OPPENHEIMER MUNICIPAL BOND FUND
Supplement dated August 23, 1999 to the
Prospectus dated November 27, 1998
The Prospectus is changed as follows:
1. The supplement dated March 15, 1999 is replaced by this supplement.
2. The last sentence of the paragraph entitled "Floating Rate/Variable Rate
Obligations" on page 10 is modified to read as follows:
The Fund will not invest more than 20% of its total assets in inverse
floaters.
3. The third sentence of the paragraph entitled "Illiquid Securities" on page 11
is modified to read as follows:
The Fund will not invest more than 15% of its net assets in illiquid
securities.
4. The second sentence of the first paragraph in the section entitled "Class A
Contingent Deferred Sales Charge" on page 19 is revised to read as follows:
The Distributor pays dealers of record commissions in an amount equal
to 0.50% of purchases of $1 million or more other than by retirement
accounts.
August 23, 1999 PSO310.009
