<PAGE>
[GRAPHIC]
Semiannual Report April 30, 2000
Oppenheimer
Disciplined Value Fund
[LOGO OF OPPENHEIMERFUNDS]
The Right Way to Invest
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REPORT HIGHLIGHTS
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CONTENTS
1 President's Letter
3 An Interview with Your Fund's Managers
9 Financial Statements
30 Officers and Directors
Despite a difficult environment for value investing, the Fund benefited from
investments in technology, energy and utility companies. The Fund's performance
was hurt by concerns regarding rising interest rates, which favored the stocks
of well-known, high-growth companies rather than the Fund's value-oriented
investments.
Our enhanced stock selection process led us to trim investments in
poor-performing sectors, including consumer cyclicals and financial sector
stocks.
Cumulative Total Returns*
For the 6-Month Period Ended 4/30/00
Class A
Without With
Sales Chg. Sales Chg.
-------------------------------------
1.28% -4.55%
Class B
Without With
Sales Chg. Sales Chg.
-------------------------------------
0.93% -3.38%
Class C
Without With
Sales Chg. Sales Chg.
-------------------------------------
0.95% 0.09%
Class Y
Without With
Sales Chg. Sales Chg.
-------------------------------------
1.41% 1.41%
*See Notes on page 7 for further details.
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PRESIDENT'S LETTER
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Dear Shareholder,
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Disciplined Value Fund
For many years,we have encouraged investors to consider whether they could
tolerate more risk in their long-term investments by participating in the stock
market, which has historically provided higher long-term returns than any other
asset class. Today, however, we have a very different concern: some investors
may have assumed too much risk by concentrating their investments in just a
handful of stocks or sectors or by "chasing performance."
Several months ago, Alan Greenspan, the Chairman of the Federal Reserve
Board, stated his view that the spectacular returns some sectors of the market
were then experiencing may have been partly responsible for pushing our economy
to growth rates that could lead to higher inflation. Today it is clear that the
dramatic rise in the prices of a narrow segment of the market created enormous
wealth for some investors. The result of this newfound wealth has been a
substantial increase in spending that the Federal Reserve Board believes could
threaten the healthy growth of our economy.
That's why the Fed has been raising interest rates steadily and decisively
over the past year. By making borrowing more expensive, the Fed has been
attempting to slow economic growth. It is a precarious balancing act: too much
tightening creates the risk of recession, while too little opens the door to
inflation.
The implications of the Fed's resolve are clear: investors must continue to
be prepared for near-term market volatility. In the bond market, higher interest
rates usually lead to lower bond prices. In the stock market, slower economic
growth often reduces corporate earnings and puts downward pressure on stock
prices. Highly valued stocks can be particularly vulnerable to a correction. The
Securities and Exchange Commission Chairman, Arthur Levitt, has been cautioning
investors against the expectation that the types of returns seen in the recent
bull market will last forever.
1 OPPENHEIMER DISCIPLINED VALUE FUND
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PRESIDENT'S LETTER
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Because of the prospect of continued market volatility, we encourage you to
consider diversifying your investments. Indeed, diversification may help you
mitigate the effects of sharp declines in any one area. It may also help you
better position your portfolio to seek greater returns over the long run.
While some "new economy" stocks have risen over the last year, many so-
called "old economy" stocks are selling at low prices. In the bond market,
higher interest rates over the short term may reduce inflation concerns, which
should be beneficial over the long term. By buying out-of-favor investments, you
may be able to profit when and if they return to favor.
What specific investments should you consider today so that you are
prepared for tomorrow? The answer depends on your individual investing goals,
risk tolerance and financial circumstances. We urge you to talk with your
financial advisor about ways to diversify your portfolio. This may include
considering global diversification as part of your strategy. While investing
abroad has special risks, such as the effects of foreign currency fluctuations,
it also offers opportunities to participate in global economic growth and to
hedge against the volatility in U.S. markets.
We thank you for your continued confidence in OppenheimerFunds, The Right
Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
May 19, 2000
2 OPPENHEIMER DISCIPLINED VALUE FUND
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
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[PHOTO]
Portfolio Management
Team (l to r)
Kenneth White
Peter Antos
Michael Strathearn
How did the Fund perform during the six-month period that ended April 30, 2000?
A. During most of the reporting period, the market continued to favor large
growth stocks over the undervalued companies in which the Fund invests. While we
are disappointed with the Fund's return over the period, we expect undervalued
stocks with prospects for growth to reward investors.
Why has this been such a difficult period for value investing?
Historically, value stocks have proven to be bargains over the long term.
However, they tend to underperform the market when corporate earnings growth
appears likely to slow and concerns regarding the economic future are on the
rise. At such times, investors tend to seek large, growth-oriented companies.
