OPPENHEIMER HIGH YIELD FUND
Supplement Dated December 11, 1996
to the Prospectus Dated October 1, 1996
The Prospectus is amended as follows:
1. On pages 5 and 6, the first sentence under the caption What
does the Fund Invest In? is deleted and replaced with the
following:
To seek high current income, the Fund anticipates that under
normal market conditions (when the Manager believes that the
financial markets are not in a volatile or unstable period) at
least 80% of its total assets will be invested in fixed-income
securities which may include high yield, lower rated long term
debt (commonly referred to as junk bonds ), preferred stock, and
foreign securities.
2. On page 11, the second sentence under the caption Investment
Policies and Strategies is deleted and replaced with the
following:
Consistent with its primary investment objective, the Fund
anticipates that under normal conditions at least 80% of the
value of its total assets will be invested in fixed-income
securities.
December 11, 1996 PS0280.012
