OPPENHEIMER U.S. GOVERNMENT TRUST
Supplement dated November 11, 1998 to the
Prospectus dated May 18, 1998
The Prospectus is changed as follows:
1. This supplement replaces all prior supplements.
2. The fourth sentence of the paragraph titled "Who Manages the Fund"
on page 6 is revised to read as follows:
The Fund is managed by John S. Kowalik, Jerry A. Webman, Leslie
Falconio and Gina Palmieri, who are employed by the Manager and are
primarily responsible for the selection of the Fund's securities.
3. The paragraph titled "Portfolio Manager" on page 20 is replaced in its
entirety with the following:
|X| Portfolio Managers. The Fund is managed by John S. Kowalik, Jerry A.
Webman, Leslie Falconio and Gina Palmieri. Mr. Kowalik, who became the lead
portfolio manager of the Fund on October 27, 1998, is a Vice President of the
Fund and a Senior Vice President of the Manager. Prior to joining the Manager in
July 1998, he was Managing Director and senior portfolio manager at Prudential
Investments Global Fixed Income Group (1989 - 1998). Mr. Webman is a Vice
President of the Fund and a Senior Vice President of the Manager and has been a
portfolio manager of the Fund since July 15, 1997. Before joining the Manager in
February 1996, Mr. Webman was an officer and portfolio manager with Prudential
Mutual Fund - Investment Management, Inc.
Ms. Falconio and Ms. Palmieri are Assistant Vice Presidents of the
Manager and have been associate portfolio managers of the Fund since December
1996. Prior to joining the manager in December 1995, Ms. Falconio was a
co-manager of the short and intermediate government funds at Prudential Funds
(May 1995 - November 1995) and a member of the portfolio management team for
mortgage-backed securities at MetLife Investments (1992 - April 1995). Before
joining the Manager in March 1994, Ms. Palmieri was a member of the portfolio
management team for mortgage-backed securities at MetLife Investments (1992 -
February 1994).
Each portfolio manager holds similar positions with other Oppenheimer funds.
4. The fourth subparagraph under the paragraph titled "Class A Contingent
Deferred Sales Charge" on page 30 is revised to read as follows:
|_| Purchases by a retirement plan qualified under section 401(a) or 401(k)
if the retirement plan has total plan assets of $500,000 or more.
November 11, 1998 PS0220.014
OPPENHEIMER U.S. GOVERNMENT TRUST
Supplement dated November 11, 1998 to the
Statement of Additional Information dated May 18, 1998
The Statement of Additional Information is amended as follows:
1. This supplement replaces all prior supplement.
2. The following biographical information is added in the subsection titled
"Trustees and Officers of the Fund" on page 16, directly above the biographical
information for Jerry A. Webman:
John S. Kowalik, Vice President and Portfolio Manager; Age 41
Two World Trade Center, New York 10048
Senior Vice President of the Manager (since July 1998); an officer of
other Oppenheimer funds; formerly Managing Director and senior
portfolio manager at Prudential Investments Global Fixed Income Group
(1989 - 1998).
3. The following biographical information is added directly below the
biographical information for Jerry A. Webman.
Leslie Falconio, Associate Portfolio Manager; Age 33
Two World Trade Center, New York 10048
Assistant Vice President of the Manager (since November 1996); an
analyst with the Manager since December 1995; formerly a co-manager of
the short and intermediate government funds at Prudential Funds (May
1995 - November 1995) and a member of the portfolio management team for
mortgage-backed securities at MetLife Investments (1992 - April 1995).
Gina Palmieri, Associate Portfolio Manager; Age 38
Two World Trade Center, New York 10048
Assistant Vice President of the Manager (since November 1996); an
analyst with the Manager since March 1994; formerly a member of the
portfolio management team for mortgage-backed securities at MetLife
Investments (1992 - February 1994).
4. The second paragraph of the section titled "The Manager and Its Affiliates"
on page 19, is replaced in its entirety with the following:
The portfolio managers of the Fund are employed by the Manager and are
the persons who are principally responsible for the day-to-day management of the
Fund's portfolio.
November 11, 1998 PX0220.008
