OPPENHEIMER CHAMPION HIGH YIELD FUND
Supplement dated November 1, 1994 to the
Prospectus dated February 1, 1994
The Prospectus is amended as follows:
1. The following text is added below the Class A sales charge table
in "Class A Shares" on page 15 of the Prospectus:
In addition to paying dealers the regular commission for
sales of Class A shares stated in the sales charge table in
"Class A Shares," and the commission for sales of Class B shares
described in the third paragraph in "Distribution and Service
Plan for Class B Shares" on page 18, below, the Distributor will
pay the following additional commission for shares of the Fund
sold in "current qualifying transactions" from November 1, 1994,
through December 31, 1994: (1) 1.00% of the offering price of
Class A shares and (2) .50% of the offering price of Class B
shares sold by a registered representative of a participating
broker or dealer or a sales representative of a participating
financial institution that has a sales agreement with the
Distributor. "Current qualifying transactions" are sales by a
registered representative or sales representative in the amount
of $100,000 or more (calculated at offering price) of Class A
and/or Class B shares (if available) of any one or more of the
following OppenheimerFunds: the Fund, Oppenheimer Global Fund,
Oppenheimer Global Growth & Income Fund, Oppenheimer Champion
High Yield Fund, Oppenheimer Limited-Term Government Fund,
Oppenheimer Main Street Income & Growth Fund and Oppenheimer
Strategic Income Fund. The $100,000 requirement is satisfied
if the aggregate of "previous qualifying transactions" and
"current qualifying transactions" equals or exceeds $100,000.
"Previous qualifying transactions" are sales from October 1,
1994 to October 31, 1994 by a registered representative or sales
representative of Class A and/or Class B shares (if available)
of any one or more of the following OppenheimerFunds:
Oppenheimer Growth Fund, Oppenheimer Global Fund, Oppenheimer
Global Growth & Income Fund, and Oppenheimer Strategic Income
Fund. "Previous qualifying transactions" do not include sales
of Class A shares (a) at net asset value without sales charge,
(b) subject to a contingent deferred sales charge, or (c)
intended but not yet transacted under a Letter of Intent.
"Current qualifying transactions" do not include sales of Class
A shares (a) at net asset value without sales charge, unless the
sale is made pursuant to the sales charge waiver arrangement
described below in Section 2 of this supplement, (b) subject to
a contingent deferred sales charge (although such sales are
included for purposes of satisfying the $100,000 requirement),
or (c) intended but not yet transacted under a Letter of Intent.
If shares that were sold in a "current qualifying transaction"
are redeemed less than eighteen months after the date such
shares were purchased, the Distributor is entitled to recover
from the dealer or broker on demand the additional commission
described in this paragraph that was paid on such shares.
2. The following text is added after the first sentence of the
first paragraph under the subcaption "Other Circumstances" on page 18:
In addition, no initial or deferred sales charge will be imposed
on Class A shares of the Fund paid for with the redemption
proceeds of shares of a mutual fund other than a money market
fund or a fund managed by the Manager or its affiliates. This
sales charge waiver must be requested when you buy your shares,
and the Distributor may require evidence of qualification for
this waiver.
November 1, 1994
