5,000,000 V.I. Public Finance Authority (Hovensa Coker) 6.500 07/01/2021 5,490,600
- ---------------------------------------------------------------------------------------------------------------------------------
525,000 V.I. Public Finance Authority, Series A 6.125 10/01/2029 597,534
- ---------------------------------------------------------------------------------------------------------------------------------
1,515,000 V.I. Public Finance Authority, Series A 6.375 10/01/2019 1,753,552
- ---------------------------------------------------------------------------------------------------------------------------------
300,000 V.I. Public Finance Authority, Series E 5.875 10/01/2018 311,838
- ---------------------------------------------------------------------------------------------------------------------------------
2,500,000 V.I. Public Finance Authority, Series E 6.000 10/01/2022 2,574,250
- ---------------------------------------------------------------------------------------------------------------------------------
290,000 V.I. Water & Power Authority 5.300 07/01/2018 297,998
- ---------------------------------------------------------------------------------------------------------------------------------
175,000 V.I. Water & Power Authority 5.300 07/01/2021 177,456
-------------
28,050,011
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $218,667,325)--102.2% 228,308,016
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(2.2%) (4,826,789)
-------------
NET ASSETS--100.0% $223,481,227
=============
<FN>
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. When-issued security or forward commitment to be delivered and settled after
January 31, 2005. See Note 1 of Notes to Financial Statements.
2. Illiquid security. The aggregate value of illiquid securities as of January
31, 2005 was $21,178,024, which represents 9.48% of the Fund's net assets. See
Note 5 of Notes to Financial Statements.
3. Represents the current interest rate for a variable rate bond known as an
"inverse floater." See Note 1 of Notes to Financial Statements.
</FN>
19 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
TO SIMPLIFY THE LISTINGS OF SECURITIES, ABBREVIATIONS ARE USED PER THE TABLE
BELOW:
CCC Continuing Care Center
EDA Economic Development Authority
EFA Educational Facilities Authority
GO General Obligation
HFA Housing Finance Agency/Authority
ITEMECF Industrial, Tourist, Educational, Medical and Environmental
Community Facilities
MHC Meridian Hospitals Corporation
NY/NJ New York/New Jersey
ONP Ocean Nursing Pavillion, Inc.
PA/NJ Pennsylvania/New Jersey
RITES Residual Interest Tax Exempt Security
ROLs Residual Option Longs
RWJ Robert Wood Johnson
SEAM Sociedad Espanola de Auxilio Mutuo
TASC Tobacco Settlement Asset-Backed Bonds
V.I. United States Virgin Islands
- --------------------------------------------------------------------------------
INDUSTRY CONCENTRATIONS January 31, 2005
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY INDUSTRY OF ISSUE, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
INDUSTRY VALUE PERCENT
- --------------------------------------------------------------------------------
Tobacco Settlements $ 42,872,414 18.8%
Higher Education 27,748,373 12.2
Sales Tax Revenue 25,483,157 11.2
Airlines 17,693,582 7.7
Hospital/Health Care 13,983,188 6.1
Pollution Control 13,055,931 5.7
Adult Living Facilities 12,624,298 5.5
Electric Utilities 12,338,673 5.4
Marine/Aviation Facilities 11,182,722 4.9
Water Utilities 8,483,420 3.7
Education 6,660,780 2.9
Manufacturing, Non-Durable Goods 6,407,452 2.8
Resource Recovery 4,879,792 2.1
Gas Utilities 4,716,184 2.1
General Obligation 4,431,100 1.9
Manufacturing, Durable Goods 4,263,483 1.9
Municipal Leases 4,259,882 1.9
Special Tax 2,714,300 1.2
Multifamily Housing 1,766,034 0.8
Single Family Housing 1,308,752 0.6
Student Loans 742,900 0.3
Sports Facility Revenue 611,043 0.3
Sewer Utilities 80,556 0.0
------------------------------
Total $228,308,016 100.0%
==============================
20 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
SUMMARY OF RATINGS January 31, 2005
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY RATINGS CATEGORY, AS A PERCENTAGE OF TOTAL
INVESTMENTS AT VALUE, IS AS FOLLOWS:
RATINGS PERCENT
- --------------------------------------------------------------------------------
AAA 19.4%
AA 2.0
A 11.0
BBB 50.7
BB 2.4
B 5.5
CCC 2.2
Not Rated 6.8
------
Total 100.0%
======
Bonds rated by any nationally recognized statistical rating organization are
included in the equivalent Standard & Poor's rating category. As a general
matter, unrated bonds may be backed by mortgage liens or equipment liens on the
underlying property, and also may be guaranteed. Bonds which are backed by a
letter of credit or by other financial institutions or agencies may be assigned
an investment-grade rating by the Manager, which reflects the quality of the
guarantor, institution or agency. Unrated bonds may also be assigned a rating
when the issuer has rated bonds outstanding with comparable credit
characteristics, or when, in the opinion of the Manager, the bond itself
possesses credit characteristics which allow for rating. The unrated bonds in
the portfolio are predominantly smaller issuers which have not applied for a
bond rating. Only those unrated bonds which subsequent to purchase have not been
designated investment grade by the Manager are included in the "Not Rated"
