ROCHESTER PORTFOLIO SERIES - LIMITED TERM NEW YORK MUNICIPAL FUND
SUPPLEMENT DATED DECEMBER 29, 1997 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
This Supplement changes the Statement of Additional Information as follows:
The following is added as a third paragraph under the caption
"Non-Fundamental Investment Restrictions" on page 18:
Bonds which are refunded with escrowed U.S. government securities
are considered U.S. government securities for purposes of the Fund's
policy not to concentrate. Subject to the limitations stated above, the
Fund may from time to time invest more than 25% of its total assets in a
particular segment of the municipal securities market, including but not
limited to general obligation bonds, pollution control bonds, hospital
bonds, or any other municipal segment listed in Appendix A to this
Statement of Additional Information. In these circumstances, economic,
business, political or other changes affecting one bond (such as proposed
legislation affecting the financing of a project or decreased demand for a
type of project ) might also affect other bonds in the same municipal
market segment, thereby potentially increasing market risk to the Fund.
December 29, 1997 PX0355.002