Throughout the recent six-month period, actual U.S. economic growth
remained robust. However the unusually rapid pace of U.S.economic growth raised
concerns that inflation might appear. In an effort to prevent the economy from
overheating, the Federal Reserve Board (the Fed) raised interest rates, and
declared that they intended to continue raising them until the pace of consumer
spending and economic growth slowed. The Fed's actions and statements heightened
uncertainties regarding the sustainability of U.S. economic growth, and value-
oriented stocks suffered as a result. Many of our holdings in traditional value-
oriented sectors were hard hit despite good earnings and strong business
conditions.
3 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
--------------------------------------------------------------------------------
"We added substantially to our value-oriented technology holdings to take
advantage of strength among the computer and telecommunications industries."
How did you manage the Fund in light of these conditions?
We sought to position the Fund to perform as strongly as possible during a
difficult time for value investing. During the period, we added substantially to
our value-oriented technology holdings to take advantage of strength among the
computer and telecommunications industries. The percentage of the Fund's assets
allocated to technology rose from approximately 10% at the beginning of the
period to approximately 20% near the end of the period.1 Most of the Fund's best
performing stocks were concentrated in this sector, including Teradyne, Inc., a
semiconductor test equipment manufacturer; and Apple Computer, Inc., maker of
the popular iMac computers.2
Among other key sectors, we scored successes with several of our energy and
utility holdings. Energy stocks benefited from a rebound in energy prices. We
participated in the sector's rise with investments in drilling rig owners and
natural gas producers. Our holdings of electric and telecommunications companies
also generally performed well, especially stocks of companies participating in
the rapid build-out of cellular and fiber optic communications networks.
Did you make any other significant portfolio management moves for the Fund?
We implemented a sophisticated new ranking system a few months before the period
began. This system is designed to help us better evaluate the broad universe of
value-oriented stocks by analyzing a broad range of quality, price and earnings-
related factors. Assisted by the results of this ranking system, we trimmed the
Fund's holdings in consumer cyclicals and financial sector stocks. Both of these
sectors tend to underperform in times of rising interest rates, such as
prevailed during the period.
1. Portfolio allocations are subject to change.
2. See Statement of Investments for a complete list of investments as of
April 30,2000.
4 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
Average Annual
Total Returns
For the Periods Ended 3/31/00 3
Class A
1-Year 5-Year 10-Year
---------------------------
-8.23% 12.37% 12.84%
Class B Since
1-Year 5-Year Inception
---------------------------
-7.46% N/A 10.43%
Class C Since
1-Year 5-Year Inception
---------------------------
-4.15% N/A 8.93%
Class Y Since
1-Year 5-Year Inception
---------------------------
-2.41% N/A 9.00%
Because of ongoing market volatility, the Fund's performance since 3/31/00 has
been subject to substantial short-term fluctuations and current performance may
be less than the results shown.
While these changes enhanced the Fund's performance, the negative
environment for value investing still took a significant toll. Stocks in the
consumer staples sector, including beverage companies and other commodity
suppliers, lost value despite strong company fundamentals and good earnings
performance. Solid companies in the capital goods sector faced a similarly
unfavorable investment environment. Reasonably priced stocks of retailers in the
consumer cyclical sector also turned in disappointing performance as investors
focused on a narrow group of high growth companies in the sector.
What is your outlook for the future in light of today's market conditions?
A gap of unprecedented dimensions has opened between the prices of value-
oriented stocks and growth-oriented stocks. However, the potential vulnerability
of overpriced growth stocks was exposed during April 2000, when prices of some
of the market's highest fliers fell significantly. We have found that buying
stocks with low price-earnings ratios--a hallmark value approach--creates a
portfolio that, over the long term, has the potential to outperform the overall
stock market.
We remain committed to value investing, and continually seek value
companies we consider likely to surpass the market's expectations. We believe
such companies are likely to add value to the Fund's portfolio over time. We
further believe our disciplined strategy positions investors to benefit from
such opportunities. That's why Oppenheimer Disciplined Value Fund remains part
of The Right Way to Invest.
3. See Notes on page 7 for further details.
5 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
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AN INTERVIEW WITH YOUR FUND'S MANAGERS
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Sector Allocation 4
[GRAPH]
. Financial 20.2%
. Capital Goods 18.0
. Technology 17.3
. Energy 10.9
. Consumer Cyclicals 9.2
. Utilities 7.8
. Consumer Staples 7.4
. Communication Services 3.4
. Basic Materials 2.8
. Transportation 1.5
. Healthcare 1.5
Top Ten Common Stock Holdings 4
------------------------------------------------------------------------------
Exxon Mobil Corp. 3.2%
------------------------------------------------------------------------------
Citigroup, Inc. 2.1
------------------------------------------------------------------------------
BellSouth Corp. 2.0
------------------------------------------------------------------------------
SPX Corp. 1.9
------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 1.8
------------------------------------------------------------------------------
Apple Computer 1.8
------------------------------------------------------------------------------
Cigna Corp. 1.7
------------------------------------------------------------------------------
Kimberly-Clark Corp. 1.7
------------------------------------------------------------------------------
Teradyne, Inc. 1.6
------------------------------------------------------------------------------
International Business Machines Corp. 1.6
Top Five Common Stock Industries 4
------------------------------------------------------------------------------
Insurance 10.9%
------------------------------------------------------------------------------
Manufacturing 10.1
------------------------------------------------------------------------------
Electronics 7.9
------------------------------------------------------------------------------
Electric Utilities 6.7
------------------------------------------------------------------------------
Computer Hardware 5.8
4. Portfolio is subject to change. Percentages are as of April 30, 2000, and are
based on total market value of common stock.