category.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
January 31, 2005
- ------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------
Investments, at value (cost $218,667,325)--see accompanying statement of investments $228,308,016
- ------------------------------------------------------------------------------------------------------
Cash 2,202,755
- ------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 3,238,016
Shares of beneficial interest sold 1,510,770
Investments sold 10,019
Other 7,714
-------------
Total assets 235,277,290
- ------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Payable to conduit lender (See Note 6) 6,000,000
Investments purchased (including $3,117,273 purchased on a when-issued
basis or forward commitment) 5,274,102
Dividends 218,160
Shares of beneficial interest redeemed 197,172
Shareholder communications 28,630
Distribution and service plan fees 27,147
Trustees' compensation 20,258
Transfer and shareholder servicing agent fees 8,705
Interest expense 2,404
Other 19,485
-------------
Total liabilities 11,796,063
- ------------------------------------------------------------------------------------------------------
NET ASSETS $223,481,227
=============
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------
Paid-in capital $217,217,080
- ------------------------------------------------------------------------------------------------------
Accumulated net investment income 1,153,992
- ------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (4,530,536)
- ------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 9,640,691
-------------
NET ASSETS $223,481,227
=============
22 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
- ------------------------------------------------------------------------------------------------------
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$127,844,770 and 11,083,656 shares of beneficial interest outstanding) $11.53
Maximum offering price per share (net asset value plus sales charge of 4.75%
of offering price) $12.10
- ------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $57,653,102
and 4,992,573 shares of beneficial interest outstanding) $11.55
- ------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $37,983,355
and 3,290,802 shares of beneficial interest outstanding) $11.54
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2005
- -----------------------------------------------------------------------------------
INVESTMENT INCOME
- -----------------------------------------------------------------------------------
Interest $ 6,498,953
- -----------------------------------------------------------------------------------
EXPENSES
- -----------------------------------------------------------------------------------
Management fees 584,037
- -----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 80,004
Class B 246,071
Class C 135,805
- -----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 28,103
Class B 15,375
Class C 8,391
- -----------------------------------------------------------------------------------
Shareholder communications:
Class A 4,371
Class B 3,275
Class C 1,578
- -----------------------------------------------------------------------------------
Interest expense 114,702
- -----------------------------------------------------------------------------------
Custodian fees and expenses 6,512
- -----------------------------------------------------------------------------------
Trustees' compensation 3,376
- -----------------------------------------------------------------------------------
Other 27,727
------------
Total expenses 1,259,327
Less reduction to custodian expenses (1,687)
Less payments and waivers of expenses (195,034)
------------
Net expenses 1,062,606
- -----------------------------------------------------------------------------------
NET INVESTMENT INCOME 5,436,347
- -----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
- -----------------------------------------------------------------------------------
Net realized gain on investments 61,794
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments 13,295,869
- -----------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $18,794,010
============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
24 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
(UNAUDITED) 2004
- -----------------------------------------------------------------------------------
OPERATIONS
- -----------------------------------------------------------------------------------
Net investment income $ 5,436,347 $ 8,903,069
- -----------------------------------------------------------------------------------
Net realized gain (loss) 61,794 (115,750)
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) 13,295,869 1,690,070
---------------------------
Net increase in net assets resulting from operations 18,794,010 10,477,389
- -----------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -----------------------------------------------------------------------------------
Dividends from net investment income:
Class A (3,310,474) (4,669,052)
Class B (1,434,803) (2,635,363)
Class C (786,775) (1,060,217)
- -----------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -----------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial
interest transactions:
Class A 26,150,336 31,512,135
Class B 2,585,596 3,381,161
Class C 12,146,331 5,810,614
