OPPENHEIMER MUNICIPAL FUND
NSAR-A, 1997-05-30
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 799102
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 OPPENHEIMER MUNICIPAL FUND
001 B000000 811-4803
001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
002 D010000 80112
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
008 A00AA01 OPPENHEIMERFUNDS, INC.
008 B00AA01 A
008 C00AA01 801-8253
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10048
008 D04AA01 0203
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   49
019 C00AA00 OPPENHEIMR
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
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020 C000004      0
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020 C000009      0
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022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001      5952
022 D000001     18587
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
<PAGE>      PAGE  2
022 B000002 13-5674085
022 C000002      8220
022 D000002      4010
022 A000003 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000003 13-3371860
022 C000003      6842
022 D000003      2827
022 A000004 PAINEWEBBER, INC.
022 B000004 13-2638166
022 C000004      5978
022 D000004      2771
022 A000005 MORGAN GUARANTY TRUST CO.
022 B000005 13-5123346
022 C000005      5300
022 D000005      2000
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006      3383
022 D000006      1894
022 A000007 MORGAN (J.P.) SECURITIES, INC.
022 B000007 13-3224016
022 C000007      2923
022 D000007      1967
022 A000008 PIPER, JAFFRAY & HOPWOOD, INC.
022 B000008 41-0953246
022 C000008         0
022 D000008      3776
022 A000009 EDWARDS (A.G.) & SONS, INC.
022 B000009 43-0895447
022 C000009      1773
022 D000009      1995
022 A000010 CITIBANK, N.A.
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<PAGE>      PAGE  3
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042 F000100   0
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057  000100 N
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<PAGE>      PAGE  4
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070 E020100 Y
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070 F020100 N
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070 I020100 N
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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063 A000200   0
063 B000200 18.3
<PAGE>      PAGE  8
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 Y
070 E020200 Y
070 F010200 N
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
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070 R020200 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
074 U010200     4913
074 U020200      970
074 V010200    17.02
074 V020200    17.03
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074 Y000200    10318
075 A000200        0
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076  000200     0.00
SIGNATURE   GEORGE C. BOWEN                              
TITLE       TREASURER           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6                       
<CIK>                799102
<NAME>               Oppenheimer Intermediate Municipal Fund- A
<SERIES>                                                                 
   <NUMBER>          1
   <NAME>            Oppenheimer Municipal Fund
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,551,617
<INVESTMENTS-AT-VALUE>                                                                 99,854,252
<RECEIVABLES>                                                                           2,250,337
<ASSETS-OTHER>                                                                             24,509
<OTHER-ITEMS-ASSETS>                                                                      279,457
<TOTAL-ASSETS>                                                                        102,408,555
<PAYABLE-FOR-SECURITIES>                                                                1,045,790
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 584,468
<TOTAL-LIABILITIES>                                                                     1,630,258
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,542,926
<SHARES-COMMON-STOCK>                                                                   5,792,153
<SHARES-COMMON-PRIOR>                                                                   5,667,670
<ACCUMULATED-NII-CURRENT>                                                                 678,500
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                  (988,889)
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,545,760
<NET-ASSETS>                                                                           85,287,212
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,149,647
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            551,059
<NET-INVESTMENT-INCOME>                                                                 2,598,588
<REALIZED-GAINS-CURRENT>                                                                  148,676
<APPREC-INCREASE-CURRENT>                                                                  42,095
<NET-CHANGE-FROM-OPS>                                                                   2,789,359
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                               2,245,573
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                   608,397
<NUMBER-OF-SHARES-REDEEMED>                                                               585,517
<SHARES-REINVESTED>                                                                       101,603
<NET-CHANGE-IN-ASSETS>                                                                  3,759,791
<ACCUMULATED-NII-PRIOR>                                                                   658,246
<ACCUMULATED-GAINS-PRIOR>                                                              (1,137,565)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     248,648
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           551,059
<AVERAGE-NET-ASSETS>                                                                   85,175,000
<PER-SHARE-NAV-BEGIN>                                                                          14.69
<PER-SHARE-NII>                                                                                 0.39
<PER-SHARE-GAIN-APPREC>                                                                         0.03
<PER-SHARE-DIVIDEND>                                                                            0.39
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            14.72
<EXPENSE-RATIO>                                                                                 0.99
<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 Intermediate Municipal Fund- B
<SERIES>                                                                 
   <NUMBER>          1
   <NAME>            Oppenheimer Municipal Fund
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,551,617
<INVESTMENTS-AT-VALUE>                                                                 99,854,252
<RECEIVABLES>                                                                           2,250,337
<ASSETS-OTHER>                                                                             24,509
<OTHER-ITEMS-ASSETS>                                                                      279,457
<TOTAL-ASSETS>                                                                        102,408,555
<PAYABLE-FOR-SECURITIES>                                                                1,045,790
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 584,468
<TOTAL-LIABILITIES>                                                                     1,630,258
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,542,926
<SHARES-COMMON-STOCK>                                                                     278,161
<SHARES-COMMON-PRIOR>                                                                     194,571
<ACCUMULATED-NII-CURRENT>                                                                 678,500
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                  (988,889)
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,545,760
