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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.
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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
