<PAGE> 1
OPPENHEIMER QUEST VALUE FUND, INC.
Semiannual Report April 30, 1996
"We have a lot of
important
goals, so we
need our money
to grow
solidly over time."
[OPPENHEIMERFUNDS LOGO]
<PAGE> 2
This Fund is for people who want their money to GROW over time and feel most
comfortable investing in WELL-ESTABLISHED companies.
- --------------------------------------------------------------------------------
HOW YOUR FUND IS MANAGED
- --------------------------------------------------------------------------------
By investing in companies overlooked and undervalued by the stock market,
Oppenheimer Quest Value Fund, Inc. seeks capital appreciation while managing
the risks of investing in the stock market. The Fund uses a value-oriented
philosophy to investing.
- --------------------------------------------------------------------------------
PERFORMANCE
- --------------------------------------------------------------------------------
Total returns at net asset value for the six months ended 4/30/96 for Class A,
B, and C shares were 16.59%, 16.31% and 16.28%, respectively.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5-, and 10-year periods ended 4/30/96 were 25.16%,
15.58%, and 11.83%, respectively. For Class B shares, average annual total
returns for the 1-year period ended 4/30/96 and since inception of the Class on
9/1/93 were 27.13% and 15.25%, respectively. For Class C shares, average annual
total return for the 1-year period ended 4/30/96 and since inception on 9/1/93
were 31.02% and 16.10%, respectively.(2)
- --------------------------------------------------------------------------------
OUTLOOK
- --------------------------------------------------------------------------------
"In an environment like the one we're entering now, we believe finding
companies that can create value in any climate is becoming increasingly
important. We think our portfolio contains some very good businesses and over
the long term, a value-oriented approach like ours can both capture
appreciation potential and limit risk."
Eileen Rominger, Portfolio Manager
April 30, 1996
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the
Ten-Year Period Ended 4/30/96:
Oppenheimer Quest Value Fund
Class A (at NAV)(1)
224.61%
Lipper Capital Appreciation Average(3)
198.40%
Total returns include change in share price and reinvestment of dividends and
capital gains distributions. Past performance does not guarantee future
results. Investment return and principal value of 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.
(1.) Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
(2.) Class A returns show results of hypothetical investments on 4/30/95,
4/30/91, 4/30/86 after deducting the current maximum initial sales charge of
5.75%. Class A shares were first publicly offered on 4/30/80. The Fund's
maximum sales charge rate for Class A shares was lower prior to 11/22/95, so
actual performance would have been greater. Class B shares show results of
hypothetical investments on 4/30/95 and 9/1/93 (inception of class) and the
deduction of the applicable contingent deferred sales charge of 5% (1-year) and
3% (since inception) for Class B shares. Class C shares show results of
hypothetical investments on 4/30/95 and 9/1/93 with the deduction of the 1%
contingent deferred sales charge for the 1-year period. An explanation of the
different total returns is in the Fund's prospectus. The Fund's sub-advisor is
OpCap Advisors (formerly Quest for Value Advisors, the Fund's advisor until
11/22/95).
(3.) Source: Lipper Analytical Services. The Lipper total return average for the
10-year performance was for 51 capital appreciation funds. The average is shown
for comparative purposes only. Oppenheimer Quest Value Fund is characterized by
Lipper as a capital appreciation fund. Lipper performance does not take sales
charges into consideration.
2 Oppenheimer Quest Value Fund, Inc.
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Quest Value Fund, Inc.
DEAR SHAREHOLDER,
Although it is showing definite signs of age, the bull market in stocks
continued through the early months of 1996. Despite higher interest rates and a
lagging bond market, stocks continued to move higher, driven by low inflation
and an influx of cash into mutual funds, which in turn was invested in the
equity markets.
However, there were plenty of reasons to be cautious. First, the stock
market hadn't suffered a 10% correction for more than six years--a post-World
War II record. Second, stock prices continued to be quite high in relation to
corporate profits. And third, the market became increasingly volatile, with 100
point intraday moves in the Dow Jones Industrial Average becoming commonplace.
To a large extent, the market's recent volatility was a reflection of
the confusion regarding the economy's strength. Stock market investors tend to
prefer a straightforward economic scenario, like the one we've had in recent
years: an economy growing fast enough to generate corporate profits, but not so
fast as to bring back inflation.
In contrast, recent economic performance provided mixed signals:
appearing sluggish in the winter and suddenly buoyant as spring approached.
