OPPENHEIMER INTERNATIONAL BOND FUND
N-30D, 1996-06-06
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[FRONT COVER]

OPPENHEIMER INTERNATIONAL BOND FUND
SEMIANNUAL REPORT MARCH 31, 1996

[PHOTO]Couple at laptop computer.
 
                  "We want 

                  our money 

                  to WORK 

                  as hard 

                  as it can."

[LOGO]OppenheimerFunds/R/

<PAGE>

- ----
NEWS
- ----
- -------------------
STANDARDIZED YIELDS
- -------------------
For the 30 Days Ended 3/31/96:(3)

CLASS A
- -----
8.78%
- -----
CLASS B
- -----
8.43%
- -----
CLASS C
- -----
8.23%
- -----

This Fund is for people who want to take advantage
of INTERNATIONAL OPPORTUNITIES offering
the potential for growth along with income.

- --------------------------------------------------------------------------------
HOW YOUR FUND IS MANAGED
- --------------------------------------------------------------------------------
Oppenheimer International Bond Fund seeks high total return by investing
primarily in foreign debt securities. The Fund currently emphasizes investments
in government debt securities issued by developed countries such as Great
Britain and Japan and emerging market countries, such as Brazil.

- --------------------------------------------------------------------------------
PERFORMANCE
- --------------------------------------------------------------------------------
Total returns at net asset value for the 6 months ended 3/31/96 were 8.45% for
Class A shares, 7.82% for Class B shares and 8.00% for Class C shares.(1)
      Your Fund's cumulative total returns at maximum offering price since 
inception of the Fund on 6/15/95 were 8.60% for Class A shares, 8.12% for Class
B shares, and 12.11% for Class C shares.(2)

- --------------------------------------------------------------------------------
OUTLOOK
- --------------------------------------------------------------------------------
"We believe the worlds' bond markets--both emerging and developed--represent
extremely good values at this time. Throughout 1995, while most of the world's
markets were recovering from 1994's rising interest rates, the U.S. and Japan
recouped their losses. As a result, we believe the potential for future 
outperformance by overseas markets remains intact."
 
                                                Ashwin Vasan, Portfolio Manager
                                                                 March 31, 1996

Total returns include change in share price and reinvestment of dividends and
capital gains distributions. Past performance does not guarantee future results.
Investment return and principal value of an investment in the Fund will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than the original cost. 
1. Based on the change in net asset value per share for the period shown, 
without deducting any sales charges. Such performance would have been lower if 
sales charges were taken into account.
2. Class A returns show results of hypothetical investments on 6/15/95
(inception of class), after deducting the current maximum initial sales charge
of 4.75%. Class B returns show results of hypothetical investments on 6/15/95
(inception of class), with the 5% contingent deferred sales charge deducted.
Class C returns show results of hypothetical investments on 6/15/95 (inception
of class), with the 1% contingent deferred sales charge deducted. An explanation
of the different returns is in the Fund's prospectus.
3. Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 3/31/96, divided by the maximum offering
price at the end of the period, compounded semiannually and then annualized.
Falling net asset values will tend to artificially raise yields.

            2  Oppenheimer International Bond Fund

<PAGE>

[PHOTO]James C. Swain
James C. Swain
Chairman 
Oppenheimer
International
Bond Fund

[PHOTO]Bridget A. Macaskill
Bridget A. Macaskill
President 
Oppenheimer
International
Bond Fund

Dear Shareholder, 

By offering higher yields and greater opportunities for capital appreciation, 
international bonds have become increasingly attractive in 1993, particularly
in comparison to domestic fixed-income securities.
     As we ventured into the new year, bonds issued by developed countries 
overseas offered yields well above those of other fixed-income alternatives.
     Futhermore, falling interest rates and lower inflation worldwide continued 
to push bond prices higher.  But in contrast to the U.S., where prospects for 
lower interest rates have become less certain, interest rates overseas, 
particularly in Europe, could fall even further.
     Throughout the new markets of Southeast Asia, Latin America and Eastern 
Europe, demand from an emerging middle class for products and services continues
to fuel economic growth, while solidifying balance sheets.  As stability comes
to these regions, the creditworthiness of many companies and governments is 
generally improving.  And as bond ratings improve, bond prices should rise.
     With that in mind, it is our opinion that foreign fixed-income securities
are poised to provide significant opportunities for capital appreciation in the 
future.  Of course, the benefits of foreign fixed-income investing could be 
offset by a strengthening U.S. dollar and the resulting currency rate 
fluctuations.  However, we strive to mitigate some of this risk with investments
in dollar-denominated foreign bonds.
     Because investing abroad involves greater risks and expenses, including
political and economic uncertainties, currency rate fluctuations and liquidity 
restrictions, it should only be undertaken with a long time horizon in mind.  
That said, we believe foreign fixed-income markets will continue to offer the 
potential for higher yields, as well as capital appreciation.  And we're 
confident that by being able to diversify investments throughout the world, we 
will be positioned to participate in any economic environment.
     Your portfolio manager discusses the outlook for your Fund in light of 
these broad issues on the following pages.  Thank you for your confidence in 
OppenheimerFunds, and we look forward to helping you reach your investment
goals in the future.
         

/s/James C. Swain                     /s/Bridget A. Macaskill
James C. Swain                        Bridget A. Macaskill

April 19, 1996
            
           3  Oppenheimer International Bond Fund

<PAGE>

Ashwin Vasan
Portfolio Manager

                  Q + A

                  An interview with your Fund's manager.

HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS? 
The Fund has performed well, meeting its primary objective of providing
total return through a diversified portfolio of developed and emerging market
debt. Over the period we benefited from our strategic allocation of assets--
currently approximately 50% is invested in emerging markets and 50% in
developed nations--and the gradual rebound of many of the world's markets.

WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
Our investments in long-term bonds of developed European markets did
particularly well as the decline in worldwide interest rates led to significant
price increases. Additionally, in emerging markets, our holdings in eastern
Europe and Asia--especially Poland and Indonesia--benefited because of a rebound
in emerging markets.

WERE THERE ANY FACTORS IN THE MARKET THAT PRESENTED PROBLEMS?
Over the period, a significant negative factor in the market was the rising 
value of the U.S. dollar compared to other foreign currencies. Generally it is 
our policy not to hedge currencies because we feel a blend of different 
currencies provides added diversification. However, during the period, we hedged
a portion of our European currency exposure because a stronger dollar could have
negatively impacted the Fund's returns when translated back into dollars. As it 
turned out, we were able to benefit from this strategy. However, because we 
believe further increases in the dollar are unlikely, we're no longer 
defensively hedged.(1)

WHAT AREAS ARE YOU CURRENTLY TARGETING?
At its inception, roughly 60% of this Fund was invested in developed market 
debt, while the remaining 40% was invested in emerging market debt. Our 
allocation has changed to approximately a 50/50 split as more and more 
outstanding investment opportunities have arisen in emerging markets. At this 
time, most of the major developed countries' markets have interest rates that 
are declining due to expansive monetary policies. This scenario makes emerging
markets more attractive. First, because developing countries can borrow the 
capital necessary to support rapid growth more cheaply. And second, because 
emerging market debt offers higher yields, which translate into tremendous 
potential advantages both in terms of income and appreciation.
     In our emerging market holdings, we've maintained our focus on Asian
positions, while at the same time, we've begun to shift away from eastern
European markets in favor of Latin America, where we expect higher growth.

WHAT IS YOUR OUTLOOK FOR THE FUND?
We believe world markets--both emerging and developed--represent extremely
good values at this time. Throughout 1995, while most of the world's markets
were recovering from 1994's rising interest rates, the U.S. and Japan recouped 
their losses. As a result, we believe the potential for future outperformance by
overseas markets remains intact.//

1.  The Fund's portfolio is subject to change.

           4  Oppenheimer International Bond Fund

<PAGE>
<TABLE>
<CAPTION>
         ===========================================================================================================================
         STATEMENT OF INVESTMENTS March 31, 1996 (Unaudited)


                                                                                                  FACE                  MARKET VALUE
                                                                                                  AMOUNT(1)             SEE NOTE 1
<S>      <C>                                                                                      <C>                   <C>
====================================================================================================================================
CERTIFICATES OF DEPOSIT - 1.4%
- ------------------------------------------------------------------------------------------------------------------------------------
         Bank Pacific CD, Zero Coupon, 17.90%, 3/5/96(2)(3)(4) IDR                                 100,000,000           $   43,140
           -------------------------------------------------------------------------------------------------------------------------
         Indonesia (Republic of) Bank Negara CD, Zero Coupon:
         15.724%, 6/17/96(2)(4)IDR                                                                  50,000,000               20,640
         15.068%, 7/18/96(2)(4)IDR                                                                  50,000,000               20,341
         15.50%, 7/8/96(2)(4)IDR                                                                    50,000,000               20,516
           -------------------------------------------------------------------------------------------------------------------------
         Krungthai Thanakit CD, Zero Coupon, 10.085%, 6/10/96(2)(4)THB                              10,100,000              392,945
                                                                                                                         -----------

         Total Certificates of Deposit (Cost $501,174)                                                                      497,582

