OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement Dated May 31, 1995
to the Prospectus Dated
January 27, 1995
The Prospectus is amended as follows:
1. The supplement dated April 21, 1995 to the Prospectus is replaced by
this supplement.
2. 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.
3. The following paragraph is added at the end of "Ratings of Municipal
Securities" on page 8:
The Fund's Board of Trustees and shareholders
have changed the Fund's current investment policy
with respect to the ratings of Municipal Securities
purchased by the Fund. On or about August 29, 1995,
the Fund will be permitted 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. Although the yield in non-
investment grade Municipal Securities tends to be
higher than that of higher grade municipal
securities, there is an increased credit risk
potential that issuers of non-investment grade
Municipal Securities may not be able to make interest
or principal payments as they become due.
4. 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.
5. 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."
6. The section captioned "Checkwriting" on page 22 is revised by
deleting the final paragraph.
7. The section captioned "How to Exchange Shares" on page 23 is revised
by deleting the second and third sentences of the first paragraph.
May 31, 1995
