OPPENHEIMER HIGH YIELD FUND
Supplement dated January 1, 1996 to the
Prospectus dated November 1, 1995
The Prospectus is changed as follows:
In addition to paying dealers the regular commission for (1) sales
of Class A shares stated in the sales charge table in "Buying Class A
Shares" on page 28, (2) sales of Class B shares of 3.75% of the purchase
price, or (3) sales of Class C shares described in the third paragraph
in "Distribution and Service Plan for Class C Shares" on page 34, the
Distributor will pay additional commission to each participating broker,
dealer and financial institution that has a sales agreement with the
Distributor (these are referred to as "participating firms") for Class A,
B and C shares of the Fund sold in "qualifying transactions" (the
"promotion"). The additional commission will be .75% of the offering
price of shares of the Fund sold by a registered representative or sales
representative of a participating firm during the promotion. If the
additional commission is paid on the sale of Class A shares of $1 million
or more and those shares are redeemed within 13 months from the end of the
month in which they were purchased, the participating firm will be
required to return the additional commission.
"Qualifying transactions" are sales of Class A, Class B and/or Class
C shares of any one or more of the Oppenheimer funds (except money market
funds and tax-exempt funds) for (1) new Individual Retirement Accounts
("IRAs"), using the OppenheimerFunds prototype IRA agreement, including
rollover IRAs, SEP IRAs and SAR-SEP IRAs, where the IRA is established and
the purchase payment is received during the period from January 1, 1996
through April 15, 1996 (the "promotion period") or, (2) IRAs using the
A.G. Edwards & Sons, Inc. prototype IRA agreement, including rollover
IRAs, SEP IRAs and SAR-SEP IRAs, where the purchase payment is received
during the promotion period. "Qualifying transactions" also include
purchases of shares of Oppenheimer funds for existing OppenheimerFunds
or A.G. Edwards & Sons, Inc. prototype IRAs, rollover IRAs, SEP IRAs and
SAR-SEP IRAs effected through a rollover from an investor, or through a
direct rollover or trustee-to-trustee transfer from another retirement
plan trustee, of IRA assets or other employee benefit plan assets from an
account or investment other than an account or investment in the
Oppenheimer funds. To qualify, the payment for the shares purchased for
a rollover to an OppenheimerFunds prototype IRA or for a rollover, direct
rollover or trustee-to-trustee transfer to an A.G. Edwards & Sons, Inc.
prototype IRA must be received during the promotion period, or the
acceptance of a direct rollover or trustee-to-trustee transfer to an
OppenheimerFunds prototype IRA must be acknowledged by the trustee of the
OppenheimerFunds prototype IRA during the promotion period. "Qualifying
transactions" do not include (1) purchases of Class A shares intended but
not yet made under a Letter of Intent, and (2) purchases of Class A,
Class B and/or Class C shares with the redemption proceeds from an
existing OppenheimerFunds account.
January 1, 1996 PS0280.006
