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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
/LOGO/KPMG PEAT MARWICK LLP
707 Seventeenth Street
Suite 2300
Denver, CO 80202
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER CALIFORNIA TAX-EXEMPT FUND:
In planning and performing our audit of the financial statements of Oppenheimer
California Tax-Exempt Fund for the year ended December 31, 1995, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Oppenheimer California Tax-Exempt Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure of future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
/s/KPMG PEAT MARWICK LLP
KPMG Peat Marwick LLP
Denver, Colorado
January 22, 1996
/LOGO/Member Firm of Klynveld Peat Marwick Goerdeler
<PAGE>
ACQUISITION OF QUEST CALIFORNIA TAX-EXEMPT FUND
On November 24, 1995, Oppenheimer California Tax-Exempt Fund acquired all of the
net assets of Quest California Tax-Exempt Fund, pursuant to an Agreement and
Plan of Reorganization approved by the Quest California Tax-Exempt Fund share-
holders on November 16, 1995. The Fund issued 1,757,314 shares of beneficial
interest, valued at $18,451,796, in exchange for the net assets, resulting in
combined net assets of $319,511,243 on November 24, 1995. The net assets
acquired included net unrealized appreciation of $602,361. The exchange was
tax-free.
<PAGE>
During the year ended December 31, 1995, the Fund changed the classification of
distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended December 31, 1995,
amounts have been reclassified to reflect a decrease in paid-in capital of $676,
an increase in undistributed net investment income of $121,583, and a decrease
in accumulated net realized loss on investments of $122,259.