6 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
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NOTES
--------------------------------------------------------------------------------
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. For quarterly
updates on the Fund's performance, please contact your financial advisor, call
us at 1.800.525.7048 or visit our website at www.oppenheimerfunds.com.
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not show the effects of income taxes on an individual's investment. Taxes may
reduce your actual investment returns on income or gains paid by the Fund or any
gains you may realize if you sell your shares.
Class A shares of the Fund were first publicly offered on 9/16/85. Unless
otherwise noted, Class A returns include the current maximum initial sales
charge of 5.75%.
Class B shares of the Fund were first publicly offered on 10/2/95. Unless
otherwise noted, Class B returns include the applicable contingent deferred
sales charge of 5% (1-year) and 2% (inception). Class B shares are subject to an
annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 5/1/96. Unless
otherwise noted, Class C returns include the contingent deferred sales charge of
1% for the 1-year period. Class C shares are subject to an annual 0.75% asset-
based sales charge.
Class Y shares of the Fund were first publicly offered on 12/16/96. Class Y
shares are offered only to certain institutional investors under special
agreement with the Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
7 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
Financials
8 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS April 30, 2000/Unaudited
--------------------------------------------------------------------------------
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Common Stocks-92.2%
--------------------------------------------------------------------------------
Basic Materials-2.7%
--------------------------------------------------------------------------------
Chemicals-1.7%
Dow Chemical Co. 37,600 $ 4,248,800
--------------------------------------------------------------------------------
Rohm & Haas Co. 61,500 2,190,937
-----------
6,439,737
--------------------------------------------------------------------------------
Paper-1.0%
Georgia Pacific Group/Timber Group 36,000 834,750
--------------------------------------------------------------------------------
Louisiana-Pacific Corp. 48,700 651,362
--------------------------------------------------------------------------------
Weyerhaeuser Co. 42,900 2,292,469
-----------
3,778,581
--------------------------------------------------------------------------------
Capital Goods-16.5%
--------------------------------------------------------------------------------
Aerospace/Defense-3.1%
Boeing Co.1 101,600 4,032,250
--------------------------------------------------------------------------------
General Dynamics Corp. 61,100 3,574,350
--------------------------------------------------------------------------------
L-3 Communications Holdings,Inc.2 35,600 1,895,700
--------------------------------------------------------------------------------
Northrop Grumman Corp. 37,600 2,664,900
-----------
12,167,200
--------------------------------------------------------------------------------
Electrical Equipment-3.7%
AVX Corp. 18,900 1,841,569
--------------------------------------------------------------------------------
CommScope,Inc.2 38,700 1,838,250
--------------------------------------------------------------------------------
Integrated Device Technology,Inc.2 57,200 2,749,175
--------------------------------------------------------------------------------
Rockwell International Corp. 32,600 1,283,625
--------------------------------------------------------------------------------
SPX Corp.2 61,500 6,757,312
-----------
14,469,931
--------------------------------------------------------------------------------
Industrial Services-0.4%
Valassis Communications,Inc.2 42,500 1,447,656
--------------------------------------------------------------------------------
Manufacturing-9.3%
Avery-Dennison Corp. 23,800 1,561,875
--------------------------------------------------------------------------------
Ball Corp. 32,400 1,020,600
--------------------------------------------------------------------------------
Briggs & Stratton Corp. 33,300 1,277,887
--------------------------------------------------------------------------------
Cooper Industries, Inc. 58,300 2,000,419
--------------------------------------------------------------------------------
Crane Co. 61,100 1,642,062
--------------------------------------------------------------------------------
Deere & Co. 28,200 1,138,575
--------------------------------------------------------------------------------
Dover Corp. 99,900 5,076,169
--------------------------------------------------------------------------------
Eaton Corp. 23,100 1,940,400
--------------------------------------------------------------------------------
Honeywell International, Inc. 76,800 4,300,800
--------------------------------------------------------------------------------
Kulicke & Soffa Industries, Inc.2 19,400 1,519,262
--------------------------------------------------------------------------------
Miller (Herman), Inc. 52,000 1,423,500
--------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 74,600 6,452,900
9 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited/Continued
--------------------------------------------------------------------------------
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Manufacturing Continued
Parker-Hannifin Corp. 46,200 $ 2,148,300
--------------------------------------------------------------------------------
Textron,Inc. 32,500 2,012,969
--------------------------------------------------------------------------------
United Technologies Corp. 43,500 2,705,156
-----------
36,220,874
--------------------------------------------------------------------------------
Communication Services-3.1%
