OPPENHEIMER CHAMPION HIGH YIELD FUND
Supplement dated January 3, 1995 to the
Prospectus dated February 1, 1994
The Prospectus is amended as follows:
1. In the section "How to Buy Shares," the first sentence of the
fifth paragraph under the heading "Alternative Sales Arrangements" on page
14 is amended to read: "The net asset value of each class of shares is
determined as of the close of The New York Stock Exchange on each day that
Exchange is open (a "regular business day") by dividing the value of the
Fund's net assets attributable to a class by the number of shares of that
class that are outstanding."
2. The first and second sentences of the section entitled
"Alternative Sales Arrangements" on page 15 are amended to read as
follows: "In most cases, to enable you to receive that day's offering
price, the Distributor must receive your order by the time of day The New
York Stock Exchange closes, which is normally 4:00 P.M. New York time, but
may be earlier on some days (all references to time in this Prospectus
mean 'New York time.'). If you buy shares through a dealer, the dealer
must receive your order by the close of The New York Stock Exchange on a
regular business day and transmit it to the Distributor so that it is
received before the Distributor's close of business that day, which is
normally 5:00 P.M."
3. The second sentence of the first paragraph of "Class A Shares"
on page 15 is revised to read as follows: "The offering price is
determined as of the close of The New York Stock Exchange on each regular
business day."
4. The following text is added below the Class A shares sales
charge table on page 15 in "Class A Shares":
In addition to paying dealers the regular commission for sales of
Class A shares stated in the sales charge table above, the Distributor
will pay the following additional commission for shares of the Fund sold
in "qualifying transactions" from January 16, 1995, through April 17,
1995: (1) .75% 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. "Qualifying transactions" are sales in the amount of
$150,000 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 Main Street Income & Growth Fund,
Oppenheimer Global Fund, Oppenheimer Total Return Fund, Inc.,
(continued)
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Oppenheimer High Yield Fund, Oppenheimer Strategic Income Fund, and
Oppenheimer Limited-Term Government Fund. "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.
5. The first paragraph of the section entitled "AccountLink" on
pages 20-21 is amended by replacing the eighth and ninth sentences with
the following: "Dividends will begin to accrue on shares purchased by the
proceeds of ACH transfers on the business day the Fund receives Federal
Funds for the purchase through the ACH system before the close of The New
York Stock Exchange. The Exchange normally closes at 4:00 P.M., but may
close earlier on certain days. If Federal Funds are received on a
business day after the close of the Exchange, the shares will be purchased
and dividends will begin to accrue on the next regular business day. The
proceeds of ACH transfers are normally received by the Fund 3 days after
the transfers are initiated. The Distributor and the Fund are not
responsible for any delays in purchasing shares resulting from delays in
ACH transmissions."
6. The section entitled "Telephone Redemptions" on page 22 is
amended by revising the seventh sentence of the first paragraph to read
as follows: "To receive the redemption price on a regular business day,
your call must be received by the Transfer Agent by the close of The New
York Stock Exchange that day, which is normally 4:00 P.M., but may be
earlier on some days."
7. The second sentence of the section entitled "Repurchase" on page
24 is amended to read as follows: "The repurchase price per share will be
the net asset value next computed after the Distributor receives the order
placed by the dealer or broker, except that if the Distributor receives
a repurchase order from a dealer or broker after the close of The New York
Stock Exchange on a regular business day, it will be processed at that
day's net asset value if the order was received by the dealer or broker
from its customer prior to the time the Exchange closes (normally, that
is 4:00 P.M., but may be earlier on some days) and the order was
transmitted to and received by the Distributor prior to its close of
business that day (normally 5:00 P.M.)."
8. The section entitled "How To Exchange Shares" on page 26 is
amended by revising the fourth sentence to read as follows: "Shares are
normally redeemed from one fund and purchased from the other fund in the
exchange transaction on the same regular business day on which the
Transfer Agent receives an exchange request that is in proper form by the
close of The New York Stock Exchange that day, which is normally 4:00 P.M.
but may be earlier on some days."
January 3, 1995
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OPPENHEIMER CHAMPION HIGH YIELD FUND
Supplement Dated January 3, 1995
To the Statement of Additional Information Dated February 1, 1994
The Statement of Additional Information is amended as follows:
The first sentence of the section entitled "Determination of Net Asset
Value Per Share" under "How to Buy Shares" on page 21 is amended to read
as follows: "The net asset values per share of Class A and Class C shares
of the Fund are determined as of the close of business of The New York
Stock Exchange on each day that the Exchange is open by dividing the
Fund's net assets attributable to a class by the number of shares of that
class that are outstanding."
A new second sentence is added to that section as follows: "The Exchange
normally closes at 4:00 P.M. New York time, but may close earlier on some
days (for example, in case of weather emergencies or on days falling
before a holiday)."
The existing fourth sentence of that section is amended to read as
follows: "Trading may occur in debt securities and in foreign securities
at times when The New York Stock Exchange is closed, including weekends
or holidays, or after the close of The Exchange on a regular business
day."
January 3, 1995