====================================================================================================================================
MORTGAGE-BACKED OBLIGATIONS - 1.6%
- ------------------------------------------------------------------------------------------------------------------------------------
         Federal National Mortgage Assn., Interest-Only Stripped Mtg.-Backed Security, 
         Trust 240, Cl.2, 16.24%-18.434%, 9/1/23 (Cost $474,323)(5)                                  1,710,406              558,822

====================================================================================================================================
FOREIGN GOVERNMENT OBLIGATIONS - 75.5%
- ------------------------------------------------------------------------------------------------------------------------------------
ALGERIA - 2.8%
           -------------------------------------------------------------------------------------------------------------------------
         Algeria (Republic of) Reprofiled Debt Loan Participation, Tranche A, 6.812%, 
         9/4/06(6)(7)                                                                                1,800,000              981,000
- ------------------------------------------------------------------------------------------------------------------------------------
ARGENTINA - 5.0%
           -------------------------------------------------------------------------------------------------------------------------
         Argentina (Republic of):
         Bonds, Bonos del Tesoro, Series 10, 5.742%, 4/1/00(6)                                         200,965              185,166
         Past Due Interest Bonds, Series L, 6.312%, 3/31/05(6)                                         650,000              468,813
         Sr. Unsec. Unsub. Bonds, 13.45%, 10/21/97 ITL                                             725,000,000              468,200
           -------------------------------------------------------------------------------------------------------------------------
         Banco Hipotecario Nacional (Argentina) Medium-Term Nts., 10.625%, 3/29/99(8)                  400,000              400,200
           -------------------------------------------------------------------------------------------------------------------------
         Buenos Aires (Province of) Sr. Unsub. Unsec. Nts., 10%, 12/7/98 DEM                           150,000              107,823
           -------------------------------------------------------------------------------------------------------------------------
         Province of Buenos Aires Sr. Unsub. Unsec. Nts.:
         11.50%, 10/19/98(8)                                                                            50,000               52,000
         9.50%, 7/14/97                                                                                 50,000               50,375
                                                                                                                         -----------
                                                                                                                          1,732,577
- ------------------------------------------------------------------------------------------------------------------------------------
AUSTRALIA - 3.0%
           -------------------------------------------------------------------------------------------------------------------------
         Australia (Commonwealth of) Bonds:
         12%, 7/15/99 AUD                                                                              615,000              528,964
         12.50%, 1/15/98 AUD                                                                           355,000              297,040
           -------------------------------------------------------------------------------------------------------------------------
         New South Wales Treasury Corp. Gtd. Bonds, 12%, 12/1/01 AUD                                   230,000              204,761
                                                                                                                         -----------
                                                                                                                          1,030,765
- ------------------------------------------------------------------------------------------------------------------------------------
BRAZIL - 2.0%
           -------------------------------------------------------------------------------------------------------------------------
         Banco do Estado de Sao Paulo SA Nts., 9.25%, 10/4/96                                           60,000               59,100
           -------------------------------------------------------------------------------------------------------------------------
         Brazil (Federal Republic of):
         Bonds, Nacional de Desenvolvimento Economico e Social, 10.375%, 4/27/98                       100,000              102,500
         Interest Due and Unpaid Bonds, 6.375%, 1/1/01(6)                                              474,300              426,277
         Nts., Banco Estado Minas Gerais, 7.875%, 2/10/99                                              100,000               89,500
                                                                                                                         -----------
                                                                                                                            677,377
- ------------------------------------------------------------------------------------------------------------------------------------
BULGARIA - 1.3%
           -------------------------------------------------------------------------------------------------------------------------
         Bulgaria (Republic of) Disc. Bonds, Tranche A, 6.25%, 7/28/24(6)                              900,000              448,875
- ------------------------------------------------------------------------------------------------------------------------------------
CANADA - 3.3%
           -------------------------------------------------------------------------------------------------------------------------
         Canada (Government of) Bonds, 7.75%, 9/1/99 CAD                                             1,500,000            1,139,040
- ------------------------------------------------------------------------------------------------------------------------------------
COLOMBIA - 0.3%
           -------------------------------------------------------------------------------------------------------------------------
         Colombia (Republic of) Concorde Loan Participation, 6.188%, 1/31/98(6)(7)                     111,000              109,335
- ------------------------------------------------------------------------------------------------------------------------------------
COSTA RICA - 1.7%
           -------------------------------------------------------------------------------------------------------------------------
         Central Bank of Costa Rica Interest Claim Bonds:
         Series A, 6.094%, 5/21/05(6)                                                                  444,590              395,686
         Series B, 6.094%, 5/21/05(6)                                                                  215,473              191,772
                                                                                                                         -----------
                                                                                                                            587,458
</TABLE>

          5  Oppenheimer International Bond Fund
<PAGE>
<TABLE>
<CAPTION>
         ===========================================================================================================================
         STATEMENT OF INVESTMENTS March 31, 1996 (Unaudited)(Continued)


                                                                                                FACE                    MARKET VALUE
                                                                                                AMOUNT(1)               SEE NOTE 1
<S>      <C>                                                                                    <C>                      <C>
- ------------------------------------------------------------------------------------------------------------------------------------
CZECH REPUBLIC - 0.5%    
           -------------------------------------------------------------------------------------------------------------------------
         CEZ AS, Zero Coupon Disc. Promissory Nts., 10.768%, 7/1/96(4)(9) CZK                        5,500,000           $  197,195
- ------------------------------------------------------------------------------------------------------------------------------------
DENMARK - 3.6%
           -------------------------------------------------------------------------------------------------------------------------
         Denmark (Kingdom of) Bonds, 8%, 5/15/03 DKK                                                 6,875,000            1,273,999
- ------------------------------------------------------------------------------------------------------------------------------------
ECUADOR - 2.3%
           -------------------------------------------------------------------------------------------------------------------------
         Ecuador (Republic of) Disc. Bonds, 6.063%, 2/28/25(6)                                       1,440,000              781,200
- ------------------------------------------------------------------------------------------------------------------------------------
GREAT BRITAIN - 5.9%
           -------------------------------------------------------------------------------------------------------------------------
         United Kingdom Treasury Nts.:
         12.50%, 11/21/05(10)(11) GBP                                                                  180,000              342,175
         13%, 7/14/00(10)(11) GBP                                                                      940,000            1,715,615
                                                                                                                         -----------
                                                                                                                          2,057,790
- ------------------------------------------------------------------------------------------------------------------------------------
IRELAND - 0.7%
           -------------------------------------------------------------------------------------------------------------------------
         National Treasury Management Agency (Irish Government) Bonds, 8%, 10/18/00 IEP                145,000              234,681
- ------------------------------------------------------------------------------------------------------------------------------------
ITALY - 3.1%
           -------------------------------------------------------------------------------------------------------------------------
         Italy (Republic of) Treasury Bonds, Buoni del Tesoro Poliennali, 10.50%, 11/1/98 ITL    1,660,000,000            1,069,637
- ------------------------------------------------------------------------------------------------------------------------------------
JAMAICA - 1.2%
           -------------------------------------------------------------------------------------------------------------------------
         Jamaica (Government of) 1990 Refinancing Agreement Nts.:
         Tranche A, 6.406%, 10/16/00(6)(7)                                                              43,333               40,083
         Tranche B, 6.063%, 11/15/04(6)(7)                                                             550,000              391,875
                                                                                                                         -----------
                                                                                                                            431,958
- ------------------------------------------------------------------------------------------------------------------------------------
JORDAN - 3.1%
           -------------------------------------------------------------------------------------------------------------------------
         Hashemite Kingdom of Jordan:
         Disc. Bonds, 6.437%, 12/23/23(6)                                                              500,000              333,750
         Interest Arrears Bonds, 6.438%, 12/23/05(6)                                                   960,000              746,400
                                                                                                                         -----------
                                                                                                                          1,080,150
- ------------------------------------------------------------------------------------------------------------------------------------
MEXICO - 10.2%
           -------------------------------------------------------------------------------------------------------------------------
         Banco Nacional de Comercio Exterior SNC International Finance BV:
         Gtd. Bonds, 7.50%, 7/1/00                                                                     200,000              181,250
         Gtd. Bonds, 8.75%, 9/28/00 GBP                                                                140,000              189,534
         Medium-Term Nts., 8%, 4/14/00                                                                 200,000              185,000
           -------------------------------------------------------------------------------------------------------------------------
         Bonos de la Tesoreria de la Federacion, Zero Coupon, 37.86%, 3/6/97(4) MXP                  2,100,000              201,723
           -------------------------------------------------------------------------------------------------------------------------
         United Mexican States:
         Bonds, 10.375%, 1/29/03 DEM                                                                 1,825,000            1,235,510
         Nts., 9.75%, 2/6/01                                                                           750,000              730,313
         Nacional Financiera SNC Nts., 10%, 8/17/98 DEM                                              1,050,000              743,912
         Nacional Financiera SNC Nts., 13.60%, 4/2/98 ESP                                           10,000,000               82,481
                                                                                                                         -----------
                                                                                                                          3,549,723
- ------------------------------------------------------------------------------------------------------------------------------------
MOROCCO - 2.0%
           -------------------------------------------------------------------------------------------------------------------------
         Morocco (Kingdom of) Loan Participation Agreement, Tranche A, 6.594%, 6/1/09                1,000,000              690,000
- ------------------------------------------------------------------------------------------------------------------------------------
NEW ZEALAND - 3.3%
           -------------------------------------------------------------------------------------------------------------------------
         New Zealand (Republic of) Bonds, 10%, 7/15/97 NZD                                           1,635,000            1,132,432
- ------------------------------------------------------------------------------------------------------------------------------------
NORWAY - 0.8%
           -------------------------------------------------------------------------------------------------------------------------
         Norwegian Government Bonds, 9.50%, 10/31/02 NOK                                             1,600,000              291,456
- ------------------------------------------------------------------------------------------------------------------------------------
PANAMA - 1.8%
           -------------------------------------------------------------------------------------------------------------------------
         Panama (Republic of) Debs., 6.75%, 5/10/02(6)                                                 682,000              606,980
- ------------------------------------------------------------------------------------------------------------------------------------
POLAND - 3.8%
           -------------------------------------------------------------------------------------------------------------------------
         Poland (Republic of) Treasury Bills, Zero Coupon:
         20.376%, 3/19/97(4) PLZ                                                                     1,250,000              401,272
         24.961%, 4/17/96(4) PLZ                                                                       750,000              287,380
         25.026%, 5/8/96(4) PLZ                                                                        150,000               56,881
         24.904%, 6/5/96(4) PLZ                                                                        150,000               55,963
         22.037%, 7/17/96(4) PLZ                                                                       250,000               91,075
         22.266%, 7/24/96(4) PLZ                                                                     1,000,000              362,868
         21.436%, 8/12/96(4) PLZ                                                                       150,000               53,896
                                                                                                                         -----------
                                                                                                                          1,309,335
</TABLE>
          6  Oppenheimer International Bond Fund
<PAGE>
<TABLE>
<CAPTION>
         ===========================================================================================================================
         STATEMENT OF INVESTMENTS March 31, 1996 (Unaudited)(Continued)


