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OPPENHEIMER STRATEGIC SHORT-TERM INCOME FUND
ANNUAL REPORT SEPTEMBER 30, 1994
[LOGO] OppenheimerFunds.
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FUND FACTS
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IN THIS REPORT:
ANSWERS TO TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
- - HOW DID THE FUND RESPOND TO RISING INTEREST RATES IN THE U.S. AND OVERSEAS?
- - WHAT'S THE OUTLOOK FOR THE CORPORATE BOND MARKET?
- - WHERE ARE YOU FINDING THE MOST ATTRACTIVE INVESTMENT OPPORTUNITIES TODAY?
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FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER STRATEGIC SHORT-TERM INCOME FUND
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1 The Fund's objective is high current income with safety of principal
from a portfolio of investment-grade securities including domestic
corporate bonds, U.S. government issues, foreign fixed income
securities, and money market instruments. The Fund normally maintains
an average portfolio maturity of three years.
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2 Standardized yield for the 30 days ended September 30, 1994 was 6.16%
for Class A shares and 5.61% for Class B shares.(1)
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3 Total return at net asset value for the 12 months ended September 30,
1994 was 0.61% for Class A shares and -0.39% for Class B shares.(2)
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4 Average annual total returns for Class A shares for the 1-year period
ended September 30, 1994 and since inception of the Fund on August 4,
1992 were -2.91% and 0.54%, respectively. For Class B shares, average
annual total return for the 1-year period ended September 30, 1994 and
since inception of the Class on November 30, 1992 were -4.37% and
1.90%, respectively.(3)
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5 "The Fund's flexibility to shift assets strategically among bond
market sectors is a major plus for shareholders in the current
investment environment."
PORTFOLIO MANAGERS DAVID NEGRI AND ART STEINMETZ, SEPTEMBER 30, 1994
1. Standardized yield is net investment income calculated on a yield-to-maturity
basis for the 30-day period ended 9/30/94, divided by the maximum offering price
at the end of the period, compounded semi-annually and then annualized. Falling
net asset values will tend to artificially raise yields.
2. Based on the change in net asset value per share from 9/30/93 to 9/30/94,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
3. Average annual total returns are based on a hypothetical investment held
until 9/30/94, after deducting the current maximum initial sales charge of 3.50%
for Class A shares and the contingent deferred sales charge of 4% (1-year) and
3% (since inception) for Class B shares.
The Fund's portfolio is subject to change.
All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment and principal
value on an investment in the Fund will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
2 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
REPORT TO SHAREHOLDERS
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Oppenheimer Strategic Short-Term Income Fund continued to provide shareholders
an attractive level of income for the 12 months ended September 30, 1994. At
that date, the Fund's standardized 30-day yield was 6.16% for Class A shares and
5.61% for Class B shares.(4)
Once again, your managers' ability to shift assets strategically among
four sectors"U.S. government securities, investment-grade corporate bonds,
foreign fixed income securities, and money market instruments"played an
important role in the Fund's performance over the year.
As the Federal Reserve and central banks worldwide moved aggressively
to raise short-term interest rates to fend off inflation, your managers were
able to capture rising yields while limiting the portfolio's price volatility.
As U.S. interest rates began to rise, your managers reduced the Fund's exposure
to U.S. government securities, as well as to corporate bonds issued by
consumer-durable and financial services companies, whose earnings are sensitive
to interest rate changes.
The proceeds were used to add to holdings in corporate bonds issued by
larger industrial companies, notably in chemicals, mining, metals, and forest
products sectors. These companies' earnings tend to rise in the middle-to-late
stages of an economic expansion.
As interest rates rose offshore and the dollar weakened against major
currencies, your managers emphasized investments in Europe. In addition to
increasing the portfolio's holdings of foreign government bonds, your managers
focused more attention on large European industrial companies positioned to
benefit from economic growth.
Looking ahead, your managers don't anticipate major changes in the
portfolio's composition in the near term. The Fund's allocations will, of
course, be adjusted should the economic expansion appear to be ending, but all
signs currently are pointing to continued gradual growth"and your Fund is
well-positioned to provide attractive returns.
We appreciate the confidence you have placed in Oppenheimer Strategic
Short-Term Income Fund, and we look forward to continuing to help you reach your
investment goals.
