OPPENHEIMER INTERNATIONAL BOND FUND
                  Supplement Dated August 1, 1996 to the
                     Prospectus dated December 5, 1995

The Prospectus is changed as follows:

1.   The section captioned "Annual Fund Operating Expenses" on
pages 3 and 4 is deleted and replaced with the following:

       Annual Fund Operating Expenses are paid out of the Fund's
  assets and represent the Fund's expenses in operating its
  business.  For example, the Fund pays management fees to its
  investment adviser, OppenheimerFunds, Inc. (which is referred to
  in this Prospectus as the "Manager").  The rates of the
  Manager's fees are set forth in "How the Fund is Managed,"
  below.  The Fund has other regular expenses for services, such
  as transfer agent fees, custodial fees paid to the bank that
  holds its portfolio securities, audit fees and legal expenses.
  Those expenses are detailed in the Fund's Financial Statements
  in the Statement of Additional Information.  

Annual Fund Operating Expenses as a Percentage of Average Net
Assets (Restated)

                      Class A   Class B   Class C
                      Shares    Shares    Shares
  -----------------------------------------------------------------
  Management Fees          0.75%          0.75%          0.75%
  -----------------------------------------------------------------
  12b-1 Distribution Plan Fees  0.25%          1.00%     
  1.00%
  -----------------------------------------------------------------
  Other Expenses           0.59%          0.46%          0.51%
  -----------------------------------------------------------------
  Total Fund               1.59%          2.21%          2.26%
  Operating Expenses

     The numbers in the table above are based on the Fund's
  expenses in its last fiscal period from June 15, 1995
  (commencement of operations) through fiscal year end September
  30, 1995.  These amounts are shown as a percentage of the
  average net assets of each class of the Fund's shares for that
  period, and have been restated to reflect termination by the
  Manager of a voluntary expense assumption.  With the voluntary
  expense assumption by the Manager, no management fee would have
  been payable by the Fund's Class A, Class B and Class C shares;
  the 12b-1 distribution plan fee would have been 0%, 0.43% and
  0.34% of average annual net assets for the Fund's Class A, Class
  B and Class C shares, respectively; "Other Expenses" would have
  been 0.41% for the Fund's Class A shares; and "Total Fund
  Operating Expenses" would have been 0.41%, 0.89% and 0.85% for
  the Fund's Class A, Class B and Class C shares, respectively.

     The 12b-1 Distribution Plan Fees for Class A shares are
  service fees (the maximum fee is 0.25% of average annual net
  assets of that class), and for Class B and Class C shares, are
  the service  fee (the maximum service fee is 0.25% of average
  annual net assets of the class) and the asset-based sales charge
  of 0.75%.  These Plans are discussed in greater detail in "How
  to Buy Shares."  

     The actual expenses for each class of shares in future years
  may be more or less than the figures in the table, depending on
  a number of factors, including the actual value of the Fund's
  assets represented by each class of shares.  

2.   The section captioned "Examples" on pages 4 and 5 is deleted
and replaced with the following:

       Examples.  To try to show the effect of these expenses on an
  investment over time, we have created the hypothetical examples
  shown below.  Assume that you make a $1,000 investment in each
  class of shares of the Fund, and that the Fund's annual return
  is 5%, and that its operating expenses for each class are the
  ones shown in the Annual Fund Operating Expenses table above. 
  If you were to redeem your shares at the end of each period
  shown below, your investment would incur the following expenses
  by the end of 1, 3, 5 and 10 years:

                 1 year         3 years   5 years   10 years*
  -----------------------------------------------------------------
  Class A Shares      $63       $95       $130      $227
  ---------------------------------------------------------------
  Class B Shares      $72       $99       $138      $224
  ---------------------------------------------------------------
  Class C Shares      $33       $71       $121      $260

  If you did not redeem your investment, it would incur the
  following expenses:

  Class A Shares      $63       $95       $130      $227
  -----------------------------------------------------------------
  Class B Shares      $22       $69       $118      $224
  --------------------------------------------------------------
  Class C Shares      $22       $71       $121      $260

  *The Class B expenses in years 7 through 10 are based on the
  Class A expenses shown above, because the Fund automatically
  converts Class B shares into Class A shares after 6 years. 
  Because of the asset-based sales charge and the contingent
  deferred sales charge on Class B and Class C shares, long-term
  Class B and Class C shareholders could pay the economic
  equivalent of more than the maximum front-end sales charge
  allowed under applicable regulations.  For Class B shareholders,
  the automatic conversion of Class B shares to Class A shares is
  designed to minimize the likelihood that this will occur. 
  Please refer to "How to Buy Shares - Buying Class B Shares" for
  more information.

     These examples show the effect of expenses on an investment,
  but are not meant to state or predict actual or expected costs
  or investment returns of the Fund, all of which will be more or
  less than those shown.


August 1, 1996                                                   PS0880.006