OPPENHEIMER NEW YORK MUNICIPAL FUND
Supplement dated August 23, 1999 to the
Prospectus dated January 25, 1999
The Prospectus is changed as follows:
1. The supplement dated February 4, 1999 is replaced by this supplement.
2. The last sentence of the paragraph entitled "Inverse Floaters Have Special
Risks" on page 11 is modified to read as follows:
The Fund will not invest more than 20% of its total assets in inverse
floaters.
3. The third sentence of the paragraph entitled "Illiquid Securities" on page 12
is modified to read as follows:
The Fund will not invest more than 15% of its net assets in illiquid
securities.
4. The second sentence of the first paragraph in the section entitled "Class A
Contingent Deferred Sales Charge" on page 18 is revised to read as follows:
The Distributor pays dealers of record commissions in an amount equal
to 0.50% of purchases of $1 million or more other than by retirement
accounts.
August 23, 1999 PS360.010
