OPPENHEIMER INTERNATIONAL BOND FUND
                  Supplement dated September 25, 1998 to the
                       Prospectus dated January 9, 1998

The Prospectus is is revised as follows:

1. The supplement dated May 15, 1998 is replaced with this supplement.

2. 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 by
      "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.

3. The following is added after the section  entitled  "Foreign Debt Securities"
on pages 11 and 12:

            Risks of Conversion to Euro. On January 1, 1999, eleven countries in
      the  European  Monetary  Union  will  adopt  the  euro as  their  official
      currency.  However,  their current currencies (for example, the franc, the
      mark, and the lire) will also continue in use until January 1, 2002. After
      that  date,  it is  expected  that  only  the  euro  will be used in those
      countries.  A common currency is expected to confer some benefits in those
      markets,  by consolidating  the government debt market for those countries
      and reducing some currency risks and costs.  But the conversion to the new
      currency will affect the Fund  operationally and also has potential risks,
      some of which are listed below.  Among other things,  the conversion  will
      affect:

      issuers in which the Fund  invests,  because of changes in the
      competitive  environment  from  a  consolidated  currency  market  and
      greater  operational  costs from converting to the new currency.  This
      might depress stock values.

      vendors  the  Fund  depends  on to  carry  out its  business,  such as its
      Custodian (which holds the foreign  securities the Fund buys), the Manager
      (which must price the Fund's  investments  to deal with the  conversion to
      the euro) and brokers,  foreign  markets and securities  depositories.  If
      they are not prepared, there could be delays in settlements and additional
      costs to the Fund.

      exchange  contracts  and  derivatives  that  are  outstanding  during  the
      transition to the euro. The lack of currency rate calculations between the
      affected currencies and the need to update the Fund's contracts could pose
      extra costs to the Fund.

            The  Manager  is  upgrading   (at  its  expense)  its  computer  and
      bookkeeping systems to deal with the conversion.  The Fund's Custodian has
      advised  the Manager of its plans to deal with the  conversion,  including
      how  it  will   update  its  record   keeping   systems   and  handle  the
      redenomination  of outstanding  foreign debt. The Fund's portfolio manager
      will also  monitor the effects of the  conversion  on the issuers in which
      the Fund  invests.  The  possible  effect of these  factors  on the Fund's
      investments cannot be determined with certainty at this time, but they may
      reduce  the  value  of  some  of the  Fund's  holdings  and  increase  its
      operational costs.

4. 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.

5. 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.
6. 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.

7. 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.

8. 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).

9. 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).


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


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


            G 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)


            G 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)


12.  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
      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.



September 25, 1998                                                  PS0880.012