OPPENHEIMER NEW JERSEY MUNICIPAL FUND
Supplement dated November 1, 1999 to the
Prospectus dated November 27, 1998
The Prospectus is changed as follows:
1. The supplement dated August 23, 1999 is replaced by this supplement.
2. The last sentence of the second paragraph in the section entitled "Other
Investment Strategies - Floating Rate/Variable Rate Obligations" 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 section entitled "Illiquid Securities" on page 11 is deleted and
replaced by the following:
Illiquid and Restricted Securities. Investments may be illiquid
because of the absence of an active trading market, making it
difficult to value them or dispose of them promptly at an acceptable
price. Restricted securities may have terms that limit their resale to
other investors or may require registration under federal securities
laws before they can be sold publicly. The Fund will not invest more
than 15% of its net assets in illiquid securities and cannot invest
more than 10% of its net assets in restricted securities. Certain
restricted securities that are eligible for resale to qualified
institutional purchasers may not be subject to that limit. The Manager
monitors holdings of illiquid securities on an ongoing basis to
determine whether to sell any holdings to maintain adequate liquidity.
Borrowing for Investment Leverage. The Fund can borrow money to
purchase additional securities. As a fundamental policy, the Fund's
borrowings for investment purposes must be from banks and are limited
to not more than 10% of the Fund's total assets. The interest on
borrowed money is an expense that might reduce the Fund's yield.
4. The section entitled "How the Fund is Managed"-"Portfolio Manager" on page 13
is revised to read as follows:
|_| Portfolio Manager. The portfolio manager of the Fund is Christian D.
Smith, a Senior Vice President of the Manager. Mr. Smith is the
person principally responsible for the day-to-day management of the
Fund's portfolio effective November 1, 1999. Mr. Smith also serves
as an officer and portfolio manager for other Oppenheimer funds.
Prior to joining OppenheimerFunds, Mr. Smith was Co-Head of the
Municipal Portfolio Management team of Prudential Global Asset
Management. Prior to that he held various positions with
Prudential Global Asset Management and Prudential Insurance Company.
5. The parenthetical reference "(such as Automatic Withdrawal Plans)" in the
second sentence in the section entitled "How to Buy Shares Are There
Differences in Account Features That Matter to You?" on page 17 is deleted.
6. 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.
November 1, 1999 PS0395.013
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OPPENHEIMER NEW JERSEY MUNICIPAL FUND
Supplement dated November 1, 1999 to the Statement of Additional
Information dated November 27, 1998,
Revised June 29, 1999
The Statement of Additional Information is changed as follows:
1. Reference to Caryn Halbrecht on page 29 of the section entitled "Trustees
and Officers of the Fund" is deleted and replaced with the following:
Christian D. Smith, Vice President and Portfolio Manager, Age: 37 Two World
Trade Center, New York, New York 10048-0203 Senior Vice President of the Manager
(since October 11, 1999); an officer of other Oppenheimer funds. From January
1999 to September 1999 he was Co-Head of the Municipal Portfolio Management Team
of Prudential Global Asset Management (an investment adviser), prior to which he
was a portfolio manager for that firm (January 1990 to January 1999).
November 1, 1999 PX0395.007
