<PAGE> PAGE 1
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011 A00AA01 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
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011 C02AA01 NY
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012 A00AA01 OPPENHEIMERFUNDS SERVICES
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<PAGE> PAGE 2
012 C01AA01 ENGLEWOOD
012 C02AA01 CO
012 C03AA01 80112
012 C04AA01 3924
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 DENVER
013 B02AA01 CO
013 B03AA01 80202
015 A00AA01 CITIBANK, N.A.
015 B00AA01 C
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020 A000002 FIRST BOSTON CORP.
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020 A000003 R.J. OBRIEN SECURITIES
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020 A000005 PAINEWEBBER, INC.
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020 A000006 PRUDENTIAL SECURITIES, INC.
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022 B000002 13-5674085
022 C000002 14882
022 D000002 29444
022 A000003 MORGAN GUARANTY TRUST CO.
022 B000003 13-5123346
<PAGE> PAGE 3
022 C000003 19900
022 D000003 18800
022 A000004 BEAR STEARNS & CO., INC.
022 B000004 13-3299429
022 C000004 19491
022 D000004 8177
022 A000005 CITIBANK, N.A.
022 B000005 13-5266470
022 C000005 12700
022 D000005 12604
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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080 A00AA00 ICI MUTUAL INSURANCE CO.
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital
The Fund adjusts 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, 1998, amounts have been reclassified to reflect an increase in
paid-in capital of $420,762, a decrease in undistributed net investment income
of $415,198, and a decrease in accumulated net realized gain on investments of
$5,564.
Return of Capital
The Fund adjusts 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, 1998, amounts have been reclassified to reflect a decrease in
undistributed net investment income of $671,664, a decrease in accumulated net
realized loss on investments of $321,410, and an increase in paid-in capital of
$350,254.
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
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<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 130,010,329
<INVESTMENTS-AT-VALUE> 139,006,596
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<TOTAL-ASSETS> 143,950,915
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</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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 130,010,329
<INVESTMENTS-AT-VALUE> 139,006,596
<RECEIVABLES> 4,403,711
<ASSETS-OTHER> 13,645
<OTHER-ITEMS-ASSETS> 526,963
<TOTAL-ASSETS> 143,950,915
<PAYABLE-FOR-SECURITIES> 5,085,403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 747,175
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<PAID-IN-CAPITAL-COMMON> 129,168,432
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,996,267
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,868,143
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,623
<NET-INVESTMENT-INCOME> 5,499,520
<REALIZED-GAINS-CURRENT> 482,575
<APPREC-INCREASE-CURRENT> 3,511,405
<NET-CHANGE-FROM-OPS> 9,493,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 417,763
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 412,276
<NUMBER-OF-SHARES-REDEEMED> 72,787
<SHARES-REINVESTED> 18,206
<NET-CHANGE-IN-ASSETS> 29,377,763
<ACCUMULATED-NII-PRIOR> 616,172
<ACCUMULATED-GAINS-PRIOR> (741,980)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,623
<AVERAGE-NET-ASSETS> 10,830,160
<PER-SHARE-NAV-BEGIN> 15.16
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.49
<PER-SHARE-DIVIDEND> 0.60
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.65
<EXPENSE-RATIO> 1.69
<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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 130,010,329
<INVESTMENTS-AT-VALUE> 139,006,596
<RECEIVABLES> 4,403,711
<ASSETS-OTHER> 13,645
<OTHER-ITEMS-ASSETS> 526,963
<TOTAL-ASSETS> 143,950,915
<PAYABLE-FOR-SECURITIES> 5,085,403
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 747,175
<TOTAL-LIABILITIES> 5,832,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,168,432
<SHARES-COMMON-STOCK> 1,131,105
<SHARES-COMMON-PRIOR> 921,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 108,367
<ACCUMULATED-NET-GAINS> 62,005
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,996,267
<NET-ASSETS> 17,672,560
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,623
<NET-INVESTMENT-INCOME> 5,499,520
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<NET-CHANGE-FROM-OPS> 9,493,500
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 635,072
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 517,496
<NUMBER-OF-SHARES-REDEEMED> 339,701
<SHARES-REINVESTED> 32,194
<NET-CHANGE-IN-ASSETS> 29,377,763
<ACCUMULATED-NII-PRIOR> 616,172