- -----------------------------------------------------------------------------------
NET ASSETS
- -----------------------------------------------------------------------------------
Total increase 54,144,221 42,816,667
- -----------------------------------------------------------------------------------
Beginning of period 169,337,006 126,520,339
---------------------------
End of period (including accumulated net investment
income of $1,153,992 and $1,249,697, respectively) $223,481,227 $169,337,006
===========================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
25 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
STATEMENT OF CASH FLOWS
- --------------------------------------------------------------------------------
For the Six Months Ended January 31, 2005
- -----------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
- -----------------------------------------------------------------------------------
Net increase in net assets from operations $ 18,794,010
- -----------------------------------------------------------------------------------
Adjustments to reconcile net increase in net assets from operations
to net cash used in operating activities:
Purchase of investment securities (41,921,217)
Proceeds from disposition of investment securities 15,656,184
Increase in interest receivable (257,571)
Increase in other assets (2,608)
Decrease in payable for accrued expenses (9,855)
Premium amortization 398,503
Discount amortization (42,142)
Realized gain on securities (61,794)
Unrealized appreciation (depreciation) on securities (13,295,869)
-------------
Net cash used in operating activities (20,742,359)
- -----------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
- -----------------------------------------------------------------------------------
Proceeds from issuance of debt 37,900,000
Payment on outstanding debt (50,200,000)
Proceeds from shares sold 53,445,663
Payment on shares redeemed (16,320,985)
Cash distributions paid (2,340,442)
-------------
Net cash provided by financing activities 22,484,236
- -----------------------------------------------------------------------------------
Net increase in cash 1,741,877
- -----------------------------------------------------------------------------------
Cash, beginning balance 460,878
-------------
Cash, ending balance $ 2,202,755
=============
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of
dividends and distributions of $3,090,241.
Cash paid for interest on bank borrowings--$107,934.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
26 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
CLASS A (UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.76 $10.51 $10.99 $10.89 $10.36 $11.21
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .33 1 .67 .67 .53 .55 .53
Net realized and unrealized gain (loss) .78 .23 (.52) .08 .51 (.82)
- ---------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 1.11 .90 .15 .61 1.06 (.29)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.34) (.65) (.63) (.51) (.53) (.55)
Distributions from net realized gain -- -- -- -- -- (.01)
- ---------------------------------------------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.34) (.65) (.63) (.51) (.53) (.56)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.53 $10.76 $10.51 $10.99 $10.89 $10.36
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 10.41% 8.63% 1.21% 5.79% 10.42% (2.47)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $127,845 $94,214 $61,825 $47,305 $39,185 $31,937
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $109,675 $78,828 $54,811 $42,809 $35,710 $35,286
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.88% 6.28% 6.24% 4.88% 5.08% 5.26%
Total expenses 0.95% 0.98% 1.02% 0.84% 0.87% 1.09%
Expenses after payments and waivers and
reduction to custodian expenses 0.75% 0.78% 0.82% 0.63% 4 0.67% 4 0.79% 4
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 25% 93% 26% 27% 101%
<FN>
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an 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 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. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
27 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
CLASS B (UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.78 $10.52 $11.00 $10.90 $10.37 $11.21
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 1 .60 .59 .45 .47 .47
Net realized and unrealized gain (loss) .77 .23 (.53) .08 .51 (.83)
------------------------------------------------------------------------------
Total from investment operations 1.06 .83 .06 .53 .98 (.36)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.57) (.54) (.43) (.45) (.47)
Distributions from net realized gain -- -- -- -- -- (.01)
------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.29) (.57) (.54) (.43) (.45) (.48)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.55 $10.78 $10.52 $11.00 $10.90 $10.37
==============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.98% 7.92% 0.46% 4.99% 9.58% (3.11)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $57,653 $51,329 $46,912 $43,888 $39,164 $35,338
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $54,414 $50,920 $45,226 $41,532 $36,447 $38,064
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.15% 5.54% 5.46% 4.12% 4.34% 4.50%
Total expenses 1.72% 1.73% 1.78% 1.60% 1.62% 1.85%
Expenses after payments and waivers and
