<PAGE> PAGE 1
000 B000000 06/30/95
000 C000000 0000276195
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 OPPENHEIMER HIGH YIELD FUND
001 B000000 811-2849
001 C000000 3036713200
002 A000000 3410 SOUTH GALENA STREET
002 B000000 DENVER
002 C000000 CO
002 D010000 80231
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
018 000000 Y
019 A000000 Y
019 B000000 36
019 C000000 OPPENHEIMR
020 A000001 FIRST CHICAGO CAPITAL MARKET
020 B000001 36-3595942
020 C000001 964
020 A000002 FIRST BOSTON CORP. (THE)
020 B000002 13-5659485
020 C000002 662
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003 430
020 A000004 SALOMON BROTHERS, INC.
020 B000004 13-3082694
020 C000004 326
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000005 13-5674085
020 C000005 219
020 A000006 GRANTCHESTER SECURITIES, INC.
020 B000006 13-3502273
020 C000006 145
020 A000007 BEAR SECURITIES CORP.
020 B000007 13-3299429
020 C000007 131
020 A000008 MORGAN (J.P.) SECURITIES, INC.
020 B000008 13-3224016
020 C000008 128
020 A000009 SHEARSON LEHMAN BROTHERS, INC.
<PAGE> PAGE 2
020 B000009 13-2518466
020 C000009 116
020 A000010 MORGAN KEEGAN & CO., INC.
020 B000010 64-0474907
020 C000010 88
021 000000 3794
022 A000001 FIRST CHICAGO CAPITAL MARKET
022 B000001 36-3595942
022 C000001 5083100
022 D000001 0
022 A000002 FIRST BOSTON CORP. (THE)
022 B000002 13-5659485
022 C000002 572975
022 D000002 14282
022 A000003 SALOMON BROTHERS, INC.
022 B000003 13-3082694
022 C000003 121194
022 D000003 73246
022 A000004 BANK OF NEW YORK (THE)
022 B000004 13-4941102
022 C000004 88403
022 D000004 47130
022 A000005 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000005 13-5674085
022 C000005 80569
022 D000005 39201
022 A000006 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000006 13-3371860
022 C000006 104590
022 D000006 4525
022 A000007 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000007 13-2741729
022 C000007 79871
022 D000007 19382
022 A000008 FUJI SECURITIES, INC.
022 B000008 36-2880742
022 C000008 32670
022 D000008 32598
022 A000009 SHEARSON LEHMAN BROTHERS, INC.
022 B000009 13-2518466
022 C000009 35844
022 D000009 29368
022 A000010 GRANTCHESTER SECURITIES, INC.
022 B000010 13-3502273
022 C000010 32054
022 D000010 28279
023 C000000 6435129
023 D000000 475528
028 A010000 26132
028 A020000 -1
028 A030000 0
<PAGE> PAGE 3
028 A040000 18746
028 B010000 41793
028 B020000 4836
028 B030000 0
028 B040000 15128
028 C010000 34844
028 C020000 5120
028 C030000 0
028 C040000 18270
028 D010000 30997
028 D020000 5326
028 D030000 0
028 D040000 16880
028 E010000 46035
028 E020000 5439
028 E030000 0
028 E040000 19764
028 F010000 51594
028 F020000 10905
028 F030000 0
028 F040000 37279
028 G010000 231395
028 G020000 31625
028 G030000 0
028 G040000 126067
028 H000000 99169
029 000000 Y
030 A000000 2630
030 B000000 4.75
030 C000000 0.00
031 A000000 625
031 B000000 0
032 000000 2005
033 000000 0
034 000000 Y
035 000000 334
036 A000000 N
036 B000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 3326
044 000000 0
055 A000000 Y
055 B000000 N
056 000000 N
<PAGE> PAGE 4
057 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 4.4
062 N000000 2.3
062 O000000 0.8
062 P000000 84.7
062 Q000000 2.9
062 R000000 2.5
063 A000000 0
063 B000000 7.2
064 A000000 Y
064 B000000 Y
065 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
<PAGE> PAGE 5
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1111749
071 B000000 974203
071 C000000 1039272
071 D000000 94
072 A000000 12
072 B000000 122003
072 C000000 1546
072 D000000 0
072 E000000 0
072 F000000 7542
072 G000000 0
072 H000000 0
072 I000000 1077
072 J000000 100
072 K000000 242
072 L000000 242
072 M000000 55
072 N000000 35
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 29
072 S000000 38
072 T000000 3326
072 U000000 0
072 V000000 0
072 W000000 133
072 X000000 12819
072 Y000000 0
072 Z000000 110730
072AA000000 29945
072BB000000 87123
072CC010000 26763
072CC020000 0
072DD010000 98285
072DD020000 11984
072EE000000 1179
073 A010000 1.2950
073 A020000 1.1920
073 B000000 0.0120
073 C000000 0.0000
074 A000000 0
<PAGE> PAGE 6
074 B000000 0
074 C000000 0
074 D000000 1191895
074 E000000 18094
074 F000000 6958
074 G000000 0
074 H000000 0
074 I000000 5843
074 J000000 18081
074 K000000 0
074 L000000 31071
074 M000000 2154
074 N000000 1274096
074 O000000 12031
074 P000000 41
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 8807
074 S000000 0
074 T000000 1253217