--------------------------------------------------------------------------------
Telecommunications-Long Distance-1.3%
AT&T Corp. 106,600 4,976,887
--------------------------------------------------------------------------------
Telephone Utilities-1.8%
BellSouth Corp. 145,200 7,069,425
--------------------------------------------------------------------------------
Consumer Cyclicals-8.5%
--------------------------------------------------------------------------------
Autos & Housing-2.0%
Ethan Allen Interiors,Inc. 22,700 605,806
--------------------------------------------------------------------------------
Fortune Brands,Inc. 36,600 915,000
--------------------------------------------------------------------------------
Genuine Parts Co. 123,400 3,239,250
--------------------------------------------------------------------------------
Stanley Works (The) 52,600 1,551,700
--------------------------------------------------------------------------------
Vulcan Materials Co. 36,300 1,590,394
-----------
7,902,150
--------------------------------------------------------------------------------
Consumer Services-0.3%
Harte-Hanks,Inc. 44,200 1,093,950
--------------------------------------------------------------------------------
Leisure & Entertainment-0.4%
MGM Grand,Inc. 51,500 1,519,250
--------------------------------------------------------------------------------
Media-2.5%
Central Newspapers,Inc.,Cl.A 24,200 742,637
--------------------------------------------------------------------------------
Deluxe Corp. 41,700 1,050,319
--------------------------------------------------------------------------------
Gannett Co.,Inc. 83,000 5,301,625
--------------------------------------------------------------------------------
Knight-Ridder,Inc. 50,100 2,458,031
-----------
9,552,612
--------------------------------------------------------------------------------
Retail: General-1.3%
Family Dollar Stores,Inc. 15,900 303,094
--------------------------------------------------------------------------------
Federated Department Stores,Inc.2 35,300 1,200,200
--------------------------------------------------------------------------------
May Department Stores Co. 51,800 1,424,500
--------------------------------------------------------------------------------
Sears Roebuck & Co. 58,000 2,124,250
-----------
5,052,044
--------------------------------------------------------------------------------
Retail: Specialty-1.1%
BJ's Wholesale Club,Inc.2 22,500 797,344
--------------------------------------------------------------------------------
Ross Stores,Inc. 17,000 352,750
--------------------------------------------------------------------------------
Sherwin-Williams Co. 57,500 1,430,312
--------------------------------------------------------------------------------
Tandy Corp. 28,800 1,641,600
-----------
4,222,006
10 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Textile/Apparel & Home Furnishings-0.9%
Jones Apparel Group,Inc.2 16,300 $ 483,906
--------------------------------------------------------------------------------
Liz Claiborne,Inc. 22,300 1,032,769
--------------------------------------------------------------------------------
Shaw Industries,Inc. 120,600 1,906,987
-----------
3,423,662
--------------------------------------------------------------------------------
Consumer Staples-6.8%
--------------------------------------------------------------------------------
Beverages-1.4%
Adolph Coors Co.,Cl.B 32,100 1,637,100
--------------------------------------------------------------------------------
Anheuser-Busch Cos.,Inc. 55,600 3,923,275
-----------
5,560,375
--------------------------------------------------------------------------------
Entertainment-1.6%
Brinker International,Inc.2 50,800 1,619,250
--------------------------------------------------------------------------------
Darden Restaurants,Inc. 48,800 899,750
--------------------------------------------------------------------------------
McDonald's Corp. 27,700 1,056,062
--------------------------------------------------------------------------------
Outback Steakhouse,Inc.2 43,400 1,421,350
--------------------------------------------------------------------------------
Wendy's International,Inc. 48,200 1,078,475
-----------
6,074,887
--------------------------------------------------------------------------------
Food-1.9%
Bestfoods 37,200 1,869,300
--------------------------------------------------------------------------------
ConAgra,Inc. 47,400 894,675
--------------------------------------------------------------------------------
Hormel Foods Corp. 47,800 728,950
--------------------------------------------------------------------------------
IBP,Inc. 112,300 1,852,950
--------------------------------------------------------------------------------
International Home Foods,Inc.2 61,400 894,137
--------------------------------------------------------------------------------
Keebler Foods Co. 35,600 1,119,175
-----------
7,359,187
--------------------------------------------------------------------------------
Food & Drug Retailers-0.4%
SUPERVALU,Inc. 72,900 1,508,119
--------------------------------------------------------------------------------
Household Goods-1.5%
Kimberly-Clark Corp. 103,000 5,980,437
--------------------------------------------------------------------------------
Energy-10.0%
--------------------------------------------------------------------------------
Energy Services-1.9%
Anadarko Petroleum Corp. 43,400 1,885,187
--------------------------------------------------------------------------------
ENSCO International,Inc. 75,800 2,515,612
--------------------------------------------------------------------------------
Global Marine,Inc.2 126,100 3,026,400
-----------
7,427,199
--------------------------------------------------------------------------------
Oil: Domestic-4.9%
Apache Corp. 20,800 1,007,500
--------------------------------------------------------------------------------
Burlington Resources,Inc. 32,500 1,277,656
