OPPENHEIMER INVESTMENT GRADE BOND FUND

                    Supplement dated September 30, 1994
                    to the Prospectus dated May 1, 1994

The Prospectus is amended as follows:

1.    The following is added at the end of the second paragraph under the
caption "Mortgage-Backed Securities and CMOs" on page 8:

   The Fund may also invest in CMOs that are "stripped," that is, the
   security is divided into two parts, one of which receives the principal
   payments (P/O) and the other which receives the interest (I/O).  I/Os
   and P/Os are subject to increased volatility in price due to interest
   rate changes.  Rapid repayment of mortgage principal in a sharply
   declining interest rate environment reduced the value of an I/O since
   the interest will not be paid on prepaid mortgages, and increases the
   value of the value of the corresponding P/O because the payments are
   nearer.  If rates rise, the value of the P/O falls as early payments
   decline and the value of the I/O increases as prospects for a long
   stream of interest payments increase.



September 30, 1994                                             PS285