LIMITED TERM NEW YORK MUNICIPAL FUND
Supplement dated November 10, 1998 to the
Prospectus dated April 22, 1998
The Prospectus is changed as follows:
1. The Supplement dated May 15, 1998 to the Prospectus is replaced by this
Supplement.
2. The reference to "non-diversified mutual fund" on the front cover of
the Prospectus is changed to "diversified mutual fund".
3. Footnote number 3 under the table entitled AShareholder 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.
4. The fourth sentence of "A Brief Overview of the Fund - How Risky Is The
Fund" on page 6 is hereby deleted.
5. The paragraph entitled "Non-Diversification" set forth under
"Investment Risks" on page 16 is hereby deleted.
6. The following paragraph is added to the end of "Investment Risks"
on page 17:
"Year 2000 Risks. Because many computer software
systems in use today cannot distinguish the year 2000
from the year 1900, the markets for securities in
which the Fund invests could be detrimentally
affected by computer failures beginning January 1,
2000. Failure of computer systems used for securities
trading could result in settlement and liquidity
problems for the Fund and other investors. That
failure could have a negative impact on handling
securities trades, pricing and accounting services.
Data processing errors by government issuers of
securities could result in economic uncertainties,
and those issuers may incur substantial costs in
attempting to prevent or fix such errors, all of
which could have a negative effect on the Fund's
investments and returns.
The Manager, the Distributor and the Transfer Agent
have been working on necessary changes to their
computer systems to deal with the year 2000 and
expect that their systems will be adapted in time for
that event, although there cannot be assurance of
success. Additionally, the services they provide
depend on the interaction of their computer systems
with those of brokers, information services, the
Fund's Custodian and other parties. Therefore, any
failure of the computer systems of those parties to
deal with the year 2000 may also have a negative
affect on the services they provide to the Fund. The
extent of that risk cannot be ascertained at this
time."
7. The second sentence of the paragraph entitled AClass A Shares" in the
section entitled AHow 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.
8. The first and second sentences of the second paragraph of the section
entitled ABuying 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).
9. The second sentence of the fourth paragraph of the section entitled
ABuying Class A Shares-Class A Contingent Deferred Sales Charge" on page 32
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).
10. The paragraph entitled ASpecial Arrangements With Dealers" on page 32
is hereby deleted.
11. The following sub-paragraphs of the section entitled "Waivers of Class
A Sales Charges" are deleted:
|_| if, at the time of purchase of shares (prior to
May 1, 1997) the dealer agrees 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);
|_| 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);
12. The sub-section captioned AOppenheimerFunds Internet Web Site@ under
the heading ASpecial Investor Services@ starting on page 39 is revised as
follows:
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.
November 10, 1998 PS0355.003
