<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 850134
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 OPPENHEIMERFUNDS, INC.
008 B00AA01 A
008 C00AA01 801-8253
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10048
008 D04AA01 0203
011 A00AA01 OPPENHEIMERFUNDS DISTRIBUTOR, INC.
011 B00AA01 8-22882
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10048
011 C04AA01 0203
012 A00AA01 OPPENHEIMERFUNDS SERVICES
012 B00AA01 84-1562
012 C01AA01 DENVER
012 C02AA01 CO
<PAGE> PAGE 2
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018 00AA00 Y
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019 B00AA00 43
019 C00AA00 OPPENHEIMR
020 A000001 SALOMON BROTHERS, INC.
020 B000001 13-3082694
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020 A000002 GOLDMAN, SACHS & CO.
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020 A000005 SHEARSON LEHMAN BROTHERS, INC.
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020 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
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020 A000008 FIRST CHICAGO CAPITAL MARKET
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022 A000004 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000004 13-5674085
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<PAGE> PAGE 3
022 D000004 348721
022 A000005 SWISS BANK CORP. INVESTMENT BANKING, INC.
022 B000005 13-2639550
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066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
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077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
<PAGE> PAGE 4
078 000000 N
028 A010100 117951
028 A020100 25305
028 A030100 0
028 A040100 73685
028 B010100 115720
028 B020100 25565
028 B030100 0
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028 C010100 80638
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028 C040100 120935
028 D010100 160494
028 D020100 51360
028 D030100 0
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028 E020100 26119
028 E030100 0
028 E040100 88058
028 F010100 150807
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028 F040100 96945
028 G010100 776609
028 G020100 154884
028 G030100 28272
028 G040100 546513
028 H000100 698669
029 000100 Y
030 A000100 8794
030 B000100 4.75
030 C000100 0.00
031 A000100 2488
031 B000100 0
032 000100 6306
033 000100 0
034 000100 Y
035 000100 2527
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 100
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 14983
<PAGE> PAGE 5
044 000100 0
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
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062 C000100 0.0
062 D000100 0.5
062 E000100 0.0
062 F000100 0.0
062 G000100 1.4
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062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 2.6
062 M000100 15.6
062 N000100 18.1
062 O000100 0.0
062 P000100 26.8
062 Q000100 35.6
062 R000100 2.3
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063 B000100 11.5
064 A000100 Y
064 B000100 Y
065 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 Y
070 D010100 Y
070 D020100 Y
070 E010100 Y
070 E020100 Y
070 F010100 Y
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070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
<PAGE> PAGE 6
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 4999956
071 B000100 4400713
071 C000100 5260333
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072 G000100 0
072 H000100 0
072 I000100 2958
072 J000100 1006
072 K000100 724
072 L000100 403
072 M000100 42
072 N000100 94
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 30
072 S000100 70
072 T000100 14983
072 U000100 0
072 V000100 0
072 W000100 274
072 X000100 35240
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072 Z000100 246123
072AA000100 127089
072BB000100 86189
072CC010100 24456
072CC020100 0
072DD010100 152643
072DD020100 89226
072EE000100 0
073 A010100 0.2200
<PAGE> PAGE 7
073 A020100 0.2019
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1591
074 B000100 30200
074 C000100 228672
074 D000100 5487173
074 E000100 62746
074 F000100 54914
074 G000100 0
074 H000100 0
074 I000100 13317
074 J000100 155162
074 K000100 0
074 L000100 135720
074 M000100 1263
074 N000100 6170758
074 O000100 420494
074 P000100 98
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 1819
074 R040100 36117
074 S000100 0
074 T000100 5712230
074 U010100 705606
074 U020100 475372
074 V010100 4.74
074 V020100 4.75
074 W000100 0.0000
074 X000100 280415
074 Y000100 516619
075 A000100 0
075 B000100 5489000
076 000100 0.00
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
<PAGE> PAGE 8
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 11
074 N000200 0
074 T000200 0
075 A000200 0
075 B000200 0
SIGNATURE GEORGE BOWEN
TITLE TREASURER
<PAGE>
ACQUISITION OF OPPENHEIMER STRATEGIC DIVERSIFIED INCOME FUND AND QUEST FOR VALUE
GLOBAL 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 net assets acquired
included net unrealized appreciation of $1,082,464. The exchange
qualifies as a tax-free reorganization for federal income tax purposes.
