<PAGE>
OPPENHEIMER INSURED TAX-EXEMPT BOND FUND
Supplement dated April 19, 1995
to the Prospectus dated February 1, 1995
The Prospectus is amended as follows:
1. The chart captioned "Shareholder Transaction Expenses" on page 2 is
amended by deleting the references to the $5.00 fee for "Exchanges" and
inserting "None" on that line under the headings for Class A Shares and
Class B Shares; footnote 3 is deleted from that chart.
2. In the chart captioned "Shareholder Transaction Expenses" on page 2,
footnote 2 to that chart is amended to change $15 transaction fee for
redemptions paid by Federal Funds wire to a $10 transaction fee.
3. The following paragraph is added at the end of "Can the Fund's
Investment Objective and Policies Change?" on page 6:
The Fund's Board of Trustees has determined that
it is in the best interest of the Fund's shareholders
that they change the Fund's current investment
policies with respect to investments in insured
municipal bonds. If shareholders approve the
proposal, the Fund will, among other things, invest
at least 65% of its total assets in insured municipal
securities. Currently, the Fund shall invest at
least 65% of its assets in insured municipal bonds.
Municipal bonds generally have maturities in excess
of one year. A portfolio made up primarily of such
longer-term securities is generally more sensitive to
changes in interest rates than a portfolio of
securities with varying maturities. In addition, the
Fund would be permitted to invest up to 10% of its
total assets in non-investment grade debt securities,
which would also serve to diversify the Fund's
portfolio. There can be no assurance that
shareholders will approve the proposal. Details
about this proposal will be contained in a proxy
statement to be sent to the Fund's shareholders of
record on April 21, 1995, the record date for the
shareholder meeting for taking up this proposal.
April 19, 1995
PS0865.001
<PAGE>
OPPENHEIMER INTERMEDIATE TAX-EXEMPT BOND FUND
Supplement dated April 19, 1995
to the Prospectus dated February 1, 1995
The Prospectus is amended as follows:
1. The chart captioned "Shareholder Transaction Expenses" on page 3 is
amended by deleting the references to the $5.00 fee for "Exchanges" and
inserting "None" on that line under the headings for Class A Shares and
Class C Shares; footnote 4 is deleted from that chart.
2. In the chart captioned "Shareholder Transaction Expenses" on page 3,
footnote 3 is amended to change the $15 transaction fee for redemptions
paid by Federal Funds wire to a $10 transaction fee.
3. The following paragraph is added at the end of "Can the Fund's
Investment Objective and Policies Change?" on page 7:
The Fund's Board of Trustees has determined that
it is in the best interest of the Fund's shareholders
that they change the Fund's current investment
policies with respect to its investments in
investment grade bonds. If shareholders approve the
proposal, the Fund will, among other things, invest
at least 80% of its total assets in investment grade
municipal securities. Currently, the Fund shall
invest at least 80% of its total assets in investment
grade municipal securities and at least 65% of its
total assets in investment grade municipal bonds.
Municipal bonds generally have maturities in excess
of one year. A portfolio made up primarily of such
longer-term securities is generally more sensitive to
changes in interest rates than a portfolio of
securities with varying maturities. There can be no
assurance that shareholders will approve the
proposal. Details about this proposal will be
contained in a proxy statement to be sent to the
Fund's shareholders of record on April 21, 1995, the
record date for the shareholder meeting for taking up
this proposal.
April 19, 1995 PS0860.001
