OPPENHEIMER INTERNATIONAL BOND FUND
                   Supplement Dated August 18, 2005 to the
                      Prospectus dated November 26, 2004


This supplement amends the Prospectus dated November 26, 2004 and is in
addition to the supplement dated February 18, 2005.

The Prospectus is revised as follows:

The following paragraph is added at the end of the section titled "About The
Fund - About The Fund's Investments - Other Investment Strategies."

      Investments by "Funds of Funds." Class Y shares of the Fund are
   offered as an investment to other Oppenheimer funds that act as
   "funds of funds." The Fund's Board of Trustees has approved making the
   Fund's shares available as an investment to those funds. Those funds
   of funds may invest significant portions of their assets in shares of
   the Fund, as described in their respective prospectuses. Those other
   funds, individually and/or collectively, may own significant amounts
   of the Fund's shares from time to time. Those funds of funds
   typically use asset allocation strategies under which they may
   increase or reduce the amount of their investment in the Fund
   frequently, which may occur on a daily basis under volatile market
   conditions. Depending on a number of factors, such as the flows of
   cash into and from the Fund as a result of the activity of other
   investors and the Fund's then-current liquidity, those purchases and
   redemptions of the Fund's shares by funds of funds could require the
   Fund to purchase or sell portfolio securities, increasing its
   transaction costs and possibly reducing its performance, if the size
   of those purchases and redemptions were significant relative to the
   size of the Fund. For a further discussion of the possible effects of
   frequent trading in the Fund's shares, please refer to "Are There
   Limitations On Exchanges?" below.



August 18, 2005                                                 PS0880.033