Initially, in January, growth was subdued by unusually bad winter weather and
the inability of Congress and the President to agree on a balanced budget.
Sluggish growth usually means lower interest rates, which often power the stock
market upward because investors are shifting out of low yielding bonds.
But then, in February, the data indicated something quite different. The
U.S. Labor Department reported the fastest job growth in 12 years, which
suggested that the U.S. economy was growing too fast to consider further cuts
in interest rates. This led to a complete reversal in investor psychology, and
some extremely volatile trading days.
Although we currently expect this short-term stock market volatility to
continue, we believe the long-term case for stocks remains positive. The
reason: our expectation that the U.S. economy will remain in a slow growth
environment for the near future. And despite recent increases in gasoline and
agriculture prices, inflation remains under 3%.
Even at high prices, the demand for stocks continues to be strong. Many
experts believe that the reason for this continuing demand is that investors,
who more and more are responsible for their retirement savings, are
increasingly turning to equity mutual funds to achieve their goals. Also, as
cash-rich corporations buy back record amounts of their own shares, they reduce
the supply of stocks, and increase the book value of their outstanding shares,
further contributing to higher stock prices.
Your portfolio manager discusses the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
April 30, 1996
3 Oppenheimer Quest Value Fund, Inc.
<PAGE> 4
EILEEN ROMINGER
Portfolio Manager
Q+A AN INTERVIEW WITH YOUR FUND'S MANAGERS.
HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS?
The Fund has performed very well over the period, both on an absolute basis and
in comparison with our competitors. This was due primarily to our
stock-specific, research-intensive investment approach, which helps us to
identify stocks we think are positioned to perform well under most market
conditions. Over the past six months, however, the stock market's
record-breaking performance also benefited the portfolio.
WHAT CHARACTERISTICS DO YOU LOOK FOR IN EVALUATING STOCKS?
We build our portfolio from the bottom up, choosing individual stocks we think
will outperform over a long period of time, regardless of the general stock
market. One attribute nearly all of the companies in our portfolio share is
that they are doing a good job generating high returns on invested capital and
allocating cash in their businesses for the benefit of shareholders. In some
cases, they may be repurchasing stock, in others, making acquisitions at
advantageous prices. Either way, they are able to make proactive moves toward
creating value. Beyond that, we try to find companies that are attractively
priced, and with managements that own a significant amount of stock. This is
one way of ascertaining that management's interests are aligned with those of
the shareholders.
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
Some of our strong performers included a specialty insurance company, which is
currently the largest position in the Fund. This is a company with a unique
business franchise, and a great deal of free cash flow which has been used in
part to repurchase stock. It's also a company that is not economically
sensitive, and its stock is undervalued. Another example is a national
department store chain that has been very profitable. It generates high returns
on equity and has made acquisitions on very favorable terms. Another strong
performer was a defense contractor that is being acquired by a larger firm as
part of the ongoing consolidation trend in that industry. We believe the
acquisition will enable both companies to eliminate redundancies that, when
completed, should benefit all parties involved.(1)
DID ANY INVESTMENTS NEGATIVELY IMPACT PERFORMANCE?
We did have one disappointment over this period. We owned a major carpet
manufacturer that has expanded into the European market and into retailing.
Still, we're looking for better-than-average companies whose stocks are
believed to be selling at roughly a 25% discount to the market.
WHAT IS YOUR OUTLOOK FOR THE FUND?
Our outlook is positive. In an economic environment like the one we're entering
now, we believe finding companies that can create value in any climate is
becoming increasingly important. We think our portfolio contains some very good
businesses and over the long term, a value-oriented approach like ours can both
capture appreciation potential and limit risk. We believe working within our
discipline of focusing on the inherent strengths of individual companies will
enable us to continue to perform well going forward.-
(1.) The Fund's portfolio is subject to change.