<NET-ASSETS>                                                                            4,094,698
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,149,647
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            551,059
<NET-INVESTMENT-INCOME>                                                                 2,598,588
<REALIZED-GAINS-CURRENT>                                                                  148,676
<APPREC-INCREASE-CURRENT>                                                                  42,095
<NET-CHANGE-FROM-OPS>                                                                   2,789,359
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                                  78,617
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                    97,071
<NUMBER-OF-SHARES-REDEEMED>                                                                16,877
<SHARES-REINVESTED>                                                                         3,396
<NET-CHANGE-IN-ASSETS>                                                                  3,759,791
<ACCUMULATED-NII-PRIOR>                                                                   658,246
<ACCUMULATED-GAINS-PRIOR>                                                              (1,137,565)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     248,648
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           551,059
<AVERAGE-NET-ASSETS>                                                                    3,502,000
<PER-SHARE-NAV-BEGIN>                                                                          14.69
<PER-SHARE-NII>                                                                                 0.33
<PER-SHARE-GAIN-APPREC>                                                                         0.03
<PER-SHARE-DIVIDEND>                                                                            0.33
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            14.72
<EXPENSE-RATIO>                                                                                 1.77
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6                       
<CIK>                799102
<NAME>               Oppenheimer Intermediate Municipal Fund- C
<SERIES>                                                                 
   <NUMBER>          1
   <NAME>            Oppenheimer Municipal Fund
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,551,617
<INVESTMENTS-AT-VALUE>                                                                 99,854,252
<RECEIVABLES>                                                                           2,250,337
<ASSETS-OTHER>                                                                             24,509
<OTHER-ITEMS-ASSETS>                                                                      279,457
<TOTAL-ASSETS>                                                                        102,408,555
<PAYABLE-FOR-SECURITIES>                                                                1,045,790
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 584,468
<TOTAL-LIABILITIES>                                                                     1,630,258
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,542,926
<SHARES-COMMON-STOCK>                                                                     775,211
<SHARES-COMMON-PRIOR>                                                                     743,770
<ACCUMULATED-NII-CURRENT>                                                                 678,500
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                  (988,889)
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,545,760
<NET-ASSETS>                                                                           11,396,387
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,149,647
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            551,059
<NET-INVESTMENT-INCOME>                                                                 2,598,588
<REALIZED-GAINS-CURRENT>                                                                  148,676
<APPREC-INCREASE-CURRENT>                                                                  42,095
<NET-CHANGE-FROM-OPS>                                                                   2,789,359
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                                 254,144
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                   184,672
<NUMBER-OF-SHARES-REDEEMED>                                                               166,615
<SHARES-REINVESTED>                                                                        13,384
<NET-CHANGE-IN-ASSETS>                                                                  3,759,791
<ACCUMULATED-NII-PRIOR>                                                                   658,246
<ACCUMULATED-GAINS-PRIOR>                                                              (1,137,565)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     248,648
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           551,059
<AVERAGE-NET-ASSETS>                                                                   11,249,000
<PER-SHARE-NAV-BEGIN>                                                                          14.67
<PER-SHARE-NII>                                                                                 0.34
<PER-SHARE-GAIN-APPREC>                                                                         0.03
<PER-SHARE-DIVIDEND>                                                                            0.34
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            14.70
<EXPENSE-RATIO>                                                                                 1.75
<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 - A
<SERIES>                                                                 
   <NUMBER>          2
   <NAME>            Oppenheimer Municipal Fund
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,989,730
<INVESTMENTS-AT-VALUE>                                                                100,305,932
<RECEIVABLES>                                                                           1,908,775
<ASSETS-OTHER>                                                                             23,139
<OTHER-ITEMS-ASSETS>                                                                      600,528
<TOTAL-ASSETS>                                                                        102,838,374
<PAYABLE-FOR-SECURITIES>                                                                        0
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 786,777
<TOTAL-LIABILITIES>                                                                       786,777
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,986,112
<SHARES-COMMON-STOCK>                                                                   4,912,679
<SHARES-COMMON-PRIOR>                                                                   4,892,206
<ACCUMULATED-NII-CURRENT>                                                                 548,339
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                    17,819
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,499,327
<NET-ASSETS>                                                                           83,622,493
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,193,455
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            561,536
<NET-INVESTMENT-INCOME>                                                                 2,631,919
<REALIZED-GAINS-CURRENT>                                                                  459,158
<APPREC-INCREASE-CURRENT>                                                                (786,327)
<NET-CHANGE-FROM-OPS>                                                                   2,304,750
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                               2,220,223
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                   459,496
<NUMBER-OF-SHARES-REDEEMED>                                                               535,286
<SHARES-REINVESTED>                                                                        96,263
<NET-CHANGE-IN-ASSETS>                                                                  1,627,588
