OPPENHEIMER NEW YORK MUNICIPAL FUND
                   Supplement dated February 4, 1999 to the
                        Prospectus dated January 25, 1999

The Prospectus is changed as follows:

   1. 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.

   2. 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.




















February 4, 1999                                              PS0360.009



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