--------------------------------------------------------------------------------
Conoco,Inc.,Cl.A 83,400 1,985,962
--------------------------------------------------------------------------------
Exxon Mobil Corp. 146,618 11,390,386
11 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited/Continued
--------------------------------------------------------------------------------
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Oil: Domestic Continued
Murphy Oil Corp. 23,600 $ 1,392,400
--------------------------------------------------------------------------------
Texaco,Inc. 42,800 2,118,600
-----------
19,172,504
--------------------------------------------------------------------------------
Oil: International-3.2%
BP Amoco plc,ADR 107,100 5,462,100
--------------------------------------------------------------------------------
Royal Dutch Petroleum Co., NY Shares 73,600 4,222,800
--------------------------------------------------------------------------------
Total Fina Elf SA,Sponsored ADR 37,700 2,851,062
-----------
12,535,962
--------------------------------------------------------------------------------
Financial-18.6%
--------------------------------------------------------------------------------
Banks-3.4%
Bank of America Corp. 34,900 1,710,100
--------------------------------------------------------------------------------
Bank of NewYork Co.,Inc.(The) 41,800 1,716,413
--------------------------------------------------------------------------------
Chase Manhattan Corp. 20,400 1,470,075
--------------------------------------------------------------------------------
Mellon Financial Corp. 44,800 1,439,200
--------------------------------------------------------------------------------
PNC Financial Services Group 38,500 1,679,563
--------------------------------------------------------------------------------
Roslyn Bancorp,Inc. 28,800 489,600
--------------------------------------------------------------------------------
UnionBanCal Corp. 22,700 628,506
--------------------------------------------------------------------------------
Wachovia Corp. 15,600 977,925
--------------------------------------------------------------------------------
Wells Fargo Co. 73,500 3,018,094
-----------
13,129,476
--------------------------------------------------------------------------------
Diversified Financial-5.2%
AMBAC Financial Group,Inc. 21,300 1,022,400
--------------------------------------------------------------------------------
American Express Co. 6,000 900,375
--------------------------------------------------------------------------------
Citigroup,Inc. 125,000 7,429,688
--------------------------------------------------------------------------------
Fannie Mae 33,700 2,032,531
--------------------------------------------------------------------------------
Freddie Mac 21,600 992,250
--------------------------------------------------------------------------------
Goldman Sachs Group,Inc.(The) 17,700 1,650,525
--------------------------------------------------------------------------------
John Hancock Financial Services,Inc.2 67,700 1,235,525
--------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co. 29,300 2,248,775
--------------------------------------------------------------------------------
Nationwide Financial Services,Inc.,Cl.A 22,200 618,825
--------------------------------------------------------------------------------
PMI Group,Inc.(The) 43,800 2,121,563
-----------
20,252,457
--------------------------------------------------------------------------------
Insurance-10.0%
ACE Ltd. 101,800 2,436,838
--------------------------------------------------------------------------------
Allmerica Financial Corp. 15,400 833,525
--------------------------------------------------------------------------------
Allstate Corp. 95,300 2,251,463
--------------------------------------------------------------------------------
American General Corp. 16,500 924,000
--------------------------------------------------------------------------------
American International Group,Inc. 33,400 3,663,563
--------------------------------------------------------------------------------
AXA Financial,Inc. 46,800 1,526,850
12 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Insurance Continued
Chubb Corp. 46,300 $ 2,945,838
--------------------------------------------------------------------------------
Cigna Corp. 76,800 6,124,800
--------------------------------------------------------------------------------
Jefferson-Pilot Corp. 53,700 3,574,406
--------------------------------------------------------------------------------
Lincoln National Corp. 81,100 2,823,294
--------------------------------------------------------------------------------
Manulife Financial Corp. 71,100 1,115,381
--------------------------------------------------------------------------------
Marsh & McLennan Cos., Inc. 22,400 2,207,800
--------------------------------------------------------------------------------
MetLife, Inc.2 72,300 1,197,469
--------------------------------------------------------------------------------
Radian Group, Inc. 43,900 2,236,156
--------------------------------------------------------------------------------
St.Paul Cos., Inc. 28,400 1,011,750
--------------------------------------------------------------------------------
XL Capital Ltd., Cl.A 85,100 4,052,888
-----------
38,926,021
--------------------------------------------------------------------------------
Healthcare-1.4%
--------------------------------------------------------------------------------
Healthcare/Drugs-1.0%
UnitedHealth Group, Inc. 58,100 3,874,544
--------------------------------------------------------------------------------
Healthcare/Supplies & Services-0.4%
Columbia/HCA Healthcare Corp. 50,300 1,430,406
--------------------------------------------------------------------------------
Technology-16.1%
--------------------------------------------------------------------------------
Computer Hardware-5.4%
Apple Computer, Inc.2 51,900 6,438,844
