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020 A000003 CAPEL (JAMES), INC..
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<PAGE> PAGE 7
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<SHARES-COMMON-PRIOR> 1,503,813
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<DISTRIBUTIONS-OF-GAINS> 1,359,035
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<PAGE>
ACQUISITION OF OPPENHEIMER FUND AND OPPENHEIMER STRATEGIC INCOME & GROWTH FUND
On June 20, 1997, the Fund acquired all the net assets of Oppenheimer Fund,
pursuant to an agreement and plan of reorganization approved by the Oppenheimer
Fund shareholders on October 10, 1996. The Fund issued 21,161,450, 233,975 and
246,193 shares of beneficial interest for Class A, Class B, and Class C,
respectively, value at $321,019,208, $3,521,330, and $5,285,050, in exchange for
the net assets, resulting in combined Class A net assets of $675,300,917, Class
B net assets of $60,510,384 and Class C net assets of $45,364,088 on June 20,
1997. The net assets acquired included net unrealized appreciation of
$114,271,242. The exchange qualified as a tax-free reorganization for federal
income tax purposes.
On June 20, 1997, the Fund acquired all the net assets of Oppenheimer Strategic
Income & Growth Fund, pursuant to an agreement and plan of reorganization
approved by the Oppenheimer Strategic Income & Growth Fund shareholders on March
10, 1997. The Fund issued 3,530,859, 2,758,332 and 246,193 shares of beneficial
interest for Class A, Class B, and Class C, respectively, valued at $53,563,144,
$41,512,901, and $3,712,604, in exchange for the net assets, resulting in
combined Class A net assets of $675,300,917, Class B net assets of $60,510,384
and Class C net assets of $45,364,088 on June 20, 1997. The net assets acquired
included net unrealized appreciation of $8,093,961. The exchange qualified as a
tax-free reorganization for federal income tax purposes.
<PAGE>
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER MULTIPLE STRATEGIES FUND:
In planning and performing our audit of the financial statements of Oppenheimer
Multiple Strategies Fund (formerly Oppenheimer Asset Allocation Fund) for the
year ended September 30, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Oppenheimer Multiple Strategies Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
September 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
KPMG PEAT MARWICK LLP
Denver, Colorado
October 21, 1997
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
September 30, 1997, amounts have been reclassified to reflect an increase in
undistributed net investment income of $605,311, a decrease in accumulated net
realized gain on investments of $301,073, and a decrease in paid-in capital of
$304,238.