On November 24, 1995, the Fund acquired all the net assets of Quest for
Value Global Income Fund, pursuant to an Agreement and Plan of
Reorganization approved by the Quest for Value Global Income Fund
Shareholders on November 16, 1995. The Fund issued 970,667, 280,096 and
36,170 shares of beneficial interest for Class A, Class B and Class C,
respectively, valued at $4,571,842, $1,322,051 and $170,362 in exchange
for the net assets, resulting in combined Class A net assets of
$3,267,253,290, Class B net assets of $2,032,945,347 and Class C net
assets of $75,252,729 on November 24, 1995. The net assets acquired
included net unrealized appreciation of $338,553. The exchange qualifies
as a tax-free reorganization for federal income tax purposes.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 850134
<NAME> Oppenheimer Strategic Income Fund - A
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<INVESTMENTS-AT-VALUE> 5,877,021,589
<RECEIVABLES> 290,881,882
<ASSETS-OTHER> 94,097
<OTHER-ITEMS-ASSETS> 2,760,235
<TOTAL-ASSETS> 6,170,757,803
<PAYABLE-FOR-SECURITIES> 420,494,206
<SENIOR-LONG-TERM-DEBT> 0
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<NET-ASSETS> 3,345,648,459
<DIVIDEND-INCOME> 2,455,360
<INTEREST-INCOME> 278,907,569
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 246,123,341
<REALIZED-GAINS-CURRENT> 40,900,084
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<NET-CHANGE-FROM-OPS> 311,479,466
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 6,400,367
<OVERDIST-NET-GAINS-PRIOR> 0
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<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 850134
<NAME> Opp Strategic Income Fund - B
<SERIES>
<NUMBER> 1
<NAME> Oppenheimer Strategic Funds Trust
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<INVESTMENTS-AT-COST> 5,824,413,564
<INVESTMENTS-AT-VALUE> 5,877,021,589
<RECEIVABLES> 290,881,882
<ASSETS-OTHER> 94,097
<OTHER-ITEMS-ASSETS> 2,760,235
<TOTAL-ASSETS> 6,170,757,803
<PAYABLE-FOR-SECURITIES> 420,494,206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,033,349
<TOTAL-LIABILITIES> 458,527,555
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,982,623,515
<SHARES-COMMON-STOCK> 475,371,532
<SHARES-COMMON-PRIOR> 415,199,883
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,711,320
<ACCUMULATED-NET-GAINS> (318,216,548)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,534,601
<NET-ASSETS> 2,258,380,941
<DIVIDEND-INCOME> 2,455,360
<INTEREST-INCOME> 278,907,569
<OTHER-INCOME> 0
<EXPENSES-NET> 35,239,588
<NET-INVESTMENT-INCOME> 246,123,341
<REALIZED-GAINS-CURRENT> 40,900,084
<APPREC-INCREASE-CURRENT> 24,456,041
<NET-CHANGE-FROM-OPS> 311,479,466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 89,226,401
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,239,688
<NUMBER-OF-SHARES-REDEEMED> 30,605,156
<SHARES-REINVESTED> 10,537,847
<NET-CHANGE-IN-ASSETS> 479,297,566
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (359,116,632)
<OVERDISTRIB-NII-PRIOR> 6,400,367
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,655,498
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 35,239,588
<AVERAGE-NET-ASSETS> 2,106,000,000
<PER-SHARE-NAV-BEGIN> 4.69
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.03
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<PER-SHARE-NAV-END> 4.75
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
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<TABLE> <S> <C>
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<NAME> Oppenheimer Strategic Income Fund - C
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<NUMBER> 1
<NAME> Oppenheimer Strategic Funds Trust
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<INVESTMENTS-AT-COST> 5,824,413,564
<INVESTMENTS-AT-VALUE> 5,877,021,589
<RECEIVABLES> 290,881,882
<ASSETS-OTHER> 94,097
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<TOTAL-ASSETS> 6,170,757,803
<PAYABLE-FOR-SECURITIES> 420,494,206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,033,349
<TOTAL-LIABILITIES> 458,527,555
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,982,623,515
<SHARES-COMMON-STOCK> 22,835,055
<SHARES-COMMON-PRIOR> 14,313,936
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,711,320
<ACCUMULATED-NET-GAINS> (318,216,548)
<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> 246,123,341
<REALIZED-GAINS-CURRENT> 40,900,084
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<NET-CHANGE-FROM-OPS> 311,479,466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,565,350
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 10,086,338
<NUMBER-OF-SHARES-REDEEMED> 2,059,190
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<ACCUMULATED-NII-PRIOR> 0
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