reduction to custodian expenses 1.52% 1.53% 1.58% 1.39% 4 1.42% 4 1.55% 4
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 25% 93% 26% 27% 101%
<FN>
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an 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 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. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
28 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
SIX MONTHS YEAR
ENDED ENDED
JANUARY 31, 2005 JULY 31,
CLASS C (UNAUDITED) 2004 2003 2002 2001 2000
- ---------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $10.77 $10.51 $10.99 $10.89 $10.36 $11.21
- ---------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .29 1 .59 .59 .44 .47 .46
Net realized and unrealized gain (loss) .77 .24 (.53) .09 .51 (.83)
------------------------------------------------------------------------------
Total from investment operations 1.06 .83 .06 .53 .98 (.37)
- ---------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.29) (.57) (.54) (.43) (.45) (.47)
Distributions from net realized gain -- -- -- -- -- (.01)
------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.29) (.57) (.54) (.43) (.45) (.48)
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.54 $10.77 $10.51 $10.99 $10.89 $10.36
==============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE 2 9.98% 7.91% 0.45% 4.99% 9.59% (3.20)%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $37,983 $23,795 $17,784 $12,664 $8,622 $7,142
- ---------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $30,074 $20,470 $16,770 $ 9,831 $7,301 $8,198
- ---------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment income 5.08% 5.53% 5.49% 4.10% 4.33% 4.51%
Total expenses 1.71% 1.73% 1.78% 1.60% 1.62% 1.85%
Expenses after payments and waivers and
reduction to custodian expenses 1.51% 1.53% 1.58% 1.39% 4 1.42% 4 1.55% 4
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 1% 25% 93% 26% 27% 101%
<FN>
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Assumes an 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 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. Returns do not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or the redemption of Fund shares.
3. Annualized for periods of less than one full year.
4. Excludes interest expense.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
29 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
================================================================================
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer New Jersey Municipal Fund (the 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 and New Jersey income taxes for individual
investors as is consistent with preservation of capital. The Fund's investment
advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B and Class C shares. Class A shares are sold
at their offering price, which is normally net asset value plus a front-end
sales charge. Class B and Class C shares are sold without a front-end sales
charge but may be subject to a contingent deferred sales charge (CDSC). All
classes of shares have identical rights and voting privileges with respect to
the Fund in general and exclusive voting rights on matters that affect that
class alone. Earnings, net assets and net asset value per share may differ due
to each class having its own expenses, such as transfer and shareholder
servicing agent fees and shareholder communications, directly attributable to
that class. Class A, B and C have separate distribution and/or service plans.
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.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. The Fund calculates the net asset value of its shares as
of the close of The New York Stock Exchange (the Exchange), normally 4:00 P.M.
Eastern time, on each day the Exchange is open for business. Securities listed
or traded on National Stock Exchanges or other domestic or foreign exchanges
are valued based on the last sale price of the security traded on that exchange
prior to the time when the Fund's assets are valued. Securities traded on
NASDAQ are valued based on the closing price provided by NASDAQ prior to the
time when the Fund's assets are valued. In the absence of a sale, the security
is valued at the last sale price on the prior trading day, if it is within the
spread of the closing bid and asked prices, and if not, at the closing bid
price. Corporate, government and municipal debt instruments having a remaining
maturity in excess of sixty days and all mortgage-backed securities will be
valued at the mean between the "bid" and "asked" prices. Securities may be
valued primarily using dealer-supplied valuations or a portfolio pricing
service authorized by the Board of Trustees. Securities (including restricted
securities) for which market quotations are not readily available are valued at
their fair value. Foreign and domestic securities whose values have been
materially affected by what the Manager identifies as a significant event
occurring before the Fund's assets are valued but after the close of their
respective exchanges will be fair valued. Fair value is determined in good
faith using consistently applied procedures under the supervision of the Board
of Trustees. Short-term "money market type" debt securities with remaining
maturities of sixty days or less are valued at amortized cost (which
approximates market value).