074 U010000 80260
074 U020000 14639
074 V010000 13.22
074 V020000 13.15
074 W000000 0.0000
074 X000000 62012
074 Y000000 10550
075 A000000 0
075 B000000 1140297
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 Y
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 7
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 47500
081 A000000 Y
081 B000000 70
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Independent Auditors' Report
The Board of Trustees and Shareholders of Oppenheimer High Yield Fund:
<TABLE>
<S> <C>
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer High Yield Fund as of June 30, 1995,
the related statement of operations for the year then ended, the statements of
changes in net assets for the years ended June 30, 1995 and 1994, and the
financial highlights for the period July 1, 1985 to June 30, 1995. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned at June 30, 1995 by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Oppenheimer High
Yield Fund at June 30, 1995, the results of its operations, the changes in its
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
</TABLE>
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1222074485
<INVESTMENTS-AT-VALUE> 1222789939
<RECEIVABLES> 49034662
<ASSETS-OTHER> 117187
<OTHER-ITEMS-ASSETS> 2153904
<TOTAL-ASSETS> 1274095692
<PAYABLE-FOR-SECURITIES> 12030833
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8847709
<TOTAL-LIABILITIES> 20878542
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1477292236
<SHARES-COMMON-STOCK> 80259749
<SHARES-COMMON-PRIOR> 77002162
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 3769638
<ACCUMULATED-NET-GAINS> (220809965)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 504517
<NET-ASSETS> 1060752358
<DIVIDEND-INCOME> 1546022
<INTEREST-INCOME> 122002614
<OTHER-INCOME> 0
<EXPENSES-NET> 12818884
<NET-INVESTMENT-INCOME> 110729752
<REALIZED-GAINS-CURRENT> (57178186)
<APPREC-INCREASE-CURRENT> 26763120
<NET-CHANGE-FROM-OPS> 80314686
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 98284579
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 998196
<NUMBER-OF-SHARES-SOLD> 19902935
<NUMBER-OF-SHARES-REDEEMED> 20862882
<SHARES-REINVESTED> 4217534
<NET-CHANGE-IN-ASSETS> 116261939
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (164324438)
<OVERDISTRIB-NII-PRIOR> 3538462
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7542307
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12818884
<AVERAGE-NET-ASSETS> 1005746000
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> 1.30
<PER-SHARE-GAIN-APPREC> (.40)
<PER-SHARE-DIVIDEND> 1.30
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .01
<PER-SHARE-NAV-END> 13.22
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 14639438
<SHARES-COMMON-PRIOR> 6449125
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 192464792
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11983690
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 181114
<NUMBER-OF-SHARES-SOLD> 10963657
<NUMBER-OF-SHARES-REDEEMED> 3205114
<SHARES-REINVESTED> 431770
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 134550000
<PER-SHARE-NAV-BEGIN> 13.57
<PER-SHARE-NII> 1.20
<PER-SHARE-GAIN-APPREC> (.42)
<PER-SHARE-DIVIDEND> 1.19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> .01
<PER-SHARE-NAV-END> 13.15
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Oppenheimer High Yield Fund
<TABLE>
<S> <C>
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of premium amortization, paydown gains and losses and the
recognition of certain foreign currency gains (losses) as ordinary income (loss)
for tax purposes. The character of the distributions made during the year from
net investment income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund. Effective July 1, 1993, the Fund adopted Statement of Position 93-2:
Determination, Disclosure, and Financial Statement Presentation of Income,
Capital Gain, and Return of Capital Distributions by Investment Companies. As
a result, the Fund changed the classification of distributions to shareholders
to better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations. Accordingly,
during the year ended June 30, 1995, amounts have been reclassified to reflect
a decrease in paid-in capital of $1,179,310, an increase in undistributed net
investment income of $486,651, and a decrease in undistributed capital loss on
investments of $692,659.
</TABLE>
