<PAGE> 1
OPPENHEIMER DISCIPLINED VALUE FUND
SEMIANNUAL REPORT APRIL 30, 1997
[PHOTO]
"WE HAVE A LOT OF
IMPORTANT
GOALS, SO WE
NEED OUR MONEY
TO GROW SOLIDLY
OVER TIME."
[OPPENHEIMERFUNDS LOGO]
OPPENHEIMERFUNDS
THE RIGHT WAY TO INVEST
<PAGE> 2
THIS FUND IS FOR PEOPLE WHO SEEK LONG-TERM GROWTH AND FEEL MOST COMFORTABLE
INVESTING IN WELL-ESTABLISHED, YET UNDERVALUED COMPANIES.
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the 5-Year Period Ended 3/31/97:
Oppenheimer Disciplined
Value Fund
Class A Shares (at net asset value)(1)
112.34%
Lipper Growth Funds Average for 271 Growth Funds for the 5-Year Period Ended
3/31/97(3)
87.43%
THE FUND'S CLASS A SHARES WERE RANKED **** AMONG 1,919 (3-YEAR), 1,076 (5-YEAR)
AND 601 (10-YEAR) EQUITY FUNDS FOR THE COMBINED 3-, 5- AND 10-YEAR PERIODS
ENDED 3/31/97 BY MORNINGSTAR MUTUAL FUNDS.(4)
HOW YOUR FUND IS MANAGED
Oppenheimer Disciplined Value Fund seeks long-term growth of capital through
investment primarily in common stocks with low price/earnings ratios and
better-than-anticipated earnings. Current income is a secondary consideration.
The management team employs a disciplined bottom-up approach to security
selection.
PERFORMANCE
Total returns for the six months ended 4/30/97 were 10.69% for Class A shares,
10.16% for Class B shares, and 10.17% for Class C shares, without deducting
sales charges. Cumulative total return for Class Y shares from inception on
12/16/96 to 4/30/97 was 6.93%, without deducting sales charges.(1)
Your Fund's average annual total returns for Class A shares for the 1-,
5- and 10-year periods ended 3/31/97 were 6.72%, 14.88% and 12.79%,
respectively. For Class B shares, average annual total returns for the 1-year
period ended 3/31/97 and from inception on 10/2/95 to 3/31/97 were 7.07% and
14.56%, respectively. Cumulative total return from inception on 5/1/96 to
3/31/97 was 10.78% for Class C shares, and for Class Y shares from inception on
12/16/96 to 3/31/97 was 2.91%.(2)
OUTLOOK
"The correction in the stock market at the end of March reduced valuations on
many stocks and provided additional opportunities for investing."
Peter Antos, Michael Strathearn and Kenneth White
Portfolio Managers
April 30, 1997
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT 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. All classes of
shares have the same investment portfolio but different expenses. For more
complete information, please review the prospectus carefully before you invest.
Prior to March 1, 1996, the Fund had a different investment adviser. However,
the prior portfolio management team is now employed by OppenheimerFunds, Inc.,
the current adviser.
1. Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
2. Class A returns include the current maximum initial sales charge of 5.75%.
Class A shares were first publicly offered on 9/16/85. The Fund's maximum
sales charge for Class A shares was less during a portion of some of the
periods shown, and actual investment results will be different as a result.
Class B returns include the applicable contingent deferred sales charge of 5%
(1 year) and 4% (since inception). Class C returns include the applicable
contingent deferred sales charge of 1%. An explanation of the different
performance calculations is in the Fund's prospectus. Class B and C shares are
subject to an annual 0.75% asset-based sales charge.
3. Source: Lipper Analytical Services, 3/31/97, an independent mutual fund
monitoring service. The average is shown for comparative purposes only. Funds
included in the index may have different investment policies and risks than the
Fund. Oppenheimer Disciplined Value Fund is characterized by Lipper as a growth
fund. Lipper performance is based on total return and does not take sales
charges into account.
4. Source: Morningstar Mutual Funds, 3/31/97. Morningstar, Inc. ranks mutual
funds in broad investment classes, based on risk-adjusted returns after
considering sales charges and expenses. Return and risk are measured as
performance above and below 90-day U.S. Treasury bill returns, respectively.
Current star rankings are based on the weighted average of 3-, 5- and 10-year
(if applicable) rankings for a fund or class and are subject to change monthly.
