OPPENHEIMER HIGH YIELD FUND
Supplement dated February 1, 1999 to the
Prospectus dated October 27, 1998
The Prospectus is changed as follows:
1. The third sentence of the paragraph entitled "Who Manages the Fund?" in the
section entitled "A Brief Overview of the Fund" on page 6 is modified to read as
follows: "The Fund's portfolio managers are David Negri and Thomas Reedy."
2. The paragraph entitled "Portfolio Manager" in the section entitled "How the
Fund is Managed" on page 22 is modified to read as follows:
The Portfolio Managers of the Fund are David Negri and Thomas Reedy. They
are the persons principally responsible for the day-to-day management of
the Fund's investments, and each is a Vice President of the Fund. Mr.
Negri is a Senior Vice President of the Manager. Mr. Reedy is a Vice
President of the Manager. Mr. Negri and Mr. Reedy have been portfolio
managers of the Fund since October 1998. Each is an officer and portfolio
manager of other Oppenheimer funds and have been with the Manager for more
than five years.
February 1, 1999 PS0280.017
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OPPENHEIMER HIGH YIELD FUND
Supplement dated February 1, 1999 to the
Statement of Additional Information dated October 27, 1998
The Statement of Additional Information is changed as follows:
1. The biographical information about Ralph Stellmacher in the paragraph
entitled "Trustees and Officers of the Fund" in the section entitled "How the
Fund is Managed" on page 25 is replaced with the following:
David P. Negri, Vice President and Portfolio Manager; Age: 44
Two World Trade Center, 34th Floor, New York, New York 10048-0203
Senior Vice President of the Manager; an officer of other Oppenheimer funds.
Thomas P. Reedy, Vice President and Portfolio Manager; Age: 36 Two World Trade
Center, 34th Floor, New York, New York 10048-0203 Vice President of the Manager
(since June 1993); an officer of other Oppenheimer funds; formerly a Securities
Analyst for the Manager.
February 1, 1999 PX0280.006
