LIMITED TERM NEW YORK MUNICIPAL FUND
Supplement dated November 10, 1998 to the
Statement of Additional Information dated April 22, 1998
The Statement of Additional Information is hereby supplemented as follows:
1. The Supplement dated June 5, 1998 to the Statement of Additional
Information is replaced by this supplement.
2. The following is added after the section captioned "Municipal Leases"
on page 6:
|_| Definition of Issuer. For purposes of diversification under
the Investment Company Act, identification of the "issuer" of a
Municipal Obligation depends on the terms and conditions of the
obligation. If the assets and revenues of an agency, authority,
instrumentality or other political subdivision are separate from those
of the government creating the subdivision and the obligation is backed
only by the assets and revenues of the subdivision, such subdivision
would be regarded as the sole issuer. Similarly, in the case of an
industrial development revenue bond, if the bond is backed only by the
assets and revenues of the non-governmental user, the non-governmental
user would be deemed to be the sole issuer.
If, however, in either case, the creating government or some
other entity guarantees the security, such a guarantee would not be a
separate security which must be included in the Fund's limitation on
investments in a single issuer, provided the value of all securities
guaranteed by a guarantor is not greater than 10% of the Fund's total
assets.
3. The following is added as the last paragraph to the section captioned
"Fundamental Investment Restrictions" on page 18:
|_| With respect to 75% of its assets, the Fund cannot purchase
securities issued or guaranteed by any one issuer (other than the U.S.
Government or its agencies or instrumentalities), if more than 5% of
the Fund's total assets would be invested in securities of that issuer
or the Fund would then own more than 10% of that issuer's voting
securities.
4. Effective June 2, 1998, Robert G. Galli was appointed a Trustee of the
Fund. The biographical information below for Mr. Galli should be added to
the section captioned "How the Fund is Managed - Trustees and Officers of the
Fund" immediately following the information on Thomas W. Courtney:
Robert G. Galli, Trustee; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of
OppenheimerFunds, Inc. (the "Manager") (October 1995 to December 1997),
Vice President (June 1990 to March 1994) and Counsel of Oppenheimer
Acquisition Corp., the Manager's parent holding company; Executive Vice
President (December 1977 to October 1995), General Counsel and a
director (December 1975 to October 1993) of the Manager; Executive Vice
President and a director of OppenheimerFunds Distributor, Inc. (July
1978 to October 1993); Executive Vice President and a director of
HarbourView Asset Management Corporation (April 1986 to October 1995),
an investment adviser subsidiary of the Manager; Vice President and a
director (October 1988 to October 1993) and Secretary (March 1981 to
September 1988) of Centennial Asset Management Corporation, an
investment adviser subsidiary of the Manager; a director (November 1989
to October 1993) and Executive Vice President (November 1989 to January
1990) of Shareholder Financial Services, Inc., a transfer agent
subsidiary of the Manager; a director of Shareholder Services, Inc.
(August 1984 to October 1993), a transfer agent subsidiary of the
Manager; a director/trustee of other Oppenheimer funds.
5. The following is added as the last paragraph to the section captioned
"How the Fund is Managed - Deferred Compensation Plan":
On June 2, 1998 the Fund adopted a retirement plan that provides
for payment to a retired Trustee of up to 80% of the average
compensation paid during that Trustee's five years of service in which
the highest compensation was received. A Trustee must serve in that
capacity for any of the Oppenheimer Quest Funds, Oppenheimer Rochester
Funds or the Oppenheimer MidCap Fund for at least 15 years to be
eligible for the maximum payment. Because each Trustee's retirement
benefits will depend on the amount of the Trustee's future compensation
and length of service, the amount of those benefits cannot be
determined as of this time nor can the Fund estimate the number of
years of credited service that will be used to determine those benefits.
6. The third sentence of the third paragraph in the section entitled "How
To Exchange Shares" on page 46 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject
to a Class A contingent deferred sales charge within 18 months of the
end of the calendar month of the purchase of the exchanged Class A
shares, the Class A contingent deferred sales charge is imposed on the
redeemed shares (see "Class A Contingent Deferred Sales Charge" in the
Prospectus). (A different holding period may apply to shares purchased
prior to June 1, 1998).
November 10, 1998 PXO355.005
