OPPENHEIMER NEW YORK MUNICIPAL FUND
Supplement dated January 1, 1998
to the Statement of Additional Information dated January 17, 1997
The Statement of Additional Information is amended as follows:
1. The following section captioned "Deferred Compensation Plan" should
appear immediately after the "Remuneration of Trustees" table, which begins on
page 25:
Deferred Compensation Plan. The Board of Trustees has adopted a Deferred
Compensation Plan for disinterested trustees that enables them to elect to defer
receipt of all or a portion of the annual fees they are entitled to receive from
the Fund. Under the plan, the compensation deferred by a Trustee is periodically
adjusted as though an equivalent amount had been invested in shares of one or
more Oppenheimer funds selected by the Trustee. The amount paid to the Trustee
under the plan will be determined based upon the performance of the selected
funds. Deferral of Trustees' fees under the plan will not materially affect the
Fund's assets, liabilities or net income per share. The plan will not obligate
the Fund to retain the services of any Trustee or to pay any particular level of
compensation to any Trustee. Pursuant to an Order issued by the Securities and
Exchange Commission, the Fund may, notwithstanding its fundamental policy
restricting investment in other open-end investment companies, as described on
page 16 of the Statement of Additional Information, invest in the funds selected
by the Trustee under the plan without shareholder approval for the limited
purpose of determining the value of the Trustee's deferred fee account.
January 1, 1998 PX0360.001