Top 10%: 5 stars. Next 22.5%: 4 stars. Middle 35%: 3 stars. Next 22.5%: 2
stars. Bottom 10%: 1 star.The Fund is ranked 3 stars (3-year), 4 stars (5-year)
and 4 stars (10-year), weighted 20%/30%/50%, respectively.
2 Oppenheimer Disciplined Value Fund
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Disciplined Value Fund
DEAR SHAREHOLDER,
So far, 1997 has brought the volatility we anticipated in the equity market.
April saw a 9% decline, but it was followed by an even larger rebound. Despite
this volatility, we remain optimistic about the rest of the year. On the one
hand, the equity market is backed by solid economic fundamentals that should
continue for the near future. On the other hand, the ups and downs of the
business cycle are a reality, and at some point, possibly this year, we expect
that the economy will move into a phase of slower growth.
On a positive note, the economy has been expanding slowly but steadily.
Interest rates are still relatively low, despite the Federal Reserve's recent
increase in short-term rates. Low interest rates translate into reduced
borrowing rates for companies, which use these savings to improve productivity
through new efficiency-enhancing technologies. Higher productivity translates
into lower production costs, which in turn results in higher profits.
In addition, inflation is at its lowest level in three decades. While
it's true that an increase in interest rates often indicates an accelerating
economy, the Federal Reserve has been quick to acknowledge that inflation and
growth are under control. In fact, they've labeled the recent move as a
"pre-emptive" act to keep inflation low and extend the economy's healthy growth
cycle.
Despite this good news, we are realistic about the future of the equity
market. During 1996, most market gains came from a very select group of about
50-100 large-capitalization stocks. The broader market, including small- and
mid-size companies, actually delivered mixed results for the past year. Many
large-company stocks are becoming overvalued, or expensive in price, and market
buyers will reach a point when they are no longer willing to pay high premiums
for them. This may result in a correction, unless investors turn to the many
small- and mid-cap stocks that are relatively undervalued. There is plenty of
room for growth in these areas, and we expect to see these stocks participating
in the market during 1997.
In this uncertain period, selectivity will be our key to maintaining an
effective portfolio. It will be important to base stock choices on the
individual merits of companies, such as strong management, fundamental business
policies, long-term future prospects and price. For you, the investor,
maintaining a long-term investment horizon is essential. Short-term swings will
inevitably occur, but the market's long-term trend has been to move higher and
higher.
Your portfolio managers discuss the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds, The Right Way to Invest. We look forward to helping you reach
your investment goals in the future.
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
May 21, 1997
3 Oppenheimer Disciplined Value Fund
<PAGE> 4
PETER ANTOS
MICHAEL STRATHEARN
KENNETH WHITE
Portfolio Managers
Q + A
AN INTERVIEW WITH YOUR FUND'S MANAGERS.
HOW DID THE FUND PERFORM?
We continued to employ Oppenheimer Disciplined Value Fund's time-tested
strategy of buying undervalued stocks with better-than-anticipated earnings.
This value strategy was out of favor in the middle part of 1996 as investors
grav-itated toward more expensive growth stocks which they believed offered
relatively certain earnings prospects. More recently, the market has once again
begun to acknowledge the positive earnings potential of out-of-favor stocks.
For the six-month period ending April 30, 1997, cumulative total return before
sales charges was 10.69% for the Fund's Class A shares.(1)
WHAT CHARACTERISTICS DO YOU LOOK FOR WHEN EVALUATING STOCKS?
We screen the marketplace for out-of-favor, undervalued stocks that have
experienced recent favorable earnings surprises. Unexpected by Wall Street
analysts, these positive surprises often are leading indicators that
out-of-favor stocks may be ready to make a comeback. We manage using a
"bottom-up" approach, looking at companies (rather than sectors), to find those
investments with the most potential. Before purchasing a stock, we determine
the reasons for the company's low valuation, the circumstances that created the
positive earnings surprise, if the earnings trend is sustainable and if
fundamentally the company is a good investment.
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
The Fund's largest weighting was in the financial services sector, and these
securities provided the Fund with its strongest performance. Conseco, an
insurance company whose management team has a major interest in the value of
the stock, performed exceptionally well by adding several successful
acquisitions to the company's core business. Other strong performers among the
Fund's financial holdings included Travelers Group, NationsBank, BankAmerica,
BankBoston and Chase Manhattan.
