OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement dated January 3, 1995 to the
Prospectus dated January 25, 1994
The Prospectus, as amended by the supplement dated September 9, 1994,
is further amended as follows:
1. (a) The fifth paragraph under "How to Buy Shares -
Alternative Sales Arrangements" on page 10 is amended to change
the time of day at which the net asset value is determined by
revising the first sentence to read as follows: "The net asset
value per share of each class is determined as of the close of
The New York Stock Exchange, 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"), on each day The
New York Stock Exchange is open (a "regular business day"), by
dividing the value of the Fund's net assets attributable to that
class by the number of shares of that class outstanding."
(b) The first sentence and second sentence of the
sixth paragraph under "How to Buy Shares - Alternative Sales
Arrangements" on page 10 is revised 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. 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 first paragraph under "How
to Buy Shares - Class A Shares" on page 12 is revised to read
as follows: "The offering price is determined as of the close
of The New York Stock Exchange on each regular business day."
3. Subsection (vi) of "Other Circumstances" under "How
to Buy Shares" on page 13 is revised to read as follows: "(vi)
purchased by the reinvestment of dividends or other
distributions reinvested from the Fund or other OppenheimerFunds
(other than the Cash Reserves Funds) or unit investment trusts
for which reinvestment arrangements have been made with the
Distributor."
4. The penultimate sentence and last sentence of the
first paragraph of the section captioned "AccountLink" under
"How to Buy Shares" on page 16 is revised to read as follows:
"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 New York Stock Exchange. The New York Stock
Exchange 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 Exchange, 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."
5. The sixth sentence of the first paragraph of the
section captioned "Telephone Redemptions" under "How to Redeem
Shares" on page 18 is revised to read as follows: "Requests
received by the Transfer Agent prior to the close of The New
York Stock Exchange (which is normally 4:00 P.M., but may be
earlier on some days) on a regular business day will be
processed at the net asset value per share determined that day."
6. The second sentence of the section captioned
"Repurchase" under "How to Redeem Shares" on page 20 is revised
to read as follows: "The repurchase price will be the net asset
value next computed after the receipt of an order placed by such
dealer or broker, except that orders received by the Distributor
from dealers or brokers after the close of The New York Stock
Exchange on a regular business day will be processed at that
day's net asset value if such orders are received by the dealer
or broker from its customers prior to close of The New York
Stock Exchange and are transmitted to and are received by the
Distributor prior to its close of business that day (normally
5:00 P.M.)."
7. The fourth sentence of the first paragraph of the section
captioned "How to Exchange Shares" under "Exchanges of Shares" on
page 21 is revised to read as follows: "Telephone and written
exchange requests must be received by the Transfer Agent on a regular
business day by the close of The New York Stock Exchange (which is
normally 4:00 P.M., but may be earlier on some days) to be effected
that day."
January 3, 1995
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OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement dated January 3, 1995
to the Statement of Additional Information dated January 25, 1994
The Statement of Additional Information is amended as follows:
The first sentence of the section entitled "Determination of Net Asset
Value Per Share" under "Purchase, Redemption and Pricing of Shares" on
page 23 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)."
January 3, 1995
