OPPENHEIMER NEW YORK TAX EXEMPT FUND
497, 1996-10-08
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OPPENHEIMER NEW YORK TAX-EXEMPT FUND
Supplement Dated October 10, 1996
to the Prospectus dated February 1, 1996

The Prospectus is amended as follows:

      Effective October 10, 1996, the name of the Fund has been changed 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.


October 10, 1996                                         PS0360.005

<PAGE>

                       OPPENHEIMER NEW YORK TAX-EXEMPT FUND
                     Supplement dated October 10, 1996 to the
            Statement of Additional Information dated February 1, 1996

The Statement of Additional Information is amended as follows:

      Effective October 10, 1996, the name of the Fund has been changed to
      "Oppenheimer New  York Municipal Fund" and all references to the name
      of the Fund on the front cover page and throughout the Statement of
      Additional Information are changed to reflect the new name.
 

October 10, 1996                                           PX0360.002


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