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<PAGE> PAGE 7
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<PAGE>
ACQUISITION OF CONNECTICUT MUTUAL GOVERNMENT ACCOUNT
On April 26, 1996, the Fund acquired all of the net assets of Connecticut
Mutual Government Account, pursuant to an Agreement and Plan of Reorganization
approved by the Connecticut Mutual Government Account shareholders on April 24,
1996. The Fund issued 5,008,473 and 10,367 shares of Class A and Class B
beneficial interest, respectively, valued at $46,829,224 and $96,832 in exchange
for the net assets, resulting in combined Class A net assets of $513,892,599 and
Class B net assets of $28,393,161 on April 26, 1996. The net assets acquired
included net unrealized depreciation of $184,154. The exchange qualifies as a
tax-free reorganization for federal income tax purposes.
<PAGE>
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER U.S. GOVERNMENT TRUST:
In planning and performing our audit of the financial statements of Oppenheimer
U.S. Government Trust for the year ended June 30, 1996, 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 U.S. Government Trust is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, 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 to 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
June 30, 1996.
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
Denver, Colorado
July 22, 1996
<PAGE>
During the year ended June 30, 1996, 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 June 30, 1996,
amounts have been reclassified to reflect an increase in accumulated net
realized loss on investments of $2,561, an increase in undistributed net
investment income of $26,101, and a decrease in paid-in-capital of $23,540.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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