4 Oppenheimer Quest Value Fund, Inc.
<PAGE> 5
STATEMENT OF INVESTMENTS April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
===================================================================================================================================
<S> <C> <C>
SHORT-TERM NOTES--17.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Beneficial Corp., 5.27%, 6/3/96 $13,500,000 $13,434,784
--------------------------------------------------------------------------------------------------------------------
CIT Group Holdings, Inc., 5.29%, 5/28/96 12,000,000 11,952,390
--------------------------------------------------------------------------------------------------------------------
CIT Group Holdings, Inc., 5.35%, 5/2/96 4,000,000 3,999,406
--------------------------------------------------------------------------------------------------------------------
Deere (John) Capital Corp., 5.30%, 5/6/96 6,900,000 6,894,921
--------------------------------------------------------------------------------------------------------------------
Deere (John) Capital Corp., 5.32%, 5/13/96 10,500,000 10,481,380
--------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 5.33%, 5/16/96 9,700,000 9,678,479
--------------------------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.32%, 5/20/96 9,600,000 9,573,045
--------------------------------------------------------------------------------------------------------------------
IBM Credit Corp., 5.29%, 6/3/96 6,500,000 6,468,480
--------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 5.35%, 5/1/96 1,100,000 1,100,000
------------
Total Short-Term Notes (Cost $73,582,885) 73,582,885
===================================================================================================================================
CONVERTIBLE CORPORATE BONDS AND NOTES--0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs. Interest Shares, 6/30/14(1) 46,022 46,023
--------------------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs., 6/30/14(1) 2,310,155 2,261,177
------------
Total Convertible Corporate Bonds and Notes (Cost $2,230,896) 2,307,200
<CAPTION>
SHARES
===================================================================================================================================
<S> <C> <C>
COMMON STOCKS--82.5%
- -----------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--7.3%
- -----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS-- 4.3%
Du Pont (E.I.) De Nemours & Co. 60,000 4,822,500
--------------------------------------------------------------------------------------------------------------------
Hercules, Inc. 81,000 4,900,500
--------------------------------------------------------------------------------------------------------------------
Monsanto Co. 58,000 8,787,000
------------
18,510,000
- -----------------------------------------------------------------------------------------------------------------------------------
METALS--2.3% Freeport McMoRan, Inc. 66,333 2,421,154
--------------------------------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B 229,290 7,537,909
------------
9,959,063
- -----------------------------------------------------------------------------------------------------------------------------------
PAPER--0.7% Champion International Corp. 60,000 2,895,000
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--7.6%
- -----------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--0.7%
Security Capital Realty, Inc.(1)(2) 3,049 3,122,385
- -----------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--2.5%
AMR Corp.(2) 120,000 10,710,000
- -----------------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--4.4%
May Department Stores Co. 373,000 18,921,278
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--7.6%
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--1.3%
Warner-Lambert Co. 48,000 5,364,000
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES &
SERVICES--4.9%
Becton, Dickinson & Co. 154,000 12,416,250
--------------------------------------------------------------------------------------------------------------------
Tenet Healthcare Corp.(2) 420,000 8,610,000
------------
21,026,250
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS--1.4%
Avon Products, Inc. 67,800 6,025,725
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--37.8%
- -----------------------------------------------------------------------------------------------------------------------------------
BANKS--7.1% Citicorp 170,000 13,387,500
--------------------------------------------------------------------------------------------------------------------
Wells Fargo & Co. 68,666 16,660,088
------------
30,047,588
</TABLE>
5 Oppenheimer Quest Value Fund, Inc.
<PAGE> 6
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED FINANCIAL--8.9%
American Express Co. 90,000 $ 4,365,000
--------------------------------------------------------------------------------------------------------------------
Countrywide Credit Industries, Inc. 480,000 10,380,000
--------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 188,000 15,674,500
--------------------------------------------------------------------------------------------------------------------
Transamerica Corp. 101,000 7,676,000
------------
38,095,500
- -----------------------------------------------------------------------------------------------------------------------------------
INSURANCE--21.8%
ACE Ltd. 401,200 17,652,800
--------------------------------------------------------------------------------------------------------------------
AFLAC, Inc. 154,050 4,775,550
--------------------------------------------------------------------------------------------------------------------
American International Group, Inc. 89,000 8,132,375
--------------------------------------------------------------------------------------------------------------------
EXEL Ltd. 464,200 33,422,400
--------------------------------------------------------------------------------------------------------------------
Mid Ocean Ltd. 294,900 10,542,675
--------------------------------------------------------------------------------------------------------------------
Progressive Corp. 197,000 9,185,125
--------------------------------------------------------------------------------------------------------------------
Prudential Reinsurance Holdings, Inc. 400,000 9,100,000
------------
92,810,925
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--9.6%
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.6%
General Electric Co. 90,200 6,990,500
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--2.2%
Donnelley (R.R.) & Sons Co. 255,000 9,180,000
- -----------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--4.4%
AlliedSignal, Inc. 127,000 7,381,875
- -----------------------------------------------------------------------------------------------------------------------------------
Varity Corp.(2) 270,000 11,508,750
------------
18,890,625
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--1.4%
CSX Corp. 118,000 6,047,500
- -----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--12.6%
- -----------------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--6.9%
Lockheed Martin Corp. 150,000 12,093,750
--------------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 177,000 17,080,500
------------
29,174,250
- -----------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--1.3%
Electronic Arts, Inc.(2) 200,000 5,350,000
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--1.8%
Arrow Electronics, Inc.(2) 109,000 5,463,625
--------------------------------------------------------------------------------------------------------------------
Loral Space & Communications Ltd.(2) 150,000 2,156,250
------------
7,619,875
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-
TECHNOLOGY--2.6%
Sprint Corp. 260,200 10,960,925
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES--0.0%
- -----------------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--0.0%
Bell Atlantic Corp. 344 22,360
------------
Total Common Stocks (Cost $244,339,232) 351,723,749
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $320,153,013) 100.3% 427,613,834
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (1,074,453)
------ ------------
NET ASSETS 100.0% $426,539,381
====== ============
</TABLE>
(1.) Identifies issues considered to be illiquid--See Note
5 of Notes to Financial Statements.
