OPPENHEIMER MUNICIPAL BOND FUND

                    Supplement dated March 15, 1999 to the
                      Prospectus dated November 27, 1998

The Prospectus is changed as follows:

1. The  last  sentence  of the  third  paragraph  in the  section  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.

2. 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.

March 15, 1999                                                       PS0310.008



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