OPPENHEIMER CALIFORNIA TAX-EXEMPT FUND
Supplement dated January 3, 1995 to the Prospectus dated May 1, 1994
The Prospectus is amended as follows:
1. (a) The section captioned "At What Price Are Shares Sold?" under
"How to Buy Shares" on page 14 is amended to change the time of day at
which the net asset value is determined by revising the second sentence
to read as follows: "In most cases, to enable you to receive that day's
offering price, the Distributor must receive your order by the time of day
The New York Stock Exchange closes, which is normally 4:00 P.M., New York
time, but may be earlier on some days (all references to time in this
Prospectus mean "New York time")."
(b) The fourth sentence of the section captioned "At What Price
Are Shares Sold?" under "How to Buy Shares" on page 14 is revised to read
as follows: "If you buy shares through a dealer, the dealer must receive
your order by the close of The New York Stock Exchange on a regular
business day and transmit it to the Distributor so that it is received
before the Distributor's close of business that day, which is normally
5:00 P.M."
2. The second sentence of the section captioned "Selling Shares by
Telephone" under "How to Sell Shares" on page 19 is revised to read as
follows: "To receive the redemption price on a regular business day, your
call must be received by the Transfer Agent by the close of The New York
Stock Exchange that day, which is normally 4:00 P.M., but may be earlier
on some days."
3. The section captioned "How To Exchange Shares" on page 21 is
amended by revising the first sentence in the first "bulleted" paragraph
following "Telephone Exchange Requests" to read as two sentences as
follows: "Shares are normally redeemed from one fund and purchased from
the other fund in the exchange transaction on the same regular business
day on which the Transfer Agent receives an exchange request that is in
proper form by the close of The New York Stock Exchange that day, which
is normally 4:00 P.M., but may be earlier on some days. However, either
fund may delay the purchase of shares of the fund you are exchanging into
if it determines it would be disadvantaged by a same-day transfer of the
proceeds to buy shares."
4. The first sentence of the section captioned "Net Asset Value Per
Share" under "Shareholder Account Rules and Policies" on page 21 is
revised to read as follows: "Net Asset Value Per Share is determined for
each class of shares as of the close of The New York Stock Exchange on
each regular business day by dividing the value of the Fund's net assets
attributable to a class by the number of shares of that class that are
outstanding."
January 3, 1995
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OPPENHEIMER CALIFORNIA TAX-EXEMPT FUND
Supplement dated January 3, 1995
to the Statement of Additional Information dated May 1, 1994
The Statement of Additional Information is amended as follows:
1. The first sentence of the section entitled "Determination of Net
Asset Value Per Share" under "How To Buy Shares" on page 28 is
amended to read as follows, and a new second sentence is added
to that section as follows: "The net asset values per share of
Class A and Class B shares of the Fund are determined as of the
close of business of The New York Stock Exchange (the "NYSE")
on each day that the NYSE is open by dividing the Fund's net
assets attributable to a class by the number of shares of that
class that are outstanding. The NYSE normally closes at 4:00
P.M., New York time, but may close earlier on some days (for
example, in case of weather emergencies or on days falling
before a holiday)."
2. The section entitled "AccountLink" under "How To Buy Shares" on
page 29 is revised by replacing the text after the second
sentence with the following: "Dividends will begin to accrue
on shares purchased by the proceeds of ACH transfers on the
business day the Fund receives Federal Funds for the purchase
through the ACH system before the close of the NYSE. The NYSE
normally closes at 4:00 P.M., but may close earlier on certain
days. If Federal Funds are received on a business day after the
close of the NYSE, the shares will be purchased and dividends
will begin to accrue on the next regular business day. The
proceeds of ACH transfers are normally received by the Fund
three days after the transfers are initiated. The Distributor
and the Fund are not responsible for any delays in purchasing
shares resulting from delays in ACH transmissions."
3. The second sentence of the section entitled "Special
Arrangements for Repurchase of Shares from Dealers and Brokers"
under "How to Sell Shares" on page 34 is amended to read as
follows: "The repurchase price per share will be the net asset
value next computed after the Distributor receives the order
placed by the dealer or broker, except that if the Distributor
receives a repurchase order from a dealer or broker after the
close of the NYSE on a regular business day, it will be
processed at that day's net asset value if the order was
received by the dealer or broker from its customer prior to the
time the NYSE closes (normally, that is 4:00 P.M., but may be
earlier on some days) and the order was transmitted to and
received by the Distributor prior to its close of business that
day (normally 5:00 P.M.)."
January 3, 1995
