(logo)OPPENHEIMERFUNDS
Patricia C. Foster OppenheimerFunds, Inc.
Vice President Two World Trade Center, 34th Floor
and Assistant Counsel New York, NY 10048-0203
212 323-2000 Fax 212 323-0558
March 6, 1997
Securities and Exchange Commission
Mail Stop 0-7, Filer Support
6432 General Green Way
Alexandria, VA 22312
RE: Oppenheimer Strategic Income & Growth Fund ("Registrant")
Reg No. 33-47378
File No. 811- 6639
To the Securities and Exchange Commission:
An electronic filing is hereby made on behalf of the Registrant
pursuant to Rule 497(e) of the Securities Act of 1933, as amended. Such filing
includes a supplement dated March 6, 1997 to the Registrant's Prospectus dated
January 15, 1997.
If there are any questions, please contact the undersigned.
Sincerely,
/s/ Patricia C. Foster
----------------------------
Patricia C. Foster
Vice President
and Assistant Counsel
(800) 552-1149
cc: Deloitte & Touche LLP
Myer, Swanson, Adams & Wolf P.C.
Gloria LaFond
Grace Loffredo
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OPPENHEIMER STRATEGIC INCOME & GROWTH FUND
Supplement dated March 6, 1997 to the
Prospectus dated January 15, 1997
The Prospectus is changed as follows:
The following paragraphs are added at the end of "How the Fund is
Managed" on page 26:
The Board of Trustees of the Fund has determined that it is in the best
interest of the Fund's shareholders that the Fund reorganize with and into
Oppenheimer Multiple Strategies Fund. The Board of Trustees unanimously
approved the terms of an Agreement and Plan of Reorganization to be
entered into between these funds (the "Reorganization Plan") and the
transactions contemplated (the transactions are referred to as the
"Reorganization"). The Board of Trustees further determined that the
Reorganization should be submitted to the Fund's shareholders for
approval, and recommended that shareholders approve the Reorganization.
Pursuant to the Reorganization Plan, (i) substantially all of the assets
of the Fund would be exchanged for shares of Oppenheimer Multiple
Strategies Fund, (ii) these shares of Oppenheimer Multiple Strategies Fund
would be distributed to the shareholders of the Fund, (iii) the Fund would
be liquidated, and (iv) the outstanding shares of the Fund would be
canceled. It is expected that the Reorganization will be tax-free,
pursuant to Section 368(a)(1) of the Internal Revenue Code of 1986, as
amended, and the Fund will request an opinion of tax counsel to that
effect.
A meeting of the shareholders has been scheduled for June 17, 1997 to vote
on the Reorganization. Approval of the Reorganization requires the
affirmative vote of a majority of the outstanding shares of the Fund .The
term "majority" is defined in the Investment Company Act of 1940, as
amended, as a special majority. It is also explained in the Statement of
Additional Information. There is no assurance that the Fund's shareholders
will approve the Reorganization. Details about the Reorganization will be
contained in a proxy statement and other soliciting materials to be sent
to the Fund's shareholders of record as of April 11, 1997. Persons who
become shareholders of the Fund after the record date for the shareholder
meeting will not be entitled to vote on the reorganization.
March 6, 1997 PS0275.010
