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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
DELOITTE & TOUCHE LLP [LOGO]
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303) 292-5400
Facsimile: (303) 312-4000
To the Board of Trustees of
Oppenheimer Limited-Term Government Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Limited-Term Government Fund (Fund) for the year ended September 30, 1995 (on
which we have issued our report dated October 20, 1995), 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 the 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 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 consider to be material weaknesses as defined above as of
September 30, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/ Deloitte & Touche LLP
October 20, 1995
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses. The character of the
distributions made during the year from net investment income or net realized
gains may differ from their ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that the income or
realized gain (loss) was recorded by the Fund.
During the year ended September 30, 1995, the Fund changed the classification of
distributions to shareholders to better disclose the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended September 30, 1995,
amounts have been reclassified to reflect an increase in undistributed net
investment income of $233,410, a decrease in paid-in capital of $19,870, and an
increase in accumulated net realized loss on investments of $213,540.
<PAGE>
6. ACQUISITION OF OPPENHEIMER STRATEGIC SHORT-TERM INCOME FUND
On September 22, 1995, the Fund acquired all of the net assets of
Oppenheimer Strategic Short-Term Income Fund, pursuant to an Agreement and Plan
of Reorganization approved by the Oppenheimer Strategic Short-Term Income Fund
shareholders on February 28, 1995. The Fund issued 1,615,189 and 810,988 shares
of beneficial interest for Class A and Class B, respectively, valued at
$16,862,577 and $8,466,715 in exchange for the net assets, resulting in combined
Class A net assets of $342,039,434 and Class B net assets of $118,635,825 on
September 22, 1995. The exchange qualified as a tax-free reorganization for
federal income tax purposes.
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On July 10, 1995, a special shareholder meeting was held at which the nine
Trustees identified below were elected, the selection of Deloitte & Touche LLP
as the independent certified public accountants and auditors of the Fund for the
fiscal year beginning October 1, 1994 was ratified (Proposal No. 1), the Fund's
amended Class B 12b-1 Distribution and Service Plan was approved by Class B
shareholders (Proposal No. 2), the Fund's amended Class C 12b-1 Distribution and
Service Plan was approved by Class C shareholders (Proposal No. 3), as described
in the Fund's proxy statement for that meeting. The following is a report of the
votes cast:
[CAPTION]
<TABLE>
NOMINEE FOR AGAINST TOTAL
- ------- --- ------- -----
<S> <C> <C> <C>
Robert G. Avis 17,429,836.730 231,235.330 17,661,072.060
William A. Baker 17,322,197.587 338,874.473 17,661,072.060
Charles Conrad, Jr. 17,413,537.113 247,534.947 17,661,072.060
Jon S. Fossel 17,405,755.436 255,316.624 17,661,072.060
Raymond J. Kalinowski 17,425,374.785 235,697.275 17,661,072.060
C. Howard Kast 17,381,019.316 280,052.744 17,661,072.060
Robert M. Kirchner 17,389,747.060 271,325.000 17,661,072.060
Ned M. Steel 17,367,935.509 293,136.551 17,661,072.060
James C. Swain 17,433,835.232 227,236.828 17,661,072.060
</TABLE>
[CAPTION]
<TABLE>
WITHHELD/ BROKER
PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- -------- --- ------- ------- --------- -----
<S> <C> <C> <C> <C> <C>
Proposal No. 1 16,879,066.704 105,333.865 676,671.491 503,036 17,661,072.060
Proposal No. 2 3,472,991.426 77,674.151 181,783.468 122,401 3,732,449.045
Proposal No. 3 214,500.463 -- -- 7,907 214,500.463
</TABLE>
Oppenheimer Limited-Term Government Fund
