OPPENHEIMER HIGH YIELD FUND
Supplement dated November 18, 1994 to
the Prospectus dated October 25, 1994
The Prospectus is amended as follows:
1. The following text is added after the first sentence of the first
paragraph under the heading "Waivers of Class A Sales Charges" on page 17:
In addition, no initial or deferred sales charge will be imposed
on Class A shares of the Fund paid for with the redemption proceeds of
shares of a mutual fund other than a money market fund or a fund managed
by the Manager or its affiliates. This sales charge waiver must be
requested when you buy your shares, and the Distributor may require
evidence of qualification for this waiver.
2. The second sentence of the first paragraph under the heading
"Distribution and Service Plan for Class B Shares" on page 19 is revised
to read as follows:
Under the Plan, the Fund pays the Distributor an annual "asset-
based sales charge" of 0.75% per year on Class B shares that are
outstanding for 6 years or less.
November 18, 1994
