7. Other Matters
On February  29, 2000,  the Board of Trustees  approved  the  reorganization  of
Oppenheimer  Insured  Municipal  Fund with and into  Oppenheimer  Municipal Bond
Fund.  Shareholders of the Oppenheimer  Insured  Municipal Fund will be asked to
approve  a  reorganization   whereby   shareholders   would  receive  shares  of
Oppenheimer  Municipal  Bond Fund. If  shareholder  approval is received,  it is
expected  that the  reorganization  will  occur  during  the  fourth  quarter of
calendar 2000.



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