OPPENHEIMER PENNSYLVANIA MUNICIPAL FUND
Supplement dated August 23, 1999 to the
Prospectus dated November 27, 1998
The Prospectus is changed as follows:
1. The supplement dated June 29, 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
10 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 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.
5. 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 PS0740.013
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OPPENHEIMER NEW JERSEY MUNICIPAL FUND
Supplement dated August 23, 1999 to the
Prospectus dated November 27, 1998
The Prospectus is changed as follows:
1. The supplement dated June 29, 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 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.
5. 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 PS0395.012
<PAGE>
OPPENHEIMER FLORIDA MUNICIPAL FUND
Supplement dated August 23, 1999 to the
Prospectus dated November 27, 1998
The Prospectus is changed as follows:
1. The supplement dated June 29, 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
10 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 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.
5. 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 PS0795.012
