Does the addressable physical memory range depend on which slots are
occupied by the memory?

Say, I have a 32-bit CPU and 128M RAM, and the motherboard has 4 slots
for plugging the RAM in.

My question is if the following statement is correct:

No matter which of the 4 slots is occupied by the RAM, CPU can always
address the physical address range from 0-128M. In other words, when
CPU reads/writes data from/to the address 0x000000FF, it will always
succeed, no matter which of the 4 slots is occupied by the RAM.

Is this correct? Any help will be appreciated.