                                                                                                   FACE                 MARKET VALUE
                                                                                                   AMOUNT(1)            SEE NOTE 1
<S>      <C>                                                                                       <C>                  <C>
- ------------------------------------------------------------------------------------------------------------------------------------
PORTUGAL - 1.9%
           -------------------------------------------------------------------------------------------------------------------------
         Portugal (Republic of) Gtd. Bonds, Obrigicion do tes Medio Prazo, 11.875%, 2/23/00 PTE     94,000,000          $   674,395
- ------------------------------------------------------------------------------------------------------------------------------------
SPAIN - 2.6%
           -------------------------------------------------------------------------------------------------------------------------
         Spain (Kingdom of) Gtd. Bonds, Bonos y Obligacion del Estado, 12.25%, 3/25/00 ESP         100,300,000              889,383
- ------------------------------------------------------------------------------------------------------------------------------------
SUPRANATIONAL - 3.0%
           -------------------------------------------------------------------------------------------------------------------------
         European Bank for Reconstruction & Development, 10% Sr. Unsec. Medium-Term Nts., 
         12/20/96 CZK                                                                               16,000,000              585,566
           -------------------------------------------------------------------------------------------------------------------------
         International Bank for Reconstruction & Development Bonds, 12.50%, 7/25/97 NZD                630,000              449,481
                                                                                                                        ------------
                                                                                                                          1,035,047
- ------------------------------------------------------------------------------------------------------------------------------------
SWEDEN - 2.6%
           -------------------------------------------------------------------------------------------------------------------------
         Sweden (Kingdom of) Bonds, Series 1028, 11%, 1/21/99 SEK                                    5,500,000              898,140
- ------------------------------------------------------------------------------------------------------------------------------------
THAILAND - 1.1%
           -------------------------------------------------------------------------------------------------------------------------
         Thai Fuji Finance Zero Coupon Bonds, 10.347%, 6/3/96(4) THB                                 7,500,000              292,131
           -------------------------------------------------------------------------------------------------------------------------
         Thai Oil Co. Ltd., Zero Coupon Bonds, 11.791%, 4/1/96(4) THB                                2,500,000               99,088
                                                                                                                        ------------
                                                                                                                            391,219
- ------------------------------------------------------------------------------------------------------------------------------------
TRINIDAD & TOBAGO - 0.9%
           -------------------------------------------------------------------------------------------------------------------------
         Trinidad & Tobago Loan Participation Agreement:
         Tranche A, 1.565%, 9/30/00(6)(7) JPY                                                       24,000,000              192,135
         Tranche B, 1.565%, 9/30/00(6)(7) JPY                                                       14,062,500              112,579
                                                                                                                        ------------
                                                                                                                            304,714
- ------------------------------------------------------------------------------------------------------------------------------------
VENEZULA - 1.7%
           -------------------------------------------------------------------------------------------------------------------------
         Venezuela (Republic of) Disc. Bonds, Series DL, 6.563%, 12/18/07(6)                           950,000              575,339
                                                                                                                        ------------

         Total Foreign Government Obligations (Cost $26,059,818)                                                         26,181,200

====================================================================================================================================
CORPORATE BONDS AND NOTES - 11.4%
- ------------------------------------------------------------------------------------------------------------------------------------
         Banco Bamerindus do Brasil SA:
         10.50% Debs., 6/23/97                                                                          80,000               78,600
         11% Sr. Unsub. Unsec. Bonds, 10/6/97                                                           20,000               19,650
         11% Sr. Unsub. Unsec. Bonds, 10/6/97                                                          100,000               98,250
         9% Unsub. Unsec. Bonds, 10/29/98                                                               20,000               16,500
           -------------------------------------------------------------------------------------------------------------------------
         Banco de Colombia, 5.20% Cv. Jr. Sub. Unsec. Nts., 2/1/99                                     500,000              438,750
           -------------------------------------------------------------------------------------------------------------------------
         Banco del Atlantico SA, 7.875% Eurobonds, 11/5/98                                             110,000              101,200
           -------------------------------------------------------------------------------------------------------------------------
         Banco Ganadero SA, Zero Coupon:
         Nts., 9.931%, 7/1/96(4)(8)                                                                     10,000                9,770
         Sr. Unsub. Unsec. Nts., 9.25%, 5/24/96(4)                                                     100,000               98,840
         Sr. Unsub. Unsec. Nts., 9.931%, 6/15/96(4)(8)                                                  10,000                9,811
           -------------------------------------------------------------------------------------------------------------------------
         Banco Itamarati SA:
         10.50% Medium-Term Nts., 11/29/96                                                              50,000               50,125
         11.625% Sr. Unsec. Debs., 11/23/97                                                            150,000              152,625
           -------------------------------------------------------------------------------------------------------------------------
         Banco Mexicano SA, 8% Sr. Unsub. Unsec. Exchangeable Medium-Term Nts., 11/4/98                 60,000               56,100
           -------------------------------------------------------------------------------------------------------------------------
         Banco Nacional de Mexico SA, 7% Cv. Jr. Sub. Unsec. Gtd. Nts., 12/15/99                       200,000              176,750
           -------------------------------------------------------------------------------------------------------------------------
         Bell Cablemedia PLC, 0%/11.875% Sr. Disc. Nts., 9/15/05(12)                                   100,000               63,875
           -------------------------------------------------------------------------------------------------------------------------
         Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04(8)(12)                                         150,000              110,250
           -------------------------------------------------------------------------------------------------------------------------
         Comunicacion Celular SA, Units (each unit consists of $1,000 principal 0%/13.125% sr. 
         deferred bond, 11/15/03 and one warrant for 12,860 shares of common stock at $1.32 per
         1,000 shares)(8)(12)(13)                                                                      400,000              234,000
           -------------------------------------------------------------------------------------------------------------------------
         Empresas La Moderna SA, 11.375% Gtd. Nts., 1/25/99(8)                                         200,000              204,625
           -------------------------------------------------------------------------------------------------------------------------
         Indah Kiat International Finance Co. BV:
         11.875% Sr. Sec. Gtd. Nts., 6/15/02                                                           150,000              152,625
         12.50% Sr. Sec. Gtd. Nts., Series C, 6/15/06                                                  100,000              100,875
</TABLE>
          7  Oppenheimer International Bond Fund
<PAGE>
<TABLE>
<CAPTION>
         ===========================================================================================================================
         STATEMENT OF INVESTMENTS March 31, 1996 (Unaudited)(Continued)

