OPPENHEIMER MULTI-SECTOR INCOME TRUST

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BqTGjs45RFNYwU1Bbjm0octGkrfv7tPeBxxuqW1uVCst5UL5Une0TscqzbI82P6X lH4EVrbwDSSPPrUMclXLzA== 0000728889-05-000316.txt : 20050218 0000728889-05-000316.hdr.sgml : 20050218 20050217183538 ACCESSION NUMBER: 0000728889-05-000316 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050218 DATE AS OF CHANGE: 20050217 EFFECTIVENESS DATE: 20050218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MULTI SECTOR INCOME TRUST CENTRAL INDEX KEY: 0000829801 IRS NUMBER: 133448960 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-20191 FILM NUMBER: 05625306 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 497 1 supplement.htm SUPPLEMENT OPPENHEIMER MULTI-SECTOR INCOME TRUST

                          OPPENHEIMER MULTI-SECTOR INCOME TRUST
                             Supplement dated February 16, 2005


The following is added to Part A of the N-2 filing:


At a meeting  on  February  16,  2005,  the  Board of  Trustees  of  Oppenheimer
Multi-Sector  Income Trust  approved a proposal to reorganize  the fund with and
into  Oppenheimer  Strategic  Income  Fund,  an  open-end  fund.  The  Board  of
Oppenheimer  Multi-Sector  Income  Trust also  approved a  resolution  to hold a
meeting  of  shareholders  of  the  Fund  to  vote  on  the  reorganization  and
recommended  that  shareholders  approve  it.  OppenheimerFunds,   Inc.  is  the
investment adviser to both funds. Both funds have similar investment  strategies
and policies and have a common portfolio manager.

If the  proposed  reorganization  is also  approved  by the Board of Trustees of
Strategic  Income  Fund at its  meeting  scheduled  for March 1,  2005,  a proxy
statement,  containing  more details about the proposal and the Board's  action,
will be sent to  shareholders  of Oppenheimer  Multi-Sector  Income Trust asking
them to vote on the proposed reorganization.


February 16, 2005                                             PX0680.009

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