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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> Oppenheimer High Yield Fund - Class B
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<NUMBER-OF-SHARES-REDEEMED> 7,867,469
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<TABLE> <S> <C>
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<NAME> Oppenheimer High Yield Fund - Class C
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<TABLE> <S> <C>
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<CIK> 276195
<NAME> Oppenheimer High Yield Fund - Class Y
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<PERIOD-START> OCT-15-1997
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</TABLE>
Return of Capital
During the year ended June 30, 1998, the Fund adjusted the classification of net
investment income and net realized gain (loss) to shareholders to reflect the
differences between financial statement amounts and distributions determined in
accordance with income tax regulations. Accordingly, during the year ended June
30, 1998, amounts have been reclassified to reflect an increase in
overdistributed net investment income of $6,063,432. Accumulated net realized
loss on investments was decreased by the same amount
July 22, 1998
To the Board of Trustees of
Oppenheimer High Yield Fund:
In planning and performing our audit of the financial statements of Oppenheimer
High Yield Fund (the Fund) for the year ended June 30, 1998 (on which we have
issued our report dated July 22, 1998), we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of June 30, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
Deloitte & Touche LLP