(2.) Non-income producing security.
See accompanying Notes to Financial Statements.
6 Oppenheimer Quest Value Fund, Inc.
<PAGE> 7
STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C>
ASSETS Investments, at value (cost $320,153,013)--see accompanying statement $427,613,834
---------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of capital stock sold 3,331,990
Interest and dividends 309,517
---------------------------------------------------------------------------------------------------------------------
Other 20,898
------------
Total assets 431,276,239
====================================================================================================================================
LIABILITIES Bank overdraft 369,655
---------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of capital stock redeemed 2,187,480
Investments purchased 2,090,235
Distribution and service plan fees 85,108
Other 4,380
------------
Total liabilities 4,736,858
====================================================================================================================================
NET ASSETS $426,539,381
============
====================================================================================================================================
COMPOSITION OF
NET ASSETS Par value of shares of capital stock $ 27,204,727
---------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 271,422,549
---------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 963,608
---------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 19,487,676
---------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 107,460,821
------------
Net assets $426,539,381
============
====================================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$341,193,162 and 21,715,344 shares of capital stock outstanding) $ 15.71
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $ 16.67
---------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $67,401,052 and 4,334,894 shares of capital stock outstanding) $ 15.55
---------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $17,945,167 and 1,154,489 shares of capital stock outstanding) $ 15.54
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Quest Value Fund, Inc.
<PAGE> 8
STATEMENT OF OPERATIONS
For the Six Months Ended April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C>
INVESTMENT INCOME
Dividends $ 2,505,133
--------------------------------------------------------------------------------------------------------------------
Interest 1,819,533
------------
Total income 4,324,666
====================================================================================================================================
EXPENSES Management fees--Note 4 1,841,900
--------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 771,373
Class B 244,291
Class C 62,556
--------------------------------------------------------------------------------------------------------------------
Transfer agent and accounting service fees--Note 4 206,082
--------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 21,284
Class B 10,519
Class C 2,947
--------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 28,220
--------------------------------------------------------------------------------------------------------------------
Directors' fees and expenses 25,820
--------------------------------------------------------------------------------------------------------------------
Shareholder reports 23,217
--------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 16,746
--------------------------------------------------------------------------------------------------------------------
Other 7,730
------------
Total expenses 3,262,685
====================================================================================================================================
NET INVESTMENT INCOME 1,061,981
====================================================================================================================================
REALIZED AND Net realized gain on investments 19,619,815
UNREALIZED GAIN
--------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 35,286,264
------------
Net realized and unrealized gain 54,906,079
====================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 55,968,060