Although the Fund was underweighted in technology stocks, the stocks we
owned in this sector performed very well. Our holdings in Seagate Technology,
Dell Computer and Intel outperformed analysts' expectations for the period, due
in part to strong personal computer demand.(2)
DID ANY INVESTMENTS NEGATIVELY IMPACT THE PORTFOLIO?
Our natural gas holdings under-performed for the period. Natural gas prices
rose sub-stantially last year, creating earnings momentum in the industry and
excellent stock performance. In 1997, natural gas prices have fallen back
somewhat, and stocks with exposure to that business have lagged as a result. We
have cut our positions slightly, but continue to maintain some holdings where
we still see strong fundamentals.
WHAT IS YOUR OUTLOOK FOR THE FUND?
After a difficult period in mid-1996, when our discipline was out-of-favor with
the market, our investment approach has begun to reassert its strength over the
last six months. The correction in the stock market at the end of March reduced
valuations on many stocks and provided additional opportunities for investing
in undervalued stocks with positive earnings surprises.
1. Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
2. The Fund's portfolio is subject to change.
4 Oppenheimer Disciplined Value Fund
<PAGE> 5
STATEMENT OF INVESTMENTS April 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
====================================================================================================================================
<S> <C> <C>
SHORT-TERM NOTES--8.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.28%, 5/1/97 (Cost $18,800,000)(1) $ 18,800,000 $ 18,800,000
<CAPTION>
SHARES
====================================================================================================================================
<S> <C> <C>
COMMON STOCKS--91.1%
- ------------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--6.7%
- ------------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.7%
Du Pont (E.I.) De Nemours & Co. 36,500 3,873,562
- ------------------------------------------------------------------------------------------------------------------------------------
METALS--3.0%
Allegheny Teledyne, Inc. 87,200 2,321,700
-----------------------------------------------------------------------------------------------------------------------------
Aluminum Co. of America 57,400 4,010,825
-----------------------------------------------------------------------------------------------------------------------------
Oregon Steel Mills, Inc. 29,100 480,150
------------
6,812,675
- ------------------------------------------------------------------------------------------------------------------------------------
PAPER--2.0%
Fort Howard Corp.(2) 130,500 4,494,094
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--8.1%
- ------------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--1.2%
Crescent Real Estate Equities, Inc. 100,600 2,640,750
- ------------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--3.3%
AMR Corp.(2) 40,300 3,752,937
-----------------------------------------------------------------------------------------------------------------------------
Delta Air Lines, Inc. 37,600 3,463,900
-----------------------------------------------------------------------------------------------------------------------------
Galoob Toys, Inc.(2) 12,100 204,187
------------
7,421,024
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--2.2%
Federated Department Stores, Inc.(2) 57,200 1,944,800
-----------------------------------------------------------------------------------------------------------------------------
Sears Roebuck & Co. 63,300 3,038,400
------------
4,983,200
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--1.4%
CompUSA, Inc. 22,000 423,500
-----------------------------------------------------------------------------------------------------------------------------
Costco Cos., Inc.(2) 98,000 2,829,750
------------
3,253,250
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--10.2%
- ------------------------------------------------------------------------------------------------------------------------------------
BEVERAGES--1.4%
Anheuser-Busch Cos., Inc. 74,800 3,207,050
- ------------------------------------------------------------------------------------------------------------------------------------
FOOD--3.8%
American Stores Co. 94,700 4,308,850
-----------------------------------------------------------------------------------------------------------------------------
Kroger Co.(2) 156,400 4,301,000
------------
8,609,850
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES &
SERVICES--2.7%
Tenet Healthcare Corp.(2) 127,070 3,303,820
-----------------------------------------------------------------------------------------------------------------------------
WellPoint Health Networks, Inc.(2) 64,300 2,716,675
------------
6,020,495
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS--1.6%
Premark International, Inc. 148,500 3,638,250
- ------------------------------------------------------------------------------------------------------------------------------------
TOBACCO--0.7%
RJR Nabisco Holdings Corp. 56,400 1,677,900
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY--8.7%
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES &
PRODUCERS--2.5%
Diamond Offshore Drilling, Inc.(2) 24,200 1,557,875
-----------------------------------------------------------------------------------------------------------------------------
Global Marine, Inc.(2) 74,100 1,491,262
-----------------------------------------------------------------------------------------------------------------------------
Oryx Energy Co. 71,900 1,438,000
-----------------------------------------------------------------------------------------------------------------------------
Tidewater, Inc. 31,000 1,243,875
------------
5,731,012
</TABLE>
5 Oppenheimer Disciplined Value Fund
<PAGE> 6
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OIL-INTEGRATED--6.2%
Amoco Corp. 33,600 $ 2,809,800
-----------------------------------------------------------------------------------------------------------------------------
