OPPENHEIMER HIGH YIELD FUND
Supplement dated May 15, 1998 to the
Prospectus dated October 15, 1997
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder
Transaction Expenses" on
page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
"Retirement Plans" as defined in "Class A Contingent Deferred Sales Charge"
on page 31) in Class A shares, you may have to pay a sales charge of up to
1% if you sell your shares within 18 calendar months from the end of the
calendar month during which you purchased those shares. See "How to Buy
Shares -- Buying Class A Shares," below.
2. The first sentence of the paragraph entitled "Hedging Futures" on page 16 is
modified to read as follows:
The Fund may buy and sell futures contracts that relate to (1) broadly-based
securities indices (these are referred to as Stock Index Futures and Bond
Index Futures), (2) interest rates (these are referred to as Interest Rate
Futures), (3) foreign currencies and (4) commodities (these are referred to
as commodity futures).
3. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 26 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more Oppenheimer
funds, you will not pay an initial sales charge, but if you sell any of
those shares within 18 months of buying them, you may pay a contingent
deferred sales charge, described below.
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4. The fourth sub-paragraph of the first paragraph in the section entitled
"Buying Class A Shares - Class A Contingent Deferred Sales Charge" on page 31 is
modified to read as
follows:
o Purchases by a retirement plan qualified under sections 401(a) or
401(k) of the Internal Revenue Code if the retirement plan has total plan
assets of $500,000 or more.
5. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 31 are
modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month of
their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior to
June 1, 1998).
6. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 32
is modified to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months of the
end of the calendar month of the purchase of the exchanged shares, the
contingent deferred sales charge will apply. (A different holding period may
apply to shares purchased prior to June 1, 1998).
7. The paragraph entitled "Special Arrangements With Dealers" on page 32 is
hereby deleted.
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8. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales Charges-Waivers of the Class A Contingent Deferred Sales
Charge for Certain Redemptions" on page 35 are deleted:
o if, at the time of purchase of shares (prior to May 1, 1997) the
dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/18th of the commission per month (and no
further commission will be payable if the shares are redeemed within 18
months of purchase)
o if, at the time of purchase of shares (on or after
May 1, 1997) the dealer agrees
in writing to accept the dealer's portion of the sales
commission in installments of
1/12th of the commission per month (and no further
commission will be payable if the
shares are redeemed within 12 months of purchase)
9. The following section is added after the sub-section captioned "Shareholder
Transactions by Fax" on page 41:
OppenheimerFunds Internet Web Site. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio information,
may be obtained by visiting the OppenheimerFunds Internet Web Site, at the
following Internet address: http://www.oppenheimerfunds.com. Additionally,
certain account transactions may be requested by any shareholder listed in the
registration on an account as well as by the dealer representative of record,
through a special section of that Web Site. To access that section of the Web
Site, you must first obtain a personal identification number ("PIN") by calling
OppenheimerFunds PhoneLink at 1-800-533-3310. If you do not wish to have
Internet account transactions capability for your account, please call our
customer service representatives at 1-800-525-7048. To find out more information
about Internet transactions and procedures, please visit the Web Site.
May 15, 1998 PS0280.016
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OPPENHEIMER HIGH YIELD FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated October 15, 1997
The Statement of Additional Information is changed as follows effective June 1,
1998:
1. The second sentence of the first paragraph under the section captioned
"Purchasing Calls and Puts" on page 15 is deleted.
2. The third sentence of the fourth paragraph in the section entitled "How
To Exchange Shares" on page 49 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998).
May 15, 1998 PX0280.004