============
</TABLE>
See accompanying Notes to Financial Statements
8 Oppenheimer Quest Value Fund, Inc.
<PAGE> 9
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1996 OCTOBER 31,
(UNAUDITED) 1995
===================================================================================================================================
<S> <C> <C>
OPERATIONS Net investment income $ 1,061,981 $ 2,439,300
-------------------------------------------------------------------------------------------------------------------
Net realized gain 19,619,815 22,321,532
-------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 35,286,264 39,322,642
------------ ------------
Net increase in net assets resulting from operations 55,968,060 64,083,474
===================================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment income:
Class A (1,990,616) (1,649,576)
Class B (187,744) (108,497)
Class C (35,994) (29,366)
-------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (18,877,840) (15,501,438)
Class B (2,779,165) (1,014,005)
Class C (689,670) (255,884)
===================================================================================================================================
CAPITAL STOCK Net increase in net assets resulting from capital stock
TRANSACTIONS transactions--Note 2:
Class A 32,623,315 4,613,188
Class B 24,582,433 19,757,134
Class C 6,614,699 5,377,738
===================================================================================================================================
NET ASSETS Total increase 95,227,478 75,272,768
-------------------------------------------------------------------------------------------------------------------
Beginning of period 331,311,903 256,039,135
------------ ------------
End of period (including undistributed net investment
income of $963,608 and $2,115,981, respectively) $426,539,381 $331,311,903
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Quest Value Fund, Inc.
<PAGE> 10
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, 1996 YEAR ENDED OCTOBER 31,
(UNAUDITED) 1995 1994 1993 1992 1991
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $14.51 $12.59 $12.51 $11.71 $10.61 $ 7.84
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .05 .12(3) .09(3) .05(3) .04(3) .09(3)
Net realized and unrealized
gain (loss) 2.23 2.71 .50 1.34 1.77 2.84
------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations 2.28 2.83 .59 1.39 1.81 2.93
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.10) (.08) (.04) (.05) (.07) (.16)
Distributions from net realized gain (.98) (.83) (.47) (.54) (.64) --
------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (1.08) (.91) (.51) (.59) (.71) (.16)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.71 $14.51 $12.59 $12.51 $11.71 $10.61
====== ====== ====== ====== ====== ======
================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 16.59% 24.74% 5.01% 12.27% 18.45% 37.94%
================================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $341,193 $282,615 $238,085 $245,320 $142,939 $79,914
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $311,376 $257,240 $237,923 $205,074 $122,319 $63,235
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.66%(5) 0.90% 0.72% 0.40% 0.53% 1.06%
Expenses 1.66%(5) 1.68% 1.71% 1.75% 1.75% 1.83%
- ---------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 28.4% 36.0% 49.0% 27.0% 41.0% 48.0%
Average brokerage
commission rate(7) $0.0513 -- -- -- -- --
</TABLE>
(1.) For the period from September 1, 1993 (inception of offering) to October
31, 1993.
(2.) Offering price.
(3.) Based on average shares outstanding for the period.
(4.) 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. Total returns are not annualized for
periods of less than one full year.
(5.) Annualized.
10 Oppenheimer Quest Value Fund, Inc.
<PAGE> 11
<TABLE>
<CAPTION>
CLASS B
---------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, 1996 YEAR ENDED OCTOBER 31,
(UNAUDITED) 1995 1994 1993(1)
=======================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $14.37 $12.53 $12.51 $12.66(2)
- -------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .04 .05(3) .02(3) (.01)(3)
Net realized and unrealized
gain (loss) 2.19 2.69 .50 (.14)
------ ------ ------ ------
Total income (loss) from
investment operations 2.23 2.74 .52 (.15)
- -------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.07) (.07) (.03) --
Distributions from net realized gain (.98) (.83) (.47) --
------ ------ ------ ------
Total dividends and distributions
to shareholders (1.05) (.90) (.50) --
- -------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.55 $14.37 $12.53 $12.51
====== ====== ====== ======
=======================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 16.31% 24.08% 4.43% (1.19)%
=======================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $67,401 $38,557 $14,373 $2,015
- -------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $50,617 $25,393 $ 8,341 $1,136
- -------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.15%(5) 0.36% 0.14% (1.19)%(5)
Expenses 2.24%(5) 2.21% 2.24% 2.27%(5)
- -------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 28.4% 36.0% 49.0% 27.0%
Average brokerage
commission rate(7) $0.0513 -- -- --
</TABLE>
<TABLE>
<CAPTION>
CLASS C
------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, 1996 YEAR ENDED OCTOBER 31,
(UNAUDITED) 1995 1994 1993(1)
=========================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $14.35 $12.52 $12.50 $12.66(2)
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .03 .04(3) .01(3) (.01)(3)
Net realized and unrealized
gain (loss) 2.19 2.70 .51 (.15)
------ ------ ------ ------
Total income (loss) from
investment operations 2.22 2.74 .52 (.16)
- --------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.05) (.08) (.03) --
Distributions from net realized gain (.98) (.83) (.47) --
------ ------ ------ ------
Total dividends and distributions
to shareholders (1.03) (.91) (.50) --
- --------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.54 $14.35 $12.52 $12.50
====== ====== ====== ======
========================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 16.28% 24.10% 4.45% (1.26)%
========================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $17,945 $10,140 $3,581 $221
- --------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $13,264 $ 6,711 $1,725 $169
- --------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.15%(5) 0.31% 0.09% (0.90)%(5)
Expenses 2.07%(5) 2.26% 2.28% 2.27%(5)
- --------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 28.4% 36.0% 49.0% 27.0%
Average brokerage
commission rate(7) $0.0513 -- -- --
</TABLE>
(6.) 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 period ended April 30, 1996 were $122,386,510 and $88,431,670,
respectively.
