OPPENHEIMER PENNSYLVANIA TAX-EXEMPT FUND
Supplement dated April 21, 1995 to the
Prospectus dated April 29, 1994
The Prospectus is amended as follows:
1. The Fund's supplement dated January 3, 1995 is no longer in
effect.
2. Under "Expenses" on page 3, the chart "Shareholder Transaction
Expenses" is amended by deleting the references to the $5.00 fee for
"Exchanges" and inserting "None" on that line under the headings for
Class A Shares and Class B Shares; footnote 2 is deleted from that chart.
3. The following paragraph is added at the end of "How Municipal
Securities Held By The Fund Are Rated" on page 8: "The Fund's Board of
Trustees has determined that it is in the best interest of the Fund's
shareholders that they change the Fund's current investment policy with
respect to the ratings of Municipal Securities purchased by the Fund. If
shareholders approve the requested change, the Fund will be permitted for
the first time to invest up to 25% of the Fund's total assets in Municipal
Securities rated below "investment grade," that is, below the four highest
rating categories of Moody's Investors Service, Inc., Standard & Poor's
Corporation or Fitch Investors Service, Inc. There can be no assurance
that shareholders will approve the proposed change. Details about this
proposal, including information about the credit risks of investing in
below-investment grade Municipal Securities, will be contained in a proxy
statement to be sent to the Fund's shareholders of record on March 24,
1995, the record date for the shareholder meeting for taking up this
proposal."
4. The first sentence of the section captioned "Non-
Diversification" under "Investment Objective and Policies - Investment
Policies and Strategies" on page 8 is revised to read as follows: "The
Fund is a "non-diversified" mutual fund."
5. The second sentence of the section captioned "Organization and
History" under "How the Fund is Managed" on page 11 is revised to read as
follows: "The Trust is an open-end, management investment company with
an unlimited number of authorized shares of beneficial interest."
6. The paragraph captioned "How Much Do You Plan To Invest?" on
page 14 is amended by replacing "$1 million" with "$500,000" in both
sentences of that paragraph.
7. (a) The section captioned "At What Price Are Shares Sold?"
under "How to Buy Shares" on page 15 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 15 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."
8. The second paragraph under the caption "Waivers of Class A Sales
Charges" on page 17 is revised by adding the following to the end of the
first sentence: "or (c) purchased and paid for with the proceeds of shares
redeemed in the prior 12 months from a mutual fund on which an initial
sales charge or contingent deferred sales charge was paid (other than a
Fund managed by the Manager or any of its affiliates); this waiver must
be requested when the purchase order is placed for your shares of the
Fund, and the Distributor may require evidence of your qualification for
this waiver."
9. The second sentence of the section captioned "Selling Shares by
Telephone" under "How to Sell Shares" on page 20 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."
10. The section captioned "Checkwriting" on page 21 is revised by
deleting the final paragraph.
11. The section captioned "How To Exchange Shares" on page 21 is
amended by (i) deleting the second and third sentences of the first
paragraph, and (ii) 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."
12. The first sentence of the section captioned "Net Asset Value Per
Share" under "Shareholder Account Rules and Policies" on page 22 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."
April 21, 1995
