OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement Dated April 21, 1995
to the Prospectus Dated
January 27, 1995
The Prospectus is amended as follows:
1. Under "Expenses" on page 2, 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.
2. The following paragraph is added at the end of "Ratings of Municipal
Securities" 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.
3. The third paragraph of the section captioned "How Much Do You Plan
To Invest?" on page 15 is revised by changing "$1 million" to "$500,000"
in both sentences.
4. The second paragraph under the caption "Waivers of Class A Sales
Charges" on page 18 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."
5. The section captioned "Checkwriting" on page 22 is revised by
deleting the final paragraph.
6. The section captioned "How to Exchange Shares" on page 23 is revised
by deleting the second and third sentences of the first paragraph.
April 21, 1995
