ROCHESTER FUND MUNICIPALS
Supplement dated June 5, 1998 to the
Statement of Additional Information dated April 1, 1998
The Statement of Additional Information is hereby supplemented as follows:
1. The Supplement dated May 15, 1998 to the Statement of Additional
Information is replaced
by this supplement.
2. Effective June 2, 1998, Robert G. Galli was appointed a Trustee of the
Fund. The
biographical information below for Mr. Galli should be added to the section
captioned "How the Fund
is Managed - Trustees and Officers of the Fund" immediately following the
information on Thomas
W. Courtney:
Robert G. Galli, Trustee; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of OppenheimerFunds,
Inc. (the
"Manager") (October 1995 to December 1997), Vice President (June 1990 to
March 1994) and
Counsel of Oppenheimer Acquisition Corp., the Manager's parent holding
company; Executive Vice
President (December 1977 to October 1995), General Counsel and a director
(December 1975 to
October 1993) of the Manager; Executive Vice President and a director of
OppenheimerFunds
Distributor, Inc. (July 1978 to October 1993); Executive Vice President and a
director of
HarbourView Asset Management Corporation (April 1986 to October 1995), an
investment adviser
subsidiary of the Manager; Vice President and a director (October 1988 to
October 1993) and
Secretary (March 1981 to September 1988) of Centennial Asset Management
Corporation, an
investment adviser subsidiary of the Manager; a director (November 1989 to
October 1993) and
Executive Vice President (November 1989 to January 1990) of Shareholder
Financial Services, Inc.,
a transfer agent subsidiary of the Manager; a director of Shareholder
Services, Inc. (August 1984 to
October 1993), a transfer agent subsidiary of the Manager; a director/trustee
of other Oppenheimer
funds.
3. The following is added as the last paragraph to the section captioned
"How the Fund is
Managed - Deferred Compensation Plan":
On June 2, 1998 the Fund adopted a retirement plan that provides for
payment to a retired
Trustee of up to 80% of the average compensation paid during that Trustee's
five years of service in
which the highest compensation was received. A Trustee must serve in that
capacity for any of the
Oppenheimer Quest Funds, Oppenheimer Rochester Funds or the Oppenheimer
MidCap Fund for at
least 15 years to be eligible for the maximum payment. Because each
Trustee's retirement benefits
will depend on the amount of the Trustee's future compensation and length of
service, the amount
of those benefits cannot be determined as of this time nor can the Fund
estimate the number of years
of credited service that will be used to determine those benefits.
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4. The third sentence of the third paragraph in the section entitled "How
To Exchange Shares"
page 47 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class
A shares of other Oppenheimer funds purchased subject to a Class A
contingent deferred sales
charge within 18 months of the end of the calendar month of the
purchase of the exchanged
Class A shares, the Class A contingent deferred sales charge is imposed
on the redeemed
shares (see "Class A Contingent Deferred Sales Charge" in the
Prospectus). (A different
holding period may apply to shares purchased prior to June 1, 1998).
June 5, 1998 PXO365.005
