OPPENHEIMER INSURED TAX-EXEMPT FUND
Supplement dated October 13, 1995
to the Prospectus dated August 29, 1995
The Prospectus is amended as follows:
1. The third paragraph of the section titled "Investment Policies and
Strategies" on page 10 is deleted and replaced with the following:
Under normal market conditions, no more than 20%
of the Fund's total assets will be invested in
taxable investments. However, for temporary
defensive purposes, the Fund may invest up to 100% of
its assets in taxable certificates of deposit and
commercial paper and taxable or tax-exempt money
market instruments. The Fund may not invest more
than 20% of its total assets in private activity
municipal securities issued to benefit a private
user, the interest on which may be subject to the
Federal alternative minimum tax. The Fund may
purchase Municipal Securities on a "when-issued"
basis and may purchase or sell Municipal Securities
on a "delayed delivery" basis.
October 13, 1995 PS0865.003