(7.) Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
11 Oppenheimer Quest Value Fund, Inc.
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- -------------------------------------------------------------------------------
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Quest Value Fund, Inc. (the Fund), formerly
named Quest for Value Fund, Inc., is registered under the
Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company. The
Fund's investment objective is to seek capital
appreciation, primarily through investment in equity
securities. On November 22, 1995, OCC Distributors
(previously Quest for Value Distributors), OpCap Advisors
(previously Quest for Value Advisors) and their parent
Oppenheimer Capital consummated a transaction with
OppenheimerFunds, Inc. (the Manager), which resulted in
the sale to the Manager of certain mutual fund assets of
OCC Distributors and OpCap Advisors including the
transfer of the management agreements and other contracts
relating to certain Quest for Value Funds and the use of
the name "Quest for Value". As part of the transaction,
the Fund has entered into an investment advisory
agreement with the Manager and the Manager has entered
into a sub-advisory agreement with OpCap Advisors (the
former Manager). The Fund offers Class A, Class B and
Class C shares. Class A shares are sold with a front-end
sales charge. Class B and Class C shares may be subject
to a contingent deferred sales charge. All three 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
the close of the New York Stock Exchange 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 and
short-term "non-money market" debt securities are valued
by a portfolio pricing service approved by the Board of
Directors. Such securities which cannot be valued by the
approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is
satisfied that the firm rendering the quotes is reliable
and that the quotes reflect current market value, or are
valued under consistently applied procedures established
by the Board of Directors to determine fair value in good
faith. Short-term "money market type" 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.
----------------------------------------------------------------
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 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 or excise tax
provision is required.
----------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
----------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net
investment income (loss) and net realized gain (loss) may
differ for financial statement and tax purposes. The
character of the 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.
----------------------------------------------------------------
OTHER. Investment transactions are accounted for on the
date the investments are purchased or sold (trade date)
and dividend income is recorded on the ex-dividend date.
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.
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
12 Oppenheimer Quest Value Fund, Inc.
<PAGE> 13
===============================================================================
2. CAPITAL STOCK
The Fund has authorized 35,000,000 shares of $1.00 par
value capital stock for each class. Transactions in
shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED APRIL 30, 1996 YEAR ENDED OCTOBER 31, 1995
------------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 2,851,111 $ 44,483,219 4,045,256 $ 53,027,793
Dividends and distributions reinvested 1,381,438 19,409,306 1,440,961 16,047,556
Redeemed (1,993,666) (31,269,210) (4,924,606) (64,462,161)
---------- ------------ ---------- ------------
Net increase 2,238,883 $ 32,623,315 561,611 $ 4,613,188
========== ============ ========== ============
------------------------------------------------------ --------------- -----------------------------
Class B:
Sold 1,719,097 $ 25,824,726 1,718,575 $ 22,392,431
Dividends and distributions reinvested 196,598 2,738,254 94,418 1,045,812
Redeemed (263,652) (3,980,547) (277,524) (3,681,109)
---------- ------------ ---------- ------------
Net increase 1,652,043 $ 24,582,433 1,535,469 $ 19,757,134
========== ============ ========== ============
------------------------------------------------------ --------------- -----------------------------
Class C:
Sold 490,429 $ 7,587,827 523,083 $ 6,835,837
Dividends and distributions reinvested 51,443 716,599 25,381 280,898
Redeemed (93,858) (1,689,727) (127,913) (1,738,997)
---------- ------------ ---------- ------------
Net increase 448,014 $ 6,614,699 420,551 $ 5,377,738
========== ============ ========== ============
</TABLE>
===============================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At April 30, 1996, net unrealized appreciation on
investments of $107,460,821 was composed of gross
appreciation of $108,317,050, and gross depreciation of
$856,229.
