Oppenheimer International Bond Fund
                                                 Supplement dated July 1, 2002 to the
                                                   Prospectus dated January 28, 2002


The Prospectus is changed as follows:

1.       The commission  payments to  broker-dealers  on purchases of Class A shares  subject to a contingent  deferred sales charge by
     grandfathered  retirement  accounts has changed.  Therefore,  the fourth  sentence of the first  paragraph  under "How Can You Buy
     Class A Shares? - Class A Contingent Deferred Sales Charge" on page 19 is deleted and replaced with the following  sentence:  "For
     grandfathered  retirement  accounts,  the  concession  is 0.75% of the first $2.5 million of purchases  plus 0.25% of purchases in
     excess of $2.5 million."

2.       The section  captioned  "Distribution  and Service  (12b-1)  Plans - Service Plan for Class A Shares" on page 21 is revised by
     adding the following after the third sentence in that  paragraph:  "With respect to Class A shares subject to a Class A contingent
     deferred sales charge purchased by  grandfathered  retirement  accounts,  the Distributor pays the 0.25% service fee to dealers in
     advance for the first year after the shares are sold by the dealer.  After the shares have been held for a year,  the  Distributor
     pays the service fee to dealers on a quarterly basis."




July 1, 2002                                                                    PS0880.026





                                                  Oppenheimer International Bond Fund
                                                 Supplement dated July 1, 2002 to the
                                      Statement of Additional Information dated January 28, 2002
                                                         revised May 17, 2002


The Statement of Additional Information is changed as follows:

1.       The  section  captioned  "Distribution  and  Service  Plans - Class A Service  Plan  Fees" on page 42 is revised by adding the
     following to the end of the first paragraph:  "With respect to purchases of Class A shares subject to a contingent  deferred sales
     charge by certain retirement plans that purchased such shares prior to March 1, 2001 ("grandfathered  retirement  accounts"),  the
     Distributor  currently  intends to pay the service fee to Recipients in advance for the first year after the shares are purchased.
     After the first year shares are outstanding,  the Distributor makes service fee payments to Recipients  quarterly on those shares.
     The advance  payment is based on the net asset value of shares sold.  Shares  purchased by exchange do not qualify for the advance
     service fee payment.  If Class A shares  purchased by grandfathered  retirement  accounts are redeemed during the first year after
     their  purchase,  the Recipient of the service fees on those shares will be obligated to repay the  Distributor a pro rata portion
     of the advance payment of the service fee made on those shares.


         July 1, 2002                                                           PX0880.009