<PAGE>
OPPENHEIMER NEW JERSEY TAX-EXEMPT FUND
Supplement dated July 8, 1996 to the
Prospectus dated April 15, 1996
The Prospectus is amended as follows:
1. The third sentence under the section entitled "A Brief Overview
of the Fund -- Who Manages the Fund?" on page 6 is deleted and
replaced with the following:
The Fund's portfolio manager, who is primarily
responsible for the selection of the Fund's securities,
is Caryn Halbrecht.
2. The section entitled "How the Fund is Managed -- Portfolio
Manager" on pages 16 and 17 is deleted and replaced with the
following:
The portfolio manager of the Fund (who is also a Vice
President of the Fund and the Manager) is Caryn
Halbrecht. Ms. Halbrecht is the person principally
responsible for the day-to-day management of the Fund's
portfolio, effective July 8, 1996. Ms. Halbrecht is also
an officer and/or portfolio manager of certain other
Oppenheimer funds. Previously Ms. Halbrecht served as a
Vice President of Fixed Income Portfolio Management at
Bankers Trust Company.
July 8, 1996 PS0395.004
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OPPENHEIMER NEW JERSEY TAX-EXEMPT FUND
Supplement dated July 8, 1996 to the
Statement of Additional Information dated April 15, 1996
The Statement of Additional Information is amended as follows:
1. The section entitled "How the Fund is Managed -- Trustees and
Officers of the Trust" on page 19 is amended by deleting the
biography of "Robert E. Patterson" and replacing it with the
following:
Caryn Halbrecht, Vice President and Portfolio Manager,
Age: 39
Vice President of the Manager; an officer and/or
portfolio manager of other Oppenheimer funds, prior to
which she served as a Vice President of Fixed Income
Portfolio Management at Bankers Trust Company.
July 8, 1996 PX0395.001
