OPPENHEIMER FLORIDA TAX-EXEMPT FUND
Supplement dated September 11, 1995 to the
Prospectus dated August 29, 1995
The following changes are made to the Prospectus:
1. The third sentence of the third paragraph under "Annual Fund
Operating Expenses" on page 3 is hereby revised to read as follows:
Without such expense assumption by the Manager, the "Management Fees"
for each class of the Fund's shares would have been .60% of the
Fund's average net assets, and the "Total Fund Operating Expenses"
for the Fund's Class A and Class B shares would have been 1.25% and
1.99%, respectively.
2. The table under "Annual Fund Operating Expenses" set forth on page
4 is hereby deleted and replaced with the following table.
Class A Class B Class C
Shares Shares Shares
Management Fees (after
expense reimbursement) .04% .04% .04%
_______________________________________________________________________
12b-1 Distribution Plan
Fees .15% .90% .90%
_______________________________________________________________________
Other Expenses .50% .49% .49%
_______________________________________________________________________
Total Fund Operating
Expenses (after expense
reimbursement) .69% 1.43% 1.43%
_______________________________________________________________________
(continued)
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3. The hypothetical examples set forth on page 5 are hereby deleted and
replaced with the following:
1 Year 3 Years 5 Years 10 Years*
Class A Shares $54 $69 $84 $129
Class B Shares $65 $75 $98 $133
Class C Shares $25 $45 $78 $171
If you did not redeem your investment it would incur the following
expenses:
1 Year 3 Years 5 Years 10 Years*
Class A Shares $54 $69 $84 $129
Class B Shares $15 $45 $78 $133
Class C Shares $15 $45 $78 $171
4. The last sentence of the first paragraph under "Fees and Expenses"
on page 17 is hereby revised to read as follows:
After taking the voluntary expense assumption (which is described in
the Statement of Additional Information under "The Investment
Advisory Agreement") into effect, no management fees were due and
payable by the Fund for its last fiscal year.
September 11, 1995 PS0795.004
<PAGE>
OPPENHEIMER FLORIDA TAX-EXEMPT FUND
Supplement dated September 11, 1995 to the
Statement of Additional Information dated August 29, 1995.
The Statement of Additional Information is amended as follows:
The third sentence of the third paragraph under "The Investment
Advisory Agreement" on page 23 is revised to read as follows and a new
sentence is added as follows:
In addition, effective September 11, 1995, the Manager has
voluntarily agreed to assume the expenses of the Fund to the
extent required to enable the Fund to pay dividends per Class
A share at the rate of $.607 per fiscal year. Prior to
September 11, 1995, the Manager voluntarily agreed to assume
expenses of the Fund to the extent required to enable the Fund
to pay dividends per Class A share at the rate of $.636 per
fiscal year.
September 11, 1995 PX0795.002
