ROCHESTER PORTFOLIO SERIES
497, 1999-08-24
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                      LIMITED TERM NEW YORK MUNICIPAL FUND
                   Supplement dated August 23, 1999 to the
                         Prospectus dated April 28, 1999


The Prospectus is changed as follows:

1. The second sentence of the first  paragraph in the section  entitled "Class A
Contingent Deferred Sales Charge" on page 19 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                                       PS0355.004




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