OPPENHEIMER NEW YORK MUNICIPAL FUND
Supplement Dated October 18, 1996
to the Prospectus dated February 1, 1996
The Prospectus is amended as follows:
1. The Supplement dated October 10, 1996 is replaced
by this Supplement.
2. Effective October 10, 1996, the name of the Fund
has been changed from "Oppenheimer New York Tax-
Exempt Fund" to "Oppenheimer New York Municipal
Fund" and all references to the name of the Fund
on the front cover page and throughout the
Prospectus are changed to reflect the new name.
3. The first paragraph of the section captioned
"Investment Objective and Policies - Investments
in Taxable Securities and Temporary Defensive
Investment Strategy" on page 11 is deleted and
replaced with the following:
Investments in Taxable Securities and Temporary
Defensive Investment Strategy. Under normal market
conditions, the Fund may invest up to 20% of its
assets in taxable investments, including (i)
certain "Temporary Investments" (described
immediately below); (ii) hedging instruments
(described in "Hedging," below); and (iii)
repurchase agreements (explained below).
October 18, 1996 PS0360.006
