OPPENHEIMER INTERNATIONAL GROWTH FUND
Supplement dated September 25, 1998 to the
Prospectus dated March 30, 1998
The Prospectus is revised as follows:
1. The supplement dated May 15, 1998 is replaced by this supplement.
2. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases by
"Retirement Plans" as defined in "Class A Contingent Deferred Sales
Charge" on page 28) in Class A shares, you may have to pay a sales charge
of up to 1% if you sell your shares within 18 calendar months from the end
of the calendar month during which you purchased those shares. See "How to
Buy Shares -- Buying Class A Shares," below.
3. The following is added after the section entitled "Foreign Securities -
Foreign Securities Have Special Risks" on page 10:
Risks of Conversion to Euro. On January 1, 1999, eleven
countries in the European Monetary Union will adopt the euro as their
official currency. However, their current currencies (for example, the
franc, the mark, and the lire) will also continue in use until January 1,
2002. After that date, it is expected that only the euro will be used in
those countries. A common currency is expected to confer some benefits in
those markets, by consolidating the government debt market for those
countries and reducing some currency risks and costs. But the conversion
to the new currency will affect the Fund operationally and also has
potential risks, some of which are listed below.
Among other things, the conversion will affect:
o issuers in which the Fund invests, because of changes in the competitive
environment from a consolidated currency market and greater operational
costs from converting to the new currency. This might depress stock
values.
o vendors the Fund depends on to carry out its business, such as its
Custodian (which holds the foreign securities the Fund buys), the Manager
(which must price the Fund's investments to deal with the conversion to
the euro) and brokers, foreign markets and securities depositories. If
they are not prepared, there could be delays in settlements and additional
costs to the Fund. o exchange contracts and derivatives that are
outstanding during the transition to the euro. The lack of currency rate
calculations between the affected currencies and the need to update the
Fund's contracts could pose extra costs to the Fund.
The Manager is upgrading (at its expense) its computer and
bookkeeping systems to deal with the conversion. The Fund's Custodian has
advised the Manager of its plans to deal with the conversion, including
how it will update its record keeping systems and handle the
redenomination of outstanding foreign debt. The Fund's portfolio manager
will also monitor the effects of the conversion on the issuers in which
the Fund invests. The possible effect of these factors on the Fund's
investments cannot be determined with certainty at this time, but they may
reduce the value of some of the Fund's holdings and increase its
operational costs.
4. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares -- Classes of Shares" on page 23 is modified to read
as follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge, described below.
5. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares -- Class A Contingent Deferred Sales Charge" on page 28
are modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end 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. (A different holding period may apply to shares purchased prior
to June 1, 1998).
6. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares -- Class A Contingent Deferred Sales Charge" on page 29 is
modified to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998).
7. The paragraph entitled "Special Arrangements With Dealers" on page 29 is
hereby deleted.
8. The following sub-paragraphs of the section entitled " Waivers of Class A
Sales Charges" on page 32 are deleted:
G if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion of
the sales commission in installments of 1/18th of the commission per month
(and no further commission will be payable if the shares are redeemed
within 18 months of purchase)
if, at the time of purchase of shares (if purchased during the period
May 1, 1997 through December 31, 1997) the dealer agreed in writing to
accept the dealer=s portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will be
payable if the shares are redeemed within 12 months of purchase)
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9. The following paragraph replaces the existing sub-section captioned
"OppenheimerFunds Internet Web Site" on page 38:
OppenheimerFunds Internet Web Site. Information about the Fund,
including your account balance, daily share prices, market and Fund
portfolio information, may be obtained by visiting the
OppenheimerFunds Internet Web Site, at the following Internet
address: http://www.oppenheimerfunds.com. Additionally, certain
account transactions may be requested by any shareholder listed in
the registration on an account as well as by the dealer
representative of record through a special section of that Web Site.
To access that section of the Web Site you must first obtain a
personal identification number ("PIN") by calling OppenheimerFunds
PhoneLink at 1-800-533-3310. If you do not wish to have Internet
account transactions capability for your account, please call our
customer service representatives at 1-800-525-7048. To find out more
information about Internet transactions and procedures, please visit
the Web Site.
September 25, 1998 PS0825.006