James C. Swain Jon S. Fossel
Chairman President
Oppenheimer Strategic Oppenheimer Strategic
Short-Term Income Fund Short-Term Income Fund
October 21, 1994
4. See footnote 1, page 2.
3 Oppenheimer Strategic Short-Term Income Fund
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<TABLE>
<CAPTION>
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STATEMENT OF INVESTMENTS September 30, 1994
FACE MARKET VALUE
AMOUNT SEE NOTE 1
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<S> <C> <C> <C>
REPURCHASE AGREEMENTS--9.0%
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Repurchase agreement with First Chicago Capital Markets, 4.95%,
dated 9/30/94, to be repurchased at $3,201,320 on 10/3/94,
collateralized by U.S. Treasury Nts., 4.25%--8.50%, 4/15/95--
7/15/98, with a value of $1,809,492 and U.S. Treasury Bills, 0%,
3/16/95--3/23/95, with a value of $1,457,477 (Cost $3,200,000) $ 3,200,000 $ 3,200,000
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GOVERNMENT OBLIGATIONS--50.0%
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SHORT-TERM GOVERNMENT OBLIGATIONS--3.1%
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Bonos de la Tesoreria de la Federacion:
0%, 12/08/94 125,000 123,403
0%, 1/12/95 1,000,000 980,179
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1,103,582
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LONG-TERM GOVERNMENT OBLIGATIONS--46.9%
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Czechoslovakia National Bank Bonds, 7%, 4/16/96(3) 500,000 498,750
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Denmark (Kingdom of) Bonds:
9%, 11/15/98 1,980,000(1) 328,194
6%, 12/10/99 1,300,000(1) 189,849
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Empresa Columbiana de Petroleos Nts., 7.25%, 7/8/98(3) 450,000 431,167
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First Australia National Mortgage Acceptance Corp. Ltd.
Bonds, Series 22, 11.40%, 12/15/01 437,340 329,109
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Indonesia (Republic of) CD, Bank Negara, 0%, 4/24/95 1,500,000,000(1) 632,333
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Italy (Republic of) Treasury Bonds, Buoni Poliennali del Tes:
12%, 1/1/96 50,000,000(1) 32,452
12%, 5/1/97 350,000,000(1) 227,388
12.50%, 6/16/97 350,000,000(1) 229,766
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Small Business Administration, 8.125%--9.375%, 8/25/01--11/25/06(2) 2,589,138 2,589,138
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South Australia Government Finance Authority Bonds, 10%, 1/15/03 350,000(1) 248,501
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Spain (Kingdom of) Bonds, 11.45%, 8/30/98 74,500,000(1) 586,671
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Treasury Corp. of Victoria Gtd. Bonds:
12%, 10/22/98 350,000(1) 278,164
8.25%, 10/15/03 620,000(1) 394,827
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United Kingdom Treasury Nts.:
12%, 11/20/98 195,000(1) 340,957
12.25%, 3/26/99 200,000(1) 354,530
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U.S. Treasury Bonds, 6.25%, 8/15/23(5) 600,000 487,312
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U.S. Treasury Nts.:
4.375%, 8/15/96 5,000,000 4,814,059
5.125%, 2/28/96 300,000 283,031
8.50%, 5/15/19 3,200,000 3,328,998
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16,605,196
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Total Government Obligations (Cost $18,285,809) 17,708,778
4 Oppenheimer Strategic Short-Term Income Fund
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<CAPTION>
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STATEMENT OF INVESTMENTS (Continued)
FACE MARKET VALUE
AMOUNT SEE NOTE 1
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<S> <C> <C> <C>
MORTGAGE/ASSET-BACKED OBLIGATIONS--19.7%
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Federal Home Loan Mortgage Corp., 7%, Series 1548, Cl. C, 4/15/21 $3,000,000 $2,625,930
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Federal National Mortgage Assn. Interest-Only Stripped Mtg.-
Backed Security, Trust 240, Class 2, 7%, 9/25/23(4) 1,977,811 747,860
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First Boston Corp. Mtg. Securities,
7.06%, Series 1993-AFC-1, 10/25/02 741,071 682,944
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Government National Mortgage Assn.:
10.50%, 12/15/17 324,386 353,789
10.50%, 7/15/19 15,353 16,753
10.50%, 10/15/20 51,963 56,711
10.50%, 1/15/21 66,281 72,351
10.50%, 3/15/21 39,289 42,886
10.50%, 7/15/21 448,609 489,684
10.50%, 10/15/21 48,544 52,989
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Resolution Trust Corp. Commercial Mtg. Pass-Through Certificates:
9%, Series 1991--M5, Cl. A, 3/25/17 746,789 750,290
8.75%, Series 1993--C1, Cl. B, 5/25/24 600,000 594,000
10.6403%, Series 1992--16, Cl. B3, 5/25/24(2) 500,000 506,562
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Total Mortgage/Asset-Backed Obligations (Cost $7,379,412) 6,992,749
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MUNICIPAL BONDS AND NOTES--2.4%
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Connecticut State Taxable General Obligation
Bonds, 6.625%, 12/15/97 350,000 347,669
New York State Environmental Facilities Corp.
