Rochester Fund Municipals
                   Supplement dated November 1, 2001 to the
                       Prospectus dated April 27, 2001


The Prospectus is changed as follows:

1.    The first paragraph of the section captioned "Class A Contingent
   Deferred Sales Charge" on page 19 is deleted and replaced by the
   following:

      Class A Contingent Deferred Sales Charge.  There is no initial
      sales charge on purchases of Class A shares of any one or more of
      the Oppenheimer funds aggregating $1 million or more. The
      Distributor pays dealers of record concessions in an amount equal
      to 1.00% of purchases of $1 million or more (other than purchases
      by retirement plans, which the Fund does not permit).  That
      concession will not be paid on purchases of shares by exchange or
      that were previously subject to a sales charge and dealer
      concession.

2.    The first sentence of the second paragraph of the section captioned
   "Class A Contingent Deferred Sales Charge" on page 19 is deleted and
   replaced by the following:

      If you redeem any of those shares within a twenty-four (24)
      month "holding period" measured from the beginning of the
      calendar month of their purchase, a contingent deferred sales
      charge (called the "Class A contingent deferred sales charge")
      may be deducted from the redemption proceeds.






November 1, 2001                                            PS0365.009





                          Rochester Fund Municipals
                   Supplement dated November 1, 2001 to the
           Statement of Additional Information dated April 27, 2001


The Statement of Additional Information is changed as follows:

1.    The second sentence of the first paragraph of the section captioned
   "How Exchanges Affect Contingent Deferred Sales Charges." on page 62 is
   deleted and replaced by the following:

   However, when Class A shares of any Oppenheimer fund (other than
   Oppenheimer Rochester National Municipals and Rochester Fund Municipals)
   acquired by exchange of Class A shares of any Oppenheimer fund purchased
   subject to a Class A contingent deferred sales charge are redeemed within
   eighteen (18) months measured from the beginning of the calendar month of
   the initial purchase of the exchanged Class A shares, the Class A
   contingent deferred sales charge is imposed on the redeemed shares. When
   Class A shares of Oppenheimer Rochester National Municipals and Rochester
   Fund Municipals acquired by exchange of Class A shares of any Oppenheimer
   fund purchased subject to a Class A contingent deferred sales charge are
   redeemed within twenty-four (24) months of the beginning of the calendar
   month of the initial purchase of the exchanged Class A shares, the Class A
   contingent deferred sales charge is imposed on the redeemed shares. When
   Class A shares of Oppenheimer Cash Reserves and Oppenheimer Money Market
   Fund, Inc. acquired by exchange of Class A shares of any Oppenheimer fund
   purchased subject to a Class A contingent deferred sales charge are
   redeemed within the Class A holding period of the fund from which the
   shares were exchanged, the Class A contingent deferred sales charge of the
   fund from which the shares were exchanged is imposed on the redeemed
   shares.

2. The second sentence of the second paragraph of the section captioned "I.
   Applicability of Class A Contingent Deferred Sales Charges in Certain
   Cases" on page C-2 of Appendix C is deleted and replaced by the following:

   However, these purchases may be subject to the Class A contingent deferred
   sales charge if redeemed within 18 months (24 months in the case of
   Oppenheimer Rochester National Municipals and Rochester Fund Municipals)
   of the beginning of the calendar month of their purchase, as described in
   the Prospectus (unless a waiver described elsewhere in this Appendix
   applies to the redemption).





November 1, 2001                                               PX0365.006