OPPENHEIMER U.S. GOVERNMENT TRUST
Supplement dated April 21, 1995 to the
Prospectus Dated October 25, 1994
The Prospectus is amended as follows:
1. The Fund's supplement dated January 3, 1995 is no longer in effect.
2. Under "Expenses" on page 2, the chart "Shareholder Transaction
Expenses" is amended by deleting the references to the $5.00 fee for
"Exchanges" and inserting "None" on that line under the headings for
Class A Shares and Class C Shares; footnote 3 is deleted from that chart.
3. The following paragraph is added at the end of "Can the Fund's
Investment Objective and Policies Change?" on page 7: "The Fund's Board
of Trustees has determined that it is in the best interest of the Fund's
shareholders that they change the Fund's current investment policy with
respect to U.S. Government Securities purchased by the Fund. If
shareholders approve the requested change, the Fund will be permitted for
the first time to invest up to 20% of the Fund's total assets in
securities other than U.S. Government Securities, including "investment
grade" debt securities, that is, rated within the four highest rating
categories of Moody's Investors Service, Inc., Standard & Poor's
Corporation or Fitch Investors Service, Inc. There can be no assurance
that shareholders will approve the proposed change. Details about this
proposal, including information about the credit risks of investing less
than all of the Fund's portfolio in U.S. Government Securities, will be
contained in a proxy statement to be sent to the Fund's shareholders of
record on March 24, 1995, the record date for the shareholder meeting for
taking up this proposal."
4. The following text is added at the end of the paragraph entitled
"Fees and Expenses" on page 10: "The Manager further voluntarily reduced
that management fee to the following rates, effective January 3, 1995:
0.65% of the first $200 million of net assets; 0.60% of the next $100
million; 0.57% of the next $100 million; 0.55% of the next $400 million;
and 0.50% of net assets in excess of $800 million. These rates are
included in a new investment advisory agreement that the Fund's Board of
Trustees has proposed for approval by shareholders. There can be no
assurance that shareholders will approve the proposed agreement."
5. The section entitled "At What Price Are Shares Sold?" on page 13 is
amended by revising the second sentence of the first paragraph to read as
follows: "In most cases, to enable you to receive that day's offering
price, the Distributor must receive your order by the time of day The New
York Stock Exchange closes, which is normally 4:00 P.M., New York time,
but may be earlier on some days (all references to time in this Prospectus
mean 'New York time.'). In that paragraph, the fourth sentence is revised
to read as follows: "If you buy shares through a dealer, the dealer must
receive your order by the close of The New York Stock Exchange on a
regular business day and transmit it to the Distributor so that it is
received before the Distributor's close of business that day, which is
normally 5:00 P.M."
6. The second paragraph under the caption "Waivers of Class A Sales
Charges" on page 15 is amended by adding the following to the end of the
first sentence: "or (d) purchased and paid for with the proceeds of shares
redeemed in the prior 12 months from a mutual fund on which an initial
sales charge or contingent deferred sales
charge was paid (other than a Fund managed by the Manager or any of its
affiliates); this waiver must be requested when the purchase order is
placed for your shares of the Fund, and the Distributor may require
evidence of your qualification for this waiver."
7. The second sentence of the paragraph captioned "Reinvestment
Privilege" on page 18 is revised to read as follows: "This privilege
applies only to redemptions of Class A shares."
8. The first paragraph of the section entitled "Selling Shares by
Telephone" on page 19 is amended by revising the second sentence to read
as follows: "To receive the redemption price on a regular business day,
your call must be received by the Transfer Agent by the close of The New
York Stock Exchange that day, which is normally 4:00 P.M., but may be
earlier on some days."
9. The section entitled "Checkwriting" on page 20 is amended by deleting
the final paragraph.
10. The section entitled "How To Exchange Shares" is amended by (i)
deleting the second and third sentences of the first paragraph on page 20,
and (ii) revising the first sentence in the first "bulleted" paragraph
following "Telephone Exchange Requests" on page 21 to read as follows:
"Shares are normally redeemed from one fund and purchased from the other
fund in the exchange transaction on the same regular business day on which
the Transfer Agent receives an exchange request that is in proper form by
the close of The New York Stock Exchange that day, which is normally 4:00
P.M. but may be earlier on some days."
11. The first sentence of the section entitled "Net Asset Value Per
Share" under "Shareholder Account Rules and Policies" on page 21 is
revised to read as follows: "Net Asset Value Per Share is determined for
each class of shares as of the close of The New York Stock Exchange on
each regular business day, by dividing the value of the Fund's net assets
attributable to a class by the number of shares of that class that are
outstanding."
April 21, 1995
