OPPENHEIMER CALIFORNIA MUNICIPAL FUND
Supplement Dated October 18, 1996
to the Prospectus dated April 20, 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 California Tax-Exempt
Fund" to "Oppenheimer California 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. The first paragraph of the section captioned
"Investment Objective and Policies - Investments in
Taxable Securities and Temporary Defensive
Investment Strategy" on pages 11 and 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) covered call options and hedging
instruments (described in "Hedging" below); and
(iii) repurchase agreements (explained below).
October 18, 1996
PS0790.005
