OPPENHEIMER INTERNATIONAL BOND FUND
                    Supplement dated October 25, 1999 to the
                        Prospectus dated January 29, 1999

The Prospectus is changed as follows:

1. The supplement dated August 31, 1999 is replaced by this supplement.

2. The third paragraph of the section entitled "How the Fund is Managed" on page
14 is revised to read as follows:

     |_|  Portfolio  Manager.  The  portfolio  manager  of the Fund is Arthur P.
Steinmetz.  He became the portfolio  manager on May 20, 1999,  and is the person
principally  responsible for the day-to-day  management of the Fund's portfolio.
He is a Vice President of the Fund and Senior Vice President of the Manager.  He
is an officer and portfolio manager for other  Oppenheimer  funds. Mr. Steinmetz
has been employed by the Manager since 1986.

     3. The first  sentence  of the  section  entitled  "Buying  Shares  Through
OppenheimerFunds AccountLink" on page 15 is revised to read as follows:

         With  AccountLink,  shares are purchased for your account by a transfer
         of money from your bank account  through the Automated  Clearing  House
         (ACH) system.

4. The  parenthetical  reference "(such as Automatic  Withdrawal  Plans)" in the
second sentence of the section "Are There  Differences in Account  Features that
Matter to You?" on page 18 is deleted.

5. The first  bulleted  paragraph  in the  section  entitled  "Certain  Requests
Require a Signature Guarantee" on page 26, is revised to read as follows:

         |_| You wish to redeem more than $100,000 and receive a check

6. The first sentence of the section  entitled  "Telephone  Redemptions  Paid by
Check" on page 27, is revised to read as follows:

         Up to $100,000 may be redeemed by telephone in any 7-day period.

                                                       (continued)



7. The second  paragraph under the caption  "Dividends" on page 31 is revised to
read as follows:

            Dividends and distributions paid on Class A shares will generally be
         higher than  dividends for Class B and Class C shares,  which  normally
         have higher  expenses than Class A. The Fund has no fixed dividend rate
         and cannot guarantee that it will pay any dividends or distributions.


October 25, 1999                  2                               PS0880.014

1

                       OPPENHEIMER INTERNATIONAL BOND FUND
                    Supplement dated October 25, 1999 to the
            Statement of Additional Information dated August 31, 1999

The Statement of Additional Information is changed as follows:

1. The second and third  sentences of the section  entitled "How to Buy Shares -
AccountLink" on page 48 is revised to read as follows:

         Shares will be purchased  on the regular  business day you instruct the
         Distributor to initiate the Automated  Clearing House ("ACH")  transfer
         to buy the shares.  Dividends will begin to accrue on shares  purchased
         with the proceeds of ACH transfers on the business day the  Distributor
         is instructed to initiate the ACH transfer  before the close of The New
         York Stock Exchange.

2.   The third  paragraph of the section  entitled "How to Exchange Shares - How
     Exchanges Affect Contingent Deferred Sales Charges" on page 63 is deleted.

3.   In Appendix C the  section  entitled  "Waivers of Class A Sales  Charges of
     Oppenheimer Funds - Waivers of the Class A Contingent Deferred Sales Charge
     for Certain  Redemptions" on page C-4, the first bullet point is revised as
     follows:

|_| To make Automatic  Withdrawal Plan payments that are limited to no more than
12% of the account value annually  measured at the time the Plan is established,
adjusted annually.

4.   In the section  entitled  "Waivers of Class B and Class C Sales  Charges of
     Oppenheimer Funds - Waivers for Redemptions in Certain Cases", on page C-6,
     number 13 under the 7th bullet (for retirement plans) is revised to read as
     follows:

         (13)     For  distributions  from  a  participant's  account  under  an
                  Automatic  Withdrawal Plan after the  participant  reaches age
                  59-1/2,  as long as the aggregate  value of the  distributions
                  does not exceed 10% of the account's  value annually  measured
                  at the time the plan is established, adjusted annually.

                                                           (continued)





5.   In the section  entitled "Class A, Class B and Class C Contingent  Deferred
     Sales Charge Waivers - Waivers for Redemptions of Shares Purchased Prior to
     March 6, 1995," on page C-8,  the first  bullet point is revised to read as
     follows:

         |_|  withdrawals under an automatic withdrawal plan holding only either
              Class B or Class C shares if the annual withdrawal does not exceed
              10% of the account value annually measured at the time the plan is
              established, adjusted annually, and

6.   In the section  entitled "Class A, Class B and Class C Contingent  Deferred
     Sales Charge Waivers - Waivers for  Redemptions  of Shares  Purchased on or
     After March 6, 1995 but Prior to November 24, 1995" on page C-9, the second
     bullet point is revised to read as follows:

         |_|  withdrawals under an automatic withdrawal plan (but only for Class
              B or Class C shares)  where the annual  withdrawals  do not exceed
              10% of the account value annually measured at the time the plan is
              established, adjusted annually.


October 25, 1999                                              PX0880.006