OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
Supplement dated May 1, 1997 to the
Prospectus dated February 1, 1997
The Prospectus is changed as follows:
1. The first footnote under the "Shareholder Transaction
Expenses" table on page 3 is replaced with the following:
(1) If you invest $1 million or more in
Class A shares, you may have to pay a sales
charge of up to 1% if you sell your shares
within 12 calendar months (18 months for
shares purchased prior to May 1, 1997) from
the end of the calendar month during which
you purchased those shares. See "How to Buy
Shares - Buying Class A Shares", below.
2. The second sentence in "Class A Shares" under "Classes of
Shares" on page 25 is replaced by the following:
If you purchase Class A shares as part of an investment of
at least $1 million in shares of one or more Oppenheimer
funds, you will not pay an initial sales charge, but if you
sell any of those shares within 12 months of buying them (18
months if the shares were purchased prior to May 1, 1997),
you may pay a contingent deferred sales charge.
3. The following sentence is added to the end of "Which Class
of Shares Should You Choose? - How Does It Affect Payments To My
Broker?" on page 27:
The Distributor may pay additional periodic compensation
from its own resources to securities dealers or financial
institutions based upon the value of shares of the Fund
owned by the dealer or financial institution for its own
account or for its customers.
4. In the second paragraph of "Buying Class A Shares - Class A
Contingent Deferred Sales Charge" on page 29, the first sentence
is replaced by the following:
If you redeem any of those shares purchased prior to
May 1, 1997, within 18 months of the end of the
calendar month of their purchase, a contingent deferred
sales charge (called the "Class A contingent deferred
sales charge") may be deducted from the redemption
proceeds. A Class A contingent deferred sales charge
may be deducted from the redemption proceeds of any of
those shares purchased on or after May 1, 1997 that are
redeemed within 12 months of the end
of the calendar month of their purchase.
5. The third sentence of the second paragraph of "Reduced
Sales Charges for Class A Share Purchases - Right of
Accumulation" on page 20 is replaced by the following:
The Distributor will add the value, at current offering
price, of the shares you previously purchased and currently
own to the value of current purchases to determine the sales
charge rate that applies.
6. The third sub-paragraph in "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" on page
32 is replaced by the following:
if, at the time of purchase of shares (prior
to May 1, 1997) the dealer agreed in writing to accept
the dealer's portion of the sales commission in
installments of 1/18th of the commission per month (and
no further commission will be payable if the shares are
redeemed within 18 months of purchase);
if, at the time of purchase of shares (on or
after May 1, 1997) the dealer agrees in writing to
accept the dealer's portion of the sales commission in
installments of 1/12th of the commission per month (and
no further commission will be payable if the shares are
redeemed within 12 months of purchase);
7. The following sentence is added to the end of the fifth
paragraph in "Distribution and Service Plans for Class B and
Class C Shares" on page 34:
If a dealer has a special agreement with the
Distributor, the Distributor will pay the Class B
service fee and the asset-based sales charge to the
dealer quarterly in lieu of paying the sales commission
and service fee advance at the time of purchase.
8. The following is added as a new penultimate sentence to the
sixth paragraph of "Distribution and Service Plans for Class B
and Class C shares" on page 34:
If a dealer has a special agreement with the
Distributor, the Distributor shall pay the Class C
service fee and asset-based sales charge to the dealer
quarterly in lieu of paying the sales commission and
service fee advance at the time of purchase.
9. The section captioned "Special Investor Services" is revised
by adding the following after the sub-section captioned
"PhoneLink" on page 37:
Shareholder Transactions by Fax. Beginning May 30,
1997, requests for certain account transactions may be
sent to the Transfer Agent by fax (telecopier). Please
call 1-800-525-7048 for information about which
transactions are included. Transaction requests
submitted by fax are subject to the same rules and
restrictions as written and telephone requests
described in this Prospectus.