===============================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in accordance
with the investment advisory agreement with the Fund
which provides for a fee of 1.00% on the first $400
million of average annual net assets, 0.90% on the next
$400 million and 0.85% on net assets in excess of $800
million. Prior to November 22, 1995, management fees were
paid to the former Manager at an annual rate of 1.00% of
the Fund's average net assets. The Manager has agreed to
reimburse the Fund if aggregate expenses (with specified
exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses. The Manager acts as
the accounting agent for the Fund at an annual fee of
$55,000, plus out-of-pocket costs and expenses reasonably
incurred. Prior to November 22, 1995, accounting service
fees were paid monthly to the former Manager.
Effective November 22, 1995, the Manager pays OpCap
Advisors (the Sub-Advisor) based on the fee schedule set
forth in the Prospectus. For the period ended April 30,
1996, the Manager paid $647,848 to the Sub-Advisor.
For the six months ended April 30, 1996, commissions
(sales charges paid by investors) on sales of Class A
shares totaled $627,160, of which $177,219 was retained
by OppenheimerFunds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general distributor, and by
an affiliated broker/dealer. Sales charges advanced to
broker/dealers by OFDI on sales of the Fund's Class B and
Class C shares totaled $819,214 and $73,465, of which
$16,625 and $511, respectively, was paid to an affiliated
broker/dealer.
OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent
for the Fund, and for other registered investment
companies. OFS's total costs of providing such services
are allocated ratably to these companies.
The Fund has adopted a Distribution and Service Plan for
Class A shares to compensate OFDI for a portion of its
costs incurred in connection with the personal service
and maintenance of accounts that hold Class A shares.
Under the Plan, the Fund pays an annual asset-based sales
charge to OFDI of 0.25% per year on Class A shares. The
Fund also pays a service fee to OFDI of 0.25% per year.
Both fees are computed on the average annual net assets
of Class A shares of the Fund, determined as of the close
of each regular business day. OFDI uses all of the
service fee and a portion of the asset-based sales charge
to compensate brokers, dealers, banks and other financial
institutions quarterly for providing personal service and
maintenance of accounts of their customers that hold
Class A shares. OFDI retains the balance of the
asset-based sales charge to reimburse itself for its
other expenditures under the Plan. During the six months
ended April 30, 1996, OFDI paid $557 to an affiliated
broker/dealer as compensation for Class A personal
service and maintenance expenses and retained $200,974.
13 Oppenheimer Quest Value Fund, Inc.
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
===============================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
(CONTINUED)
The Fund has adopted compensation type Distribution and
Service Plans for Class B and Class C shares to
compensate OFDI for its services and costs in
distributing Class B and Class C shares and servicing
accounts. Under the Plans, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on Class B
shares that are outstanding for 6 years or less and on
Class C shares, as compensation for sales commissions
paid from its own resources at the time of sale and
associated financing costs. If the Plans are terminated
by the Fund, the Board of Directors may allow the Fund to
continue payments of the asset-based sales charge to OFDI
for certain expenses it incurred before the Plans were
terminated. OFDI also receives a service fee of 0.25% per
year as compensation 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 financial institutions.
Both fees are computed on the average annual net assets
of Class B and Class C shares, determined as of the close
of each regular business day. During the six months ended
April 30, 1996, OFDI retained $197,791 and $41,070,
respectively, as compensation for Class B and Class C
sales commissions and service fee advances, as well as
financing costs. At April 30, 1996, OFDI had incurred
unreimbursed expenses of $677,640 for Class B and $80,820
for Class C.
===============================================================================
5. RESTRICTED SECURITIES
At April 30, 1996, investments in securities included
issues that are illiquid or restricted. The securities
are often purchased in private placement transactions,
are not registered under the Securities Act of 1933, may
have contractual restrictions on resale, and 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 illiquid and restricted securities. The
aggregate value of these securities subject to this
limitation at April 30, 1996 was $5,429,585, which
represents 1.3% of the Fund's net assets. Information
concerning these securities is as follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT
SECURITY ACQUISITION DATE COST PER UNIT AS OF APRIL 30, 1996
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Security Capital Realty, Inc. 9/15/94--4/17/95 $925.50 $1,023.83
--------------------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs. Interest
Shares, 6/30/14 1/1/95--12/31/95 $ 1.00 $ 1.00
--------------------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs., 6/30/14 9/15/94--10/11/95 $ 94.00 $ 98.00
</TABLE>
Pursuant to guidelines adopted by the Board of Trustees,
certain unregistered securities are determined to be
liquid and are not included within the 10% limitation
above.