Chevron Corp. 61,100 4,185,350
-----------------------------------------------------------------------------------------------------------------------------
Exxon Corp. 65,000 3,680,625
-----------------------------------------------------------------------------------------------------------------------------
Mobil Corp. 25,900 3,367,000
------------
14,042,775
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--18.5%
- ------------------------------------------------------------------------------------------------------------------------------------
BANKS--6.9%
BankAmerica Corp. 36,900 4,312,687
-----------------------------------------------------------------------------------------------------------------------------
BankBoston Corp. 58,600 4,263,150
-----------------------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 10,500 972,562
-----------------------------------------------------------------------------------------------------------------------------
NationsBank Corp. 58,600 3,537,975
-----------------------------------------------------------------------------------------------------------------------------
PNC Bank Corp. 59,600 2,451,050
------------
15,537,424
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--5.4%
Dean Witter, Discover & Co. 113,400 4,337,550
-----------------------------------------------------------------------------------------------------------------------------
Salomon, Inc. 61,400 3,070,000
-----------------------------------------------------------------------------------------------------------------------------
Travelers Group, Inc. 86,700 4,801,012
------------
12,208,562
- ------------------------------------------------------------------------------------------------------------------------------------
INSURANCE--6.2%
AFLAC, Inc. 28,800 1,238,400
-----------------------------------------------------------------------------------------------------------------------------
Chubb Corp. 52,300 3,020,325
-----------------------------------------------------------------------------------------------------------------------------
Conseco, Inc. 114,800 4,749,850
-----------------------------------------------------------------------------------------------------------------------------
Equitable Cos., Inc. 76,400 2,234,700
-----------------------------------------------------------------------------------------------------------------------------
Travelers Property Casualty Corp., Cl. A 83,800 2,828,250
------------
14,071,525
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--16.5%
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.6%
Rockwell International Corp. 52,500 3,491,250
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.6%
DT Industries, Inc. 49,200 1,279,200
- ------------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--12.8%
AGCO Corp. 144,700 3,744,112
-----------------------------------------------------------------------------------------------------------------------------
Case Corp. 63,500 3,516,312
-----------------------------------------------------------------------------------------------------------------------------
Deere & Co. 83,700 3,850,200
-----------------------------------------------------------------------------------------------------------------------------
Ingersoll-Rand Co. 75,300 3,699,112
-----------------------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 48,032 1,116,744
-----------------------------------------------------------------------------------------------------------------------------
PACCAR, Inc. 35,400 2,473,575
-----------------------------------------------------------------------------------------------------------------------------
Textron, Inc. 56,700 6,314,962
-----------------------------------------------------------------------------------------------------------------------------
U.S. Industries, Inc.(2) 119,400 4,313,325
------------
29,028,342
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--1.5%
Union Pacific Corp. 54,700 3,487,125
- ------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--12.7%
- ------------------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--3.7%
General Dynamics Corp. 26,700 1,902,375
-----------------------------------------------------------------------------------------------------------------------------
Lockheed Martin Corp. 35,071 3,138,855
-----------------------------------------------------------------------------------------------------------------------------
Thiokol Corp. 4,800 313,200
-----------------------------------------------------------------------------------------------------------------------------
TRW, Inc. 59,500 3,101,438
------------
8,455,868
</TABLE>
6 Oppenheimer Disciplined Value Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE--6.7%
Compaq Computer Corp.(2) 28,300 $ 2,416,113
-----------------------------------------------------------------------------------------------------------------------------
Dell Computer Corp.(2) 20,900 1,749,069
-----------------------------------------------------------------------------------------------------------------------------
Gateway 2000, Inc.(2) 36,700 2,013,913
-----------------------------------------------------------------------------------------------------------------------------
Seagate Technology(2) 101,400 4,651,725
-----------------------------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New)(2) 124,700 4,380,088
------------
15,210,908
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--2.3%
Intel Corp. 15,200 2,327,500
-----------------------------------------------------------------------------------------------------------------------------
Micron Electronics, Inc.(2) 27,300 556,238
-----------------------------------------------------------------------------------------------------------------------------
SCI Systems, Inc.(2) 36,600 2,260,050
------------
5,143,788
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES--9.7%
- ------------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--3.2%
American Electric Power Co., Inc. 29,800 1,206,900