State Service Contract Taxable Revenue Bonds, Series B, 7.30%, 3/15/97 500,000 499,312
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Total Municipal Bonds and Notes (Cost $848,691) 846,981
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LONG-TERM CORPORATE BONDS AND NOTES--14.5%
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BASIC MATERIALS--1.3%
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CHEMICALS--1.3%
Quantum Chemical Corp., 10.375% Fst. Mtg. Nts., 6/1/03 400,000 443,863
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Consumer Cyclicals--2.7%
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Consumer Goods and
Services--0.8%
Mattel, Inc., 6.875% Sr. Nts., 8/1/97 300,000 294,746
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HOTELS/LODGING--0.8%
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Host Marriott Hospitality, Inc., 10.625% Sr. Nts., Series B, 2/1/00 265,000 266,987
------------------------------------------------------------------------------------------------------
Retail--1.1%
Sears Canada, Inc., 11.70% Debs., 7/10/00 500,000(1) 403,513
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CONSUMER NON-CYCLICALS--2.1%
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Food--2.1%
RJR Nabisco, Inc., 10.50% Sr. Nts., 4/15/98 700,000 740,899
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ENERGY--0.7%
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Atlantic Richfield Co., 10.375% Nts., 7/15/95 250,000 257,508
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FINANCIAL--6.0%
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BankAmerica Corp., 7.50% Sr. Nts., 3/15/97 100,000 100,806
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Corporacion Andina de Formento Nts., 7.25%, 4/30/98(3) 750,000 714,844
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First Chicago Corp., 9% Sub. Nts., 6/15/99 150,000 156,604
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General Motors Acceptance Corp., 8% Nts., 10/1/96 200,000 202,664
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Heller Financial, Inc., 7.75% Nts., 5/15/97 225,000 227,566
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International Bank for Reconstruction and Development Bonds,
12.50%, 7/25/97 580,000(1) 377,441
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Lehman Brothers Holdings, Inc., 8.375% Nts., 2/15/99 350,000 353,546
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2,133,471
5 Oppenheimer Strategic Short-Term Income Fund
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<CAPTION>
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STATEMENT OF INVESTMENTS (Continued)
FACE MARKET VALUE
AMOUNT SEE NOTE 1
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<S> <C> <C> <C>
TECHNOLOGY--1.1%
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Cable Television--1.1%
Time Warner, Inc., 7.45% Nts., 2/1/98 $400,000 $393,500
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Utilities--0.6%
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Commonwealth Edison Co., 6.50% Nts., 7/15/97 225,000 217,551
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Total Long-Term Corporate Bonds and Notes (Cost $5,367,845) 5,152,038
<CAPTION>
DATE/PRICE
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<S> <C> <C> <C> <C>
PUT OPTIONS PURCHASED--0.0%
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European OTC Deutsche Mark/U.S. Dollar Put Nov. 2/1.60 DEM 2,006,202(1) 4,138
European OTC Deutsche Mark/U.S. Dollar Put Nov. 4/1.60 DEM 1,003,101(1) 2,263
European OTC Deutsche Mark/U.S. Dollar Put Nov. 8/1.60 DEM 1,003,101(1) 2,635
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Total Put Options Purchased (Cost $43,719) 9,036
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STRUCTURED INSTRUMENTS--2.5%
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Citibank 10.50%--16% CD, 5/3/95--8/17/95 126,153,140(1) 455,638
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Goldman Sachs International Limited, 5.10%, 2/28/95 80,000 77,808
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Swiss Bank Corp. Investment Banking, Inc.,
10% CD Sterling Rate Linked Nts., 7/3/95 370,000 364,968
----------- -----------
Total Structured Instruments (Cost $900,298) 898,414
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TOTAL INVESTMENTS, AT VALUE (COST $36,025,774) 98.1% 34,807,996
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OTHER ASSETS NET OF LIABILITIES 1.9 667,646
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NET ASSETS 100.0% $35,475,642
----- -----------
----- -----------
<FN>
1. Face amount is reported in foreign currency.
2. Represents the current interest rate for a
variable rate security.
3. Restricted security-See Note 6 of Notes to
Financial Statements.
