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OPPENHEIMER TAX-FREE BOND FUND
Supplement dated July 1, 1994 to the
Prospectus dated May 1, 1994
The Prospectus is amended as follows:
1. The two supplements dated May 1, 1994 to the Prospectus are hereby
rescinded.
2. As of July 1, 1994, the Fund's shareholders have approved a Service
Plan for Class A shares under Rule 12b-1 of the Investment Company Act of
1940 that applies to all Class A shares of the Fund, regardless of the
date on which the shares were purchased.
3. The column titled "Class A Shares" within table on page three under
the caption "Annual Fund Operating Expenses" is deleted and replaced with
the following that shows the Fund's Annual Operating Expenses as if the
Service Plan for Class A shares had been in effect for the Fund's fiscal
year ended December 31, 1993.
Class A
Shares
Management Fees 0.54%
12b-1 Distribution and/or Service
Plan Fees (restated) 0.23%*
Other Expenses 0.14%
Total Fund Operating Expenses 0.91%
*Service Plan fees only.
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4. The section titled "Examples" on pages three and four is deleted and
replaced with the following:
-- Examples. To try to show the effect of these expenses on an
investment over time, we have created the hypothetical examples
shown below. Assume that you make a $1,000 investment in each
class of shares of the Fund, and that the Fund's annual return is
5%, and that its operating expenses for each class are the ones
shown in the chart above. If you were to redeem your shares at the
end of each period shown below, your investment would incur the
following expenses by the end of each period shown:
1 year 3 years 5 years 10 years(1)
Class A Shares $56 $75 $96 $154
Class B Shares $68 $85 $114 $163
If you did not redeem your investment, it would incur the following
expenses:
Class A Shares $56 $75 $96 $154
Class B Shares $18 $55 $94 $163
(1) The Class B expenses in years 7 through 10 are based on the Class
A expenses shown above, because the Fund automatically converts your
Class B shares into Class A shares after 6 years. Long-term Class B
shareholders could pay the economic equivalent of more than the
maximum front-end sales charge allowed under applicable regulations,
because of the effect of the asset-based sales charge and contingent
deferred sales charge. The automatic conversion is designed to
minimize the likelihood that this will occur. Please refer to "How to
Buy Shares - Class B Shares" for more information.
These examples show the effect of expenses on an investment, but
are not meant to state or predict actual or expected costs or
investment returns of the Fund, all of which will vary.
July 1, 1994 PS310