                                                                                                   FACE                 MARKET VALUE
                                                                                                   AMOUNT(1)            SEE NOTE 1
<S>      <C>                                                                                       <C>                   <C>    
           -------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES
(CONTINUED)
         Indorayon, Zero Coupon Promissory Nts., 17.234%, 2/12/97 (4) IDR                          800,000,000           $  298,174
           -------------------------------------------------------------------------------------------------------------------------
         Morgan Stanley Group, Inc., 14.25% Indian Rupee Index Nts., 6/26/96 INR                       314,100                9,211
           -------------------------------------------------------------------------------------------------------------------------
         PT Polysindo Eka Perkasa:
         13% Sr. Nts., 6/15/01                                                                         185,000              195,175
         Zero Coupon Promissory Nts., 19.111%, 2/28/97(4) IDR                                      700,000,000              253,188
           -------------------------------------------------------------------------------------------------------------------------
         Pulsar Internacional SA de CV, 11.80% Nts., 9/19/96(7)                                         50,000               50,500
           -------------------------------------------------------------------------------------------------------------------------
         SCF Finance Co., Zero Coupon Bonds, 13.414%, 6/1/96(4) THB                                 10,500,000              407,153
           -------------------------------------------------------------------------------------------------------------------------
         Sociedad Comercial del Plata SA, 10.75% Medium-Term Nts., 3/6/98(8)                           200,000              201,250
           -------------------------------------------------------------------------------------------------------------------------
         TeleWest PLC, 0%/11% Sr. Disc. Debs., 10/1/07(12)                                             100,000               60,500
           -------------------------------------------------------------------------------------------------------------------------
         Tjiwi Kimia International Finance Co. BV, 13.25% Sr. Gtd. Nts., 8/1/01                        100,000              110,125
           -------------------------------------------------------------------------------------------------------------------------
         Unibanco Leasing SA, 8.863% Nts., 12/28/97(6)                                                  50,000               48,875
           -------------------------------------------------------------------------------------------------------------------------
         United International Holdings, Inc., Zero Coupon Sr. Sec. Disc. Nts., 12.495%, 
         11/15/99(4)                                                                                   100,000               65,000
           -------------------------------------------------------------------------------------------------------------------------
         Videotron Holdings PLC, 0%/11% Sr. Disc. Nts., 8/15/05(12)                                    100,000               64,000
                                                                                                                         -----------
         Total Corporate Bonds and Notes (Cost $3,918,913)                                                                3,936,372
                                                                                            
====================================================================================================================================
STRUCTURED INSTRUMENTS - 4.2%
- ------------------------------------------------------------------------------------------------------------------------------------
         Bayerische Landesbank Girozentrale, New York Branch, 560% CD Linked Nts., 1/30/97
         (indexed to the closing Nikkei 225 Index on 1/23/97 10 yr. Japanese Yen swap rate & 
         New Zealand Dollar on 1/28/97(2) NZD                                                          150,852              104,510
           -------------------------------------------------------------------------------------------------------------------------
         Banque Paribas, Grand Cayman Branch, 31.81% Pass-Through Certificates of Deposit, 
         2/1/97 HUF                                                                                 20,000,000              143,301
           -------------------------------------------------------------------------------------------------------------------------
         Canadian Imperial Bank of Commerce, New York Branch, 16% CD Linked Nts., 9/11/96 
         (indexed to the Russian Federation GKO, Zero Coupon, 9/4/96)                                  300,000              299,250
           -------------------------------------------------------------------------------------------------------------------------
         Salomon Brothers, Inc., Zero Coupon Brazilian Credit Linked Nts., 12.38%, 1/3/97 
         (indexed to the Brazilian National Treasury Nts., Zero Coupon, 1/2/97)(4)                     200,000              183,320
           -------------------------------------------------------------------------------------------------------------------------
         Salomon Brothers, Inc., Zero Coupon Brazilian Credit Linked Nts., 12.384%, 1/3/97 
         (indexed to the Brazilian National Treasury Nts., Zero Coupon, 1/2/97)(4)                     200,000              183,320
           -------------------------------------------------------------------------------------------------------------------------
         Salomon Brothers, Inc., Zero Coupon Brazilian Credit Linked Nts., 12.638%, 1/3/97 
         (indexed to the Brazilian National Treasury Nts., Zero Coupon, 1/2/97)(4)                     120,000              109,992
           -------------------------------------------------------------------------------------------------------------------------
         Salomon Brothers, Inc., Zero Coupon Brazilian Credit Linked Nts., 12.886%, 1/3/97 
         (indexed to the Brazilian National Treasury Nts., Zero Coupon, 1/2/97)(4)                     100,000               91,660
           -------------------------------------------------------------------------------------------------------------------------
         United Mexican States Linked Nts. (indexed to the greater of Cetes Option Amount or 
         USD LIBOR Option Amount, 11/27/96)                                                            310,000              340,225
                                                                                                                         -----------
         Total Structured Instruments (Cost $1,429,126)                                                                   1,455,578

                                                                         DATE         STRIKE       CONTRACTS
====================================================================================================================================
CALL OPTION PURCHASED - 0.1%
- ------------------------------------------------------------------------------------------------------------------------------------
         OTC Deutsche Mark/U.S. Dollar Call Opt. (Cost $7,212)            May 96      1.495 DEM      1,471,867               16,632

====================================================================================================================================
PUT OPTIONS PURCHASED - 0.1%
- ------------------------------------------------------------------------------------------------------------------------------------
         Bulgaria (Republic of) Disc. Bonds, Tranche A, 6.25%, 7/28/24, 
         Put Opt.                                                         Apr. 96   $ 45.25                550                  385
           -------------------------------------------------------------------------------------------------------------------------
         Bulgaria (Republic of) Disc. Bonds, Tranche A, 6.25%, 7/28/24, 
         Put Opt.                                                         Apr. 96    50.438                450                8,256
           -------------------------------------------------------------------------------------------------------------------------
         OTC Deutsche Mark/U.S. Dollar Put Opt.                           May 96      1.495 DEM      1,471,867                7,948
                                                                                                                         -----------
         Total Put Options Purchased (Cost $42,745)                                                                          16,589
</TABLE>
          8  Oppenheimer International Bond Fund   
<PAGE>
<TABLE>
<CAPTION>
         ===========================================================================================================================
         STATEMENT OF INVESTMENTS March 31, 1996 (Unaudited)(Continued)


                                                                                                    FACE                MARKET VALUE
                                                                                                    AMOUNT(1)           SEE NOTE 1
<S>       <C>                                                                                       <C>                 <C>    
====================================================================================================================================
REPURCHASE AGREEMENT - 9.5%
- ------------------------------------------------------------------------------------------------------------------------------------
         Repurchase agreement with Zion First National Bank, 5.375%, dated
         3/29/96, to be repurchased at $3,301,478 on 4/1/96, collateralized by
         U.S. Treasury Nts., 6.75%-8.625%, 8/15/97-11/15/00, with a value
         of $3,372,933 (Cost $3,300,000)                                                            $3,300,000          $ 3,300,000
           -------------------------------------------------------------------------------------------------------------------------
         TOTAL INVESTMENTS, AT VALUE (COST $35,733,311)                                                  103.8%          35,962,775
           -------------------------------------------------------------------------------------------------------------------------
         LIABILITIES IN EXCESS OF OTHER ASSETS                                                            (3.8)          (1,306,958)
                                                                                                         ------         ------------
         NET ASSETS                                                                                      100.0%         $34,655,817
                                                                                                         ======         ============
</TABLE>

          1. Face amount is reported in U.S. Dollars, except for those denoted
         in the following currencies: 
<TABLE>    
         <S>                           <C>                      <C>   
         AUD - Australian Dollar       HUF - Hungarian Forint   NOK - Norwegian Krone    
         CAD - Canadian Dollar         IDR - Indonesian Rupiah  NZD - New Zealand Dollar
         CZK - Czech Koruna            IEP - Irish Punt         PLZ - Polish Zloty 
         DEM - German Deutsche Mark    INR - Indian Rupee       PTE - Portuguese Escudo 
         DKK - Danish Krone            ITL - Italian Lira       SEK - Swedish Krona  
         ESP - Spanish Peseta          JPY - Japanese Yen       THB - Thai Baht 
         GBP - British Pound Sterling  MXP - Mexican Peso         
</TABLE>
          2. Indexed instrument for which the principal amount and/or interest
         due at maturity is affected by the relative value of a foreign
         currency.
          3.  Issuer is in default.  The security is being valued under 
          procedures established by the Board of Trustees to determine fair 
          value in good faith.
          4.  For zero coupon bonds, the interest rate shown is the effective 
         yield on the date of purchase.
          5.  Interest-Only Strips represent the right to receive the monthly 
         interest payments on an underlying pool of mortgage loans. These 
         securities typically decline in price as interest rates decline. Most 
         other fixed-income securities increase in price when interest rates 
         decline. The principal amount of the underlying pool represents the 
         notional amount on which current interest is calculated. The price of 
         these securities is typically more sensitive to changes in prepayment 
         rates than traditional mortgage-backed securities (for example, GNMA 
         pass-throughs). Interest rates disclosed represent current yields based
         upon the current cost basis and estimated timing and amount of future 
         cash flows.
          6.  Represents the current interest rate for a variable rate security.
          7.  Identifies issues considered to be illiquid - See Note 7 of Notes
         to Financial Statements.
          8.  Represents a security sold under Rule 144A, which is exempt from 
         registration under the Securities Act of 1933, as amended. This 
         security has been determined to be liquid under guidelines established 
         by the Board of Trustees. These securities amount to $1,562,131 or 
         4.51% of the Fund's net assets, at March 31, 1996.
          9.  When-issued security to be delivered and settled after March 31, 
         1996.
         10. A sufficient amount of liquid assets has been designated to cover
         outstanding written call options, as follows:

