OPPENHEIMER CHAMPION INCOME FUND
SUPPLEMENT DATED DECEMBER 1, 1997 TO THE
PROSPECTUS DATED JANUARY 20, 1997
1. The supplement dated May 1, 1997 is replaced with the following:
2. The first footnote under the "Shareholder Transaction Expenses" table on page
3 is revised to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases by
"Retirement Plans" as defined in "Class A Contingent Deferred Sales Charge" on
page 31) in Class A shares, you may have to pay a sales charge of up to 1% if
you sell your shares within 12 calendar months (18 months for shares purchased
prior to May 1, 1997) from the end of the calendar month during which you
purchased those shares. See "How to Buy Shares Buying Class A Shares", below.
3. The third sentence in "Who Manages the Fund?" under "A Brief Overview of the
Fund" on page 6 is deleted and replaced with the following sentence:
"The Fund's portfolio manager, who is employed by the Manager and
who is
primarily responsible for the selection of the Fund's securities,
is David Negri."
4. The text of the section captioned "Portfolio Manager" under "How the Fund is
Managed" on page 21 is deleted and replaced with the following:
"The Portfolio Manager of the Fund is David P. Negri. Effective
December 1, 1997, he is the person principally responsible for the
day-to-day management of the Fund's portfolio. Mr. Negri is a Vice
President of the Manager and a Vice President of the Fund, and also
serves as an officer of other Oppenheimer funds. During the past five
years, Mr. Negri has also served as an officer and portfolio manager
for other mutual funds managed by the Manager (with the Fund, the
"Oppenheimer funds").
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5. In "Class A Shares" under "Classes of Shares" on page 27 the second sentence
is replaced by the following: "If you purchase Class A shares as part of an
investment of at least $1 million ($500,000 for Retirement Plans) in shares of
one or more Oppenheimer funds, you will not pay an initial sales charge, but if
you sell any of those shares within 12 months of buying them (18 months if the
shares were purchased prior to May 1, 1997), you may pay a contingent deferred
sales charge."
6. The following is added to "Which Class of Shares Should You Choose? - How
Does it Affect Payments To My Broker?" on page 29: "The Distributor may pay
additional periodic compensation from its own resources to securities dealers or
financial institutions based upon the value of shares of the Fund owned by the
dealer or financial institution for its own account or for its customers."
7. In the second paragraph of "Buying Class A Shares - Class A Contingent
Deferred Sales Charge" on page 32 the first sentence is replaced by the
following:
The Distributor pays dealers of record commission on those purchases in an
amount equal to (i) 1.0% for non-Retirement Plan accounts, and (ii) for
Retirement Plan accounts, 1.0% of the first $2.5 million, plus 0.50% of the next
$2.5 million, plus 0.25% of purchases over $5 million, calculated on a calendar
year basis.
8. In the third paragraph of "Buying Class A Shares - Class A Contingent
Deferred Sales Charge" on page 32, the first sentence is replaced by the
following:
If you redeem any of those shares purchased prior to May 1, 1997, within 18
months of the end of the calendar month of their purchase, a contingent deferred
sales charge (called the "Class A contingent deferred sales charge") may be
deducted from the redemption proceeds. A Class A contingent deferred sales
charge may be deducted from the redemption proceeds of any of those shares
purchased on or after May 1, 1997 that are redeemed within 12 months of the end
of the calendar month of their purchase.
9. The third sentence of the second paragraph of "Reduced Sales Charges for
Class A Share Purchases - Right of Accumulation" on page 33 is replaced by the
following: "The Distributor will add the value, at current offering price, of
the shares you previously
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purchased and currently own to the value of current purchases to
determine the sales charge
rate that applies."
10. The third sub-paragraph in "Waivers of the Class A Contingent Deferred Sales
Charge for Certain Redemptions" on page 35 is replaced by the
following:
o if, at the time of purchase of shares (prior to May 1, 1997) the dealer
agreed in writing to accept the dealer's portion of the sales commission in
installments of 1/18th of the commission per month (and no further commission
will be payable if the shares are redeemed within 18 months of purchase);
o if, at the time of purchase of shares (on or after May 1, 1997) the
dealer agrees in writing to accept the dealer's portion of the sales commission
in installments of 1/12th of the commission per month (and no further commission
will be payable if the shares are redeemed within 12 months of purchase);
11. The following subparagraphs are added at the end of "Waivers of the Class A
Contingent Deferred Sales Charge for Certain Redemptions" on page 36:
o for distributions from Retirement Plans having 500 or more eligible
participants, except distributions due to termination of all of the Oppenheimer
funds as an investment option under the Plan; and
o for distributions from 401(k) plans sponsored by broker-dealers that
have entered into a special agreement with the Distributor allowing this
waiver.
12. The following sentence is added to the end of the fifth paragraph in
"Distribution and Service Plans for Class B and Class C Shares" on page 38:
The Distributor may pay the Class B service fee and the asset-based sales charge
to the dealer quarterly in lieu of paying the sales commission and service fee
advance at the time of purchase.
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13. The following is added as a new penultimate sentence to the sixth paragraph
of "Distribution and Service Plans for Class B and Class C shares" on page 38:
The Distributor may pay the Class C service fee and asset-based sales charge to
the dealer quarterly in lieu of paying the sales commission and service fee
advance at the time of purchase.
14. The introductory phrase in the sixth sub-paragraph of "Waivers for
Redemptions of Shares in Certain Cases" in "Waivers of Class B and Class C sales
charges" on page 39 is replaced with the following and a new sub-section (6) is
added as
follows:
o distributions from OppenheimerFunds prototype 401(k) plans and from
certain Massachusetts Mutual Life Insurance Company prototype 401(k) plans
. . .or (6) for loans to participants or beneficiaries.
15. The following sub-paragraph is added at the end of "Waivers of Class B and
Class C Sales Charges" on page 40:
o distributions from 401(k) plans sponsored by broker-dealers that have
entered into a special agreement with the Distributor allowing this waiver.
16. The section captioned "Special Investor Services" on page 41 is revised by
adding the following after the sub-section captioned "PhoneLink":
SHAREHOLDER TRANSACTIONS BY FAX. Requests for certain account transactions may
be sent to the Transfer Agent by fax (telecopier). Please call 1-800-525-7048
for information about which transactions are included. Transaction requests
submitted by fax are subject to the same rules and restrictions as written and
telephone requests described in this Prospectus.
December 1, 1997 PS0190.011
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OPPENHEIMER CHAMPION INCOME FUND
SUPPLEMENT DATED DECEMBER 1, 1997 TO THE
STATEMENT OF INFORMATION DATED JANUARY 20, 1997
The Statement of Additional Information is changed as follows:
The information regarding Ralph Stellmacher in "Trustees and Officers of
the Fund" under "How the Fund is Managed" on page 26 is deleted and replaced
with the following:
DAVID P. NEGRI, Vice President and Portfolio Manager; Age 42
Two World Trade Center, New York, New York 10048-0203
Vice President of the Manager; an officer of other Oppenheimer
funds.
December 1, 1997 PX0190.005