--------------------------------------------------------------------------------
Hewlett-Packard Co. 30,900 4,171,500
--------------------------------------------------------------------------------
International Business Machines Corp. 52,200 5,826,825
--------------------------------------------------------------------------------
Lexmark International Group, Inc., Cl.A2 36,900 4,354,200
-----------
20,791,369
--------------------------------------------------------------------------------
Computer Services-1.3%
First Data Corp. 101,000 4,917,438
--------------------------------------------------------------------------------
Computer Software-1.3%
Computer Associates International, Inc. 44,100 2,461,331
--------------------------------------------------------------------------------
Symantec Corp.2 38,800 2,422,575
-----------
4,883,906
--------------------------------------------------------------------------------
Communications Equipment-0.7%
ADC Telecommunications, Inc.2 41,700 2,533,275
--------------------------------------------------------------------------------
Electronics-7.3%
Advanced Micro Devices, Inc.2 25,200 2,211,300
--------------------------------------------------------------------------------
Atmel Corp.2 9,700 474,694
--------------------------------------------------------------------------------
Cypress Semiconductor Corp.2 36,200 1,880,138
--------------------------------------------------------------------------------
Dallas Semiconductor Corp. 83,200 3,572,400
--------------------------------------------------------------------------------
Intel Corp. 24,500 3,106,906
--------------------------------------------------------------------------------
National Semiconductor Corp.2 91,000 5,528,250
--------------------------------------------------------------------------------
Novellus Systems, Inc.2 50,300 3,354,381
--------------------------------------------------------------------------------
Teradyne, Inc.2 53,500 5,885,000
--------------------------------------------------------------------------------
Zebra Technologies Corp., Cl.A2 39,100 2,228,700
-----------
28,241,769
13 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS Unaudited/Continued
--------------------------------------------------------------------------------
Market Value
Shares See Note 1
--------------------------------------------------------------------------------
Photography-0.1%
Polaroid Corp. 29,200 $ 589,475
--------------------------------------------------------------------------------
Transportation-1.4%
--------------------------------------------------------------------------------
Air Transportation-0.7%
Delta Air Lines, Inc. 50,100 2,642,775
--------------------------------------------------------------------------------
Railroads & Truckers-0.7%
Union Pacific Corp. 68,100 2,868,713
--------------------------------------------------------------------------------
Utilities-7.1%
--------------------------------------------------------------------------------
Electric Utilities-6.1%
Carolina Power & Light Co. 36,200 1,323,563
--------------------------------------------------------------------------------
Conectiv,Inc. 66,800 1,185,700
--------------------------------------------------------------------------------
Duke Energy Corp. 86,000 4,945,000
--------------------------------------------------------------------------------
FPL Group, Inc. 57,800 2,611,838
--------------------------------------------------------------------------------
Montana Power Co. 88,800 3,912,750
--------------------------------------------------------------------------------
Potomac Electric Power Co. 28,600 670,313
--------------------------------------------------------------------------------
Public Service Enterprise Group, Inc. 73,600 2,640,400
--------------------------------------------------------------------------------
Reliant Energy, Inc. 171,800 4,574,175
--------------------------------------------------------------------------------
Texas Utilities Co. 59,800 2,014,513
-----------
23,878,252
--------------------------------------------------------------------------------
Gas Utilities-1.0%
El Paso Energy Corp. 70,400 2,992,000
--------------------------------------------------------------------------------
NICOR, Inc. 29,100 985,763
-----------
3,977,763
-----------
Total Common Stocks (Cost $345,888,710) 357,892,274
Units
--------------------------------------------------------------------------------
Rights, Warrants and Certificates-0.0%
Concentric Network Corp. Wts., Exp. 12/15/073 100 47,012
--------------------------------------------------------------------------------
Dairy Mart Convenience Stores, Inc. Wts.,
Exp. 12/12/013 333 117
--------------------------------------------------------------------------------
Intermedia Communications, Inc. Wts.,
Exp.6/1/00 50 7,609
--------------------------------------------------------------------------------
Microcell Telecommunications, Inc. Wts.,
Exp.6/1/064 500 42,500
--------------------------------------------------------------------------------
Price Communications Corp. Wts., Exp. 8/1/073 344 55,040
--------------------------------------------------------------------------------
Signature Brands USA, Inc. Wts., Exp. 8/15/023 50 1,006
-----------
Total Rights, Warrants and Certificates (Cost $7,533) 153,284
14 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
<TABLE>
<CAPTION>
Principal Market Value
Amount See Note 1
----------------------------------------------------------------------------------------------------
<S> <C> <C>
Convertible Corporate Bonds and Notes-0.0%
Geotek Communications, Inc., 12% Cv. Sr. Sub. Nts., 2/15/01 2,5
(Cost $46,270) $ 50,000 $ --
----------------------------------------------------------------------------------------------------
Short-Term Notes-4.1%
Federal Home Loan Bank, 5.88%, 5/1/00 (Cost $15,800,000) 15,800,000 15,800,000
----------------------------------------------------------------------------------------------------
Repurchase Agreements-4.5%