<TABLE>
<CAPTION>
                                                      FACE/CONTRACTS      EXPIRATION     EXERCISE     PREMIUM      MARKET VALUE
                                                      SUBJECT TO CALL     DATE           PRICE        RECEIVED     SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>           <C>            <C>          <C>          <C>    
Call Option on Argentina (Republic of) Past Due
Interest Bonds, Series L, 6.312%, 3/31/05                     170,000     4/96           $73.5625     $ 2,465      $ 1,802
- --------------------------------------------------------------------------------------------------------------------------
Call Option on German Deutsche Mark                         1,471,867     5/96             1.4947      35,472       28,996
- --------------------------------------------------------------------------------------------------------------------------
Call Option on Morocco (Kingdom of) Loan
Participation Agreement, Tranche A , 6.594%, 1/1/09           300,000     4/96              69.25       5,250        4,947
- --------------------------------------------------------------------------------------------------------------------------
Call Option on New Zealand Dollar                             325,375     4/96               1.46       2,200        1,008
                                                                                                      -------      -------  
                                                                                                      $45,387      $36,753
                                                                                                      =======      =======
</TABLE>
         11.  A sufficient amount of securities has been designated to cover 
         outstanding forward foreign currency exchange contracts.  See Note 5 of
         Notes to Financial Statements.
         12.  Denotes a step bond:  a zero coupon bond that converts to a fixed 
         rate of interest at a designated future date.
         13.  Units may be comprised of several components, such as debt and 
         equity and/or warrants to purchase equity at some point in the future. 
         For units which represent debt securities, face amount disclosed
         represents total underlying principal.

         See accompanying Notes to Financial Statements.

          9  Oppenheimer International Bond Fund
<PAGE>
<TABLE>
<CAPTION>
                           =============================================================
                           STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996(UNAUDITED)
                           =========================================================================================================
<S>                        <C>                                                                                          <C>        
ASSETS                     Investments, at value (cost $35,733,311) - see accompanying statement                        $35,962,775
                           ---------------------------------------------------------------------------------------------------------
                           Cash                                                                                              41,742
                           ---------------------------------------------------------------------------------------------------------
                           Unrealized appreciation on forward foreign currency
                           exchange contracts - Note 5                                                                       38,170
                           ---------------------------------------------------------------------------------------------------------
                           Receivables:
                           Investments sold                                                                                 966,216
                           Interest                                                                                         661,351
                           Shares of beneficial interest sold                                                               616,236
                           Closed forward foreign currency exchange contracts                                                 7,874
                           ---------------------------------------------------------------------------------------------------------
                           Deferred organization costs                                                                       12,870
                           ---------------------------------------------------------------------------------------------------------
                           Other                                                                                              2,759
                                                                                                                        ------------
                           Total assets                                                                                  38,309,993

====================================================================================================================================
LIABILITIES                Options written, at value (premiums received $45,387) -
                           see accompanying statement - Note 6                                                               36,753
                           ---------------------------------------------------------------------------------------------------------
                           Unrealized depreciation on forward foreign currency
                           exchange contracts - Note 5                                                                       13,039
                           ---------------------------------------------------------------------------------------------------------
                           Payables and other liabilities:
                           Investments purchased                                                                          3,434,170
                           Dividends                                                                                         97,298
                           Shares of beneficial interest redeemed                                                            35,888
                           Closed forward foreign currency exchange contracts                                                15,420
                           Distribution and service plan fees                                                                12,704
                           Other                                                                                              8,904
                                                                                                                        ------------
                           Total liabilities                                                                              3,654,176

====================================================================================================================================
NET ASSETS                                                                                                              $34,655,817
                                                                                                                        ============
====================================================================================================================================
COMPOSITION OF             Paid-in capital                                                                              $34,108,844
NET ASSETS                 ---------------------------------------------------------------------------------------------------------
                           Accumulated net realized gain on investments and
                           foreign currency transactions                                                                    286,776
                           ---------------------------------------------------------------------------------------------------------
                           Net unrealized appreciation on investments and translation of
                           assets and liabilities denominated in foreign currencies                                         260,197
                                                                                                                        ------------
                           Net assets                                                                                   $34,655,817
                                                                                                                        ============
====================================================================================================================================
NET ASSET VALUE            Class A Shares:
PER SHARE                  Net asset value and redemption price per share (based on net assets of 
                           $15,282,775 and 2,905,689 shares of beneficial interest outstanding)                               $5.26
                           Maximum offering price per share (net asset value plus sales charge
                           of 4.75% of offering price)                                                                        $5.52
                           ---------------------------------------------------------------------------------------------------------
                           Class B Shares:
                           Net asset value, redemption price and offering price per share (based on
                           net assets of $15,288,637 and 2,910,641 shares of beneficial interest outstanding)                 $5.25
                           ---------------------------------------------------------------------------------------------------------
                           Class C Shares:
                           Net asset value, redemption price and offering price per share (based on
                           net assets of $4,084,405 and 778,054 shares of beneficial interest outstanding)                    $5.25
                           See accompanying Notes to Financial Statements.
</TABLE>
                           10  Oppenheimer International Bond Fund

<PAGE>
<TABLE>
<CAPTION>
                           ==========================================================================
                           STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED MARCH 31, 1996(UNAUDITED)

====================================================================================================================================
<S>                        <C>                                                                                           <C>       
INVESTMENT INCOME          Interest (net of foreign withholding taxes of $1,981)                                         $1,030,053

====================================================================================================================================
EXPENSES                   Management fees - Note 4                                                                          67,971
                           ---------------------------------------------------------------------------------------------------------
                           Distribution and service plan fees - Note 4:
                           Class A                                                                                            5,869
                           Class B                                                                                           41,750
                           Class C                                                                                            8,296
                           ---------------------------------------------------------------------------------------------------------
                           Custodian fees and expenses                                                                       21,756
                           ---------------------------------------------------------------------------------------------------------
                           Registration and filing fees:
                           Class A                                                                                            3,462
                           Class B                                                                                            4,662
                           Class C                                                                                            1,339
                           ---------------------------------------------------------------------------------------------------------
                           Transfer and shareholder servicing agent fees - Note 4                                             8,868
                           ---------------------------------------------------------------------------------------------------------
                           Shareholder reports                                                                                7,628
                           ---------------------------------------------------------------------------------------------------------
                           Legal and auditing fees                                                                            4,753
                           ---------------------------------------------------------------------------------------------------------
                           Trustees' fees and expenses                                                                          796
                           ---------------------------------------------------------------------------------------------------------
                           Other                                                                                              7,068
                                                                                                                         -----------
                           Total expenses                                                                                   184,218
                                                                                                                         -----------
                           Less reimbursement of expenses by OppenheimerFunds, Inc. - Note 4                                (22,411)
                                                                                                                         -----------
                           Net expenses                                                                                     161,807

====================================================================================================================================
NET INVESTMENT INCOME                                                                                                       868,246

====================================================================================================================================
REALIZED AND               Net realized gain (loss) on:
UNREALIZED GAIN (LOSS)     Investments                                                                                      330,052
                           Closing of options written                                                                       (12,439)
                           Foreign currency transactions                                                                    (30,648)
                                                                                                                         -----------
                           Net realized gain                                                                                286,965
                           ---------------------------------------------------------------------------------------------------------
                           Net change in unrealized appreciation or depreciation on:                           
                           Investments                                                                                      168,749
                           Translation of assets and liabilities denominated in foreign currencies                            3,397
                                                                                                                         -----------
                           Net change                                                                                       172,146
                                                                                                                         -----------
                           Net realized and unrealized gain                                                                 459,111

====================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                                                     $1,327,357
                                                                                                                         ===========

</TABLE>
                           See accompanying Notes to Financial Statements.



                           11  Oppenheimer International Bond Fund


<PAGE>
                           ===================================
                           STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
                                                                                                  SIX MONTHS ENDED     PERIOD ENDED
                                                                                                  MARCH 31, 1996       SEPTEMBER 30,
                                                                                                  (UNAUDITED)          1995(1)
===================================================================================================================================
<S>                        <C>                                                                    <C>                      <C>     
OPERATIONS                 Net investment income                                                  $   868,246            $  108,803
                           ---------------------------------------------------------------------------------------------------------
                           Net realized gain (loss)                                                   286,965                  (189)
                                                                                                  ------------           -----------
                           Net change in unrealized appreciation or depreciation                      172,146                88,051
                                                                                                  ------------           -----------
                           Net increase in net assets resulting from operations                     1,327,357               196,665

====================================================================================================================================
DIVIDENDS AND              Dividends from net investment income:
DISTRIBUTIONSTO            Class A                                                                   (409,238)              (76,404)
SHAREHOLDERS               Class B                                                                   (385,159)              (29,790)
                           Class C                                                                    (73,849)               (2,609)

====================================================================================================================================
BENEFICIAL INTEREST        Net increase in net assets resulting from 
TRANSACTIONS               beneficial interest transactions - Note 2:
                           Class A                                                                 11,089,350             3,923,812
                           Class B                                                                 11,844,305             3,212,495
                           Class C                                                                  3,840,449               198,433

====================================================================================================================================
NET ASSETS                 Total increase                                                          27,233,215             7,422,602
                           ---------------------------------------------------------------------------------------------------------
                           Beginning of period                                                      7,422,602                    -- 
                                                                                                  ------------           -----------
                           End of period                                                          $34,655,817            $7,422,602
                                                                                                  ============           ===========
</TABLE>

                           1.  For the period from June 15, 1995 (commencement 
                           of operations) to September 30, 1995.
                           See accompanying Notes to Financial Statements.