4. Interest-Only Strips represent the right to
receive the monthly interest payments on an
underlying pool of mortgage loans. These securities
typically decline in price as interest rates
decline. Most other fixed- income securities
increase in price when interest rates decline. The
principal amount of the underlying pool represents
the notional amount on which current interest is
calculated. The price of these securities is
typically more sensitive to changes in prepayment
rates than traditional mortgage backed securities
(for example, GNMA pass-throughs).
5. Securities with an aggregate market value of
$103,148 are held in escrow to cover outstanding
call options, as follows:
FACE EXPIRATION EXERCISE PREMIUM MARKET VALUE
SUBJECT TO CALL DATE PRICE RECEIVED SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
European OTC Deutsche Mark/U.S. Dollar 875,537 11/02/94 1.50 DEM $ 4,067 $ 2,309
European OTC Deutsche Mark/U.S. Dollar 393,357 11/02/94 1.60 DEM 10,260 13,109
European OTC Deutsche Mark/U.S. Dollar 437,768 11/04/94 1.50 DEM 2,107 1,293
European OTC Deutsche Mark/U.S. Dollar 196,679 11/04/94 1.60 DEM 5,168 6,496
European OTC Deutsche Mark/U.S. Dollar 437,768 11/08/94 1.54 DEM 5,223 5,382
European OTC Deutsche Mark/U.S. Dollar 196,679 11/08/94 1.60 DEM 5,348 6,729
-------- --------
$32,173 $35,318
</TABLE>
See accompanying Notes to Financial Statements.
6 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
<TABLE>
<CAPTION>
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STATEMENT OF ASSETS AND LIABILITIES September 30, 1994
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- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS Investments, at value (cost $36,025,774)--see accompanying statement $34,807,996
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Cash 270,078
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Receivables:
Interest 599,315
Investments sold 113,526
Shares of beneficial interest sold 106,156
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Deferred organization costs 4,827
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Other 3,338
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Total assets 35,905,236
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LIABILITIES Options written, at value (premiums received $32,173)--Note 4 35,318
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Payables and other liabilities:
Shares of beneficial interest redeemed 229,533
Investments purchased 63,418
Distribution and service plan fees--Note 5 21,588
Dividends 47,899
Other 31,838
-----------
Total liabilities 429,594
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NET ASSETS $35,475,642
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-----------
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COMPOSITION OF Paid-in capital $37,179,293
NET ASSETS ------------------------------------------------------------------------------------------------------
Overdistributed net investment income (254,041)
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Accumulated net realized loss from investment, written option and foreign
currency transactions (229,651)
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Net unrealized depreciation on investments, options written and translation of assets
and liabilities denominated in foreign currencies (1,219,959)
-----------
Net assets $35,475,642
-----------
-----------
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- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets of
$27,849,628 and 6,111,573 shares of beneficial interest outstanding) $4.56
Maximum offering price per share (net asset value plus sales charge of 3.50% of offering price) $4.73
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Class B Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $7,626,014 and 1,675,212 shares of beneficial interest outstanding) $4.55
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Strategic Short-Term Income Fund
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<TABLE>
<CAPTION>
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STATEMENT OF OPERATIONS For the Year Ended September 30, 1994
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<S> <C> <C>
INVESTMENT INCOME Interest (net of withholding taxes of $13,941) $2,507,029
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EXPENSES Management fees--Note 5 222,890
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Distribution and service plan fees:
Class A--Note 5 61,864
Class B--Note 5 60,156
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Transfer and shareholder servicing agent fees--Note 5 33,947
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Shareholder reports 29,847
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Custodian fees and expenses 12,727
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Legal and auditing fees 9,524
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Registration and filing fees:
Class A 1,667
Class B 1,508
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Trustees' fees and expenses 1,963
-----------
Other 13,957
-----------
Total expenses 450,050
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NET INVESTMENT INCOME 2,056,979
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- ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain (loss) from:
GAIN (LOSS) ON INVESTMENTS, Investments and options written (526,738)
OPTIONS WRITTEN AND Expiration and closing of option contracts written--Note 4 3,047
FOREIGN CURRENCY Foreign currency transactions (110,362)
TRANSACTIONS -----------
Net realized loss (634,053)
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Net change in unrealized appreciation or depreciation on:
Investments and options written (1,591,568)
Translation of assets and liabilities denominated in foreign currencies 229,322
-----------
Net change (1,362,246)
-----------
Net realized and unrealized loss on investments, options written
and foreign currency transactions (1,996,299)
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- ----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $60,680
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
<TABLE>
<CAPTION>
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STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
