OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
Supplement dated November 1, 1999 to the
Prospectus dated January 29, 1999
The Prospectus is supplemented as follows:
1. The supplement dated August 23, 1999 is replaced by this supplement.
2. The last sentence of the paragraph entitled "Inverse Floaters Have Special
Risks" on page 11 is modified to read as follows:
The Fund will not invest more than 20% of its total assets in inverse floaters.
3. The fourth sentence of the paragraph entitled "Illiquid and Restricted
Securities" on page 12 is modified to read as follows:
The Fund will not invest more than 15% of its net assets in illiquid securities.
4. The paragraph titled "Portfolio Manager" on page 14 is replaced in its
entirety with the following:
|X| Portfolio Manager. The Portfolio manager of the Fund is Christian D. Smith,
a Senior Vice President of the Manager. He is the person principally responsible
for the day-to-day management of the Fund's portfolio, and became the Fund's
portfolio manager on November 1, 1999. Mr. Smith also serves as an officer and
portfolio manager for other Oppenheimer funds. Prior to joining OppenheimerFunds
in September 1999, he was Co-Head of the Municipal Portfolio Management Team of
Prudential Global Asset Management, prior to which he was a portfolio manager
for that firm (January 1990-January 1999).
5. The second sentence of the first paragraph in the section entitled "Class A
Contingent Deferred Sales Charge" on page 19 is revised to read as follows:
The Distributor pays dealers of record commissions in an
amount equal to 0.50% of purchases of $1 million or more other than by
retirement accounts.
November 1, 1999 PS0860.012
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OPPENHEIMER INSURED MUNICIPAL FUND
Supplement dated November 1, 1999 to the
Prospectus dated January 29, 1999
The Prospectus is supplemented as follows:
1. The supplement dated August 23, 1999 is replaced by this supplement.
2. The last sentence of the paragraph entitled "Inverse Floaters Have Special
Risks" on page 11 is modified to read as follows:
The Fund will not invest more than 20% of its total assets in inverse floaters.
3. The fourth sentence of the paragraph entitled "Illiquid and Restricted
Securities" on page 12 is modified to read as follows:
The Fund will not invest more than 15% of its net assets in illiquid securities.
4. The paragraph titled "Portfolio Manager" on page 14 is replaced in its
entirety with the following:
|X| Portfolio Manager. The Portfolio manager of the Fund is Christian D. Smith,
a Senior Vice President of the Manager. He is the person principally responsible
for the day-to-day management of the Fund's portfolio, and became the Fund's
portfolio manager on November 1, 1999. Mr. Smith also serves as an officer and
portfolio manager for other Oppenheimer funds. Prior to joining OppenheimerFunds
in September 1999, he was Co-Head of the Municipal Portfolio Management Team of
Prudential Global Asset Management, prior to which he was a portfolio manager
for that firm (January 1990-January 1999).
5. The second sentence of the first paragraph in the section entitled "Class A
Contingent Deferred Sales Charge" on page 19 is revised to read as follows:
The Distributor pays dealers of record commissions in an amount equal to 0.50%
of purchases of $1 million or more other than by retirement accounts.
November 1, 1999 PS0865.011