30 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
SECURITIES ON A WHEN-ISSUED BASIS OR FORWARD COMMITMENT. Delivery and payment
for securities that have been purchased by the Fund on a when-issued basis or
forward commitment can take place up to ten days or more after the trade date.
Normally the settlement date occurs within six months after the trade date;
however, the Fund may, from time to time, purchase securities whose settlement
date extends six months or more beyond trade date. During this period, such
securities do not earn interest, are subject to market fluctuation and may
increase or decrease in value prior to their delivery. The Fund maintains
internally designated assets with a market value equal to or greater than the
amount of its purchase commitments. The purchase of securities on a when-issued
basis or forward commitment may increase the volatility of the Fund's net asset
value to the extent the Fund executes such transactions while remaining
substantially fully invested. The Fund may also sell securities that it
purchased on a when-issued basis or forward commitment prior to settlement of
the original purchase. As of January 31, 2005, the Fund had purchased
$3,117,273 of securities on a when-issued basis or forward commitment.
- --------------------------------------------------------------------------------
INVERSE FLOATING RATE SECURITIES. The Fund invests in inverse floating rate
securities that pay interest at a rate that varies inversely with short-term
interest rates. Certain of these securities may be leveraged, whereby the
interest rate varies inversely at a multiple of the change in short-term rates.
As interest rates rise, inverse floaters produce less current income. The price
of such securities is more volatile than comparable fixed rate securities. The
Fund will invest no more than 20% of its total assets in inverse floaters.
Inverse floaters amount to $21,178,024 as of January 31, 2005. Including the
effect of leverage, inverse floaters represent 14.34% of the Fund's total
assets as of January 31, 2005.
- --------------------------------------------------------------------------------
SECURITY CREDIT RISK. There are certain risks arising from geographic
concentration in any state. Certain revenue or tax related events in a state
may impair the ability of certain issuers of municipal securities to pay
principal and interest on their obligations.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated on a
daily basis 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 comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal 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 dividends
31 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
and distributions, the fiscal year in which amounts are distributed may differ
from the fiscal year in which the income or net realized gain was recorded by
the Fund.
As of January 31, 2005, the Fund had available for federal income tax
purposes an estimated capital loss carryforward of $4,530,539 expiring by 2013.
This estimated capital loss carryforward represents carryforward as of the end
of the last fiscal year, increased for losses deferred under tax accounting
rules to the current fiscal year and is increased or decreased by capital
losses or gains realized in the first six months of the current fiscal year. As
of January 31, 2005, it is estimated that the Fund will utilize $61,794 of
capital loss carryforward to offset realized capital gains. During the year
ended July 31, 2004, the Fund did not utilize any capital loss carryforward to
offset realized capital gains.
As of July 31, 2004, the Fund had available for federal income tax purposes
unused capital loss carryforwards as follows:
EXPIRING
----------------------
2009 $2,925,051
2010 1,551,532
2012 115,750
----------
Total $4,592,333
==========
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded 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, 2005, the Fund's projected benefit obligations were increased
by $1,010 and payments of $1,487 were made to retired trustees, resulting in an
accumulated liability of $15,786 as of January 31, 2005.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or
a portion of the annual compensation they are entitled to receive from the
Fund. For purposes of determining the amount owed to the Trustee under the
plan, deferred amounts are treated as though equal dollar amounts had been
invested in shares of the Fund or in other Oppenheimer funds selected by the
Trustee. The Fund purchases shares of the funds selected for deferral by the
Trustee in amounts equal to his or her deemed investment, resulting in a Fund
asset equal to the deferred compensation liability. Such assets are included as
a component of "Other" within the asset section of the Statement of Assets and
Liabilities. Deferral of trustees' fees under the plan will not affect the net
assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
Amounts will be deferred until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date. Income distributions, if any, are
declared daily and paid monthly. Capital gain distributions, if any, are
declared and paid annually.