May 1, 1997 PS0860.006
<PAGE>
OPPENHEIMER INSURED MUNICIPAL FUND
Supplement dated May 1, 1997 to the
Prospectus dated February 1, 1997
The Prospectus is changed as follows:
1. The first footnote under the "Shareholder Transaction
Expenses" table on page 3 is replaced with the following:
(1) If you invest $1 million or more in
Class A shares, you may have to pay a sales
charge of up to 1% if you sell your shares
within 12 calendar months (18 months for
shares purchased prior to May 1, 1997) from
the end of the calendar month during which
you purchased those shares. See "How to Buy
Shares - Buying Class A Shares", below.
2. The second sentence in "Class A Shares" under "Classes of
Shares" on page 27 is replaced by the following:
If you purchase Class A shares as part of an investment of
at least $1 million in shares of one or more Oppenheimer
funds, you will not pay an initial sales charge, but if you
sell any of those shares within 12 months of buying them (18
months if the shares were purchased prior to May 1, 1997),
you may pay a contingent deferred sales charge.
3. The following sentence is added to the end of "Which Class
of Shares Should You Choose? - How Does It Affect Payments To My
Broker?" on page 29:
The Distributor may pay additional periodic compensation
from its own resources to securities dealers or financial
institutions based upon the value of shares of the Fund
owned by the dealer or financial institution for its own
account or for its customers.
4. In the second paragraph of "Buying Class A Shares - Class A
Contingent Deferred Sales Charge" on page 31, the first sentence
is replaced by the following:
If you redeem any of those shares purchased prior to
May 1, 1997, within 18 months of the end of the
calendar month of their purchase, a contingent deferred
sales charge (called the "Class A contingent deferred
sales charge") may be deducted from the redemption
proceeds. A Class A contingent deferred sales charge
may be deducted from the redemption proceeds of any of
those shares purchased on or after May 1, 1997 that are
redeemed within 12 months of the end
of the calendar month of their purchase.
5. The third sentence of the second paragraph of "Reduced
Sales Charges for Class A Share Purchases - Right of
Accumulation" on page 32 is replaced by the following:
The Distributor will add the value, at current offering
price, of the shares you previously purchased and currently
own to the value of current purchases to determine the sales
charge rate that applies.
6. The third sub-paragraph in "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" on page
34 is replaced by the following:
if, at the time of purchase of shares (prior
to May 1, 1997) the dealer agreed in writing to accept
the dealer's portion of the sales commission in
installments of 1/18th of the commission per month (and
no further commission will be payable if the shares are
redeemed within 18 months of purchase);
if, at the time of purchase of shares (on or
after May 1, 1997) the dealer agrees in writing to
accept the dealer's portion of the sales commission in
installments of 1/12th of the commission per month (and
no further commission will be payable if the shares are
redeemed within 12 months of purchase);
7. The following sentence is added to the end of the fifth
paragraph in "Distribution and Service Plans for Class B and
Class C Shares" on page 37:
If a dealer has a special agreement with the
Distributor, the Distributor will pay the Class B
service fee and the asset-based sales charge to the
dealer quarterly in lieu of paying the sales commission
and service fee advance at the time of purchase.
8. The following is added as a new penultimate sentence to the
sixth paragraph of "Distribution and Service Plans for Class B
and Class C shares" on page 37:
If a dealer has a special agreement with the
Distributor, the Distributor shall pay the Class C
service fee and asset-based sales charge to the dealer
quarterly in lieu of paying the sales commission and
service fee advance at the time of purchase.
9. The section captioned "Special Investor Services" is revised
by adding the following after the sub-section captioned
"PhoneLink" on page 38:
Shareholder Transactions by Fax. Beginning May 30,
1997, requests for certain account transactions may be
sent to the Transfer Agent by fax (telecopier). Please
call 1-800-525-7048 for information about which
transactions are included. Transaction requests
submitted by fax are subject to the same rules and
restrictions as written and telephone requests
described in this Prospectus.
May 1, 1997 PS0865.006
