OPPENHEIMER MUNICIPAL BOND FUND
497, 2000-06-30
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                       OPPENHEIMER MUNICIPAL BOND FUND
                    Supplement dated June 29, 2000 to the
                      Prospectus dated November 19, 1999



The Prospectus is changed as follows:

1.   The  second  sentence  of the first  paragraph  in the  section  entitled
"Class A Contingent  Deferred  Sales  Charge" on page 17 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.











June 29, 2000                                                 PS0310.010



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