                           12  Oppenheimer International Bond Fund
<PAGE>
<TABLE>
<CAPTION>
                       ====================
                       FINANCIAL HIGHLIGHTS


                                         CLASS A                      CLASS B                      CLASS C
                                         --------------------------   --------------------------   --------------------------
                                         SIX MONTHS       PERIOD      SIX MONTHS       PERIOD      SIX MONTHS       PERIOD 
                                         ENDED            ENDED       ENDED            ENDED       ENDED            ENDED
                                         MARCH 31, 1996   SEPT. 30,   MARCH 31, 1996   SEPT. 30,   MARCH 31, 1996   SEPT. 30,
                                         (UNAUDITED)      1995(1)     (UNAUDITED)      1995(1)     (UNAUDITED)      1995(1)
<S>                                      <C>              <C>         <C>              <C>         <C>              <C>
=============================================================================================================================
PER SHARE OPERATING DATA:
Net asset value, beginning 
of period                                  $5.10           $5.00        $5.10           $5.00       $5.09           $5.00
- --------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income                        .26             .15          .24             .14         .24             .14
Net realized and unrealized gain             .16             .10          .15             .10         .16             .09
- --------------------------------------------------------------------------------------------------------------------------
Total income from 
investment operations                        .42             .25          .39             .24         .40             .23
- --------------------------------------------------------------------------------------------------------------------------
Dividends to shareholders from 
net investment income                       (.26)           (.15)        (.24)           (.14)       (.24)           (.14)
- --------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period             $5.26           $5.10        $5.25           $5.10       $5.25           $5.09
                                           ======          ======       ======          ======      ======          ======

==========================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2)         8.45%           5.13%        7.82%           4.92%       8.00%           4.73%

==========================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period 
(in thousands)                           $15,283          $3,984      $15,289          $3,238      $4,084           $201
- --------------------------------------------------------------------------------------------------------------------------
Average net assets 
(in thousands)                           $ 8,182          $2,566      $ 8,393          $1,125      $1,679           $ 97
- --------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets(3):
Net investment income                      10.07%           9.94%        9.12%           9.20%       8.76%           9.36%
Expenses, before voluntary 
reimbursement by the Manager                1.53%           1.59%        2.41%           2.21%       2.42%           2.26%
Expenses, net of voluntary 
reimbursement by the Manager                1.29%           0.41%        2.16%           0.89%       2.16%           0.85%
- --------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4)                 167.2%          122.0%       167.2%          122.0%      167.2%          122.0%

</TABLE>
1.  For the period from June 15, 1995 (commencement of operations) to September 
30, 1995.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns. Total returns are not annualized for
periods of less than one full year.
3.  Annualized.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended March 31, 1996 were $45,424,842 and $24,600,592, respectively.
See accompanying Notes to Financial Statements.





13  Oppenheimer International Bond Fund


<PAGE>
     =========================================
     NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1.   SIGNIFICANT ACCOUNTING POLICIES
     Oppenheimer International Bond Fund (the Fund), is a registered investment
     company organized as a Massachusetts Business Trust with a single series of
     the same name. The Fund is registered as a diversified, open-end management
     investment company under the Investment Company Act of 1940, as amended.
     The Fund's investment objective is to seek high total return (which
     includes current income and capital appreciation in the value of its
     shares) primarily from foreign debt securities. The Fund's investment
     advisor is OppenheimerFunds, Inc. (the Manager). The Fund offers Class A,
     Class B and Class C shares. Class B and Class C shares may be subject to a
     contingent deferred sales charge. All three classes of shares have
     identical rights to earnings, assets and voting privileges, except that
     each class has its own distribution and/or service plan, expenses directly
     attributable to a particular class and exclusive voting rights with respect
     to matters affecting a single class. Class B shares will automatically
     convert to Class A shares six years after the date of purchase. The
     following is a summary of significant accounting policies consistently
     followed by the Fund.
     ---------------------------------------------------------------------------
     INVESTMENT VALUATION. Portfolio securities are valued at the close of the
     New York Stock Exchange on each trading day. Listed and unlisted securities
     for which such information is regularly reported are valued at the last
     sale price of the day or, in the absence of sales, at values based on the
     closing bid or asked price or the last sale price on the prior trading day.
     Long-term and short-term "non-money market" debt securities are valued by a
     portfolio pricing service approved by the Board of Trustees. Such
     securities which cannot be valued by the approved portfolio pricing service
     are valued using dealer-supplied valuations provided the Manager is
     satisfied that the firm rendering the quotes is reliable and that the
     quotes reflect current market value, or are valued under consistently
     applied procedures established by the Board of Trustees to determine fair
     value in good faith. Short- term "money market type" debt securities having
     a remaining maturity of 60 days or less are valued at cost (or last
     determined market value) adjusted for amortization to maturity of any
     premium or discount. Forward contracts are valued based on the closing
     prices of the forward currency contract rates in the London foreign
     exchange markets on a daily basis as provided by a reliable bank or dealer.
     Options are valued based upon the last sale price on the principal exchange
     on which the option is traded or, in the absence of any transactions that
     day, the value is based upon the last sale price on the prior trading date
     if it is within the spread between the closing bid and asked prices. If the
     last sale price is outside the spread, the closing bid or asked price
     closest to the last reported sale price is used.
     ---------------------------------------------------------------------------
     SECURITIES PURCHASED ON A WHEN-ISSUED BASIS. Delivery and payment for
     securities that have been purchased by the Fund on a forward commitment or
     when-issued basis can take place a month or more after the transaction
     date. During this period, such securities do not earn interest, are subject
     to market fluctuation and may increase or decrease in value prior to their
     delivery. The Fund maintains, in a segregated account with its custodian,
     assets with a market value equal to the amount of its purchase commitments.
     The purchase of securities on a when-issued or forward commitment basis may
     increase the volatility of the Fund's net asset value to the extent the
     Fund makes such purchases while remaining substantially fully invested. As
     of March 31, 1996, the Fund had entered into outstanding when-issued or
     forward commitments of $196,817.
          In connection with its ability to purchase securities on a when-issued
     or forward commitment basis, the Fund may enter into mortgage "dollar-
     rolls" in which the Fund sells securities for delivery in the current month
     and simultaneously contracts with the same counterparty to repurchase 
     similar (same type, coupon and maturity) but not identical securities on a 
     specified future date. The Fund records each dollar-roll as a sale and a 
     new purchase transaction.
     ---------------------------------------------------------------------------
     FOREIGN CURRENCY TRANSLATION.  The accounting records of the Fund are main-
     tained in U.S. dollars.  Prices of securities denominated in foreign 
     currencies are translated into U.S. dollars at the closing rates of 
     exchange.  Amounts related to the purchase and sale of securities and 
     investment income are translated at the rates of exchange prevailing on the
     respective dates of such transactions.
          The effect of changes in foreign currency exchange rates on invest- 
     ments is separately identified from the fluctuations arising from changes 
     in market values of securities held and reported with all other foreign 
     currency gains and losses in the Fund's Statement of Operations.

     14  Oppenheimer International Bond Fund

<PAGE>
     ====================================================
     NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
1.   SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
     REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession,
     to have legally segregated in the Federal Reserve Book Entry System or to
     have segregated within the custodian's vault, all securities held as
     collateral for repurchase agreements. The market value of the underlying
     securities is required to be at least 102% of the resale price at the time
     of purchase. If the seller of the agreement defaults and the value of the
     collateral declines, or if the seller enters into an insolvency proceeding,
     realization of the value of the collateral by the Fund may be delayed or
     limited.
     ---------------------------------------------------------------------------
     ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses
     (other than those attributable to a specific class) and gains and losses
     are allocated daily to each class of shares based upon the relative
     proportion of net assets represented by such class. Operating expenses
     directly attributable to a specific class are charged against the
     operations of that class.
     ---------------------------------------------------------------------------
     FEDERAL TAXES. The Fund intends to continue to comply with provisions of
     the Internal Revenue Code applicable to regulated investment companies and
     to distribute all of its taxable income, including any net realized gain on
     investments not offset by loss carryovers, to shareholders. Therefore, no
     federal income or excise tax provision is required.
     ---------------------------------------------------------------------------
     DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to declare dividends
     separately for Class A, Class B and Class C shares from net investment
     income each day the New York Stock Exchange is open for business and pay
     such dividends monthly. Distributions from net realized gains on
     investments, if any, will be declared at least once each year.
     ---------------------------------------------------------------------------
     ORGANIZATION COSTS. The Manager advanced $14,488 for organization and
     start-up costs of the Fund. Such expenses are being amortized over a
     five-year period from the date operations commenced. In the event that all
     or part of the Manager's initial investment in shares of the Fund is
     withdrawn during the amortization period, the redemption proceeds will be
     reduced to reimburse the Fund for any unamortized expenses, in the same
     ratio as the number of shares redeemed bears to the number of initial
     shares outstanding at the time of such redemption.
     ---------------------------------------------------------------------------
     CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income
     (loss) and net realized gain (loss) may differ for financial statement and
     tax purposes primarily because of paydown gains (losses), and the
     recognition of certain foreign currency gains (losses) as ordinary income
     (loss) for tax purposes. The character of the distributions made during the
     year from net investment income or net realized gains may differ from their
     ultimate characterization for federal income tax purposes. Also, due to
     timing of dividend distributions, the fiscal year in which amounts are
     distributed may differ from the year that the income or realized gain
     (loss) was recorded by the Fund.
     ---------------------------------------------------------------------------
     OTHER. Investment transactions are accounted for on the date the
     investments are purchased or sold (trade date) and dividend income is
     recorded on the ex-dividend date. Discount on securities purchased is
     amortized over the life of the respective securities, in accordance with
     federal income tax requirements. Realized gains and losses on investments
     and options written and unrealized appreciation and depreciation are
     determined on an identified cost basis, which is the same basis used for
     federal income tax purposes. Interest on payment-in-kind debt instruments
     is accrued as income at the coupon rate and a market adjustment is made on
     the ex-date.
           The preparation of financial statements in conformity with generally
     accepted accounting principles requires management to make estimates and
     assumptions that affect the reported amounts of assets and liabilities and
     disclosure of contingent assets and liabilities at the date of the
     financial statements and the reported amounts of income and expenses during
     the reporting period. Actual results could differ from those estimates.




