OPPENHEIMER CHAMPION HIGH YIELD FUND
NSAR-A, 1997-05-29
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<PAGE>      PAGE  1
000 A000000 03/31/97
000 C000000 820120
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001 C000000 3037683200
002 A000000 6803 SOUTH TUCSON WAY
002 B000000 ENGLEWOOD
002 C000000 CO
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020 A000001 SALOMON BROTHERS, INC.
020 B000001 13-3082694
020 C000001      9
020 A000002 PAINEWEBBER, INC.
020 B000002 13-2638166
020 C000002      5
020 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000003 13-2741729
020 C000003      4
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004      3
020 A000005 FIRST BOSTON CORP. (THE)
020 B000005 13-5659485
020 C000005      3
020 A000006 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
020 B000006 13-5674085
020 C000006      3
020 A000007 SMITH BARNEY, HARRIS UPHAM & CO., INC.
020 B000007 13-3371860
020 C000007      2
020 A000008 UBS SECURITIES, INC.
020 B000008 13-2932996
020 C000008      2
020 A000009 WARBURG, S.G. & CO., INC.
<PAGE>      PAGE  2
020 B000009 13-2994695
020 C000009      1
020 A000010 JEFFERIES & CO., INC.
020 B000010 95-2622900
020 C000010      1
021  000000       37
022 A000001 ZION FIRST NATIONAL BANK
022 B000001 87-0189025
022 C000001   1166600
022 D000001         0
022 A000002 PAINEWEBBER, INC.
022 B000002 13-2638166
022 C000002    476800
022 D000002         0
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003    399142
022 D000003     32932
022 A000004 MORGAN GUARANTY TRUST CO.
022 B000004 13-5123346
022 C000004    417900
022 D000004         0
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005     66590
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022 A000006 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000006 13-5674085
022 C000006     68845
022 D000006     47297
022 A000007 LEHMAN BROTHERS, INC.
022 B000007 13-2518466
022 C000007     32107
022 D000007     33894
022 A000008 BEAR STEARNS SECURITIES CORP.
022 B000008 13-3299429
022 C000008     41453
022 D000008     23835
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009     34193
022 D000009     30435
022 A000010 CHASE MANHATTAN BANK, N.A. (THE)
022 B000010 13-2633612
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SIGNATURE   GEORGE C. BOWEN                              
TITLE       TREASURER           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6                       
<CIK>            820120
<NAME>           OPPENHEIMER CHAMPION INCOME FUND-- A
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                 690,987,999
<INVESTMENTS-AT-VALUE>                                                                694,701,393
<RECEIVABLES>                                                                          37,355,621
<ASSETS-OTHER>                                                                            810,183
<OTHER-ITEMS-ASSETS>                                                                      270,666
<TOTAL-ASSETS>                                                                        733,137,863
<PAYABLE-FOR-SECURITIES>                                                               14,726,663
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                               7,187,586
<TOTAL-LIABILITIES>                                                                    21,914,249
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                              700,758,557
<SHARES-COMMON-STOCK>                                                                  32,925,982
<SHARES-COMMON-PRIOR>                                                                  27,808,390
<ACCUMULATED-NII-CURRENT>                                                                  27,637
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                 6,333,184
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                4,104,236
<NET-ASSETS>                                                                          423,589,497
<DIVIDEND-INCOME>                                                                         539,988
<INTEREST-INCOME>                                                                      31,200,762
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                          4,380,983
<NET-INVESTMENT-INCOME>                                                                27,359,767
<REALIZED-GAINS-CURRENT>                                                                7,455,213
<APPREC-INCREASE-CURRENT>                                                             (12,536,580)
<NET-CHANGE-FROM-OPS>                                                                  22,278,400
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                              17,609,563
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                 7,860,505
<NUMBER-OF-SHARES-REDEEMED>                                                             3,648,997
<SHARES-REINVESTED>                                                                       906,084
<NET-CHANGE-IN-ASSETS>                                                                157,018,211
<ACCUMULATED-NII-PRIOR>                                                                    27,701
<ACCUMULATED-GAINS-PRIOR>                                                              (1,122,029)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                   2,078,089
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                         4,380,983
<AVERAGE-NET-ASSETS>                                                                  394,080,000
<PER-SHARE-NAV-BEGIN>                                                                          12.92
<PER-SHARE-NII>                                                                                 0.59
<PER-SHARE-GAIN-APPREC>                                                                        (0.06)
<PER-SHARE-DIVIDEND>                                                                            0.59
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            12.86
<EXPENSE-RATIO>                                                                                 1.09
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6                       
<CIK>            820120
<NAME>           OPPENHEIMER CHAMPION INCOME FUND-- B
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                 690,987,999
<INVESTMENTS-AT-VALUE>                                                                694,701,393
<RECEIVABLES>                                                                          37,355,621
<ASSETS-OTHER>                                                                            810,183
<OTHER-ITEMS-ASSETS>                                                                      270,666
<TOTAL-ASSETS>                                                                        733,137,863
<PAYABLE-FOR-SECURITIES>                                                               14,726,663
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                               7,187,586
<TOTAL-LIABILITIES>                                                                    21,914,249
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                              700,758,557
<SHARES-COMMON-STOCK>                                                                  11,516,983
<SHARES-COMMON-PRIOR>                                                                   6,357,778
<ACCUMULATED-NII-CURRENT>                                                                  27,637
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                 6,333,184
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                4,104,236
<NET-ASSETS>                                                                          148,022,980
<DIVIDEND-INCOME>                                                                         539,988
<INTEREST-INCOME>                                                                      31,200,762
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                          4,380,983
<NET-INVESTMENT-INCOME>                                                                27,359,767
<REALIZED-GAINS-CURRENT>                                                                7,455,213
<APPREC-INCREASE-CURRENT>                                                             (12,536,580)
<NET-CHANGE-FROM-OPS>                                                                  22,278,400
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                               4,560,537
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                 5,531,949
<NUMBER-OF-SHARES-REDEEMED>                                                               587,168
<SHARES-REINVESTED>                                                                       214,424
<NET-CHANGE-IN-ASSETS>                                                                157,018,211
<ACCUMULATED-NII-PRIOR>                                                                    27,701
<ACCUMULATED-GAINS-PRIOR>                                                              (1,122,029)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                   2,078,089
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                         4,380,983
<AVERAGE-NET-ASSETS>                                                                  112,786,000
<PER-SHARE-NAV-BEGIN>                                                                          12.91
<PER-SHARE-NII>                                                                                 0.53
<PER-SHARE-GAIN-APPREC>                                                                        (0.06)
<PER-SHARE-DIVIDEND>                                                                            0.53
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            12.85
<EXPENSE-RATIO>                                                                                 1.86
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6                       
<CIK>            820120
<NAME>           OPPENHEIMER CHAMPION INCOME FUND-- C
       