-----------------------------------------------------------------------------------------------------------------------------
CalEnergy, Inc.(2) 66,400 2,597,900
-----------------------------------------------------------------------------------------------------------------------------
Entergy Corp. 69,900 1,633,913
-----------------------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 39,800 1,776,075
------------
7,214,788
- ------------------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES--3.3%
Columbia Gas System, Inc. 68,700 4,250,813
-----------------------------------------------------------------------------------------------------------------------------
PanEnergy Corp. 33,900 1,500,075
-----------------------------------------------------------------------------------------------------------------------------
Questar Corp. 43,300 1,645,400
------------
7,396,288
- ------------------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--3.2%
GTE Corp. 56,100 2,573,588
-----------------------------------------------------------------------------------------------------------------------------
U S West Communications Group 133,700 4,696,213
------------
7,269,801
------------
Total Common Stocks (Cost $180,077,081) 206,200,756
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $198,877,081) 99.4% 225,000,756
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.6 1,290,035
------------- -------------
NET ASSETS 100.0% $226,290,791
============= =============
</TABLE>
1. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
2. Non-income producing security.
See accompanying Notes to Financial Statements.
7 Oppenheimer Disciplined Value Fund
<PAGE> 8
STATEMENT OF ASSETS AND LIABILITIES April 30, 1997 (Unaudited)
<TABLE>
<S> <C>
====================================================================================================================================
ASSETS
Investments, at value (cost $198,877,081)--see accompanying statement $225,000,756
-----------------------------------------------------------------------------------------------------------------------------
Cash 45,496
-----------------------------------------------------------------------------------------------------------------------------
Receivables:
Investments sold 11,678,293
Shares of capital stock sold 701,671
Interest and dividends 153,280
-----------------------------------------------------------------------------------------------------------------------------
Other 7,465
------------
Total assets 237,586,961
====================================================================================================================================
LIABILITIES
Payables and other liabilities:
Investments purchased 10,847,156
Shares of capital stock redeemed 347,403
Directors' fees--Note 1 40,004
Distribution and service plan fees 27,968
Transfer and shareholder servicing agent fees 1,183
Other 32,456
------------
Total liabilities 11,296,170
====================================================================================================================================
NET ASSETS $226,290,791
============
====================================================================================================================================
COMPOSITION OF
NET ASSETS
Par value of shares of capital stock $11,197
-----------------------------------------------------------------------------------------------------------------------------
Additional paid-in capital 180,319,895
-----------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 975,826
-----------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 18,860,198
-----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 26,123,675
------------
Net assets $226,290,791
============
====================================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$147,939,394 and 7,318,295 shares of capital stock outstanding) $20.22
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $21.45
-----------------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$13,098,292 and 645,574 shares of capital stock outstanding) $20.29
-----------------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$3,801,380 and 189,378 shares of capital stock outstanding) $20.07
-----------------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of
$61,451,725 and 3,043,461 shares of capital stock outstanding) $20.19
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Disciplined Value Fund
<PAGE> 9
STATEMENT OF OPERATIONS For the Six Months Ended April 30, 1997 (Unaudited)
<TABLE>
<S> <C>
===================================================================================================================================
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,499) $1,496,277
----------------------------------------------------------------------------------------------------------------------------
Interest 764,954
----------
Total income 2,261,231
===================================================================================================================================
EXPENSES
Management fees--Note 4 653,462
----------------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 181,035
Class B 44,206
Class C 8,693
----------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 94,788
----------------------------------------------------------------------------------------------------------------------------
Shareholder reports 49,682
----------------------------------------------------------------------------------------------------------------------------
Directors' fees and expenses--Note 1 30,895
----------------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class B 2,227
Class C 947
Class Y 18,083
----------------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 18,872
----------------------------------------------------------------------------------------------------------------------------
Insurance expenses 2,633
----------------------------------------------------------------------------------------------------------------------------
Other 3,472
-----------
Total expenses 1,108,995
===================================================================================================================================
