497

                                               OPPENHEIMER BOND FUND
                                       Supplement dated July 1, 2002 to the
                       Prospectus dated April 30, 2002 and further supplemented May 20, 2002


The Prospectus is changed as follows:


1.       The  commission  payments  to  broker-dealers  on  purchases  of Class A shares  subject  to a  contingent
     deferred sales charge by  grandfathered  retirement  accounts has changed.  Therefore,  the fourth sentence of
     the first  paragraph  under "How Can You Buy Class A Shares?  - Class A Contingent  Deferred  Sales Charge" on
     page 22 is deleted and replaced with the following  sentence:  "For  grandfathered  retirement  accounts,  the
     concession  is 0.75% of the  first  $2.5  million  of  purchases  plus  0.25% of  purchases  in excess of $2.5
     million."

2.       The section  captioned  "Distribution  and  Service  (12b-1)  Plans - Service  Plan for Class A Shares" is
     revised by adding the following  after the third sentence in that  paragraph:  "With respect to Class A shares
     subject to a Class A contingent  deferred sales charge purchased by  grandfathered  retirement  accounts,  the
     Distributor  pays the 0.25%  service fee to dealers in advance for the first year after the shares are sold by
     the dealer.  After the shares have been held for a year,  the  Distributor  pays the service fee to dealers on
     a quarterly basis."



July 1, 2002                                                                            285PS027

EX-99

                                               OPPENHEIMER BOND FUND

                                       Supplement dated July 1, 2002 to the
                             Statement of Additional Information dated April 30, 2002


The Statement of Additional Information is changed as follows:

1.       The supplement dated May 17, 2002 is deleted and replaced by this supplement.

2.       The  following is added after the section  captioned  "ABOUT THE FUND - Additional  Information  About the
     Fund's Investment Policies and Risks - Credit Risk" on page 2:

     Credit  Derivatives.  The Fund may enter into credit  default  swaps,  both  directly  ("unfunded  swaps") and
     indirectly in the form of a swap embedded  within a structured note ("funded  swaps"),  to protect against the
     risk that a security will  default.  Unfunded and funded  credit  default  swaps may be on a single  security,
     or on a basket of  securities.  The Fund pays a fee to enter into the swap and receives a fixed payment during
     the  life of the  swap.  The  Fund may  take a short  position  in the  credit  default  swap  (also  known as
     "buying  credit  protection"),  or may take a long  position  in the credit  default  swap note (also known as
     "selling credit protection").

     The Fund would take a short position in a credit  default swap (the "unfunded  swap") against a long portfolio
     position to decrease  exposure to specific high yield  issuers.  If the short credit default swap is against a
     corporate  issue,  the Fund must own that  corporate  issue.  However,  if the short  credit  default  swap is
     against  sovereign  debt, the Fund may own either:  (i) the reference  obligation,  (ii) any sovereign debt of
     that  foreign  country,  or (iii)  sovereign  debt of any  country  that the  Manager  determines  is  closely
     correlated as an inexact bona fide hedge.

     If the Fund  takes a short  position  in the  credit  default  swap,  if there  is a credit  event  (including
     bankruptcy,  failure to timely pay  interest or  principal,  or a  restructuring),  the Fund will  deliver the
     defaulted  bonds  and the swap  counterparty  will pay the par  amount of the  bonds.  An  associated  risk is
     adverse  pricing  when  purchasing  bonds to satisfy the  delivery  obligation.  If the swap is on a basket of
     securities,  the  notional  amount of the swap is  reduced by the par amount of the  defaulted  bond,  and the
     fixed payments are then made on the reduced notional amount.

     Taking a long position in the credit  default swap note (i.e.,  purchasing  the "funded  swap") would increase
     the Fund's  exposure to specific  high yield  corporate  issuers.  The goal would be to increase  liquidity in
     that market sector via the swap note and its  associated  increase in the number of trading  instruments,  the
     number and type of market participants, and market capitalization.

     If the Fund takes a long  position in the credit  default swap note,  if there is a credit event the Fund will
     pay the par  amount  of the  bonds and the swap  counterparty  will  deliver  the  bonds.  If the swap is on a
     basket of  securities,  the notional  amount of the swap is reduced by the par amount of the  defaulted  bond,
     and the fixed payments are then made on the reduced notional amount.

     The Fund will invest no more than 25% of its total assets in "unfunded" credit default swaps.

     The Fund will limit its  investments  in "funded"  credit  default swap notes to no more than 10% of its total
     assets.

     Other risks of credit  default swaps  include the cost of paying for credit  protection if there are no credit
     events,  pricing  transparency  when assessing the cost of a credit default swap,  counterparty  risk, and the
     need to fund the delivery  obligation  (either cash or the defaulted  bonds,  depending on whether the Fund is
     long or short the swap, respectively).


3.   The  section  captioned  "Distribution  and  Service  Plans - Class A Service  Plan" on page 46 is  revised by
     adding  the  following  to the end of the  first  paragraph:  "With  respect  to  purchases  of Class A shares
     subject to a contingent  deferred  sales charge by certain  retirement  plans that purchased such shares prior
     to March 1, 2001 ("grandfathered  retirement accounts"),  the Distributor currently intends to pay the service
     fee to  Recipients in advance for the first year after the shares are  purchased.  After the first year shares
     are  outstanding,  the  Distributor  makes service fee payments to Recipients  quarterly on those shares.  The
     advance  payment is based on the net asset value of shares sold.  Shares  purchased by exchange do not qualify
     for the advance service fee payment.  If Class A shares  purchased by  grandfathered  retirement  accounts are
     redeemed  during the first year after their  purchase,  the Recipient of the service fees on those shares will
     be obligated  to repay the  Distributor  a pro rata portion of the advance  payment of the service fee made on
     those shares.



July 1, 2002                                                                              PX0285.013