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SIGNATURE GEORGE C. BOWEN
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<TOTAL-LIABILITIES> 1372852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89583798
<SHARES-COMMON-STOCK> 790806
<SHARES-COMMON-PRIOR> 716638
<ACCUMULATED-NII-CURRENT> 28628
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1655064)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2285344
<NET-ASSETS> 13341146
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5347504
<OTHER-INCOME> 0
<EXPENSES-NET> 875432
<NET-INVESTMENT-INCOME> 4472072
<REALIZED-GAINS-CURRENT> (885433)
<APPREC-INCREASE-CURRENT> 4568736
<NET-CHANGE-FROM-OPS> 8155375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 562560
<DISTRIBUTIONS-OF-GAINS> 788
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 242343
<NUMBER-OF-SHARES-REDEEMED> 190378
<SHARES-REINVESTED> 22203
<NET-CHANGE-IN-ASSETS> 10879239
<ACCUMULATED-NII-PRIOR> 20250
<ACCUMULATED-GAINS-PRIOR> (809461)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 371750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 875432
<AVERAGE-NET-ASSETS> 11986922
<PER-SHARE-NAV-BEGIN> 16.15
<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> .71
<PER-SHARE-DIVIDEND> .77
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.87
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000799102
<NAME> OPPENHEIMER INSURED TAX-EXEMPT FUND - CLASS C
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER TAX-EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 86347959
<INVESTMENTS-AT-VALUE> 88631741
<RECEIVABLES> 1604044
<ASSETS-OTHER> 28771
<OTHER-ITEMS-ASSETS> 1351002
<TOTAL-ASSETS> 91615558
<PAYABLE-FOR-SECURITIES> 975562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 397290
<TOTAL-LIABILITIES> 1372852
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89583798
<SHARES-COMMON-STOCK> 12515
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 28628
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1655064)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2285344
<NET-ASSETS> 211009
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5347504
<OTHER-INCOME> 0
<EXPENSES-NET> 875432
<NET-INVESTMENT-INCOME> 4472072
<REALIZED-GAINS-CURRENT> (885433)
<APPREC-INCREASE-CURRENT> 4568736
<NET-CHANGE-FROM-OPS> 8155375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12515
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 10879239
<ACCUMULATED-NII-PRIOR> 20250
<ACCUMULATED-GAINS-PRIOR> (809461)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 371750
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 875432
<AVERAGE-NET-ASSETS> 1009
<PER-SHARE-NAV-BEGIN> 16.71
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.86
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
DELOITTE & TOUCHE LLP [LOGO]
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303) 292-5400
Facsimile: (303) 312-4000
To the Board of Trustees of
Oppenheimer Intermediate Tax-Exempt Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Intermediate Tax-Exempt Fund (Fund) for the year ended September 30, 1995 (on
which we have issued our report dated October 20, 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 the Fund 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 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 consider to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/ Deloitte & Touche LLP
October 20, 1995
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
DELOITTE & TOUCHE LLP [LOGO]
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303) 292-5400
Facsimile: (303) 312-4000
To the Board of Trustees of
Oppenheimer Insured Tax-Exempt Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Insured Tax-Exempt Fund (Fund) for the year ended September 30, 1995 (on which
we have issued our report dated October 20, 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 the Fund 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 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 consider to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/ Deloitte & Touche LLP
October 20, 1995
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund.
During the year ended September 30, 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 September 30, 1995,
amounts have been reclassified to reflect a decrease in undistributed net
investment income of $153,840. Accumulated net realized loss on investments was
decreased by the same amount.
<PAGE>
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund.
During the year ended September 30, 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 September 30, 1995,
amounts have been reclassified to reflect a decrease in paid-in capital of $209,
a decrease in undistributed net investment income of $45,468 and a decrease in
accumulated net realized loss on investments of $45,677.
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On July 10, 1995, a special shareholder meeting was held at which the nine
Trustees identified below were elected, the selection of Deloitte & Touche LLP
as the independent certified public accountants and auditors of the Fund for the
fiscal year beginning October 1, 1994 was ratified (Proposal No. 1), the
proposed changes in the Fund's investment policies were approved (Proposal No.
2), the Fund's amended Class C 12b-1 Distribution and Service Plan was approved
by Class C shareholders (Proposal No. 3), as described in the Fund's proxy
statement for that meeting. The following is a report of the votes cast:
[CAPTION]
<TABLE>
NOMINEE FOR AGAINST TOTAL
- ------- --- ------- -----
<S> <C> <C> <C>
Robert G. Avis 3,621,033.129 34,885.925 3,655,919.054
William A. Baker 3,613,442.531 42,476.523 3,655,919.054
Charles Conrad, Jr. 3,621,882.845 34,036.209 3,655,919.054
Jon S. Fossel 3,622,376.938 33,542.116 3,655,919.054
Raymond J. Kalinowski 3,623,060.141 32,858.913 3,655,919.054
C. Howard Kast 3,618,852.759 37,066.295 3,655,919.054
Robert M. Kirchner 3,618,872.520 37,046.534 3,655,919.054
Ned M. Steel 3,622,951.425 32,967.629 3,655,919.054
James C. Swain 3,619,244.355 36,674.699 3,655,919.054
</TABLE>
[CAPTION]
<TABLE>
WITHHELD/ BROKER
PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- -------- --- ------- ------- --------- -----
<S> <C> <C> <C> <C> <C>
Proposal No. 1 3,548,685.910 19,897.005 87,336.139 106,319 3,655,919.054
Proposal No. 2 3,415,327.584 92,067.290 148,524.180 106,319 3,655,919.054
Proposal No. 3 285,504.097 3,632.606 9,793.125 -- 298,929.828
</TABLE>
Oppenheimer Intermediate Tax-Exempt Fund
<PAGE>
DELOITTE & TOUCHE LLP [LOGO]
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303) 292-5400
Facsimile: (303) 312-4000
To the Board of Trustees of
Oppenheimer Insured Tax-Exempt Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Insured Tax-Exempt Fund (Fund) for the year ended September 30, 1995 (on which
we have issued our report dated October 20, 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 the Fund 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 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 consider to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/ Deloitte & Touche LLP
October 20, 1995
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