NET INVESTMENT INCOME 1,152,236
===================================================================================================================================
REALIZED AND
UNREALIZED GAIN (LOSS)
Net realized gain on investments 18,997,672
----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (265,493)
-----------
Net realized and unrealized gain 18,732,179
===================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $19,884,415
===========
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Disciplined Value Fund
<PAGE> 10
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED PERIOD ENDED
APRIL 30, 1997 OCTOBER 31,
(UNAUDITED) 1996(1)
==================================================================================================================================
<S> <C> <C>
OPERATIONS
Net investment income $ 1,152,236 $ 1,149,629
---------------------------------------------------------------------------------------------------------------------------
Net realized gain 18,997,672 13,385,207
---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (265,493) 665,122
------------- -------------
Net increase in net assets resulting from operations 19,884,415 15,199,958
==================================================================================================================================
DIVIDENDS AND DISTRIBUTIONS
TO SHAREHOLDERS
Dividends from net investment income:
Class A (641,621) (669,566)
Class B (12,556) (11,039)
Class C (1,655) (1,428)
Class Y (3) --
---------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (12,874,637) (841,952)
Class B (494,687) (19,962)
Class C (63,782) (1,789)
Class Y (69) --
==================================================================================================================================
CAPITAL STOCK
TRANSACTIONS
Net increase (decrease) in net assets resulting from capital stock
transactions--Note 2:
Class A (37,126,283) 49,316,623
Class B 7,050,674 4,851,609
Class C 3,095,800 696,522
Class Y 60,121,687 --
==================================================================================================================================
NET ASSETS
Total increase 38,937,283 68,518,976
---------------------------------------------------------------------------------------------------------------------------
Beginning of period 187,353,508 118,834,532
------------- -------------
End of period (including undistributed net investment income
of $975,826 and $479,425, respectively) $226,290,791 $187,353,508
============= =============
</TABLE>
1. The Fund changed its fiscal year end from December 31 to October 31.
See accompanying Notes to Financial Statements.
10 Oppenheimer Disciplined Value Fund
<PAGE> 11
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
APRIL 30, ENDED
1997 OCT. 31, YEAR ENDED DECEMBER 31,
(UNAUDITED) 1996(4) 1995 1994 1993 1992
===========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $19.65 $17.84 $14.20 $15.14 $14.20 $14.40
- ---------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .15 .15 .25 .22 .30 .26
Net realized and unrealized
gain (loss) 1.90 1.88 4.88 (.32) 2.64 1.44
------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations 2.05 2.03 5.13 (.10) 2.94 1.70
- ---------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.07) (.10) (.25) (.22) (.30) (.26)
Distributions from net realized gain (1.41) (.12) (1.24) (.62) (1.70) (1.64)
------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (1.48) (.22) (1.49) (.84) (2.00) (1.90)
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.22 $19.65 $17.84 $14.20 $15.14 $14.20
====== ====== ====== ====== ====== ======
===========================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 10.69% 11.41% 36.40% (0.65)% 20.91% 11.99%
===========================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $147,939 $180,784 $118,118 $78,390 $64,495 $45,600
- ---------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $190,645 $135,940 $98,063 $71,956 $54,682 $42,432
- ---------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.19%(6) 1.01%(6) 1.53% 1.50% 1.95% 1.74%
Expenses 1.00%(6) 1.13%(6) 1.22% 1.02% 1.05% 1.12%
- ---------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 50.7% 73.9% 69.7% 98.5% 99.7% 141.7%
Average brokerage
commission rate(8) $0.0699 $0.0697 -- -- -- --
<CAPTION>
CLASS B CLASS C CLASS Y
------------------------------------------- ------------------------ -------------
SIX MONTHS SIX MONTHS PERIOD
ENDED ENDED PERIOD ENDED
APRIL 30, PERIOD ENDED APRIL 30, ENDED APRIL 30,
1997 OCT. 31, DEC. 31, 1997 OCT. 31, 1997(1)
(UNAUDITED) 1996(4) 1995(3) (UNAUDITED) 1996(2) (UNAUDITED)
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $19.77 $18.08 $17.83 $19.57 $18.79 $20.31
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .04 .05 .02 .06 .06 .08
Net realized and unrealized
gain (loss) 1.93 1.83 1.40 1.89 .94 1.28
------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations 1.97 1.88 1.42 1.95 1.00 1.36
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.04) (.07) (.02) (.04) (.10) (.07)
Distributions from net realized gain (1.41) (.12) (1.15) (1.41) (.12) (1.41)
------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (1.45) (.19) (1.17) (1.45) (.22) (1.48)
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $20.29 $19.77 $18.08 $20.07 $19.57 $20.19
====== ====== ====== ====== ====== ======
==============================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 10.16% 10.43% 8.04% 10.17% 5.35% 6.93%
==============================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $13,098 $5,854 $717 $3,801 $715 $61,452
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $8,960 $2,903 $306 $1,771 $342 $13,123
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 0.23%(6) 0.22%(6) 0.21%(6) 0.02%(6) 0.04%(6) 0.32%(6)
Expenses 1.87%(6) 1.88%(6) 1.97%(6) 1.93%(6) 1.87%(6) 1.25%(6)
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 50.7% 73.9% 69.7% 50.7% 73.9% 50.7%
Average brokerage
commission rate(8) $0.0699 $0.0697 -- $0.0699 $0.0697 $0.0699
</TABLE>
1. For the period from December 16, 1996 (inception of offering) to April 30,
1997.