===============================================================================
6. SHAREHOLDER MEETING
On November 3, 1995, a special meeting of the
shareholders of the Fund was held at which the five
Directors identified below were elected and the approval
of a new investment advisory agreement with
OppenheimerFunds, Inc. (Proposal 1), a new sub-advisory
agreement between OppenheimerFunds, Inc. and OpCap
Advisors (Proposal 2) and new Distribution and Service
Plan agreements with OppenheimerFunds Distributor, Inc.
(Proposal 3) were ratified. The following is a report of
the votes cast (Class A, B and C shares voted together
unless otherwise indicated):
<TABLE>
<CAPTION>
NOMINEE/PROPOSAL FOR AGAINST WITHHELD/ABSTAIN TOTAL
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Paul Y. Clinton 13,304,084.271 0 405,628.544 13,709,712.815
Thomas W. Courtney 13,308,047.193 0 401,665.622 13,709,712.815
Lacy B. Herrmann 13,309,506.451 0 400,206.364 13,709,712.815
George Loft 13,274,074.688 0 435,638.127 13,709,712.815
Bridget A. Macaskill 13,291,667.512 0 418,045.303 13,709,712.815
-------------------------------------------------------------------------------------------
Proposal No. 1 13,019,379.809 286,939.969 403,393.037 13,709,712.815
Proposal No. 2 13,007,836.762 297,933.834 403,872.219 13,709,642.815
Proposal No. 3
Class A 11,121,522.129 251,942.081 383,690.217 11,757,154.427
Class B 1,502,242.119 27,291.141 40,341.651 1,569,874.911
Class C 360,529.420 11,933.063 10,220.994 382,683.477
</TABLE>
14 Oppenheimer Quest Value Fund, Inc.
<PAGE> 15
OPPENHEIMER QUEST VALUE FUND, INC.
===============================================================================
OFFICERS AND DIRECTORS
Bridget A. Macaskill, Chairman of the Board
of Directors and President
Paul Y. Clinton, Director
Thomas W. Courtney, Director
Lacy B. Herrmann, Director
George Loft, Director
Eileen Rominger, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
===============================================================================
INVESTMENT ADVISOR OppenheimerFunds, Inc.
===============================================================================
SUB-ADVISOR OpCap Advisors
===============================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
===============================================================================
TRANSFER AND SHAREHOLDER
SERVICING AGENT
OppenheimerFunds Services
===============================================================================
CUSTODIAN OF State Street Bank and Trust Company
PORTFOLIO SECURITIES
===============================================================================
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
===============================================================================
LEGAL COUNSEL Goldman Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken
from the records of the Fund without examination by the
independent accountants. This is a copy of a report to
shareholders of Oppenheimer Quest Value Fund, Inc. This
report must be preceded or accompanied by a Prospectus
of Oppenheimer Quest Value Fund, Inc. For material
information concerning the Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any bank,
and are not insured by the FDIC or any other agency, and
involve investment risks, including possible loss of the
principal amount invested.
15 Oppenheimer Quest Value Fund, Inc.
<PAGE> 16
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
PHONELINK
24 hours a day, automated
information and transactions
1-800-533-3310
TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
1-800-835-3104
RS0225.001.0496 June 30, 1996
[PHOTO]
Jennifer Leonard, Customer Service Representative
OppenheimerFunds Service
"How may I help you?"
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing
simple.
And when you need help, our Customer Service Representatives are only
a toll-free phone call away. They can provide information about your account
and handle administrative requests. You can reach them at our General
Information number.
When you want to make a transaction, you can do it easily
by calling our toll-free Telephone Transactions number. And, by enrolling in
AccountLink, a convenient service that "links" your Oppenheimer funds accounts
and your bank checking or savings account, you can use the Telephone
Transactions number to make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
- --------------------------------------------------------------------------------
[OPPENHEIMERFUNDS LOGO]
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- ----------------------
Bulk Rate
U.S. Postage
PAID
Permit No. 314
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- ----------------------