<ACCUMULATED-GAINS-PRIOR> (741,980)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,623
<AVERAGE-NET-ASSETS> 16,366,969
<PER-SHARE-NAV-BEGIN> 15.13
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> 0.50
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 15.62
<EXPENSE-RATIO> 1.69
<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 Insured Municipal Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,698,612
<INVESTMENTS-AT-VALUE> 136,814,489
<RECEIVABLES> 2,088,592
<ASSETS-OTHER> 16,310
<OTHER-ITEMS-ASSETS> 18,819
<TOTAL-ASSETS> 138,938,210
<PAYABLE-FOR-SECURITIES> 3,421,063
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 514,964
<TOTAL-LIABILITIES> 3,936,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,052,041
<SHARES-COMMON-STOCK> 5,607,969
<SHARES-COMMON-PRIOR> 5,138,201
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 297,350
<ACCUMULATED-NET-GAINS> 1,131,615
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,115,877
<NET-ASSETS> 102,687,383
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,659,055
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<EXPENSES-NET> 1,290,686
<NET-INVESTMENT-INCOME> 5,368,369
<REALIZED-GAINS-CURRENT> 1,181,782
<APPREC-INCREASE-CURRENT> 3,993,214
<NET-CHANGE-FROM-OPS> 10,543,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,498,622
<DISTRIBUTIONS-OF-GAINS> 646,115
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 955,728
<NUMBER-OF-SHARES-REDEEMED> 698,348
<SHARES-REINVESTED> 212,388
<NET-CHANGE-IN-ASSETS> 21,422,974
<ACCUMULATED-NII-PRIOR> 310,788
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<PER-SHARE-NII> 0.80
<PER-SHARE-GAIN-APPREC> 0.75
<PER-SHARE-DIVIDEND> 0.84
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 799102
<NAME> Oppenheimer Insured Municipal Fund -B
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Insured Municipal Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 126,698,612
<INVESTMENTS-AT-VALUE> 136,814,489
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<NET-CHANGE-FROM-OPS> 10,543,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 921,805
<DISTRIBUTIONS-OF-GAINS> 149,337
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 543,004
<NUMBER-OF-SHARES-REDEEMED> 213,910
<SHARES-REINVESTED> 39,547
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<ACCUMULATED-NII-PRIOR> 310,788
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<PER-SHARE-NAV-END> 18.32
<EXPENSE-RATIO> 1.64
<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>
<CIK>
799102
<NAME> Oppenheimer Insured Municipal Fund - C
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Insured Municipal Fund
<S> <C>
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<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
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<INVESTMENTS-AT-VALUE> 136,814,489
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<PAYABLE-FOR-SECURITIES> 3,421,063
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<OTHER-ITEMS-LIABILITIES> 514,964
<TOTAL-LIABILITIES> 3,936,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,052,041
<SHARES-COMMON-STOCK> 268,917
<SHARES-COMMON-PRIOR> 144,171
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<ACCUMULATED-NET-GAINS> 1,131,615
<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 7,178
<NET-CHANGE-IN-ASSETS> 21,422,974
<ACCUMULATED-NII-PRIOR> 310,788
<ACCUMULATED-GAINS-PRIOR> 770,265
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NII> 0.70
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<PER-SHARE-NAV-END> 18.31
<EXPENSE-RATIO> 1.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Independant Auditors Report
October 21, 1998
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 (the "Fund") for the year ended September 30, 1998 (on
which we have issued our report dated October 21, 1998), we considered its
internal control, including control activities 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, and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Fund's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by errors or fraud 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 Fund's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Oppenheimer Insured Municipal Fund, and the Securities and
Exchange Commission.
Yours truly,
Independant Auditors Report
October 21, 1998
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 (the "Fund") for the year ended September 30, 1998
(on which we have issued our report dated October 21, 1998), we considered its
internal control, including control activities 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, and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Fund's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud 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
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees of Oppenheimer Intermediate Municipal Fund, and the Securities
and Exchange Commission.
Yours truly,
