OPPENHEIMER CHAMPION INCOME FUND
Supplement dated January 20, 1997 to the
Prospectus dated January 20, 1997
The Prospectus is changed as follows:
1. In addition to paying dealers the regular commission for
(1) sales of Class A shares stated in the sales charge table
in "Buying Class A Shares" on page 31, (2) sales of Class B
shares described in the fifth paragraph in "Distribution and
Service Plans for Class B and Class C Shares" on page 38, and
(3) sales of Class C shares described in the sixth paragraph
in "Distribution and Service Plans for Class B and Class C
Shares" on page 38 , the Distributor will pay additional
commission to each broker, dealer and financial institution
that has a sales agreement with the Distributor and agrees to
accept that additional commission (these are referred to as
"participating firms") for Class A, Class B and Class C shares
of the Fund sold in "qualifying transactions" (the
"promotion"). The additional commission will be 1.00% of the
offering price of shares of the Fund sold by a registered
representative or sales representative of a participating firm
during the promotion. If the additional commission is paid on
the sale of Class A shares of $500,000 or more or the sale of
Class A shares to a SEP IRA with 100 or more eligible
participants and those shares are redeemed within 13 months
from the end of the month in which they were purchased, the
participating firm will be required to return the additional
commission.
"Qualifying transactions" are aggregate sales of
$150,000 or more of Class A, Class B and/or Class C shares of
any one or more of the Oppenheimer funds (except money market
funds and municipal bond funds) for rollovers or trustee-to-
trustee transfers from another retirement plan trustee, of IRA
assets or other employee benefit plan assets from an account
or investment other than an account or investment in the
Oppenheimer funds to (1) IRAs, rollover IRAs, SEP IRAs and
SAR-SEP IRAs, using the OppenheimerFunds, Inc. prototype IRA
agreement, if the rollover contribution is received during the
period from January 1, 1997 through April 15, 1997 (the
"promotion period"), or the acceptance of a direct rollover or
trustee-to-trustee transfer is acknowledged by the trustee of
the OppenheimerFunds prototype IRA during the promotion
period, and (2) IRAs, rollover IRAs, SEP IRAs and SAR-SEP
IRAs using the A.G. Edwards & Sons, Inc. prototype IRA
agreement, if the rollover contribution or trustee-to-trustee
payment is received during the promotion period. "Qualifying
transactions" do not include (1) purchases of Class A shares
intended but not yet made under a Letter of Intent, and (2)
purchases of Class A, Class B and/or Class C shares with the
redemption proceeds from an existing Oppenheimer funds
account.
January 20, 1997 PS0190.009