1994 1993
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<S> <C> <C> <C>
OPERATIONS Net investment income $2,056,979 $1,481,320
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Net realized loss on investments, options written and foreign
currency transactions (634,053) (511,099)
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Net change in unrealized appreciation or depreciation on investments,
options written and translation of assets and liabilities denominated in
foreign currencies (1,362,246) 238,294
----------- -----------
Net increase in net assets resulting from operations 60,680 1,208,515
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DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.205 and $.305 per share, respectively) (1,087,188) (1,297,637)
SHAREHOLDERS Class B ($.167 and $.212 per share, respectively) (297,053) (61,188)
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Dividends in excess of net investment income:
Class A ($.012 per share) (73,587)
Class B ($.012 per share) (20,106)
------------------------------------------------------------------------------------------------------
Distributions in excess of net realized gain on investments
and foreign currency transactions:
Class A ($.005 and $.0007 per share, respectively) (29,391) (3,024)
Class B ($.005 and $.0007 per share, respectively) (8,031) (36)
------------------------------------------------------------------------------------------------------
Tax return of capital:
Class A ($.088 per share) (540,571) --
Class B ($.088 per share) (147,701) --
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- ----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from Class A
TRANSACTIONS beneficial interest transactions--Note 2 4,289,799 12,801,641
------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B
beneficial interest transactions--Note 2 4,593,588 3,416,849
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- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 6,740,439 16,065,120
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Beginning of year 28,735,203 12,670,083
----------- -----------
End of year [including undistributed (overdistributed) net investment
income of ($254,041) and $122,495, respectively] $35,475,642 $28,735,203
----------- -----------
----------- -----------
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
<TABLE>
<CAPTION>
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FINANCIAL HIGHLIGHTS
CLASS A CLASS B
------------------------------ ------------------
YEAR ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1992(2) 1994 1993(1)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $4.84 $4.93 $5.00 $4.84 $4.75
-----------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .33 .33 .05 .34 .22
Net realized and unrealized gain (loss)
on investments and foreign currencies (.30) (.11) (.07) (.36) .08
------ ------ ------ ------ ------
Total income (loss) from investment
operations .03 .22 (.02) (.02) .30
-----------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.20) (.31) (.05) (.16) (.21)
Dividends in excess of investment income (.01) -- -- (.01) --
Distributions in excess of net realized gain
on investments (.01) -- -- (.01) --
Tax return of capital (.09) -- -- (.09) --
------ ------ ------ ------ ------
Total dividends and distributions to
shareholders (.31) (.31) (.05) (.27) (.21)
-----------------------------------------------------------------------------------------------------
Net asset value, end of period $4.56 $4.84 $4.93 $4.55 $4.84
------ ------ ------ ------ ------
------ ------ ------ ------ ------
-----------------------------------------------------------------------------------------------------
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Total Return, at Net Asset Value(3) .61% 4.58% (.27)% (.39)% 6.48%
-----------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $27,850 $25,314 $12,670 $7,626 $3,421
-----------------------------------------------------------------------------------------------------
Average net assets (in thousands) $28,284 $20,663 $8,643 $6,020 $1,428
-----------------------------------------------------------------------------------------------------
Number of shares outstanding at end of
period (in thousands) 6,112 5,231 2,572 1,675 707
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Ratios to average net assets:
Net investment income 6.11% 6.83% 6.38%(4) 5.46% 5.88%(4)
-----------------------------------------------------------------------------------------------------
Expenses, before voluntary reimbursement
by the Manager 1.17% 1.38% 1.87%(4) 1.97% 2.22%(4)
-----------------------------------------------------------------------------------------------------
Expenses, net of voluntary reimbursement
by the Manager -- 1.21% .92%(4) -- 2.21%(4)
-----------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 57.8% 104.0% 11.2% 57.8% 104.0%
<FN>
1. For the period from November 30, 1992 (inception of offering) to
September 30, 1993.
2. For the period from August 4, 1992 (commencement of operations) to
September 30, 1992.
3. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns.
4. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the year
ended September 30, 1994 were $28,239,652 and $16,278,532, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
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NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Strategic Short-Term Income Fund (the Fund) is
ACCOUNTING POLICIES registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer
Management Corporation (the Manager). The Fund offers both
Class A and Class B shares. Class A shares are sold with a
front-end sales charge. Class B shares may be subject to a
contingent deferred sales charge. Both classes of shares
have identical rights to earnings, assets and voting
privileges, except that each class has its own
distribution and/or service plan, expenses directly
attributable to a particular class and exclusive voting
rights with respect to matters affecting a single class.
Class B shares will automatically convert to Class A
shares six years after the date of purchase. The following
is a summary of significant accounting policies
consistently followed by the Fund.