<ACCUMULATED-NII-PRIOR>                                                                   522,255
<ACCUMULATED-GAINS-PRIOR>                                                                (441,339)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     230,847
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           561,536
<AVERAGE-NET-ASSETS>                                                                   85,891,000
<PER-SHARE-NAV-BEGIN>                                                                          17.07
<PER-SHARE-NII>                                                                                 0.45
<PER-SHARE-GAIN-APPREC>                                                                        (0.05)
<PER-SHARE-DIVIDEND>                                                                            0.45
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            17.02
<EXPENSE-RATIO>                                                                                 0.96
<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>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,989,730
<INVESTMENTS-AT-VALUE>                                                                100,305,932
<RECEIVABLES>                                                                           1,908,775
<ASSETS-OTHER>                                                                             23,139
<OTHER-ITEMS-ASSETS>                                                                      600,528
<TOTAL-ASSETS>                                                                        102,838,374
<PAYABLE-FOR-SECURITIES>                                                                        0
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 786,777
<TOTAL-LIABILITIES>                                                                       786,777
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,986,112
<SHARES-COMMON-STOCK>                                                                     970,174
<SHARES-COMMON-PRIOR>                                                                     935,710
<ACCUMULATED-NII-CURRENT>                                                                 548,339
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                    17,819
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,499,327
<NET-ASSETS>                                                                           16,521,816
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,193,455
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            561,536
<NET-INVESTMENT-INCOME>                                                                 2,631,919
<REALIZED-GAINS-CURRENT>                                                                  459,158
<APPREC-INCREASE-CURRENT>                                                                (786,327)
<NET-CHANGE-FROM-OPS>                                                                   2,304,750
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                                 358,091
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                   133,311
<NUMBER-OF-SHARES-REDEEMED>                                                               112,496
<SHARES-REINVESTED>                                                                        13,649
<NET-CHANGE-IN-ASSETS>                                                                  1,627,588
<ACCUMULATED-NII-PRIOR>                                                                   522,255
<ACCUMULATED-GAINS-PRIOR>                                                                (441,339)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     230,847
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           561,536
<AVERAGE-NET-ASSETS>                                                                   16,248,000
<PER-SHARE-NAV-BEGIN>                                                                          17.08
<PER-SHARE-NII>                                                                                 0.38
<PER-SHARE-GAIN-APPREC>                                                                        (0.05)
<PER-SHARE-DIVIDEND>                                                                            0.38
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            17.03
<EXPENSE-RATIO>                                                                                 1.72
<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>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                  98,989,730
<INVESTMENTS-AT-VALUE>                                                                100,305,932
<RECEIVABLES>                                                                           1,908,775
<ASSETS-OTHER>                                                                             23,139
<OTHER-ITEMS-ASSETS>                                                                      600,528
<TOTAL-ASSETS>                                                                        102,838,374
<PAYABLE-FOR-SECURITIES>                                                                        0
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                                 786,777
<TOTAL-LIABILITIES>                                                                       786,777
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                               99,986,112
<SHARES-COMMON-STOCK>                                                                     112,142
<SHARES-COMMON-PRIOR>                                                                      54,197
<ACCUMULATED-NII-CURRENT>                                                                 548,339
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                    17,819
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                1,499,327
<NET-ASSETS>                                                                            1,907,288
<DIVIDEND-INCOME>                                                                               0
<INTEREST-INCOME>                                                                       3,193,455
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                            561,536
<NET-INVESTMENT-INCOME>                                                                 2,631,919
<REALIZED-GAINS-CURRENT>                                                                  459,158
<APPREC-INCREASE-CURRENT>                                                                (786,327)
<NET-CHANGE-FROM-OPS>                                                                   2,304,750
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                                  27,521
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                    61,034
<NUMBER-OF-SHARES-REDEEMED>                                                                 3,872
<SHARES-REINVESTED>                                                                           783
<NET-CHANGE-IN-ASSETS>                                                                  1,627,588
<ACCUMULATED-NII-PRIOR>                                                                   522,255
<ACCUMULATED-GAINS-PRIOR>                                                                (441,339)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                     230,847
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                           561,536
<AVERAGE-NET-ASSETS>                                                                    1,266,000
<PER-SHARE-NAV-BEGIN>                                                                          17.06
<PER-SHARE-NII>                                                                                 0.38
<PER-SHARE-GAIN-APPREC>                                                                        (0.05)
<PER-SHARE-DIVIDEND>                                                                            0.38
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            17.01
<EXPENSE-RATIO>                                                                                 1.75
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>


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