32 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
INVESTMENT INCOME. Interest income, which includes accretion of discount and
amortization of premium, is accrued as earned.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may
include interest expense incurred by the Fund on any cash overdrafts of its
custodian account during the period. Such cash overdrafts may result from the
effects of failed trades in portfolio securities and from cash outflows
resulting from unanticipated shareholder redemption activity. The Fund pays
interest to its custodian on such cash overdrafts at a rate equal to the
Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item,
if applicable, represents earnings on cash balances maintained by the Fund
during the period. Such interest expense and other custodian fees may be paid
with these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S.
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:
SIX MONTHS ENDED JANUARY 31, 2005 YEAR ENDED JULY 31, 2004
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------
CLASS A
Sold 2,803,877 $31,428,227 4,157,479 $ 45,439,740
Dividends and/or
distributions reinvested 164,723 1,849,515 237,670 2,588,895
Redeemed (637,686) (7,127,406) (1,526,995) (16,516,500)
------------------------------------------------------
Net increase 2,330,914 $26,150,336 2,868,154 $ 31,512,135
======================================================
- -----------------------------------------------------------------------------------
CLASS B
Sold 755,351 $ 8,459,843 1,428,513 $ 15,622,837
Dividends and/or
distributions reinvested 73,925 830,540 142,239 1,552,924
Redeemed (600,055) (6,704,787) (1,267,677) (13,794,600)
------------------------------------------------------
Net increase 229,221 $ 2,585,596 303,075 $ 3,381,161
======================================================
33 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST Continued
SIX MONTHS ENDED JANUARY 31, 2005 YEAR ENDED JULY 31, 2004
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------
CLASS C
Sold 1,262,700 $14,174,119 1,043,074 $11,511,732
Dividends and/or
distributions reinvested 36,471 410,186 54,414 593,732
Redeemed (217,580) (2,437,974) (579,840) (6,294,850)
------------------------------------------------------
Net increase 1,081,591 $12,146,331 517,648 $ 5,810,614
======================================================
- --------------------------------------------------------------------------------
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2005, were
$24,522,277 and $1,452,900, respectively.
- --------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee at
annual rate of 0.60% of the first $200 million of average annual net assets,
0.55% of the next $100 million, 0.50% of the next $200 million, 0.45% of the
next $250 million, 0.40% of the next $250 million, and 0.35% of average annual
net assets in excess of $1 billion.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, acts as the transfer and shareholder servicing agent for the Fund. The
Fund pays OFS a per account fee. For the six months ended January 31, 2005, the
Fund paid $51,059 to OFS for services to the Fund.
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN (12B-1) FEES. Under its General Distributor's
Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the Distributor)
acts as the Fund's principal underwriter in the continuous public offering of
the Fund's classes of shares.
- --------------------------------------------------------------------------------
SERVICE PLAN FOR CLASS A SHARES. The Fund has adopted a Service Plan for Class
A shares. It reimburses the Distributor for a portion of its costs incurred for
services provided to accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate of up to 0.15% of the average annual net assets of
Class A shares of the Fund. The Distributor currently uses all of those fees to
pay dealers, brokers, banks and other financial institutions quarterly for
providing personal services and maintenance of accounts of their customers that
hold Class A shares. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years. Fees incurred by the Fund under the Plan are detailed in the Statement
of Operations.
34 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLANS FOR CLASS B AND CLASS C SHARES. The Fund has
adopted Distribution and Service Plans for Class B and Class C shares to
compensate the Distributor for its services in connection with the distribution
of those shares and servicing accounts. Under the plans, the Fund pays the
Distributor an annual asset-based sales charge of 0.75% per year on Class B and
Class C shares. The Distributor also receives a service fee of up to 0.15% per
year under each plan. If either the Class B or Class C plan is terminated by
the Fund or by the shareholders of a class, the Board of Trustees and its
independent trustees must determine whether the Distributor shall be entitled
to payment from the Fund of all or a portion of the service fee and/or
asset-based sales charge in respect to shares sold prior to the effective date
of such termination. The Distributor's aggregate uncompensated expenses under
the plan at January 31, 2005 for Class B and Class C shares were $2,034,852 and
$517,399, respectively. Fees incurred by the Fund under the plans are detailed
in the Statement of Operations.