----------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at
4:00 p.m. (New York time) on each trading day. Listed and
unlisted securities for which such information is
regularly reported are valued at the last sale price of
the day or, in the absence of sales, at values based on
the closing bid or asked price or the last sale price on
the prior trading day. Long-term debt securities are
valued by a portfolio pricing service approved by the
Board of Trustees. Long-term debt securities which cannot
be valued by the approved portfolio pricing service are
valued by averaging the mean between the bid and asked
prices obtained from two active market makers in such
securities. Short-term debt securities having a remaining
maturity of 60 days or less are valued at cost (or last
determined market value) adjusted for amortization to
maturity of any premium or discount. Securities for which
market quotes are not readily available are valued under
procedures established by the Board of Trustees to
determine fair value in good faith.
----------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of
the Fund are maintained in U.S. dollars. Prices of
securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of
exchange. Amounts related to the purchase and sale of
securities and investment income are translated at the
rates of exchange prevailing on the respective dates of
such transactions.
The Fund generally enters into forward foreign
currency exchange contracts as a hedge, upon the purchase
or sale of a security denominated in a foreign currency.
In addition, the Fund may enter into such contracts as a
hedge against changes in foreign currency exchange rates
on portfolio positions. A forward exchange contract is a
commitment to purchase or sell a foreign currency at a
future date, at a negotiated rate. Risks may arise from
the potential inability of the counterparty to meet the
terms of the contract and from unanticipated movements in
the value of a foreign currency relative to the U.S.
dollar.
The effect of changes in foreign currency exchange
rates on investments is separately identified from the
fluctuations arising from changes in market values of
securities held and reported with all other foreign
currency gains and losses in the Fund's results of
operations.
----------------------------------------------------------
OPTIONS WRITTEN. The Fund may write covered put and call
options. When an option is written, the Fund receives a
premium and becomes obligated to sell or purchase the
underlying security at a fixed price, upon exercise of the
option. In writing an option, the Fund bears the market
risk of an unfavorable change in the price of the security
underlying the written option. Exercise of an option
written by the Fund could result in the Fund selling or
purchasing a security at a price different from the
current market value. All securities covering call options
written are held in escrow by the custodian bank and the
Fund maintains liquid assets sufficient to cover written
put options in the event of exercise by the holder.
----------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to
take possession, to have legally segregated in the Federal
Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for
repurchase agreements. If the seller of the agreement
defaults and the value of the collateral declines, or if
the seller enters an insolvency proceeding, realization of
the value of the collateral by the Fund may be delayed or
limited.
----------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES.
Income, expenses (other than those attributable to a
specific class) and gains and losses are allocated daily
to each class of shares based upon the relative proportion
of net assets represented by such class. Operating
expenses directly attributable to a specific class are
charged against the operations of that class.
----------------------------------------------------------
FEDERAL INCOME TAXES. The Fund intends to continue to
comply with provisions of the Internal Revenue Code
applicable to regulated investment companies and to
distribute all of its taxable income, including any net
realized gain on investments not offset by loss
carryovers, to shareholders. Therefore, no federal income
tax provision is required. At September 30, 1994, the Fund
had available for federal income tax purposes an unused
capital loss carryover of approximately $10,000, which
will expire in 2002.
11 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
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----------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ORGANIZATION COSTS. The Manager advanced $16,395 for
ACCOUNTING POLICIES organization and start-up costs of the Fund. Such expenses
(CONTINUED) are being amortized over a five-year period from the date
operations commenced. In the event that all or part of the
Manager's initial investment in shares of the Fund is
withdrawn during the amortization period, the redemption
proceeds will be reduced to reimburse the Fund for any
unamortized expenses, in the same ratio as the number of
shares redeemed bears to the number of initial shares
outstanding at the time of such redemption.
----------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. The Fund intends to
declare dividends separately for Class A and Class B
shares from net investment income each day the New York
Stock Exchange is open for business and pay such dividends
monthly. Distributions from net realized gains on
investments, if any, will be declared at least once each
year.
----------------------------------------------------------
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS.
Effective October 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial
Statement Presentation of Income, Capital Gain, and Return
of Capital Distributions by Investment Companies. As a
result, 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, subsequent to September 30,
1993, amounts have been reclassified to reflect a decrease
in undistributed net investment loss of $539,989, and an
increase in undistributed capital loss on investments of
$539,989. During the year ended September 30, 1994, in
accordance with Statement of Position 93-2, paid-in
capital was decreased by $688,272, undistributed net
investment income was increased by $267,692 and
undistributed capital loss was decreased by $420,580.
