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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<PAGE>
/LOGO/KPMG PEAT MARWICK LLP
707 Seventeenth Street
Suite 2300
Denver, CO 80202
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER TAX-FREE BOND FUND:
In planning and performing our audit of the financial statements of Oppenheimer
Tax-Free Bond Fund for the year ended December 31, 1995, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Oppenheimer Tax-Free Bond Fund is responsible for establishing
and maintaining an internal control structure. In fulfilling this responsibil-
ity, estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure of future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
/s/KPMG PEAT MARWICK LLP
KPMG Peat Marwick LLP
Denver, Colorado
January 22, 1996
/LOGO/Member Firm of Klynveld Peat Marwick Goerdeler
<PAGE>
ACQUISITION OF QUEST NATIONAL TAX-EXEMPT FUND
On November 24, 1995, Oppenheimer Tax-Free Bond Fund acquired all of the net
assets of Quest National Tax-Exempt Fund, pursuant to an Agreement and Plan of
Reorganization approved by the Quest National Tax-Exempt Fund shareholders on
November 16, 1995. The Fund issued 7,276,353 shares of beneficial interest,
valued at $71,599,310, in exchange for the net assets, resulting in combined net
assets of $711,397,113 on November 24, 1995. The net assets acquired included
net unrealized appreciation of $3,756,263. The exchange was tax-free.
<PAGE>
During the year ended December 31, 1995, the Fund changed the classification of
distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended December 31, 1995,
amounts have been reclassified to reflect an increase in undistributed net
investment income of $1,068,363. Accumulated net realized loss on investments
was decreased by the same amount.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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