OPPENHEIMER INSURED MUNICIPAL FUND
Supplement dated July 30, 1998 to the Statement of Additional
Information dated January 26, 1998
This Supplement dated July 30, 1998 to the Statement of Information dated
January 26, 1998 changes the Statement of Additional Information as follows.
1. The last paragraph within the section titled "Private Activity Municipal
Series" on page five is deleted and replaced with the following:
The Federal alternative minimum tax is designed to ensure that all
taxpayers pay some tax, even if their regular tax is zero. This is accomplished
in part by including in taxable income certain tax preference items in arriving
at alternative minimum taxable income. The Tax Reform Act, which makes
tax-exempt interest from certain private activity bonds a tax preference item
for purposes of the alternative minimum tax on individuals and corporations
specifically states that any exempt-interest dividend paid by a regulated
investment company will be treated as interest on a specific private activity
bond to the extent of its proportionate share of the interest on such bonds
received by the regulated investment company. The Treasury is authorized to
issue regulations implementing the provision. The Fund may hold Municipal
Securities the interest on which (and thus a proportionate share of the
exempt-interest dividends paid by the Fund) will be subject to the Federal
alternative minimum tax on individuals and corporations.
July 30, 1998 PX0865.006