----------------------------------------------------------
OTHER. Investment transactions are accounted for on the
date the investments are purchased or sold (trade date).
Discount on securities purchased is amortized over the
life of the respective securities, in accordance with
federal income tax requirements. Realized gains and losses
on investments and unrealized appreciation and
depreciation are determined on an identified cost basis,
which is the same basis used for federal income tax
purposes.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF The Fund has authorized an unlimited number of no par
BENEFICIAL INTEREST value shares of beneficial interest of each class.
Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1994 YEAR ENDED SEPTEMBER 30, 1993(1)
----------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 5,840,432 $27,782,705 6,914,934 $33,354,845
Dividends and distributions reinvested 307,224 1,445,537 164,208 792,992
Redeemed (5,266,746) (24,938,443) (4,420,557) (21,346,196)
---------- ----------- ----------- -----------
Net increase 880,910 $4,289,799 2,658,585 $12,801,641
---------- ----------- ----------- -----------
---------- ----------- ----------- -----------
--------------------------------------------------------------------------------------------------------------
Class B:
Sold 1,435,285 $6,786,147 870,393 $4,204,678
Dividends and distributions reinvested 55,275 258,470 9,152 44,291
Redeemed (522,740) (2,451,029) (172,153) (832,120)
---------- ----------- ----------- -----------
Net increase 967,820 $4,593,588 707,392 $3,416,849
---------- ----------- ----------- -----------
---------- ----------- ----------- -----------
<FN>
1. For the year ended September 30, 1993 for Class A shares and for the period
from November 30, 1992 (inception of offering) to September 30, 1993 for Class B
shares.
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS At September 30, 1994, net unrealized depreciation on
AND LOSSES ON investments of $1,220,923 was composed of gross
INVESTMENTS appreciation of $218,427, and gross depreciation of
$1,439,350.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. OPTION ACTIVITY Option activity for the year ended September 30, 1994 was
as follows:
<TABLE>
<CAPTION>
CALL OPTIONS PUT OPTIONS
-------------------------- --------------------------
NUMBER AMOUNT NUMBER AMOUNT
OF OPTIONS OF PREMIUMS OF OPTIONS OF PREMIUMS
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Options outstanding at September 30, 1993 -- $ -- -- $ --
-----------------------------------------------------------------------------------------------------------
Options written 2,537,788 32,173 780 3,047
-----------------------------------------------------------------------------------------------------------
Options expired prior to exercise -- -- (780) (3,047)
--------- ------- ------- -------
Options outstanding at September 30, 1994 2,537,788 $32,173 -- $--
--------- ------- ------- -------
--------- ------- ------- -------
</TABLE>
12 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. MANAGEMENT FEES Management fees paid to the Manager were in accordance
AND OTHER with the investment advisory agreement with the Fund which
TRANSACTIONS WITH provides for an annual fee of .65% on the first $500
AFFILIATES million of net assets with a reduction of .03% on each
$500 million thereafter to $1.5 billion, and .50% on net
assets in excess of $1.5 billion. The Manager has agreed
to reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. A voluntary undertaking
to reimburse Fund expenses to the level needed to maintain
a stable dividend was terminated December 1, 1993.
For the year ended September 30, 1994, commissions
(sales charges paid by investors) on sales of Class A
shares totaled $448,316, of which $154,348 was retained by
Oppenheimer Funds Distributor, Inc. (OFDI), a subsidiary
of the Manager, as general distributor, and by an
affiliated broker/dealer. During the year ended
September 30, 1994, OFDI received contingent deferred
sales charges of $21,256 upon redemption of Class B
shares, as reimbursement for sales commissions advanced by
OFDI at the time of sale of such shares.
Oppenheimer Shareholder Services (OSS), a division of
the Manager, is the transfer and shareholder servicing
agent for the Fund and for other registered investment
companies. OSS's total costs of providing such services
are allocated ratably to these companies.
