Rule 497(d)
GNMA Reinvestment Income Trust, Series 74 and Series 75
Supplement to the Prospectus dated March 16, 1999
Notwithstanding anything to the contrary in the Prospectus, any reference
to Unit holders being able to automatically reinvest distributions of
interest income or principal, or both, on their Units into
shares of Oppenheimer Government Securities Fund, as described in "How Can
Distributions to Unit Holders be Reinvested?", shall be deleted. Unit
holders can choose to automatically reinvest distributions of interest
income or principal, or both, on their Units into shares of any open-end
fund offered by OppenheimerFunds. Several OppenheimerFunds, including
Oppenheimer U.S. Government Trust and Oppenheimer Limited-Term Government
Fund, have similar objectives as the Trusts. You should read the prospectus
for the OppenheimerFund in which you are interested before making a
decision to reinvest your interest income or principal payments. The
objectives and policies of each OppenheimerFund are presented in more
detail in the prospectus pertaining to such Fund.
July 6, 1999
