OPPENHEIMER FLORIDA TAX-EXEMPT FUND
Supplement dated February 15, 1994
to the Prospectus dated October 1, 1993
1. The Supplement dated January 20, 1994 to the Prospectus is hereby
superceded.
2. The Prospectus is hereby amended as follows:
A. The section entitled "Fund Expenses" on pages 3-4 of the
Prospectus is amended as follows:
The introductory paragraph of this section and the table
showing "Annual Fund Operating Expenses" and the two paragraphs
following that table are replaced by the following:
The following table sets forth the fees that an investor in
the Fund might pay and the expenses expected to be paid by the
Fund during its fiscal year ending December 31, 1994.
Annual Fund Operating Expenses
(as a percentage of average net assets)
Class A Class B
Shares Shares
------- -------
Management Fees (after expense assumption) 0% 0%
12b-1 (Distribution and/or Service
Plan) .10% .85%
Other Expenses (estimated) 0% 0%
Total Fund Operating Expenses (after ____ ____
expense assumption) (estimated) .10% .85%
The purpose of the foregoing table is to assist an investor
in understanding the various costs and expenses that an investor
in the Fund will bear directly (shareholder transaction
expenses) or indirectly (annual fund operating expenses). The
sales charge rate shown for Class A shares is the current
maximum rate applicable to purchases of Class A shares of the
Fund. Investors in Class A shares may be entitled to reduced
sales charges based on the amount purchased or the value of
shares already owned and may be subject to a contingent deferred
sales charge in limited circumstances (see "How to Buy Shares -
Class A Contingent Deferred Sales Charge"). Because the Fund
is new, and this Prospectus does not include financial
statements showing actual Fund expenses, the "Annual Fund
Operating Expenses" in the table are based on estimates of
amounts payable by the Fund in its current fiscal year. Those
amounts reflect a modification, effective as of October 1, 1993,
in the voluntary expense assumption by the Fund's investment
adviser, Oppenheimer Management Corporation (the "Manager").
Without such expense assumption by the Manager, the estimated
management fees for Class A shares and Class B shares would each
be 0.60% of average net assets, the estimated 12b-1 fees for
Class A shares and Class B shares would be 0.15% and 0.90%,
respectively, of average annual net assets, and the estimated
"Total Fund Operating Expenses" for Class A shares and Class B
shares would be 1.35% and 2.10%, respectively. The expense
assumption is described in "Investment Management Services" in
the Additional Statement and may be modified or withdrawn by the
Manager at any time. The "Other Expenses" in the table
previously were based on estimates of amounts payable during the
Fund's then-current fiscal year ending December 31, 1993, with
the expense assumption undertaking as originally described in
the Prospectus. "Other Expenses" includes estimates of such
expenses as custodial and transfer agent fees, and audit, legal
and other business operating expenses, but excludes estimates
of extraordinary expenses. For further details, see "Dual Class
Methodology" in the Additional Statement.
The following example applies the above-stated estimated expenses and
the current maximum sales charge to a hypothetical $1,000 investment in
shares of the Fund over the time periods shown below, assuming a 5% annual
rate of return on the investment. The amounts shown below are the
cumulative costs of such hypothetical $1,000 investment for the periods
shown and, except as indicated in lines 3 and 4, assume that the shares
are redeemed at the end of each stated period.
1 year 3 years
------ -------
1. Class A shares $48 $51
2. Class B shares $59 $57
3. Class A shares, assuming
no redemption $48 $51
4. Class B shares, assuming
no redemption $9 $27
B. The first sentence of the first paragraph of the section entitled
"The Fund and Its Investment Policies" is replaced with the following:
The Fund was organized on June 10, 1993 and is one of two
investment portfolios or "series" of Oppenheimer Multi-State
Tax-Exempt Trust (formerly, "Oppenheimer Pennsylvania Tax-Exempt
Fund") (the "Trust"), an open-end, non-diversified management
investment company organized in 1989 as a Massachusetts business
trust.
C. The following is added after the first paragraph under the Class A
Sales Charge Table in "How to Buy Shares - Class A Shares":
In addition to paying dealers the regular commission for sales of
Class A shares stated in the sales charge table in "Class A Shares,"
and the commission for sales of Class B shares described in the first
paragraph of "Class B Distribution and Service Plan," below, the
Distributor will pay the following additional commission for shares
of the Fund sold in "qualifying transactions" from March 1, 1994,
through May 31, 1994: (i) 1.00% of the offering price of Class A
and/or Class B shares sold by a representative of a broker or dealer
at a branch not in a "financial institution," such as a bank, savings
and loan association or credit union; and (ii) .50% of the offering
price of Class B shares, and the Distributor's entire retained
commission on Class A shares, sold by a sales representative of a
financial institution or by a representative of a broker or dealer
firm at a branch in a financial institution. "Qualifying
transactions" are sales by a registered representative of a broker
or dealer at a branch not in a financial institution of $200,000 or
more (calculated at offering price), and sales in any amount by a
sales representative of a financial institution or registered
representative of a broker or dealer at a branch in a financial
institution, of Class A and/or Class B shares of any one or more of
the following OppenheimerFunds: Oppenheimer Tax-Free Bond Fund,
Oppenheimer Insured Tax-Exempt Bond Fund, Oppenheimer New York Tax-
Exempt Fund, Oppenheimer California Tax-Exempt Fund, Oppenheimer
Pennsylvania Tax-Exempt Fund, Oppenheimer Florida Tax-Exempt Fund,
and Oppenheimer New Jersey Tax-Exempt Fund. "Qualifying transactions"
do not include sales of Class A shares (1) at net asset value without
sales charge, (2) subject to a contingent deferred sales charge, or
(3) intended under a Letter of Intent.
D. The last two sentences of the first paragraph set forth under
"Dividends and Distributions" in the section entitled "Performance,
Dividend and Tax Information" are replaced with the following:
During the Fund's fiscal year ended December 31, 1993, the
Manager had undertaken to assume the Fund's expenses to the
extent required to enable the Fund to pay dividends on each
Class A share at a targeted level of $.636 per fiscal year. As
a result of this undertaking, the Fund's net asset value was
higher during that period than it otherwise would have been.
See "Investment Management Services" in the Additional Statement
for further information. There can be no assurance as to the
payment of any dividends or the realization of any capital gains
and the practice of maintaining a targeted dividend level and
the amount thereof may be changed by the Board at any time
without prior notice to shareholders.
February 15, 1994 PS795
