John V. Murphy
Chairman, President and                                     OppenheimerFunds Logo
Chief Executive Officer                                     OppenheimerFunds, Inc.
                                                      Two World Financial Center
                                                      225 Liberty Street
                                                      New York, NY 10281-1008
                                                      www.oppenheimerfunds.com

                                                      July 28, 2006
Dear Oppenheimer High Yield Fund Shareholder:

We have scheduled a shareholder meeting on October 6, 2006 for you to decide upon an
important proposal for the Fund. Your ballot card, an Oppenheimer Champion Income Fund
prospectus and a detailed combined proxy statement and prospectus are enclosed with this
letter.

After careful consideration, the Board of Trustees has determined that it would be in the
best interest of shareholders of Oppenheimer High Yield Fund to reorganize into another
Oppenheimer fund, Oppenheimer Champion Income Fund.  A shareholder meeting has been
scheduled for October 6, and all High Yield Fund shareholders of record as of June 15,
2006, are being asked to vote either in person or by proxy, on the proposed
reorganization.  You will find a combined proxy statement and prospectus detailing the
proposal, a ballot card, a Champion Income Fund prospectus, instructions for voting by
telephone or internet and a postage-paid return envelope for voting by mail enclosed for
your use.

Why does the Board of Trustees recommend this change?

The Board voted to recommend that shareholders of High Yield Fund approve a proposal to
reorganize the Fund into Champion Income Fund after considering, among other things, the
two Funds' respective investment objectives and policies, management fees, distribution
fees and other operating expenses, historical performance and asset size.  By merging into
Champion Income Fund, High Yield shareholders are expected to benefit from Champion Income
Fund's lower fee breakpoints and economies of scale that are expected to result from the
combined larger fund while maintaining their investment in a fund with similar investment
objectives and policies.  The Funds have the same portfolio manager and similar portfolio
investments. The merger would also promote more focused portfolio management and eliminate
duplicative efforts with respect to portfolio management, compliance, reporting and other
administrative functions.  In addition, because both Funds are essentially managed in the
same way, there is the potential for confusion among investors and financial advisors,
limiting the sales potential of both Funds.  The Board of High Yield Fund believes that
shareholders will be best served by the proposed reorganization, and recommends a vote
"For" the proposal.

How do you vote?

To cast your vote, simply mark, sign and date the enclosed proxy ballot and return it in
the postage-paid envelope today. You may also vote by telephone or internet by following
the instructions on the proxy ballot.  Using a touch-tone telephone or the internet to cast
your vote saves you time and helps reduce the Fund's expenses.  If you vote by phone or
internet, you do not need to mail the proxy ballot.

Remember, it can be expensive for the Fund--and ultimately for you as a shareholder--to
remail ballots if not enough responses are received to conduct the scheduled meeting.  If
your vote is not received before the scheduled meeting, you may receive a telephone call
asking you to vote.

Please read the enclosed proxy statement and prospectus for complete details on this
proposal.  Of course, if you have any questions, please contact your financial advisor, or
call us at 1.800. 225.5677. As always, we appreciate your confidence in OppenheimerFunds
and look forward to serving you for many years to come.

                                                      Sincerely,
                                                [John V. Murphy signature]

Enclosures
XP0280.002.0706