OPPENHEIMER STRATEGIC INCOME FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 26, 1998
The Prospectus is amended as follows:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is replaced with the following:
(1) If you invest $1 million or more ($500,000 or more for purchases
"Retirement Plans" as defined in "Class A Contingent Deferred Sales
Charge" on page 35) in Class A shares, you may have to pay a sales charge
of up to 1% if you sell your shares within 18 calendar months from the end
of the calendar month during which you purchased those shares. See "How to
Buy Shares -- Buying Class A Shares," below.
2. The caption below the "Class A Shares" performance graph on page 28 is
changed to read as follows:
Average Annual Total Returns of Class A Shares of the Fund at 9/30/971
1 Year 5 Year 10 Year
6.00% 8.54% 10.33%
3. The second sentence of the paragraph entitled "Class A Shares" on page 30
under the heading entitled "How to Buy Shares-Classes of Shares" is replaced
with the following:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge, described below.
Continued
1
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4. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 36 are
replaced with the
following:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month
of their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998).
5. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge"on page 36 is replaced
by the following:
However, if the shares acquired by exchange are redeemed within 18 months
of the end of the calendar month of the purchase of the exchanged shares,
the contingent deferred sales charge will apply. (A different holding
period may apply to shares purchased prior to June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 36 is
deleted.
6. The following third and fourth sub-paragraphs of the section entitled "
Waivers of Class A Sales Charges - Waivers of Class A Contingent Deferred Sales
Charge for Certain
Redemptions" on page 39 are deleted:
o if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion of
the sales commission in installments of 1/18th of the commission per month
(and no further commission will be payable if the shares are redeemed
within 18 months of purchase)
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agreed in writing
to accept the dealer's portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will be
payable if the shares are redeemed within 12 months of purchase)
May 15, 1998 PS0230.017
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OPPENHEIMER STRATEGIC INCOME FUND
Supplement dated May 15, 1998 to the
Statement of Additional Information
dated January 26, 1998, revised February 12, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
The third paragraph in the section entitled "How To Exchange Shares" on
page 58 is replaced as follows:
Class A shares of Oppenheimer funds may be exchanged at net asset value
for shares of any Money Market Fund. Shares of any Money Market Fund purchased
without a sales charge may be exchanged for shares of Oppenheimer funds offered
with a sales charge upon payment of the sales charge (or, if applicable, may be
used to purchase shares of Oppenheimer funds subject to a contingent deferred
sales charge). However, shares of Oppenheimer Money Market Fund, Inc. purchased
with the redemption proceeds of shares of other mutual funds (other than funds
managed by the Manager or its subsidiaries) redeemed within the 12 months prior
to that purchase may subsequently be exchanged for shares of other Oppenheimer
funds without being subject to an initial or contingent deferred sales charge,
whichever is applicable. To qualify for that privilege, the investor or the
investor's dealer must notify the Distributor of eligibility for this privilege
at the time the shares of Oppenheimer Money Market Fund, Inc. are purchased,
and, if requested, must supply proof of entitlement to this privilege.
Shares of the Fund acquired by reinvestment of dividends or distributions
from any of the other Oppenheimer funds or from any unit investment trust for
which reinvestment arrangements have been made with the Distributor may be
exchanged at net asset value for shares of any of the Oppenheimer funds. No
contingent deferred sales charge is imposed on exchanges of shares of any class
purchased subject to a contingent deferred sales charge. However, if you redeem
Class A shares of the Fund that were acquired by exchange of Class A shares of
other Oppenheimer funds purchased subject to a Class A contingent deferred sales
charge within 18 months of the end of the calendar month of the purchase of the
exchanged Class A shares, the Class A contingent deferred sales charge is
imposed on the redeemed shares (see "Class A Contingent Deferred Sales Charge"
in the Prospectus). (A different holding period may apply to shares purchased
prior to June 1, 1998). The Class B contingent deferred sales charge is imposed
on Class B shares acquired by exchange if they are redeemed within six years of
the initial purchase of the exchanged Class B shares. The Class C contingent
deferred sales charge is imposed on Class C shares acquired by exchange if they
are redeemed within 12 months of the initial purchase of the exchanged Class C
shares.
May 15, 1998 PSX230.004
