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OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement dated February 15, 1994
to the Prospectus dated January 25, 1994
The Prospectus is amended as follows:
1.The following paragraph is added after the first paragraph under the
Class A Sales Charge Table in "How to Buy Shares - Class A Shares" on page
11:
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
third 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: the Fund, Oppenheimer
Tax-Free Bond Fund, Oppenheimer Insured Tax-Exempt Bond 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.
February 15, 1994 PS360