Repurchase agreement with Zion First National Bank, 5.70%,
dated 4/28/00, to be repurchased at $17,308,218 on 5/1/00, collateralized
by U.S.Treasury Bonds, 6.50%-12.75%, 11/15/10-11/15/26, with a value
of $10,430,864 and U.S. Treasury Nts., 4.50%-7%, 8/31/00-7/15/06,
with a value of $7,257,875 (Cost $17,300,000) 17,300,000 17,300,000
----------------------------------------------------------------------------------------------------
Total Investments,at Value (Cost $379,042,513) 100.8% 391,145,558
----------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.8) (2,922,852)
--------------------------
Net Assets 100.0% $388,222,706
==========================
</TABLE>
Footnotes to Statement of Investments
1. Securities with an aggregate market value of $40,579 are held in
collateralized accounts to cover initial margin requirements on open futures
sales contracts.See Note 5 of Notes to Financial Statements.
2. Non-income-producing security.
3. Identifies issues considered to be illiquid or restricted-See Note 6 of Notes
to Financial Statements.
4. Represents a security sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Directors. These securities amount to $42,500 or 0.01% of the Fund's net assets
as of April 30, 2000.
5. Issuer is in default.
See accompanying Notes to Financial Statements.
15 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES Unaudited
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
April 30, 2000
-------------------------------------------------------------------------------------
Assets
<S> <C>
Investments, at value (cost $379,042,513)-see accompanying statement $ 391,145,558
-------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 715,017
Interest and dividends 252,574
Shares of capital stock sold 159,638
Other 26,229
------------
Total assets 392,299,016
-------------------------------------------------------------------------------------
Liabilities
Bank overdraft 157,078
-------------------------------------------------------------------------------------
Payables and other
liabilities:
Investments purchased 2,100,742
Shares of capital stock redeemed 1,147,731
Transfer and shareholder servicing agent fees 248,936
Directors' compensation 99,486
Daily variation on futures contracts 85,775
Distribution and service plan fees 61,231
Other 175,331
-------------
Total liabilities 4,076,310
-------------------------------------------------------------------------------------
Net Assets $ 388,222,706
=============
-------------------------------------------------------------------------------------
Composition of Net Assets
Par value of shares of capital stock $ 21,893
-------------------------------------------------------------------------------------
Additional paid-in capital 385,630,502
-------------------------------------------------------------------------------------
Undistributed net investment income 1,360,890
-------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (11,776,048)
-------------------------------------------------------------------------------------
Net unrealized appreciation on investments 12,985,469
-------------
Net Assets $ 388,222,706
=============
-------------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$214,572,906 and 12,092,964 shares of capital stock outstanding) $17.74
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $18.82
-------------------------------------------------------------------------------------
Class B Shares:
Net asset value,redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $78,593,038 and 4,432,341 shares of capital stock outstanding) $17.73
-------------------------------------------------------------------------------------
Class C Shares:
Net asset value,redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $13,511,527 and 772,063 shares of capital stock outstanding) $17.50
-------------------------------------------------------------------------------------
Class Y Shares:
Net asset value,redemption price and offering price per share (based on
net assets of $81,545,235 and 4,595,693 shares of capital stock
outstanding) $17.74
</TABLE>
See accompanying Notes to Financial Statements.
16 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS Unaudited
--------------------------------------------------------------------------------
For the Six Months Ended April 30,2000
-------------------------------------------------------------------------------
Investment Income
Dividends (net of foreign withholding taxes of $3,373) $ 3,558,608
-------------------------------------------------------------------------------
Interest 864,097
-----------
Total income 4,422,705
-------------------------------------------------------------------------------
Expenses
Management fees 1,277,813
-------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 317,840
Class B 430,606
Class C 61,434
-------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 419,493
Class B 140,702
Class C 20,107
Class Y 121,057
-------------------------------------------------------------------------------
Directors' compensation 22,715
-------------------------------------------------------------------------------
Accounting service fees 7,500
-------------------------------------------------------------------------------
Custodian fees and expenses 7,369
-------------------------------------------------------------------------------
Other 122,066
-----------
Total expenses 2,948,702
Less expenses paid indirectly (3,681)
-----------
Net expenses 2,945,021
-------------------------------------------------------------------------------
Net Investment Income 1,477,684
-------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized loss on:
Investments (8,648,176)
Closing of futures contracts (821,699)
-----------
Net realized loss (9,469,875)
-------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 6,984,824
-----------
Net realized and unrealized loss (2,485,051)
-------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations $(1,007,367)
===========
See accompanying Notes to Financial Statements.
