OPPENHEIMER INSURED TAX-EXEMPT BOND FUND
Supplement dated January 3, 1995
to the Prospectus dated January 25, 1994
The Prospectus is amended as follows:
1. On page 13, the first sentence of the fifth paragraph in the
section entitled "How to Buy Shares - Alternative Sales Arrangements" is
amended to read as follows: "The net asset value per share of each class
is determined as of the close of The New York Stock Exchange, which is
normally 4:00 P.M., New York time, but may be earlier on some days (all
references to time in this Prospectus mean 'New York time') each day the
Exchange is open (a "regular business day") by dividing the value of the
Fund's net assets attributable to a class by the number of shares of that
class of the Fund that are outstanding."
In addition, the first two sentences of the sixth paragraph of that
section are revised to read as follows: "All purchase orders received by
the Distributor at its office in Denver, Colorado prior to the time of day
The New York Stock Exchange closes on a regular business day are processed
at that day's offering price. If you buy shares through a dealer, the
dealer must receive your order by the close of The New York Stock Exchange
on a regular business day and transmit it to the Distributor so that it
is received before the Distributor's close of business that day, which is
normally 5:00 P.M."
2. The second sentence in the first paragraph of the section
entitled "How to Buy Shares - Class A Shares" on page 13 is amended to
read as follows: "The offering price is determined as of the close of The
New York Stock Exchange each regular business day."
3. The ninth sentence in the first paragraph of the section
entitled "AccountLink" on page 19 is revised to read as follows:
"Dividends will begin to accrue on shares purchased by the proceeds of ACH
transfers on the business day the Fund receives Federal Funds for the
purchase through the ACH system before the close of The New York Stock
Exchange. The Exchange normally closes at 4:00 P.M., but may close
earlier on certain days. The proceeds of ACH transfers are normally
received by the Fund 3 days after the transfers are initiated. The
Distributor and the Fund are not responsible for any delays in purchasing
shares resulting from delays in ACH transmissions.
4. The sixth sentence in the first paragraph of the section
entitled "Telephone Redemptions" on page 21 is revised to read as follows:
"To receive the redemption price on a regular business day, your call must
be received by the Transfer Agent by the close of The New York Stock
Exchange that day, which is normally 4:00 P.M., but may be earlier on some
days."
5. The second sentence of the section entitled "Repurchase" on page
23 is revised to read as follows: "The repurchase price will be the net
asset value next computed after the Distributor receives the order placed
by the dealer or broker, except if the Distributor receives a repurchase
order from a dealer or broker after the close of The New York Stock
Exchange on a regular business day, it will be processed at that day's net
asset value if the order was received by the dealer or broker from its
customer prior to the time the Exchange closes (normally, that is 4:00
P.M. but may be earlier on some days), and the order was transmitted to
and received by the Distributor prior to its close of business that day
(normally 5:00 P.M.)."
6. The fourth sentence in the first paragraph of the section
entitled "How to Exchange Shares" on page 25 is revised to read as
follows: "Shares are normally redeemed from one fund and purchased from
the other fund in the exchange transaction on the same regular business
day on which the Transfer Agent receives an exchange request that is in
proper form by the close of The New York Stock Exchange that day, which
is normally 4:00 P.M. but may be earlier on some days."
January 3, 1995 PS865.0195
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OPPENHEIMER INSURED TAX-EXEMPT BOND FUND
Supplement dated January 3, 1995
to the Statement of Additional Information dated January 25, 1994
The Statement of Additional Information is amended as follows:
The first sentence of the section entitled "Determination of Net
Asset Value Per Share" under "Purchase, Redemption and Pricing of Shares"
on page 14 is amended to read as follows, and a new second sentence is
added to that section as follows:
"The net asset values per share of Class A and Class B shares
of the Fund are determined as of the close of business of The
New York Stock Exchange on each day that the Exchange is open
by dividing the Fund's net assets attributable to a class by the
number of shares of that class that are outstanding. The
Exchange normally closes at 4:00 P.M., New York time, but may
close earlier on some days (for example, in case of weather
emergencies or on days falling before a holiday)."
January 3, 1995 SAI865.0195
