OPPENHEIMER INTERMEDIATE MUNICIPAL FUND
Supplement dated November 7, 1996 to the Prospectus
dated February 1, 1996
The Prospectus is amended as follows:
1. The two Supplements dated October 18, 1996 are 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).
5. The second paragraph of the section captioned "How to Buy
Shares - Buying Class A Shares - Class A Contingent Deferred
Sales Charge" on page 27 is revised by deleting the second
and third sentences of that paragraph and replacing them
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."
(continued)
6. The third paragraph of the section captioned "How to Buy
Shares - Buying Class B Shares - Distribution and Service
Plan for Class B Shares" on page 32 is revised by
deleting the third sentence and replacing it with the
following sentence:
"The Distributor pays sales commissions of 2.75% of the
purchase price to dealers from its own resources at the
time of sale."
November 7, 1996 PS0860.005
