<PAGE>
OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Supplement dated August 1, 1994 to the
Statement of Additional Information dated October 1, 1993
1. The supplement dated June 16, 1994 to the Fund's Statement of
Additional Information is no longer in effect.
2. The following replaces the biography of William L. Wilby on page 12
under the heading "Trustees and Officers":
JAMES AYER, Vice President and Portfolio Manager
Assistant Vice President of the Manager; formerly an
international equities investment officer with Brown Brothers
Harriman & Company.
August 1, 1994 410SAI