Under separate approved plans, each class may expend
up to .25% of its net assets annually to reimburse OFDI
for costs incurred in connection with the personal service
and maintenance of accounts that hold shares of the Fund,
including amounts paid to brokers, dealers, banks and
other institutions. In addition, Class B shares are
subject to an asset-based sales charge of .75% of net
assets annually, to reimburse OFDI for sales commissions
paid from its own resources at the time of sale and
associated financing costs. In the event of termination or
discontinuance of the Class B plan, the Board of Trustees
may allow the Fund to continue payment of the asset-based
sales charge to OFDI for distribution expenses incurred on
Class B shares sold prior to termination or discontinuance
of the plan. During the year ended September 30, 1994,
OFDI paid $13,353 and $191, respectively, to an affiliated
broker/dealer as reimbursement for Class A and Class B
personal service and maintenance expenses and retained
$57,531 as reimbursement for Class B sales commissions and
service fee advances, as well as financing costs.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. RESTRICTED The Fund owns securities purchased in private placement
SECURITIES transactions, without registration under the Securities
Act of 1933 (the Act). The securities are valued under
methods approved by the Board of Trustees as reflecting
fair value. The Fund intends to invest no more than 10% of
its net assets (determined at the time of purchase) in
restricted and illiquid securities, excluding securities
eligible for resale pursuant to Rule 144A of the Act that
are determined to be liquid by the Board of Trustees or by
the Manager under Board-approved guidelines. At
September 30, 1994, all restricted and illiquid securities
were transferable under Rule 144A of the Act. They are:
<TABLE>
<CAPTION>
VALUATION PER
UNIT AS OF
SECURITY ACQUISITION DATE COST PER UNIT SEPTEMBER 30, 1994
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Corporacion Andina de Formento Nts., 7.25%, 4/30/98(1) 4/15/93 $99.38 $95.31
-----------------------------------------------------------------------------------------------------------
Czechoslovakia National Bank Bonds, 7%, 4/16/96(1) 3/11/93 $99.70 $99.75
-----------------------------------------------------------------------------------------------------------
Empresa Columbiana de Petroleos Nts., 7.25%, 7/8/98(1) 6/24/93 $99.63 $95.82
<FN>
1. Transferable under Rule 144A of the Act.
</TABLE>
----------------------------------------------------------
----------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 1995, shareholders will receive information
regarding all dividends and distributions paid to them by
the Fund during calendar year 1994. Regulations of the
U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
None of the dividends paid by the Fund during the
fiscal year ended September 30, 1994 are eligible for the
corporate dividend-received deduction.
The foregoing information is presented to assist
shareholders in reporting distributions received from the
Fund to the Internal Revenue Service. Because of the
complexity of the federal regulations which may affect
your individual tax return and the many variations in
state and local tax regulations, we recommend that you
consult your tax advisor for specific guidance.
13 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Board of Trustees and Shareholders of Oppenheimer
Strategic Short-Term Income Fund:
We have audited the accompanying statement of assets and
liabilities, including the statement of investments, of
Oppenheimer Strategic Short-Term Income Fund as of
September 30, 1994, the related statement of operations
for the year then ended, the statements of changes in net
assets for the years ended September 30, 1994 and 1993 and
the financial highlights for the period August 4, 1992
(commencement of operations) to September 30, 1994. These
financial statements and financial highlights are the
responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures
included confirmation of securities owned at September 30,
1994, by correspondence with the custodian and brokers;
where replies were not received from brokers, we performed
other auditing procedures. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and
financial highlights present fairly, in all material
respects, the financial position of Oppenheimer Strategic
Short-Term Income Fund at September 30, 1994, the results
of its operations, the changes in its net assets and the
financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
October 21, 1994
14 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
OPPENHEIMER STRATEGIC SHORT-TERM INCOME FUND
- --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES James C. Swain, Chairman and Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
David P. Negri, Vice President
Arthur P. Steinmetz, Vice President
George C. Bowen, Vice President, Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- --------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- --------------------------------------------------------------------------------
TRANSFER AND Oppenheimer Shareholder Services
SHAREHOLDER SERVICING
AGENT
- --------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS Deloitte & Touche LLP
- --------------------------------------------------------------------------------
LEGAL COUNSEL Myer, Swanson & Adams, P.C.
This is a copy of a report to shareholders of Oppenheimer
Strategic Short-Term Income Fund. This report must be
preceded or accompanied by a Prospectus of Oppenheimer
Strategic Short-Term Income Fund. For material
information concerning the Fund, see the Prospectus.
15 Oppenheimer Strategic Short-Term Income Fund
<PAGE>
"HOW MAY I HELP YOU?"
- --------------------------------------------------------------------------------
GENERAL INFORMATION
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Talk to a Customer Service Representative.
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to 2:00 p.m. ET.
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Hear timely and insightful messages on the economy and issues that affect your
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"Just as OppenheimerFunds offers over 35 different mutual funds designed to
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"For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
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"And for added convenience, OppenheimerFunds' PhoneLink, an automated
voice response system is available 24 hours a day, 7 days a week. PhoneLink
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"When you invest in OppenheimerFunds, you know you'll receive a high
level of customer service. The International Customer Service Association knows
it, too, as it awarded Oppenheimer Shareholder Services a 1993 Award of
Excellence for consistently demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
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