OPPENHEIMER INTERNATIONAL BOND FUND
                 Supplement dated February 1, 2001 to the
                     Prospectus dated January 17, 2001


The  Prospectus is changed by adding the following  section in "About
Your  Account - How to Buy Shares"  before the  sub-section  entitled
"How Can You Buy Class A Shares?":

In addition  to paying  dealers the  regular  sales  concessions  for
sales  of  Class  A,  Class B and  Class C  shares  described  in the
Prospectus,  the  Distributor  will pay a special  concession to A.G.
Edwards & Sons,  Inc.  ("AGE") on  purchase  orders for shares of the
Fund  submitted  from  February 1, 2001,  through April 16, 2001 (the
concession  period),  for  Individual  Retirement  Accounts for which
AGE is the  dealer of  record,  including  OppenheimerFunds-sponsored
IRAs and AGE prototype  IRAs.  The  concession  applies to qualifying
purchases  of shares made during the  concession  period to establish
new  IRAs as well as to make  additional  contributions  to  existing
IRAs.  The special  concession  does not apply to purchases  intended
but not yet made under a Letter of Intent or to  purchases  made with
the proceeds of a redemption  or exchange  from an  account(s) in one
or more of the Oppenheimer  funds.  During the concession  period the
Distributor  will reallow to AGE the full  commission  on  qualifying
purchases  of  Class A  shares  and  will  advance  to AGE  from  the
Distributor's  own resources an additional  0.50% on qualifying sales
of Class B shares and 0.25% on qualifying sales of Class C shares.







February 1, 2001                                      PS0880.018