     15  Oppenheimer International Bond Fund

<PAGE>
     =====================================================
     NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
2.   SHARES OF BENEFICIAL INTEREST
     The Fund has authorized an unlimited number of no par value shares of
     beneficial interest. Transactions in shares of beneficial interest were as
     follows:
<TABLE>
<CAPTION>
                                           SIX MONTHS ENDED MARCH 31, 1996       PERIOD ENDED SEPTEMBER 30,1995 (1) 
                                           -------------------------------       ----------------------------------
                                           SHARES            AMOUNT              SHARES            AMOUNT
     <S>                                   <C>               <C>                 <C>               <C>
     ---------------------------------------------------------------------------------------------------------
     Class A:
     Sold                                  2,511,975         $13,108,044          909,822          $4,576,888
     Dividends reinvested                     53,735             280,451            6,117              30,991
     Redeemed                               (441,320)         (2,299,145)        (134,640)           (684,067)
                                           ----------        ------------        ---------         -----------
     Net increase                          2,124,390         $11,089,350          781,299          $3,923,812
                                           ==========        ============        =========         ===========
     ---------------------------------------------------------------------------------------------------------
     Class B:
     Sold                                  2,403,213         $12,510,769          633,620          $3,203,816
     Dividends reinvested                     43,082             224,566            4,019              20,381
     Redeemed                               (170,979)           (891,030)          (2,314)            (11,702)
                                           ----------        ------------        ---------         -----------
     Net increase                          2,275,316         $11,844,305          635,325          $3,212,495
                                           ==========        ============        =========         ===========
     ---------------------------------------------------------------------------------------------------------
     Class C:
     Sold                                    747,884         $ 3,888,815           39,665          $  199,624
     Dividends reinvested                      5,712              29,815              392               1,981
     Redeemed                                (14,973)            (78,181)            (626)             (3,172)
                                           ----------        ------------        ---------         -----------
     Net increase                            738,623         $ 3,840,449           39,431          $  198,433
                                           ==========        ============        =========         ===========

</TABLE>

     1.  For the period from June 15, 1995 (commencement of operations) to 
     September 30, 1995.
================================================================================
3.   UNREALIZED GAINS AND LOSSES ON INVESTMENTS
     At March 31, 1996, net unrealized appreciation on investments and options
     written of $238,098 was composed of gross appreciation of $452,896, and
     gross depreciation of $214,798.
================================================================================
4.   MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
     Management fees paid to the Manager were in accordance with the investment
     advisory agreement with the Fund which provides for an annual fee of .75%
     on the first $200 million of net assets with a reduction of .03% on each
     $200 million thereafter to $800 million, .60% on the next $200 million and
     .50% on net assets in excess of $1 billion. The Manager has agreed to
     reimburse the Fund if aggregate expenses (with specified exceptions) exceed
     the most stringent state regulatory limit on Fund expenses. In addition,
     the Manager has voluntarily undertaken to reimburse Fund expenses to the
     level needed to maintain a stable dividend. 
          For the six months ended March 31, 1996, commissions (sales charges 
     paid by investors) on sales of Class A shares totaled $168,238, of which 
     $51,590 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a 
     subsidiary of the Manager, as general distributor, and by an affiliated 
     broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of
     the Fund's Class B and Class C shares totaled $362,061 and $36,621, of 
     which $7,596 and $494, respectively, was paid to an affiliated broker/
     dealer. During the period ended March 31, 1996, OFDI received contingent 
     deferred sales charges of $4,971 and $753, respectively, upon redemption of
     Class B and Class C shares as reimbursement for sales commissions advanced 
     by OFDI at the time of sale of such shares. 
          OppenheimerFunds Services (OFS), a division of the Manager, is the 
     transfer and shareholder servicing agent for the Fund, and for other 
     registered investment companies. OFS's total costs of providing such  
     services are allocated ratably to these companies.
          The Fund has adopted a Service Plan for Class A shares to reimburse 
     OFDI for a portion of its costs incurred in connection with the personal 
     service and maintenance of accounts that hold Class A shares. Reimbursement
     is made quarterly at an annual rate that may not exceed .25% of the average
     annual net assets of Class A shares of the Fund. OFDI uses the service fee
     to reimburse brokers, dealers, banks and other financial institutions
     quarterly for providing personal service and maintenance of accounts of
     their customers that hold Class A shares. During the six months ended March
     31, 1996, OFDI paid $715 to an affiliated broker/dealer as reimbursement
     for Class A personal service and maintenance expenses.

     16  Oppenheimer International Bond Fund

<PAGE>
     =====================================================
     NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
4.   MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (CONTINUED)
     The Fund has adopted compensation type Distribution and Service Plans for
     Class B and Class C shares to compensate OFDI for its services and costs in
     distributing Class B and Class C shares and servicing accounts. Under the
     Plans, the Fund pays OFDI an annual asset-based sales charge of .75% per
     year on Class B shares that are outstanding for 6 years or less and on
     Class C shares, as compensation for sales commissions paid from its own
     resources at the time of sale and associated financing costs. If the Plans
     are terminated by the Fund, the Board of Trustees may allow the Fund to
     continue payments of the asset-based sales charge to OFDI for certain
     expenses it incurred before the Plans were terminated. OFDI also receives a
     service fee of .25% per year as compensation for costs incurred in
     connection with the personal service and maintenance of accounts that hold
     shares of the Fund, including amounts paid to brokers, dealers, banks and
     other financial institutions. Both fees are computed on the average annual
     net assets of Class B and Class C shares, determined as of the close of
     each regular business day. During the six months ended March 31, 1996, OFDI
     retained $41,750 and $8,296, respectively, as compensation for Class B and
     Class C sales commissions and service fee advances, as well as financing
     costs. At March 31, 1996, OFDI had incurred unreimbursed expenses of
     $555,786 for Class B and $78,493 for Class C.
================================================================================
5.   FORWARD CONTRACTS
     A forward foreign currency exchange contract (forward contract) is a
     commitment to purchase or sell a foreign currency at a future date, at a
     negotiated rate.
          The Fund uses forward contracts to seek to manage foreign currency
     risks. They may also be used to tactically shift portfolio currency risk. 
     The Fund generally enters into forward contracts as a hedge upon the 
     purchase or sale of a security denominated in a foreign currency. In 
     addition, the Fund may enter into such contracts as a hedge against changes
     in foreign currency exchange rates on portfolio positions.
          Forward contracts are valued based on the closing prices of the 
     forward currency contract rates in the London foreign exchange markets on a
     daily basis as provided by a reliable bank or dealer. The Fund will realize
     a gain or loss upon the closing or settlement of the forward transaction.
           Securities held in segregated accounts to cover net exposure on out-
     standing forward contracts are noted in the Statement of Investments where
     applicable. Unrealized appreciation or depreciation on forward contracts is
     reported in the Statement of Assets and Liabilities. Realized gains and
     losses are reported with all other foreign currency gains and losses in the
     Fund's Statement of Operations.
          Risks include the potential inability of the counterparty to meet the 
     terms of the contract and unanticipated movements in the value of a foreign
     currency relative to the U.S. dollar.