- --------------------------------------------------------------------------------
SALES CHARGES. Front-end sales charges and contingent deferred sales charges
(CDSC) do not represent expenses of the Fund. They are deducted from the
proceeds of sales of Fund shares prior to investment or from redemption
proceeds prior to remittance, as applicable. The sales charges retained by the
Distributor from the sale of shares and the CDSC retained by the Distributor on
the redemption of shares is shown in the table below for the period indicated.
CLASS A CLASS B CLASS C
CLASS A CONTINGENT CONTINGENT CONTINGENT
FRONT-END DEFERRED DEFERRED DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS RETAINED BY RETAINED BY RETAINED BY RETAINED BY
ENDED DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR DISTRIBUTOR
- --------------------------------------------------------------------------------
January 31, 2005 $94,046 $250 $45,523 $9,546
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. The Manager has voluntarily agreed to waive a
portion of its management fee so the management fees will not exceed 0.40% of
average annual net assets for each class of shares. During the six months ended
January 31, 2005, the Manager waived $195,034 of its management fees. This
voluntary undertaking is expected to remain in effect indefinitely, however it
may be amended or withdrawn by the Manager at anytime without notice to
shareholders.
OFS has voluntarily agreed to limit transfer and shareholder servicing agent
fees for all classes to 0.35% of average annual net assets per class. This
undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
5. ILLIQUID SECURITIES
As of January 31, 2005, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund will not invest more than 15% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities.
35 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. BORROWINGS
The Fund can borrow money from banks in amounts up to one-third of its total
assets (including the amount borrowed) less all liabilities and indebtedness
other than borrowings to purchase portfolio securities, to meet redemption
obligations or for temporary and emergency purposes. The purchase of securities
with borrowed funds creates leverage in the Fund. Until terminated on January
21, 2005, the Fund had entered into an agreement which enabled it to
participate with certain other Oppenheimer funds in a committed, unsecured line
of credit with a bank, which permitted borrowings up to $540 million,
collectively. Interest was charged to each fund, based on its borrowings, at a
rate equal to the Federal Funds Rate plus 0.75%. The Fund also paid a
commitment fee equal to its pro rata share of the average unutilized amount of
the credit facility at a rate of 0.09% per annum.
Effective January 21, 2005 the Fund entered into a Revolving Credit and
Security Agreement (the "Agreement") with a conduit lender and a bank which
enables it to participate with certain other Oppenheimer funds in a committed,
secured borrowing facility that permits borrowings of up to $800 million,
collectively. To secure the loan, the Fund pledges investment securities in
accordance with the terms of the Agreement. Interest is charged to the Fund,
based on its borrowings, at current commercial paper issuance rates (2.4038% as
of January 31, 2005). The Fund pays additional fees of 0.30% per annum on its
outstanding borrowings to manage and administer the facility and is allocated
its pro-rata share of a 0.13% per annum commitment fee for a liquidity backstop
facility with respect to the $800 million facility size.
For the six month period ended January 31, 2005, the average daily loan
balance was $8,658,696 at an average daily interest rate of 2.611%. The Fund
had borrowings outstanding of $6,000,000 at January 31, 2005 at an interest
rate of 2.4038%. The Fund had gross borrowings and gross loan repayments of
$37,900,000 and $50,200,000, respectively, during the six months ended January
31, 2005. The maximum amount of borrowings outstanding at any month-end during
the six month period ended January 31, 2005 was $19,400,000. The Fund paid
$1,228 in fees and $107,934 in interest during the six months ended January 31,
2005.
