(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
January 28, 1997
Securities and Exchange Commission
Mail Stop 0-7, Filer Support
6432 General Green Way
Alexandria, VA 22312
Re: Rochester Fund Municipals
Reg. No. 33-3692
File No. 811-3614
To the Securities and Exchange Commission:
An electronic ("EDGAR") filing is hereby made under Rule
497(e) of the Securities Act of 1933, as amended, on behalf of Rochester Fund
Municipals (the "Fund"). This filing consists of a supplement dated January 28,
1997 to the Fund's Statement of Additional Information dated March 11, 1996.
Very truly yours,
/s/ Patricia C. Foster
------------------------
Patricia C. Foster
Vice President
and Assistant Counsel
(800) 552-1149
cc: Kirkpatrick & Lockhart LLP
Price Waterhouse LLP
Gloria LaFond
Grace Loffredo
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ROCHESTER FUND MUNICIPALS
Supplement Dated January 28, 1997 to the Statement of
Additional Information Dated March 11, 1996, as
revised July 29, 1996
The Statement of Additional Information is revised as follows:
1. The third sentence in the section captioned "When-Issued Securities"
on page 7 is deleted and replaced with the following sentences:
Normally, the settlement date occurs within six months of the purchase of
municipal bonds and notes. However, the Fund may, from time to time, purchase
municipal securities whose settlement extends two years or more beyond trade
date. During the period between purchase and settlement, no payment is made by
the Fund to the issuer and no interest accrues to the Fund.
2. The first sentence of the first full paragraph under the Section "Credit
Quality" in "Investment Considerations/Risk Factors" on page 18 is deleted and
replaced with the following:
o Risk Factors of High Yield Securities. The Fund is permitted to
invest up to 25% of its total assets in tax-exempt obligations which are rated
below investment grade or, if unrated, judged by the Manager to be in an
equivalent rating category.
January 28, 1997 PXO365.002
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