OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
Supplement Dated October 18, 1996
to the Prospectus dated February 1, 1996
The Prospectus is amended as follows:
1. The Supplement dated October 10, 1996 is replaced by this
Supplement.
2. Effective October 10, 1996, the name of the Fund has been
changed from "Oppenheimer Intermediate Tax-Exempt Fund" to
"Oppenheimer Intermediate Municipal Fund" and all references
to the name of the Fund on the front cover page and
throughout the Prospectus are changed to reflect the new
name.
3. Effective October 10, 1996, the name "Oppenheimer Tax-Exempt
Fund" is changed to "Oppenheimer Municipal Fund" and all
references to the name of the Fund on the front cover page
and throughout the Prospectus are changed to reflect the new
name.
4. The first paragraph of the section captioned "Investment
Objective and Policies - Investments in Taxable Securities
and Temporary Defensive Investment Strategy" on page 12 is
deleted and replaced with the following:
Investments in Taxable Securities and Temporary
Defensive Investment Strategy. Under normal market
conditions, the Fund may invest up to 20% of its assets in
taxable investments, including (i) certain "Temporary
Investments" (described immediately below); (ii) hedging
instruments (described in "Hedging," below); and (iii)
repurchase agreements (explained below).
October 18, 1996 PS0860.004
OPPENHEIMER INSURED MUNICIPAL FUND
Supplement Dated October 18, 1996
to the Prospectus dated February 1, 1996
The Prospectus is amended as follows:
1. The Supplement dated October 10, 1996 is replaced by this
Supplement.
2. Effective October 10, 1996, the name of the Fund has been
changed from "Oppenheimer Insured Tax-Exempt Fund" to
"Oppenheimer Insured Municipal Fund" and all references to
the name of the Fund on the front cover page and throughout
the Prospectus are changed to reflect the new name.
3. Effective October 10, 1996, the name "Oppenheimer Tax-Exempt
Fund" is changed to "Oppenheimer Municipal Fund" and all
references to the name of the Fund on the front cover page
and throughout the Prospectus are changed to reflect the new
name.
4. The first paragraph of the section captioned "Investment
Objective and Policies - Investments in Taxable Securities
and Temporary Defensive Investment Strategy" on page 12 is
deleted and replaced with the following:
Investments in Taxable Securities and Temporary
Defensive Investment Strategy. Under normal market
conditions, the Fund may invest up to 20% of its assets in
taxable investments, including (i) certain "Temporary
Investments" (described immediately below); (ii) hedging
instruments (described in "Hedging," below); and (iii)
repurchase agreements (explained below).
October 18, 1996 PS0865.005
OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
(formerly Oppenheimer Intermediate Tax-Exempt Fund)
Supplement dated October 18, 1996
to the Prospectus dated February 1, 1996
The second paragraph in the section captioned "Class A
Contingent Deferred Sales Charge" on page 27 is revised by
replacing the second and third sentences with the following
sentences:
The Distributor pays dealers of record commissions on
those non-retirement plan purchases in an amount equal to
1.0%. That commission will be paid only on the amount of
those purchases that were not previously subject to a front-
end sales charge and dealer commission.
October 18, 1996 PS0860.004
OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
(formerly Oppenheimer Intermediate Tax-Exempt Fund)
Supplement dated October 18, 1996
to the Prospectus dated February 1, 1996
The second paragraph in the section captioned "Class A
Contingent Deferred Sales Charge" on page 27 is revised by
replacing the second and third sentences with the following
sentences:
The Distributor pays dealers of record commissions on
those non-retirement plan purchases in an amount equal to
1.0%. That commission will be paid only on the amount of
those purchases that were not previously subject to a front-
end sales charge and dealer commission.
October 18, 1996 PS0860.002
