OPPENHEIMER HIGH YIELD FUND
Supplement dated September 25, 1998 to the Statement of Additional
Information dated October 15, 1997
The Statement of Additional Information is revised as follows:
1. The supplement dated May 15, 1998 is replaced by this supplement.
2. The following is added to the end of the section captioned "Foreign
Securities - Risks of Foreign Investing" on page 4:
Risks of Conversion to Euro. On January 1, 1999, eleven countries in
the European Monetary Union will adopt the euro as their official
currency. However, their current currencies (for example, the franc, the
mark, and the lire) will also continue in use until January 1, 2002. After
that date, it is expected that only the euro will be used in those
countries. A common currency is expected to confer some benefits in those
markets, by consolidating the government debt market for those countries
and reducing some currency risks and costs. But the conversion to the new
currency will affect the Fund operationally and also has potential risks,
some of which are listed below. Among other things, the conversion will
affect: issuers in which the Fund invests, because of changes in the
competitive environment from a consolidated currency market and greater
operational costs from converting to the new currency. This might depress
stock values. vendors the Fund depends on to carry out its business, such
as its Custodian (which holds the foreign securities the Fund buys), the
Manager (which must price the Fund's investments to deal with the
conversion to the euro) and brokers, foreign markets and securities
depositories. If they are not prepared, there could be delays in
settlements and additional costs to the Fund. exchange contracts and
derivatives that are outstanding during the transition to the euro.
The lack of currency rate calculations between the affected currencies and
the need to update the Fund's contracts could pose extra costs to the
Fund.
The Manager is upgrading (at its expense) its computer and
bookkeeping systems to deal with the conversion. The Fund's Custodian has
advised the Manager of its plans to deal with the conversion, including
how it will update its record keeping systems and handle the
redenomination of outstanding foreign debt. The Fund's portfolio manager
will also monitor the effects of the conversion on the issuers in which
the Fund invests. The possible effect of these factors on the Fund's
investments cannot be determined with certainty at this time, but they may
reduce the value of some of the Fund's holdings and increase its
operational costs.
3. The second sentence of the first paragraph under the section captioned
"Purchasing Calls and Puts" on page 15 is deleted.
(continued)
4. The third sentence of the fourth paragraph in the section captioned AHow 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).
September 25, 1998 PX0280.005