2. For the period from May 1, 1996 (inception of offering) to October 31, 1996.
3. For the period from October 2, 1995 (inception of offering) to December 31,
1995.
4. The Fund changed its fiscal year end from December 31 to October 31. On
March 18, 1996, OppenheimerFunds, Inc. became the investment adviser to the
Fund.
5. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), 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.
6. Annualized.
7. 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, 1997 were $120,314,789 and $93,417,490,
respectively.
8. 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 Disciplined Value Fund
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Disciplined Value Fund (the Fund), a series of Oppenheimer
Series Fund, Inc. (the Company), 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 by investing primarily in common stocks with low
price-earnings ratios and better-than-anticipated earnings. The Fund's
investment adviser is OppenheimerFunds, Inc. (the Manager). The Fund
offers Class A, Class B, Class C and Class Y 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 classes of shares have
identical rights to earnings, assets and voting privileges, except that
each class has its own expenses directly attributable to a particular
class and exclusive voting rights with respect to matters affecting a
single class. Classes A, B and C have separate distribution and/or
service plans. No such plan has been adopted for Class Y shares. 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 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.
--------------------------------------------------------------------------
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. The market value of the
underlying securities is required to be at least 102% of the resale price
at the time of purchase. 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.
--------------------------------------------------------------------------
DIRECTORS' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement
plan for the Fund's independent directors. Benefits are based on years of
service and fees paid to each director during the years of service.
During the six months ended April 30, 1997, a provision of $33,667 was
made for the Fund's projected benefit obligations and payments of $3,016
were made to retired directors, resulting in an accumulated liability of
$38,627.
--------------------------------------------------------------------------
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.
12 Oppenheimer Disciplined Value Fund
<PAGE> 13
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
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 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 income
and expenses during the reporting period. Actual results could differ
from those estimates.
================================================================================
2. SHARES OF
CAPITAL STOCK
The Fund has authorized 500 million of $0.001 par value shares of
capital stock. Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED APRIL 30, 1997(2) PERIOD ENDED OCTOBER 31, 1996(1)
--------------------------------------- ----------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,871,157 $37,759,269 3,132,678 $59,597,763
Dividends and distributions reinvested 682,646 13,379,887 79,955 1,491,345
Redeemed (4,436,709) (88,265,439) (630,553) (11,772,485)
------------ ------------ ------------ ------------
Net increase (decrease) (1,882,906) $(37,126,283) 2,582,080 $49,316,623
============ ============ ============ ============
----------------------------------------------------------------------------------------------------------------------------
Class B:
Sold 349,773 $ 7,066,407 261,924 $ 4,955,930
Dividends and distributions reinvested 24,958 492,662 1,535 28,899
Redeemed (25,257) (508,395) (6,999) (133,220)
------------ ------------ ------------ ------------
Net increase 349,474 $ 7,050,674 256,460 $ 4,851,609
============ ============ ============ ============
----------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 150,981 $ 3,059,576 36,414 $ 694,306
Dividends and distributions reinvested 3,239 63,228 172 3,206
Redeemed (1,375) (27,004) (53) (990)
------------ ------------ ------------ ------------
Net increase 152,845 $ 3,095,800 36,533 $ 696,522
============ ============ ============ ============
----------------------------------------------------------------------------------------------------------------------------
Class Y:
Sold 3,066,386 $ 60,568,653 -- $ --
Redeemed (22,925) (446,966) -- --
------------ ------------ ------------ ------------
Net increase 3,043,461 $ 60,121,687 -- $ --
============ ============ ============ ============
</TABLE>
1. For the ten months ended October 31, 1996 for Class A and Class B shares and
for the period from May 1, 1996 (inception of offering) to October 31, 1996 for
Class C shares. The Fund changed its fiscal year end from December 31 to
October 31.
