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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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<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 Municipal Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Intermediate Municipal Fund (Fund) for the year ended September 30, 1996 (on
which we have issued our report dated October 21, 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 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, 1996.
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 21, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended September 30, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended September 30, 1996, amounts have
been reclassified to reflect a decrease in paid-in capital $1,166,438, a
decrease in overdistributed income of $672,883, and a decrease in accumulated
net realized loss on investments of $493,555.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 799102
<NAME> OPPENHEIMER INSURED MUNICIPAL FUND - A
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 99,155,526
<INVESTMENTS-AT-VALUE> 101,457,431
<RECEIVABLES> 1,474,810
<ASSETS-OTHER> 21,815
<OTHER-ITEMS-ASSETS> 65,147
<TOTAL-ASSETS> 103,019,203
<PAYABLE-FOR-SECURITIES> 2,037,350
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 557,844
<TOTAL-LIABILITIES> 2,595,194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,057,439
<SHARES-COMMON-STOCK> 4,892,206
<SHARES-COMMON-PRIOR> 4,548,054
<ACCUMULATED-NII-CURRENT> 522,255
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (441,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,285,654
<NET-ASSETS> 83,516,386
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,054,686
<OTHER-INCOME> 0
<EXPENSES-NET> 1,081,321
<NET-INVESTMENT-INCOME> 4,973,365
<REALIZED-GAINS-CURRENT> 1,083,259
<APPREC-INCREASE-CURRENT> 310
<NET-CHANGE-FROM-OPS> 6,056,934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,254,496
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,069,278
<NUMBER-OF-SHARES-REDEEMED> 909,988
<SHARES-REINVESTED> 184,862
<NET-CHANGE-IN-ASSETS> 10,181,303
<ACCUMULATED-NII-PRIOR> 28,628
<ACCUMULATED-GAINS-PRIOR> (1,655,064)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 435,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,098,364
<AVERAGE-NET-ASSETS> 81,233,000
<PER-SHARE-NAV-BEGIN> 16.86
<PER-SHARE-NII> 0.90
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.89
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.07
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 799102
<NAME> OPPENHEIMER INSURED MUNICIPAL FUND - B
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 99,155,526
<INVESTMENTS-AT-VALUE> 101,457,431
<RECEIVABLES> 1,474,810
<ASSETS-OTHER> 21,815
<OTHER-ITEMS-ASSETS> 65,147
<TOTAL-ASSETS> 103,019,203
<PAYABLE-FOR-SECURITIES> 2,037,350
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 557,844
<TOTAL-LIABILITIES> 2,595,194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,057,439
<SHARES-COMMON-STOCK> 935,710
<SHARES-COMMON-PRIOR> 790,806
<ACCUMULATED-NII-CURRENT> 522,255
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (441,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,285,654
<NET-ASSETS> 15,983,143
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,054,686
<OTHER-INCOME> 0
<EXPENSES-NET> 1,081,321
<NET-INVESTMENT-INCOME> 4,973,365
<REALIZED-GAINS-CURRENT> 1,083,259
<APPREC-INCREASE-CURRENT> 310
<NET-CHANGE-FROM-OPS> 6,056,934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 663,202
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287,568
<NUMBER-OF-SHARES-REDEEMED> 167,327
<SHARES-REINVESTED> 24,663
<NET-CHANGE-IN-ASSETS> 10,181,303
<ACCUMULATED-NII-PRIOR> 28,628
<ACCUMULATED-GAINS-PRIOR> (1,655,064)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 435,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,098,364
<AVERAGE-NET-ASSETS> 14,822,000
<PER-SHARE-NAV-BEGIN> 16.87
<PER-SHARE-NII> 0.77
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.76
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.08
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 799102
<NAME> OPPENHEIMER INSURED MUNICIPAL FUND - C
<SERIES>
<NUMBER> 2
<NAME> OPPENHEIMER MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 99,155,526
<INVESTMENTS-AT-VALUE> 101,457,431
<RECEIVABLES> 1,474,810
<ASSETS-OTHER> 21,815
<OTHER-ITEMS-ASSETS> 65,147
<TOTAL-ASSETS> 103,019,203
<PAYABLE-FOR-SECURITIES> 2,037,350
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 557,844
<TOTAL-LIABILITIES> 2,595,194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,057,439
<SHARES-COMMON-STOCK> 54,197
<SHARES-COMMON-PRIOR> 12,515
<ACCUMULATED-NII-CURRENT> 522,255
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (441,339)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,285,654
<NET-ASSETS> 924,480
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,054,686
<OTHER-INCOME> 0
<EXPENSES-NET> 1,081,321
<NET-INVESTMENT-INCOME> 4,973,365
<REALIZED-GAINS-CURRENT> 1,083,259
<APPREC-INCREASE-CURRENT> 310
<NET-CHANGE-FROM-OPS> 6,056,934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,218
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48,380
<NUMBER-OF-SHARES-REDEEMED> 6,988
<SHARES-REINVESTED> 290
<NET-CHANGE-IN-ASSETS> 10,181,303
<ACCUMULATED-NII-PRIOR> 28,628
<ACCUMULATED-GAINS-PRIOR> (1,655,064)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 435,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,098,364
<AVERAGE-NET-ASSETS> 618,000
<PER-SHARE-NAV-BEGIN> 16.86
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 0.21
<PER-SHARE-DIVIDEND> 0.76
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.06
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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 Insured Municipal Fund
In planning and performing our audit of the financial statements of Oppenheimer
Insured Municipal Fund (Fund)for the year ended September 30, 1996 (on which we
have issued our report dated October 21, 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 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, 1996.
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 21, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended September 30, 1996, the Fund adjusted the classification
of distributions to shareholders to reflect the differences between financial
statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, during the year ended September 30, 1996, amounts
have been reclassified to reflect a decrease in paid-in capital of $595,644, an
increase in undistributed net investment income of $465,178 and a decrease in
accumulated net realized loss on investments of $130,466.
