OPPENHEIMER SENIOR FLOATING RATE FUND
                  Supplement dated November 16, 2004 to the
                     Prospectus dated September 27, 2004


1. This supplement amends the Prospectus of Oppenheimer Senior Floating Rate
Fund dated September 27, 2004.

2. The second paragraph of the section titled "Class A Early Withdrawal
Charge" beginning on page 40, under "How to Buy Shares" is deleted in its
entirety and replaced with the following:

      The Distributor pays dealers of record concessions in an amount equal
      to 0.50% of purchases of $1 million or more other than purchases by
      grandfathered retirement accounts.  For grandfathered retirement
      accounts, the concession is 0.75% of the first $2.5 million of
      purchases plus 0.25% of purchases in excess of $2.5 million.  In either
      case, the concession will not be paid on purchases of shares by
      exchange or that were previously subject to a front-end sales charge
      and dealer concession.



PSO0291.021                                           November 16, 2004