2. For the six months ended April 30, 1997 for Class A, B and C shares and for
the period from December 16, 1996 (inception of offering) to April 30, 1997 for
Class Y shares.
13 Oppenheimer Disciplined Value Fund
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At April 30, 1997, net unrealized appreciation on investments of
$26,123,675 was composed of gross appreciation of $29,128,208, and
gross depreciation of $3,004,533.
================================================================================
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
0.625% of the first $300 million of average annual net assets, 0.50% of
the next $100 million and 0.45% of average annual net assets in excess
of $400 million.
For the six months ended April 30, 1997, commissions (sales
charges paid by investors) on sales of Class A shares totaled $351,382,
of which $284,343 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 $239,669
and $27,839, of which $97,170 and $2,204, respectively, was paid to an
affiliated broker/dealer. During the six months ended April 30, 1997,
OFDI received contingent deferred sales charges of $7,582 upon
redemption of Class B shares as reimbursement for sales commissions
advanced by OFDI at the time of sale of such shares.
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 Service Plan for Class A shares to
reimburse OFDI for a portion of its costs incurred in connection with
the personal service and maintenance of accounts that hold Class A
shares. Reimbursement is made quarterly at an annual rate that may not
exceed 0.25% of the average annual net assets of Class A shares of the
Fund. OFDI uses the service fee to reimburse brokers, dealers, banks
and other financial institutions quarterly for providing personal
service and maintenance of accounts of their customers that hold Class
A shares. During the six months April 30, 1997, OFDI paid $164,617 to
an affiliated broker/dealer as reimbursement for Class A personal
service and maintenance expenses.
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 and Class C
shares as compensation for sales commissions paid from its own
resources at the time of sale and associated financing costs. 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, 1997, OFDI retained $42,071 and $8,223,
respectively, as compensation for Class B and Class C sales commissions
and service fee advances, as well as 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. As of April 30,
1997, OFDI had incurred unreimbursed expenses of $393,760 for Class B
and $61,837 for Class C.
================================================================================
5. SUBSEQUENT EVENT
Effective June 11, 1997, the custodian of portfolio securities will
change from State Street Bank and Trust Company to The Bank of New
York.
14 Oppenheimer Disciplined Value Fund
<PAGE> 15
OPPENHEIMER DISCIPLINED VALUE FUND
A Series of Oppenheimer Series Fund, Inc.
================================================================================
OFFICERS AND DIRECTORS
Leon Levy, Chairman of the Board of Directors
Donald W. Spiro, Vice Chairman of the Board of Directors
Bridget A. Macaskill, Director and President
Robert G. Galli, Director
Benjamin Lipstein, Director
Elizabeth B. Moynihan, Director
Kenneth A. Randall, Director
Edward V. Regan, Director
Russell S. Reynolds, Jr., Director
Pauline Trigere, Director
Clayton K. Yeutter, Director
Peter M. Antos, Vice President
Robert C. Doll, Jr., Vice President
Stephen F. Libera, Vice President
Michael C. Strathearn, Vice President
Kenneth B. White, Vice President
Arthur J. Zimmer, 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 ADVISER
OppenheimerFunds, Inc.
================================================================================
DISTRIBUTOR
OppenheimerFunds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
================================================================================
CUSTODIAN OF
PORTFOLIO SECURITIES
State Street Bank and Trust Company
================================================================================
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL
Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the
records of the Fund without examination by the independent auditors.
This is a copy of a report to shareholders of Oppenheimer Disciplined
Value Fund. This report must be preceded or accompanied by a Prospectus
of Oppenheimer Disciplined Value Fund. 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, are not insured by the FDIC or
any other agency, and involve investment risks, including possible loss
of the principal amount invested.
15 Oppenheimer Disciplined Value Fund
<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
RS0375.001.0497 June 30, 1997
[PHOTO]
Customer Service Representative
OppenheimerFunds Services
"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. 469
Denver, CO
- -------------------
