Oppenheimer Senior Floating Rate Fund
Supplement dated September 10, 1999 to the
Prospectus date September 7, 1999
The Prospectus is changed as follows:
1. On page 4, footnote 2 to the Annual Expenses chart is revised to read as
follows:
The management fee is based upon a percentage of the Fund's average
annual net assets and is shown without giving effect to a voluntary
reduction by the Manager of 0.20% of the management fee annually, which
voluntary reduction may be withdrawn or amended at any time.
Additionally, the management fee in the table does not reflect the
Manager's voluntary agreement to waive its entire management fee for
the period from the commencement of operations of the Fund on September
7, 1999 through November 30, 1999. With that fee waiver and reduction,
the estimated management fee for each class is 0.53% and Total Annual
Expenses are estimated at 1.13% for Class A and 1.63% for Class B and
Class C.
2. On page 32, in the section entitled "Advisory Fees," the last three sentences
are revised to read as follows:
The Manager has voluntarily agreed to reduce its management fee by
0.20% of average annual net assets, and additionally, for the period
from the commencement of the Fund's operations on September 7, 1999
through November 30, 1999, to voluntarily waive the management fee
entirely. That reduction and waiver have the effect of reducing the
Fund's overall expenses, thereby increasing its yield.
September 10, 1999 PS0291.01
