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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 Strageic Income Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Strategic Income 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
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DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
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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 and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of 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 a decrease in paid-in capital of
$28,272,149, a decrease in undistributed net investment income of $11,013,856,
and a decrease in accumulated net realized loss on investments of $39,286,005.
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7. ACQUISITION OF OPPENHEIMER STRATEGIC DIVERSIFIED INCOME FUND
On August 18, 1995, the Fund acquired all of the net assets of
Oppenheimer Strategic Diversified Income Fund, pursuant to an Agreement and Plan
of Reorganization approved by the Oppenheimer Strategic Diversified Income Fund
shareholders on July 12, 1995. The Fund issued 11,908,408 shares of beneficial
interest (Class C), valued at $55,016,842 in exchange for the net assets,
resulting in combined Class C net assets of $63,020,965 on August 18, 1995. The
exchange qualified as a tax-free reorganization for federal income tax purposes.
