OPPENHEIMER STRATEGIC SHORT-TERM INCOME FUND
Supplement dated June 14, 1995
to the Prospectus dated January 27, 1995
The Prospectus is amended as follows:
1. The following paragraphs are added at the end of "How the Fund is
Managed" on page 17:
The Board of Trustees of Oppenheimer Strategic Short-
Term Income Fund (referred to as "Strategic Short-
Term Income Fund" or the "Fund") has determined that
it is in the best interest of the Fund's shareholders
that the Fund reorganize with and into Oppenheimer
Limited-Term Government Fund ("Limited-Term
Government Fund"). The Board unanimously approved
the terms of an agreement and plan of reorganization
to be entered into between these funds (the
"reorganization plan") and the transactions
contemplated (the transactions are referred to as the
"reorganization"). The Board further determined that
the reorganization should be submitted to the Fund's
shareholders for approval, and recommended that
shareholders approve the reorganization.
Pursuant to the reorganization plan, (i)
substantially all of the assets of the Fund would be
exchanged for Class A and Class B shares of Limited-
Term Government Fund, (ii) these shares of Limited-
Term Government Fund would be distributed to the
shareholders of the Fund, (iii) Strategic Short-Term
Income Fund would be liquidated, and (iv) the
outstanding shares of Strategic Short-Term Income
Fund would be cancelled. It is expected that the
reorganization will be tax-free, pursuant to Section
368(a)(1) of the Internal Revenue Code of 1986, as
amended, and the Fund will request an opinion of tax
counsel to that effect.
A meeting of the shareholders of Strategic Short-Term
Income Fund is expected to be held on or about August
30, 1995 to vote on the reorganization. Approval of
the reorganization requires the affirmative vote of
a majority of the outstanding shares of the Fund (the
term "majority" is defined in the Investment Company
Act as a special majority. It is also explained in
the Statement of Additional Information). There is
no assurance that Strategic Short-Term Income Fund's
shareholders will approve the reorganization.
Details about the proposed reorganization will be
contained in a proxy statement and other soliciting
materials sent to Strategic Short-Term Income Fund's
shareholders of record on June 2, 1995. Persons who
become shareholders of the Fund after the record date
for the shareholder meeting will not be entitled to
vote on the reorganization.
June 14, 1995
