OPPENHEIMER WORLD BOND FUND
497, 1998-09-23
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                           OPPENHEIMER WORLD BOND FUND
                   Supplement dated September 25, 1998 to the
            Statement of Additional Information dated April 24, 1998

The Statement of Additional Information is revised as follows:

1. The Supplement dated June 4, 1998 is replaced by this Supplement.

2. The  following  paragraph  is added below the third  paragraph of the section
titled "Foreign Securities" on page 3:

         |_| 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.

3. The last sentence in the first paragraph on page 8 is revised as follows:

         Appendix A to the  Prospectus  dated April 24, 1998  contains a general
         description of securities ratings.

4. The second sentence of the fourth  paragraph in the section  entitled "How To
Exchange Shares" on page 52 is revised to read as follows:

         However, if you redeem Class A shares of the Fund that were acquired by
         exchange of Class A shares of other Oppenheimer funds purchased subject
         to a Class A contingent  deferred  sales charge within 18 months of the
         end of the  calendar  month of the  purchase of the  exchanged  Class A
         shares, the Class A contingent  deferred sales charge is imposed on the
         redeemed shares (see "Class A Contingent  Deferred Sales Charge" in the
         Prospectus).  (A different holding period may apply to shares purchased
         prior to June 1, 1998.)

5. The first  sentence of the second  paragraph  under the  heading  "Investment
Risks of Fixed-Income Securities" is deleted and replaced with the following:

         As stated in the  Prospectus,  the Fund may  invest no more than 50% of
         its total assets in non-investment grade securities,  with no more than
         5% of its total  assets,  measured at time of purchase,  in  securities
         which are rated "C" or "D" by either Moody's, Duff & Phelps or Standard
         & Poor's.


September 25, 1998                                                    PX0705.003


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