<S>                                                                     <C>
<PERIOD-TYPE>                                                           6-MOS
<FISCAL-YEAR-END>                                                       SEP-30-1997
<PERIOD-START>                                                          OCT-01-1996
<PERIOD-END>                                                            MAR-31-1997
<INVESTMENTS-AT-COST>                                                                 690,987,999
<INVESTMENTS-AT-VALUE>                                                                694,701,393
<RECEIVABLES>                                                                          37,355,621
<ASSETS-OTHER>                                                                            810,183
<OTHER-ITEMS-ASSETS>                                                                      270,666
<TOTAL-ASSETS>                                                                        733,137,863
<PAYABLE-FOR-SECURITIES>                                                               14,726,663
<SENIOR-LONG-TERM-DEBT>                                                                         0
<OTHER-ITEMS-LIABILITIES>                                                               7,187,586
<TOTAL-LIABILITIES>                                                                    21,914,249
<SENIOR-EQUITY>                                                                                 0
<PAID-IN-CAPITAL-COMMON>                                                              700,758,557
<SHARES-COMMON-STOCK>                                                                  10,862,486
<SHARES-COMMON-PRIOR>                                                                   8,751,748
<ACCUMULATED-NII-CURRENT>                                                                  27,637
<OVERDISTRIBUTION-NII>                                                                          0
<ACCUMULATED-NET-GAINS>                                                                 6,333,184
<OVERDISTRIBUTION-GAINS>                                                                        0
<ACCUM-APPREC-OR-DEPREC>                                                                4,104,236
<NET-ASSETS>                                                                          139,611,137
<DIVIDEND-INCOME>                                                                         539,988
<INTEREST-INCOME>                                                                      31,200,762
<OTHER-INCOME>                                                                                  0
<EXPENSES-NET>                                                                          4,380,983
<NET-INVESTMENT-INCOME>                                                                27,359,767
<REALIZED-GAINS-CURRENT>                                                                7,455,213
<APPREC-INCREASE-CURRENT>                                                             (12,536,580)
<NET-CHANGE-FROM-OPS>                                                                  22,278,400
<EQUALIZATION>                                                                                  0
<DISTRIBUTIONS-OF-INCOME>                                                               5,189,731
<DISTRIBUTIONS-OF-GAINS>                                                                        0
<DISTRIBUTIONS-OTHER>                                                                           0
<NUMBER-OF-SHARES-SOLD>                                                                 3,186,017
<NUMBER-OF-SHARES-REDEEMED>                                                             1,356,368
<SHARES-REINVESTED>                                                                       281,089
<NET-CHANGE-IN-ASSETS>                                                                157,018,211
<ACCUMULATED-NII-PRIOR>                                                                    27,701
<ACCUMULATED-GAINS-PRIOR>                                                              (1,122,029)
<OVERDISTRIB-NII-PRIOR>                                                                         0
<OVERDIST-NET-GAINS-PRIOR>                                                                      0
<GROSS-ADVISORY-FEES>                                                                   2,078,089
<INTEREST-EXPENSE>                                                                              0
<GROSS-EXPENSE>                                                                         4,380,983
<AVERAGE-NET-ASSETS>                                                                  127,051,000
<PER-SHARE-NAV-BEGIN>                                                                          12.91
<PER-SHARE-NII>                                                                                 0.54
<PER-SHARE-GAIN-APPREC>                                                                        (0.06)
<PER-SHARE-DIVIDEND>                                                                            0.54
<PER-SHARE-DISTRIBUTIONS>                                                                       0.00
<RETURNS-OF-CAPITAL>                                                                            0.00
<PER-SHARE-NAV-END>                                                                            12.85
<EXPENSE-RATIO>                                                                                 1.84
<AVG-DEBT-OUTSTANDING>                                                                          0
<AVG-DEBT-PER-SHARE>                                                                            0.00
        

</TABLE>


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