The Meissner firm is currently investigating an open-ended fixed income mutual fund launched and managed by OppenheimerFunds known as the Champion Fund (OPCHX, OCHBX, OCHCX, OCHNX, and OCHYX) The Champion Fund was a typical high-yield bond fund which was solicited to investors as a conservative high income fund. However, in late 2006, the Fund altered its investment style and began to dramatically increase its risk by expanding its use of highly risky, illiquid, and unsuitable derivative instruments, including speculative mortgage backed securities, credit default swaps and total-return swaps, while drastically increasing its leverage exposure. This change in investment strategy, which had increased the Funds exposure to risk in hopes of higher returns, was concealed from and not disclosed to investors, making investors unaware of the riskiness associated with the Champion Income Fund. Consequently, investors who believed they were receiving a high income fund with the standard risks associated with it suffered significant losses due to the misrepresentations and omissions made to them. The Fund dropped a stunning 55% in November of 2008 alone and approximately 80% in the calendar year of 2008 as the credit crunch exposed the increased and undisclosed risks of the Funds, making it the worst-performing high-yield bond fund of 2008, as it dropped almost $2 billion over the course of 15 months.