OPPENHEIMER INTERNATIONAL BOND FUND
                  Supplement dated January 1, 1997 to the
                     Prospectus dated December 5, 1995

The Prospectus is changed as follows:

1.   In addition to paying dealers the regular commission for (1) sales of
Class A shares stated in the sales charge table in "Buying Class A Shares" on
page 25, (2) sales of Class B shares described in the third paragraph in
"Distribution and Service Plans for Class B Shares" on page 31, and (3) sales
of Class C shares described in the third paragraph in "Distribution and
Service Plans for Class C Shares" on page 33, the Distributor will pay
additional commission to each broker, dealer and financial institution that
has a sales agreement with the Distributor and agrees to accept that
additional commission (these are referred to as "participating firms") for
Class A, Class B and Class C shares of the Fund sold in "qualifying
transactions" (the "promotion").  The additional commission will be 1.00% of
the offering price of shares of the Fund sold by a registered representative
or sales representative of a participating firm during the promotion.  If the
additional commission is paid on the sale of Class A shares of $500,000 or
more or the sale of Class A shares to a SEP IRA with 100 or more eligible
participants and those shares are redeemed within 13 months from the end of
the month in which they were purchased, the participating firm will be
required to return the additional commission. 

     "Qualifying transactions" are aggregate sales of  $150,000 or more of
Class A, Class B and/or Class C shares of any one or more of the Oppenheimer
funds (except money market funds and municipal bond  funds) for rollovers or
trustee-to-trustee transfers from another retirement plan trustee, of IRA
assets or other employee benefit plan assets from an account or investment
other than an account or investment in the Oppenheimer funds to (1) IRAs, 
rollover IRAs, SEP IRAs and SAR-SEP IRAs,  using the OppenheimerFunds, Inc.
prototype IRA agreement, if the rollover contribution is received during the
period from January 1, 1997 through April 15, 1997 (the "promotion period"),
or the acceptance of a direct rollover or trustee-to-trustee transfer is
acknowledged by the trustee of the OppenheimerFunds prototype IRA during the
promotion period,  and (2) IRAs, rollover IRAs, SEP IRAs and SAR-SEP IRAs
using the A.G. Edwards & Sons, Inc. prototype IRA agreement, if the rollover
contribution or trustee-to-trustee payment is received during the promotion
period.  "Qualifying transactions" do not include (1) purchases of Class A
shares intended but not yet made under a Letter of Intent, and (2) purchases
of Class A, Class B and/or Class C shares with the redemption proceeds from an
existing Oppenheimer funds account.

2.   The first paragraph of the section captioned "Class A Contingent
Deferred Sales Charge" in "Buying Class A Shares" on page 26, is revised by
adding the following subparagraph:

       Purchases by a retirement plan qualified under section 401(a) if the
retirement plan has total plan assets of $500,000 or more.

January 1, 1997                                                  PS0880.008