OPPENHEIMER MULTI-SECTOR INCOME TRUST
                        Supplement dated June 10, 2003


The Part A of the N-2 filing is changed as follows:

1.    The following paragraphs are added at the end of the section captioned,
  "Loans of Portfolio Securities " on page 22:

        Loans of Portfolio Securities. The Fund has entered into a Securities
      Lending Agreement with JP Morgan Chase. Under that agreement portfolio
      securities of the Fund may be loaned to brokers, dealers and other
      financial institutions.  The Securities Lending Agreement provides that
      loans must be adequately collateralized and may be made only in
      conformity with the Fund's Securities Lending Guidelines, adopted by
      the Fund's Board of Trustees. The value of the securities loaned may
      not exceed 25% of the value of the Fund's net assets.

                The Fund may lend its portfolio securities pursuant to the
      Securities Lending Agreement  (the "Securities Lending Agreement") with
      JP Morgan Chase, subject to the restrictions stated in the Prospectus.
      The Fund will lend such portfolio securities to attempt to increase the
      Fund's income.  Under the Securities Lending Agreement and applicable
      regulatory requirements (which are subject to change), the loan
      collateral must, on each business day, be at least equal to the value
      of the loaned securities and must consist of cash, bank letters of
      credit or securities of the U.S. Government  (or its agencies or
      instrumentalities), or other cash equivalents in which the Fund is
      permitted to invest.  To be acceptable as collateral, letters of credit
      must obligate a bank to pay to JP Morgan Chase, as agent, amounts
      demanded by the Fund if the demand meets the terms of the letter.  Such
      terms of the letter of credit and the issuing bank must be satisfactory
      to JP Morgan Chase and the Fund.  The Fund will receive, pursuant to
      the Securities Lending Agreement, 80% of all annual net income (i.e.,
      net of rebates to the Borrower) from securities lending transactions.
      JP Morgan Chase has agreed, in general, to guarantee the obligations of
      borrowers to return loaned securities and to be responsible for
      expenses relating to securities lending. The Fund will be responsible,
      however, for risks associated with the investment of cash collateral,
      including the risk that the issuer of the security in which the cash
      collateral has been invested defaults.  The Securities Lending
      Agreement may be terminated by either JP Morgan Chase or the Fund on 30
      days' written notice. The terms of the Fund's loans must also meet
      applicable tests under the Internal Revenue Code and permit the Fund to
      reacquire loaned securities on five business days' notice or in time to
      vote on any important matter.






June 10, 2003                                                 PX0680.006