On April  13,  2000,  the  Board of  Trustees  approved  the  reorganization  of
Oppenheimer World Bond Fund with and into Oppenheimer  International  Bond Fund.
Shareholders  of  Oppenheimer  World  Bond  Fund  will be  asked  to  approve  a
reorganization   whereby   shareholders  would  receive  shares  of  Oppenheimer
International  Bond Fund. If  shareholder  approval is received,  it is expected
that the reorganization will occur during the first quarter of calendar 2001.