     At March 31, 1996, the Fund had outstanding forward contracts to purchase
     and sell foreign currencies as follows:
<TABLE>
<CAPTION>
                                                     CONTRACT
                                                     AMOUNT          VALUATION AS OF      UNREALIZED       UNREALIZED
     CONTRACTS TO PURCHASE        EXPIRATION DATE    (000S)          MARCH 31, 1996       APPRECIATION     DEPRECIATION
     ------------------------------------------------------------------------------------------------------------------
     <S>                          <C>                <C>             <C>                  <C>              <C>          
     Czech Koruna (CZK)           4/1/96               5,356 CZK     $   197,195          $   362          $     --
     New Zealand Dollar (NZD)     4/1/96-12/18/96        978 NZD         658,055           15,197                --
     German Deutsche Mark (DEM)   4/1/96-4/22/96         935 DEM         633,324            1,499             9,028
                                                                     -----------          -------          --------
                                                                     $1,488,574            17,058             9,028
                                                                     ===========          -------          --------
     CONTRACTS TO SELL
     -------------------------------------------------------------------------------------------------------------
     German Deutsche Mark (DEM)   4/30/96-6/3/96       1,298 DEM     $   881,572          $ 2,649          $   218
     Italian Lira (ITL)           4/22/96            610,000 ITL         387,736               --            3,793
     Japanese Yen (JPY)           12/18/96            32,875 JPY         317,226           18,462               --
     New Zealand Dollar (NZD)     4/2/96                   3 NZD           2,002                1               --
                                                                     -----------          -------          -------   
                                                                     $1,588,536            21,112            4,011
                                                                     ===========          -------          -------
                                                                                          $38,170          $13,039
                                                                                          =======          =======
</TABLE>
================================================================================
6.   OPTION ACTIVITY
     The Fund may buy and sell put and call options, or write covered put and
     call options on portfolio securities in order to produce incremental
     earnings or protect against changes in the value of portfolio securities.
           The Fund generally purchases put options or writes covered call 
     options to hedge against adverse movements in the value of portfolio 
     holdings. When an option is written, the Fund receives a premium and 
     becomes obligated to sell or purchase the underlying security at a fixed 
     price, upon exercise of the option.

     17  Oppenheimer International Bond Fund
<PAGE>
     =====================================================
     NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
6.   OPTION ACTIVITY (CONTINUED)
     Options are valued daily based upon the last sale price on the principal
     exchange on which the option is traded and unrealized appreciation or
     depreciation is recorded. The Fund will realize a gain or loss upon the
     expiration or closing of the option transaction. When an option is
     exercised, the proceeds on sales for a written call option, the purchase
     cost for a written put option, or the cost of the security for a purchased
     put or call option is adjusted by the amount of premium received or paid.
           Securities designated to cover outstanding call options are noted in
     the Statement of Investments where applicable. Shares subject to call,
     expiration date, exercise price, premium received and market value are
     detailed in a footnote to the Statement of Investments. Options written
     are reported as a liability in the Statement of Assets and Liabilities.
     Gains and losses are reported in the Statement of Operations.
           The risk in writing a call option is that the Fund gives up the 
     opportunity for profit if the market price of the security increases and 
     the option is exercised. The risk in writing a put option is that the Fund
     may incur a loss if the market price of the security decreases and the 
     option is exercised. The risk in buying an option is that the Fund pays a 
     premium whether or not the option is exercised. The Fund also has the 
     additional risk of not being able to enter into a closing transaction if a 
     liquid secondary market does not exist.

     Written option activity for the six months ended March 31, 1996 was as
     follows:
<TABLE>
<CAPTION>
                                                               CALL OPTIONS
                                                               ------------------------
                                                               NUMBER OF      AMOUNT OF
                                                               OPTIONS        PREMIUMS
     ---------------------------------------------------------------------------------
     <S>                                                       <C>            <C>    
     Options outstanding at September 30, 1995                       245      $ 1,350
     Options written                                           1,798,268       51,326
     Options cancelled in closing purchase transactions             (801)      (7,289)
                                                               ----------     --------
     Options outstanding at March 31, 1996                     1,797,712      $45,387
                                                               ==========     ========
</TABLE>
================================================================================
7.   ILLIQUID AND RESTRICTED SECURITIES
     At March 31, 1996, investments in securities included issues that are
     illiquid or restricted. The securities are often purchased in private
     placement transactions, are not registered under the Securities Act of
     1933, may have contractual restrictions on resale, and are valued under
     methods approved by the Board of Trustees as reflecting fair value. The
     Fund intends to invest no more than 10% of its net assets (determined at
     the time of purchase) in illiquid and restricted securities. The aggregate
     value of these securities subject to this limitation at March 31, 1996 was
     $1,877,507, which represents 5.42% of the Fund's net assets. Information
     concerning these securities is as follows:
<TABLE>
<CAPTION>
                                                                                             VALUATION 
                                                                                             PER UNIT AS OF
     SECURITY                                      ACQUISITION DATE       COST PER UNIT      MARCH 31, 1996
     <S>                                           <C>                    <C>                <C>        
      --------------------------------------------------------------------------------------------------------
     Algeria (Republic of) Reprofiled Debt
     Loan Participation, Tranche A, 6.812%,
     9/4/06                                        3/13/96-3/21/96        $ 55.06            $ 54.50
     Colombia (Republic of) Concorde Loan
     Participation, 6.188%, 1/31/98                12/5/95                $ 99.00            $ 98.50
     Jamaica (Government of) 1990 Refinancing
     Agreement Nts.:
     Tranche A, 6.406%, 10/16/00                   7/12/95-8/15/95        $ 89.19            $ 92.50
     Tranche B, 6.063%, 11/15/04                   3/12/96                $ 71.75            $ 71.25
     Pulsar Internacional SA de CV, 11.80%
     Nts., 9/19/96                                 9/14/95                $100.00            $101.00
     Trinidad & Tobago Loan Participation
     Agreement:
     Tranche A, 1.565%, 9/30/00                    12/13/95-12/18/95      $   .84            $   .80
     Tranche B, 1.565%, 9/30/00                    1/9/96                 $   .80            $   .80
</TABLE>

     Pursuant to guidelines adopted by the Board of Trustees, certain
     unregistered securities are determined to be liquid and are not included
     within the 10% limitation specified above.

     18  Oppenheimer International Bond Fund

<PAGE>
     ===================================
     OPPENHEIMER INTERNATIONAL BOND FUND
     A Series of Oppenheimer International Bond Fund

     ===========================================================================
     OFFICERS AND TRUSTEES  James C. Swain, Chairman and Chief Executive Officer
                            Robert G. Avis, Trustee
                            William A. Baker, Trustee
                            Charles Conrad, Jr., Trustee
                            Jon S. Fossel, Trustee
                            Raymond J. Kalinowski, Trustee
                            C. Howard Kast, Trustee
                            Robert M. Kirchner, Trustee
                            Bridget A. Macaskill, Trustee and President
                            Ned M. Steel, Trustee
                            Andrew J. Donohue, Vice President and Secretary
                            Ashwin K. Vasan, Vice President
                            George C. Bowen, Vice President and Treasurer
                            Robert J. Bishop, Assistant Treasurer
                            Scott T. Farrar, Assistant Treasurer
                            Robert G. Zack, Assistant Secretary

     ===========================================================================
     INVESTMENT ADVISOR     OppenheimerFunds, Inc.

     ===========================================================================
     DISTRIBUTOR            OppenheimerFunds Distributor, Inc.

     ===========================================================================
     TRANSFER AND           OppenheimerFunds Services
     SHAREHOLDER SERVICING
     AGENT

     ===========================================================================
     CUSTODIAN OF           The Bank of New York
     PORTFOLIO SECURITIES

     ===========================================================================
     INDEPENDENT AUDITORS   Deloitte & Touche LLP

     ===========================================================================
     LEGAL COUNSEL          Myer, Swanson, Adams & Wolf, P.C.

      The financial statements included herein have been taken from the records
      of the Fund without examination by the independent auditors.

      This is a copy of a report to shareholders of Oppenheimer International
      Bond Fund. This report must be preceded or accompanied by a Prospectus of
      Oppenheimer International Bond Fund. For material information concerning
      the Fund, see the Prospectus.

      Shares of Oppenheimer funds are not deposits or obligations of any bank,
      are not guaranteed by any bank, and are not insured by the FDIC or any
      other agency, and involve investment risks, including possible loss of the
      principal amount invested.

      19  Oppenheimer International Bond Fund

<PAGE>

[BACK COVER}

INFORMATION

GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 p.m. ET
Saturday 10 a.m.-2 p.m. ET
- --------------
1-800-525-7048
- --------------

TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
- --------------
1-800-852-8457
- --------------

PHONELINK
24 hours a day, automated
information and transactions
- --------------
1-800-533-3310
- --------------

TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
- --------------
1-800-843-4461
- --------------

OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
- --------------
1-800-835-3104
- --------------

RS0880.001.0396 May 31, 1996
- ------------------------------------------------------------------------------

"HOW MAY I HELP YOU?"                [PHOTO]Jennifer Leonard

                              Jennifer Leonard, Customer Service Representative
                              OppenheimerFunds Services

As an Oppenheimer funds shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing simple.
     And when you need help, our Customer Service Representatives are only a
toll-free phone call away.  They can provide information about your account and 
handle administrative requests.  You can reach them at our General Information
number.
     When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your Oppenheimer funds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
     For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
     You can count on us whenever you need assistance.  That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer fund's transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
     So call us today--we're here to help.
- ------------------------------------------------------------------------------
[LOGO] OPPENHEIMERFUNDS-R-                                      --------------
       OppenheimerFunds Distributor, Inc.                       Bulk Rate
       P.O. Box 5270                                            U.S. Postage
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                                                                Permit No. 469 
                                                                Denver, CO
                                                                --------------



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