OPPENHEIMER INTERNATIONAL BOND FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 9, 1998
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
"Retirement Plans" as defined in "Class A Contingent Deferred Sales
Charge" on page 31) in Class A shares, you may have to pay a sales charge
of up to 1% if you sell your shares within 18 calendar months from the end
of the calendar month during which you purchased those shares. See "How to
Buy Shares -- Buying Class A Shares," below.
2. The second paragraph of the sub-section captioned "Put and Call Options" on
page 18 is revised to read as follows:
The Fund may buy calls on securities, broadly-based indices, foreign
currencies or Futures,
or to terminate its obligation on a call the Fund previously wrote.
3. The third sentence of the fourth paragraph of the sub-section captioned "Put
and Call
Options" on page 18 is revised to read as follows:
The Fund can buy puts that relate to securities, broadly-based
indices, foreign currencies or Futures, whether or not the Fund
holds the underlying investment in the portfolio.
4. The last paragraph of the sub-section captioned "Put and Call Options" on
page 18 is revised to read as follows:
The Fund may write puts on securities, broadly-based indices,
foreign currencies or Futures in an amount up to 50% of its total
assets but only if those puts are covered by segregated liquid
assets.
5. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares -- Classes of Shares" on page 27 is modified to read
as follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge, described below.
(continued)
<PAGE>
6. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares -- Class A Contingent Deferred Sales Charge" on page 32
are modified
to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month
of their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998).
7. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares -- Class A Contingent Deferred Sales Charge" on page 33 is
modified to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998).
8. The paragraph entitled "Special Arrangements With Dealers" on page 33 is
hereby deleted.
9. The following sub-paragraphs of the section entitled " Waivers of Class A
Sales Charges" on page 36 are deleted:
o if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion of
the sales commission in installments of 1/18th of the commission per month
(and no further commission will be payable if the shares are redeemed
within 18 months of purchase)
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agreed in writing
to accept the dealer's portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will be
payable if the shares are redeemed within 12 months of purchase)
10. The following paragraph replaces the existing sub-section captioned
"OppenheimerFunds
Internet Web Site" on page 42:
OppenheimerFunds Internet Web Site. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio
information, may be obtained by visiting the OppenheimerFunds Internet Web
Site, at the following Internet address: http://www.oppenheimerfunds.com.
Additionally, certain account transactions may be requested by any
shareholder listed in the registration on an account as well as by the
dealer representative of record through a special section of that Web
Site. To access that section of the Web Site you must first obtain a
personal identification number ("PIN") by calling OppenheimerFunds
PhoneLink at 1-800-533-3310. If you do not wish to have Internet
(continued)
<PAGE>
account transactions capability for your account, please call our
customer service
representatives at 1-800-525-7048. To find out more information about
Internet transactions
and procedures, please visit the Web Site.
May 15, 1998 PS0880.011
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OPPENHEIMER INTERNATIONAL BOND FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated January 9, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
1. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" on page 56 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998).
2. The following paragraph is added to the section captioned "Checkwriting" on
page 51:
By choosing the Check Writing privilege, whether you do so by
signing the Account Application or by completing a Check Writing card, the
individuals signing (1) represent that they are either the registered
owner(s) of the shares of the Fund, or are an officer, general partner,
trustee or other fiduciary or agent, as applicable, duly authorized to act
on behalf of such registered owner(s); (2) authorize the Fund, its
Transfer Agent and any bank through which the Fund's drafts ("checks") are
payable (the "Bank"),all checks drawn on the Fund account of such
person(s) and to effect a redemption of sufficient shares in that account
to cover payment of such checks; (3) specifically acknowledge(s) that if
you choose to permit a single signature on checks drawn against joint
accounts, or accounts for corporations, partnerships, trusts or other
entities, the signature of any one signatory on a check will be sufficient
to authorize payment of that check and redemption from an account even if
that account is registered in the names of more than one person or even if
more than one authorized signature appears on the Check Writing card or
the Application, as applicable; and (4) understand(s) that the Check
Writing privilege may be terminated or amended at any time by the Fund
and/or the Bank and neither shall incur any liability for such amendment
or termination or for effecting redemptions to pay checks reasonably
believed to be genuine, or for returning or not paying checks which have
not been accepted for any reason.
May 15, 1998 PX0880.004
