(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









                            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