- --------------------------------------------------------------------------------
7. LITIGATION
A consolidated amended complaint has been filed as putative derivative and
class actions against the Manager, OFS and the Distributor (collectively, the
"Oppenheimer defendants"), as well as 51 of the Oppenheimer funds (as "Nominal
Defendants") including the Fund, 31 present and former Directors or Trustees
and 9 present and former officers of the funds. This complaint, initially filed
in the U.S. District Court for the Southern District of New York on January 10,
2005 and amended onMarch 4, 2005, consolidates into a single action and amends
six individual previously-filed putative derivative and class action
complaints. Like those prior complaints, the complaint alleges that the Manager
charged excessive fees for distribution and other costs, improperly used assets
of the funds in the
36 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
form of directed brokerage commissions and 12b-1 fees to pay brokers to promote
sales of the funds, and failed to properly disclose the use of assets of the
funds to make those payments in violation of the Investment Company Act of 1940
and the Investment Advisers Act of 1940. Also, like those prior complaints, the
complaint further alleges that by permitting and/or participating in those
actions, the Directors/Trustees and the Officers breached their fiduciary
duties to shareholders of the funds under the Investment Company Act of 1940
and at common law. The complaint seeks unspecified compensatory and punitive
damages, rescission of the funds' investment advisory agreements, an accounting
of all fees paid, and an award of attorneys' fees and litigation expenses.
The Oppenheimer defendants believe that the allegations contained in the
Complaints are without merit and that they, the funds named as Nominal
Defendants, and the Directors/Trustees of those funds have meritorious defenses
against the claims asserted. The Oppenheimer defendants intend to defend these
lawsuits vigorously and to contest any claimed liability. The Oppenheimer
defendants believe that it is premature to render any opinion as to the
likelihood of an outcome unfavorable to them and that no estimate can yet be
made with any degree of certainty as to the amount or range of any potential
loss.
37 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which
the Fund votes proxies relating to securities ("portfolio proxies") held by the
Fund. A description of the Fund's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Fund
toll-free at 1.800.525.7048, (ii) on the Fund's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Fund is required to file Form N-PX, with its complete proxy
voting record for the 12 months ended June 30th, no later than August 31st of
each year. The Fund's voting record is available (i) without charge, upon
request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form
N-PX filing on the SEC's website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for
the first quarter and the third quarter of each fiscal year on Form N-Q. The
Fund's Form N-Q filings are available on the SEC's website at www.sec.gov.
Those forms may be reviewed and copied at the SEC's Public Reference Room in
Washington D.C. Information on the operation of the Public Reference Room may
be obtained by calling 1-800-SEC-0330.
38 | OPPENHEIMER NEW JERSEY MUNICIPAL FUND
ITEM 2. CODE OF ETHICS
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
At a meeting of the Board of Trustees of the registrant held on
February 18, 2004, the Board adopted (1) a policy that, should the Board
determine that a vacancy exists or is likely to exist on the Board, the
Governance Committee of the Board, which is comprised entirely of independent
trustees, shall consider any candidates for Board membership recommended by the
registrant's security holders and (2) a policy that security holders wishing to
submit a nominee for election to the Board may do so by mailing their submission
to the offices of OppenheimerFunds, Inc., Two World Financial Center, 225
Liberty Street - 11th Floor, New York, NY 10281-1008, to the attention of the
Chair of the Governance Committee. Prior to February 18, 2004, the Board did not
have a formalized policy with respect to consideration of security holder
nominees or a procedure by which security holders may make their submissions. In
addition to security holder nominees, the Governance Committee may also consider
nominees recommended by independent Board members or recommended by any other
Board members and is authorized under its Charter, upon Board approval, to
retain an executive search firm to assist in screening potential candidates.
Upon Board approval, the Governance Committee may also obtain legal, financial,
or other external counsel that may be necessary or desirable in the screening
process.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment
Company Act of 1940 (17 CFR 270.30a-3(c)) as of January 31, 2005,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by registrant in the reports that it files under the
Securities Exchange Act of 1934 (a) is
accumulated and communicated to registrant's management, including
its principal executive officer and principal financial officer,
to allow timely decisions regarding required disclosure, and (b)
is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the U.S.
Securities and Exchange Commission.
(b) There have been no significant changes in registrant's internal
controls over financial reporting that occurred during the
registrant's last fiscal half-year that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE
TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Oppenheimer New Jersey Municipal Fund
By: /s/John V. Murphy
-----------------
John V. Murphy
Chief Executive Officer
Date: March 17, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/John V. Murphy
-----------------
John V. Murphy
Chief Executive Officer
Date: March 17, 2005
By: /s/Brian W. Wixted
------------------
Brian W. Wixted
Chief Financial Officer
Date: March 17, 2005