OPPENHEIMER BOND FUND
                  Supplement dated May 15, 1998 to the
                    Prospectus dated April 27, 1998


The  Prospectus  dated  April 27, 1998 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 33) 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 sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 28 is modified to read as
follows:

      If you  purchase  Class A shares as part of an  investment  of at least $1
      million (up to $500,000 for purchases 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.

3. The first  sub-paragraph of the section entitled "Buying Class A Shares-Class
A Contingent Deferred Sales Charge" on page 33 is modified to read as follows:

            o Purchases by a Retirement  Plan qualified under section 401(a) or
      401(k) of the Internal  Revenue Code if the Retirement Plan has total plan
      assets of $500,000 or more;

4. 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 33 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.)


                                                                  [over]






5. The second  sentence of the fifth paragraph of the section  entitled  "Buying
Class A Shares- Class A Contingent Deferred Sales Charge" on page 34 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.)

6. The  paragraph  entitled  "Special  Arrangements  With Dealers" on page 34 is
hereby deleted.

7. The  following  sub-paragraphs  under  the  heading  "Waivers  of the Class A
Contingent  Deferred  Sales  Charge  for  Certain  Redemptions"  of the  section
entitled "Waivers of Class A Sales Charges" on page 37 are deleted:

            o if, at the time of purchase  of shares  (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  (on or after May 1, 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);

















May 15, 1998                                                  PS0285.010






                             OPPENHEIMER BOND FUND
                     Supplement dated May 15, 1998 to the
           Statement of Additional Information dated April 27, 1998

The  Statement  of  Additional  Information  dated  April 27, 1998 is changed as
follows effective June 1, 1998:

1. The second sentence of the fourth  paragraph in the section  entitled "How To
Exchange Shares" on page 51 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.)













May 15, 1998                                                        PX0285.005