OPPENHEIMER INVESTMENT GRADE BOND FUND
                     Supplement dated May 4, 1995 to the 
                         Prospectus dated May 1, 1995

The Prospectus is amended as follows:

1.  The following is added as a final paragraph under "Can the Fund's
Investment Objective Policies Change?" on page 7:

    The Fund's Board of Trustees has determined that it would be in
    the best interest of the Fund's shareholders that they change the
    Fund's current investment policies with respect to investments in
    investment-grade bonds.  If shareholders approve the proposal, the
    Fund will, among other things, be permitted to invest up to 35% of
    its total assets in lower grade debt securities.  Currently, the
    Fund may invest only in investment-grade debt securities, U.S.
    government and agency securities, and money market instruments. 
    A portfolio made up primarily of investment-grade securities is
    generally more sensitive to changes in interest rates than a
    portfolio of securities with varying quality.  There can be no
    assurance that shareholders will approve the proposal.  Details
    about this proposal will be contained in a proxy statement to be
    sent to the Fund's shareholders of record on April 28, 1995, the
    record date for the shareholder meeting to vote on this proposal.

2.  The following is inserted as the third paragraph under the heading
"Fees and Expenses" on page 11:

    The Board of Trustees has recommended that the Fund's shareholders
    approve a new investment advisory agreement with the Manager,
    which would compensate the Manager at a rate equal to that of
    other general bond funds advised by the Manager.  Under the new
    advisory agreement, the Fund would pay the Manager the following
    annual fees, which decline on additional assets as the Fund grows:
    0.75% of the first $200 million of the Fund's average annual net
    assets, 0.72% of the next $200 million, 0.69% of the next $200
    million, 0.66% of the next $200 million, 0.60% of the next $200
    million, and 0.50% of net assets in excess of $1 billion.  If the
    new investment advisory agreement is approved, the Manager would
    terminate the Sub-Advisory Agreement.  Details about this proposal
    will be contained in a proxy statement to be sent to the Fund's
    shareholders of record on April 28, 1995, the record date for the
    shareholder meeting to vote on this proposal investment advisory
    agreement.


                                                                    (continued)




3.  A new final paragraph is added to "Distribution and Service Plan for
Class B Shares" on page 19:

    The Fund's Board of Trustees has determined that it is in the best
    interest of the Fund's shareholders to adopt a new Distribution
    and Service Plan for Class B shares to compensate the Distributor
    for its services and costs in distributing Class B shares and
    servicing accounts. Under the new plan, the Distributor would be
    compensated with a fixed service fee (0.25% of average annual net
    assets, which is the maximum rate under the current Plan). 
    Distribution costs in excess of the service fee will be borne by
    the Distributor.  Under the new plan (and under the current plan),
    the Fund would pay the Distributor an annual "asset-based sales
    charge" of 0.75% on Class B shares that are outstanding for less
    than six years.  Details about the proposed plan will be contained
    in a proxy statement to be sent to the Fund's shareholders of
    record as of April 28, 1995, the record date for the shareholder
    meeting to vote on the proposed plan.






May 4, 1995                                                          PS0285.001