OPPENHEIMER HIGH YIELD FUND
Supplement dated January 16, 1995 to
the Prospectus dated October 25, 1994
The Prospectus is amended by adding the following as a second paragraph
under "Special Arrangements With Dealers" on page 16 in the section
entitled "How To Buy Shares":
In addition to paying dealers the regular commission
for sales of Class A shares stated in the sales
charge table in "Class A Shares" and the commission
for sales of Class B shares described in the third
paragraph of "Distribution and Service Plan for Class
B Shares" on page 19, below, the Distributor will pay
the following additional commission for shares of the
Fund sold in "qualifying transactions" from January
16, 1995, through April 17, 1995: (1) .75% of the
offering price of Class A shares and (2) .50% of the
offering price of Class B shares sold by a registered
representative of a participating broker or dealer or
a sales representative of a participating financial
institution that has a sales agreement with the
Distributor. "Qualifying transactions" are sales in
the amount of $150,000 or more (calculated at
offering price) of Class A and/or Class B shares (if
available) of any one or more of the following
OppenheimerFunds: the Fund, Oppenheimer Main Street
Income & Growth Fund, Oppenheimer Champion High Yield
Fund, Oppenheimer Global Fund, Oppenheimer Total
Return Fund, Inc., Oppenheimer Strategic Income Fund,
and Oppenheimer Limited-Term Government Fund.
"Qualifying transactions" do not include sales of
Class A shares (a) at net asset value without sales
charge, (b) subject to a contingent deferred sales
charge, or (c) intended but not yet transacted under
a Letter of Intent.
January 16, 1995
