OPPENHEIMER NEW YORK MUNICIPAL FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 12, 1998
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more in Class A shares, you may have to
pay a sales charge of up to 1% if you sell your shares within 18 calendar
months from the end of the calendar month during which you purchased those
shares. See "How to Buy Shares -- Buying Class A Shares," below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 26 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million in shares of one or more Oppenheimer funds, you will not pay an
initial sales charge, but if you sell any of those shares within 18 months
of buying them, you may pay a contingent deferred sales charge, described
below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 31 are
modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month
of their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998).
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 31 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998).
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(Continued)
5. The paragraph entitled "Special Arrangements With Dealers" on page 31 is
hereby deleted.
6. The following sub-paragraphs of the section entitled " Waivers of Class A
Sales Charge- Waivers of the Class A Contingent Deferred Sales Charge Sales for
Certain Redemptions"on page 34 are deleted:
o if, at the time of purchase of shares (prior to May 1, 1997) the
dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/18th of the commission per month (and no
further commission will be payable if the shares are redeemed within 18
months of purchase)
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agrees in writing
to accept the dealer's portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will be
payable if the shares are redeemed within 12 months of purchase)
7. The section captioned "Special Investor Services" is revised by adding the
following after the sub-section captioned "Shareholder Transactions by Fax" on
page 39:
OppenheimerFunds Internet Web Site. Information about the Fund,
including your account balance, daily share prices, market and Fund
portfolio information, may be obtained by visiting the OppenheimerFunds
Internet Web Site, at the following Internet address:
http://www.oppenheimerfunds.com. Additionally, certain account
transactions may be requested by any shareholder listed in the
registration on an account as well as by the dealer representative of
record, through a special section of that Web Site. To access that section
of the Web Site, you must first obtain a personal identification number
("PIN") by calling OppenheimerFunds PhoneLink at 1-800-533-3310. If you do
not wish to have Internet account transactions capability for your
account, please call our customer service representatives at
1-800-525-7048. To find out more information about Internet transactions
and procedures, please visit the Web Site.
May 15, 1998 PS0360.008
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OPPENHEIMER NEW YORK MUNICIPAL FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated January 12, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
The third sentence of the fifth paragraph in the section entitled "How To
Exchange Shares" on page 48 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998).
May 15, 1998 PXO360.004
