OPPENHEIMER CHAMPION INCOME FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 15, 1998
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder
Transaction Expenses" on
page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
"Retirement Plans" as defined in "Class A Contingent Deferred Sales Charge"
on page 32) in Class A shares, you may have to pay a sales charge of up to
1% if you sell your shares within 18 calendar months from the end of the
calendar month during which you purchased those shares. See "How to Buy
Shares -- Buying Class A Shares," below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 27 is modified to read as
follows:
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 18 months of buying them, you may pay a contingent
deferred sales charge, described below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 32 are
modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above 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 different holding period may apply to shares purchased prior to
June 1, 1998).
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 33
is modified to read as follows:
(continued)
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However, if the shares acquired by exchange are redeemed within 18 months of the
end of the calendar month of the purchase of the exchanged shares, the
contingent deferred sales charge will apply. (A different holding period may
apply to shares purchased prior to June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 33 is
hereby deleted.
6. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales Charges-Waivers of the Class A Contingent Deferred Sales
Charge for Certain Redemptions" on page 36 are deleted:
o if, at the time of purchase of shares (if purchased 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 (if purchased during the period
May 1, 1997 through December 31, 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)
7. The section captioned "OppenheimerFunds Internet Web Site" on page 42 is
revised to read as follows:
OppenheimerFunds Internet Web Site. Information about
the Fund, including your
account balance, daily share prices, market and Fund
portfolio information, may be obtained
by visiting the OppenheimerFunds Internet Web Site, at the
following Internet address:
http://www.oppenheimerfunds.com. Additionally, certain
account transactions may be
requested by any shareholder listed in the registration on an
account as well as by the dealer
<PAGE>
representative of record, through a special section of that Web Site. To access
that section of the Web Site, you must first obtain a personal identification
number ("PIN") by calling OppenheimerFunds PhoneLink at 1-800-533-3310. If you
do not wish to have Internet account transactions capability for your account,
please call our customer service representatives at 1-800-525-7048. To find out
more information about Internet transactions and procedures, please visit the
Web Site.
May 15, 1998 PS0190.012
<PAGE>
OPPENHEIMER CHAMPION INCOME FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information dated January 15, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
The seventh sentence of the third paragraph in the section entitled "How
To Exchange Shares" on page 51 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired by
exchange of Class A shares of other Oppenheimer funds purchased subject to
a Class A contingent deferred sales charge within 18 months of the end of
the calendar month of the purchase of the exchanged Class A shares, the
Class A contingent deferred sales charge is imposed on the redeemed shares
(see "Class A Contingent Deferred Sales Charge" in the Prospectus). (A
different holding period may apply to shares purchased prior to June 1,
1998).
May 15, 1998 PX0190.006
