OPPENHEIMER INTERNATIONAL BOND FUND
                      Supplement dated May 15, 1998 to the
                        Prospectus dated January 9, 1998

The Prospectus is changed as follows effective June 1, 1998:

1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:

      (1) If you  invest $1  million  or more  ($500,000  or more for  purchases
      "Retirement  Plans" as  defined  in  "Class A  Contingent  Deferred  Sales
      Charge" on page 31) in Class A shares,  you may have to pay a sales charge
      of up to 1% if you sell your shares within 18 calendar months from the end
      of the calendar month during which you purchased those shares. See "How to
      Buy Shares -- Buying Class A Shares," below.

2. The second  paragraph of the sub-section  captioned "Put and Call Options" on
page 18 is revised to read as follows:

      The Fund may buy calls on  securities,  broadly-based  indices,  foreign
currencies or Futures,
      or to terminate its obligation on a call the Fund previously wrote.

3. The third sentence of the fourth paragraph of the sub-section  captioned "Put
and Call
Options" on page 18 is revised to read as follows:

            The Fund can buy  puts  that  relate  to  securities,  broadly-based
            indices,  foreign  currencies  or  Futures,  whether or not the Fund
            holds the underlying investment in the portfolio.

4. The last  paragraph of the  sub-section  captioned  "Put and Call Options" on
page 18 is revised to read as follows:

            The  Fund  may  write  puts on  securities,  broadly-based  indices,
            foreign  currencies  or  Futures in an amount up to 50% of its total
            assets  but only if those  puts are  covered  by  segregated  liquid
            assets.

5. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares -- Classes of Shares" on page 27 is modified to read
as follows:

      If you  purchase  Class A shares as part of an  investment  of at least $1
      million  ($500,000  for  Retirement  Plans)  in  shares  of  one  or  more
      Oppenheimer  funds,  you will not pay an initial sales charge,  but if you
      sell any of those shares  within 18 months of buying  them,  you may pay a
      contingent deferred sales charge, described below.

                                                                     (continued)



6. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares -- Class A Contingent  Deferred  Sales Charge" on page 32
are modified
to read as follows:

      If you redeem any Class A shares subject to the contingent  deferred sales
      charge  described  above within 18 months of the end of the calendar month
      of their purchase, a contingent deferred sales charge (called the "Class A
      contingent  deferred  sales  charge") may be deducted from the  redemption
      proceeds.  (A different holding period may apply to shares purchased prior
      to June 1, 1998).

7. The second  sentence of the fifth paragraph of the section  entitled  "Buying
Class A Shares  --  Class A  Contingent  Deferred  Sales  Charge"  on page 33 is
modified to read as follows:

      However,  if the shares acquired by exchange are redeemed within 18 months
      of the end of the calendar month of the purchase of the exchanged  shares,
      the  contingent  deferred  sales charge will apply.  (A different  holding
      period may apply to shares purchased prior to June 1, 1998).

8. The  paragraph  entitled  "Special  Arrangements  With Dealers" on page 33 is
hereby deleted.

9. The  following  sub-paragraphs  of the section  entitled " Waivers of Class A
Sales Charges" on page 36 are deleted:

            o if, at the time of purchase of shares (if  purchased  prior to May
      1, 1997) the dealer  agreed in writing to accept the  dealer's  portion of
      the sales commission in installments of 1/18th of the commission per month
      (and no further  commission  will be  payable  if the shares are  redeemed
      within 18 months of purchase)

            o if, at the time of  purchase  of shares (if  purchased  during the
      period May 1, 1997 through December 31, 1997) the dealer agreed in writing
      to accept the dealer's  portion of the sales commission in installments of
      1/12th of the  commission  per month  (and no further  commission  will be
      payable if the shares are redeemed within 12 months of purchase)

10.  The  following  paragraph  replaces  the  existing  sub-section   captioned
"OppenheimerFunds
Internet Web Site" on page 42:

      OppenheimerFunds  Internet Web Site. Information about the Fund, including
      your  account  balance,  daily  share  prices,  market and Fund  portfolio
      information, may be obtained by visiting the OppenheimerFunds Internet Web
      Site, at the following Internet address:  http://www.oppenheimerfunds.com.
      Additionally,  certain  account  transactions  may  be  requested  by  any
      shareholder  listed in the  registration  on an  account as well as by the
      dealer  representative  of record  through a special  section  of that Web
      Site.  To access  that  section  of the Web Site you must  first  obtain a
      personal   identification  number  ("PIN")  by  calling   OppenheimerFunds
      PhoneLink at 1-800-533-3310. If you do not wish to have Internet

                                                                     (continued)

      account  transactions  capability  for  your  account,  please  call our
      customer service
      representatives  at  1-800-525-7048.  To find out more information about
      Internet transactions
      and procedures, please visit the Web Site.



May 15, 1998                                                        PS0880.011




                       OPPENHEIMER INTERNATIONAL BOND FUND
                      Supplement dated May 15, 1998 to the
           Statement of Additional Information dated January 9, 1998

The Statement of Additional  Information is changed as follows effective June 1,
1998:

1. The third  sentence of the fourth  paragraph in the section  entitled "How To
Exchange Shares" on page 56 is revised to read as follows:

      However,  if you redeem  Class A shares of the Fund that were  acquired by
      exchange of Class A shares of other Oppenheimer funds purchased subject to
      a Class A contingent  deferred sales charge within 18 months of the end of
      the calendar  month of the purchase of the exchanged  Class A shares,  the
      Class A contingent deferred sales charge is imposed on the redeemed shares
      (see "Class A Contingent  Deferred  Sales Charge" in the  Prospectus).  (A
      different  holding period may apply to shares  purchased  prior to June 1,
      1998).

2. The following  paragraph is added to the section captioned  "Checkwriting" on
page 51:

            By  choosing  the  Check  Writing  privilege,  whether  you do so by
      signing the Account Application or by completing a Check Writing card, the
      individuals  signing  (1)  represent  that they are either the  registered
      owner(s) of the shares of the Fund,  or are an officer,  general  partner,
      trustee or other fiduciary or agent, as applicable, duly authorized to act
      on  behalf of such  registered  owner(s);  (2)  authorize  the  Fund,  its
      Transfer Agent and any bank through which the Fund's drafts ("checks") are
      payable  (the  "Bank"),all  checks  drawn  on the  Fund  account  of  such
      person(s) and to effect a redemption of sufficient  shares in that account
      to cover payment of such checks; (3) specifically  acknowledge(s)  that if
      you choose to permit a single  signature  on checks  drawn  against  joint
      accounts,  or accounts  for  corporations,  partnerships,  trusts or other
      entities, the signature of any one signatory on a check will be sufficient
      to authorize  payment of that check and redemption from an account even if
      that account is registered in the names of more than one person or even if
      more than one  authorized  signature  appears on the Check Writing card or
      the  Application,  as  applicable;  and (4)  understand(s)  that the Check
      Writing  privilege  may be  terminated  or amended at any time by the Fund
      and/or the Bank and neither shall incur any  liability for such  amendment
      or  termination  or for  effecting  redemptions  to pay checks  reasonably
      believed to be genuine,  or for  returning or not paying checks which have
      not been accepted for any reason.





May 15, 1998                                                      PX0880.004