Oppenheimer Senior Floating Rate Fund
Supplement dated December 1, 1999 to the
Prospectus dated September 7, 1999
The Prospectus is changed as follows:
1. The Supplement dated September 30, 1999, to the Prospectus is replaced by
this supplement.
2. 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. That
voluntary reduction may be withdrawn or amended at any time.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
8, 1999 through March 31, 2000. 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.
3. On page 5, the Examples depicting the effect of the Fund's estimated expenses
on a $1,000 investment in shares of each Class of the Fund are replaced by the
following examples, which show the effect of the estimated expenses in the
Annual Expenses chart without giving effect to the Manager's voluntary expense
waivers.
Assuming you do not tender shares
for repurchase by the Fund
1 Year 3 Years 5 Years 10 Years
Class A shares $14 $42 $73 $160
Class B shares $19 $58 $99 $190
Class C shares $19 $58 $99 $215
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Assuming you tender your shares for
repurchase by the Fund on the last
day of the period and a Class B or
Class C Early Withdrawal Charge
applies 1 Year 3 Years 5 Years 10 Years
Class A shares $14 $42 $73 $160
Class B shares $49 $73 $109 $190
Class C shares $29 $58 $99 $215
4. 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 8, 1999
through March 31, 2000, to voluntarily waive the management fee
entirely. Those waivers have the effect of reducing the Fund's overall
expenses, thereby increasing its yield. Either waiver may be amended or
withdrawn by the Manager at any time.
5. The section entitled "Are There Any Early Withdrawal Charge Waivers?" on page
37 is revised by adding a new final sentence as follows:
The Class B and Class C Early Withdrawal Charges are waived in the case
of repurchases of shares owned by present and former officers,
directors, trustees and employees (and their "immediate families" as
that term is defined in Appendix B to the Statement of Additional
Information) of the Fund, the Manager and its affiliates, and
retirement plans established by them for their employees.
6. The second sentence of the footnote under the Class B Early Withdrawal Charge
table on page 38 is revised to read as follows:
In applying the Early Withdrawal Charge, all purchases are considered
to have been made on the first regular business day of the month during
which the purchase was made.
December 1, 1999 PS0291.003