17 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months
Ended
April 30, Year Ended
2000 October 31,
(Unaudited) 1999
----------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income $ 1,477,684 $ 3,794,053
----------------------------------------------------------------------------------------------------
Net realized gain (loss) (9,469,875) 81,509,276
----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 6,984,824 (52,160,614)
----------------------------
Net increase (decrease) in net assets resulting from operations (1,007,367) 33,142,715
----------------------------------------------------------------------------------------------------
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A (2,996,628) (3,566,570)
Class B -- (140,802)
Class C -- (19,197)
Class Y (789,687) (1,509,823)
----------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (55,606,158) (18,351,792)
Class B (14,307,623) (5,096,352)
Class C (2,028,737) (726,632)
Class Y (11,069,300) (5,276,985)
----------------------------------------------------------------------------------------------------
Capital Stock Transactions
Net increase (decrease) in net assets resulting from
capital stock transactions:
Class A (116,843,500) (61,766,766)
Class B (9,639,261) (19,938,207)
Class C 947,268 (3,572,259)
Class Y 15,191,943 (61,262,769)
----------------------------------------------------------------------------------------------------
Net Assets
Total decrease (198,149,050) (148,085,439)
----------------------------------------------------------------------------------------------------
Beginning of period 586,371,756 734,457,195
----------------------------
End of period (including undistributed net investment
income of $1,360,890 and $3,669,521, respectively) $388,222,706 $586,371,756
============================
</TABLE>
See accompanying Notes to Financial Statements.
18 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year
Ended Ended Ended
April 30, 2000 Oct.31, Dec.31,
Class A (Unaudited) 1999 1998 1997 1996 1 1995
--------------------------------------------------------------------------------------------------------------
Per Share Operating Data
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $20.69 $20.91 $23.31 $19.65 $17.84 $14.20
--------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .10 .17 .16 .23 .15 .25
Net realized and unrealized gain .09 .64 .32 4.91 1.88 4.88
---------------------------------------------------------------
Total income from investment operations .19 .81 .48 5.14 2.03 5.13
--------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.16) (.17) (.12) (.07) (.10) (.25)
Distributions from net realized gain (2.98) (.86) (2.76) (1.41) (.12) (1.24)
---------------------------------------------------------------
Total dividends and/or distributions
to shareholders (3.14) (1.03) (2.88) (1.48) (.22) (1.49)
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.74 $20.69 $20.91 $23.31 $19.65 $17.84
===============================================================
--------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 3 1.28% 3.60% 2.24% 27.60% 11.41% 36.40%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $214,573 $392,483 $456,264 $371,810 $180,784 $118,118
--------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $268,310 $448,884 $442,138 $234,314 $135,940 $ 98,063
--------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 0.83% 0.68% 0.84% 1.05% 1.01% 1.53%
Expenses 1.20% 1.02% 0.98% 5 1.07% 5 1.13% 5 1.22% 5
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 6 32% 135% 106% 103% 74% 70%
</TABLE>
1. For the ten months ended October 31, 1996. The Fund changed its fiscal year
end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc.
became the investment advisor to the Fund.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes a $1,000 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.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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, 2000 were $132,703,171 and $335,371,112, respectively.
See accompanying Notes to Financial Statements.
19 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS Continued
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year Year
Ended Ended Ended
April 30,2000 Oct.31, Dec.31,
Class B (Unaudited) 1999 1998 1997 1996 1 1995 1
--------------------------------------------------------------------------------------------------------------
Per Share Operating Data
<S> <C> <C> <C> <C> <C> <C>
Net asset value,beginning of period $20.58 $20.83 $23.32 $19.77 $18.08 $17.83
--------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.01) (.03) .02 .09 .05 .02
Net realized and unrealized gain .14 .66 .30 4.91 1.83 1.40
---------------------------------------------------------------
Total income from investment
operations .13 .63 .32 5.00 1.88 1.42
--------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income -- (.02) (.05) (.04) (.07) (.02)
Distributions from net realized gain (2.98) (.86) (2.76) (1.41) (.12) (1.15)
--------------------------------------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (2.98) (.88) (2.81) (1.45) (.19) (1.17)
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.73 $20.58 $20.83 $23.32 $19.77 $18.08
===============================================================
--------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 4 0.93% 2.79% 1.47% 26.61% 10.43% 8.04%
--------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $78,593 $102,736 $123,260 $83,291 $5,854 $717
--------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $86,372 $123,616 $110,240 $30,019 $2,903 $306
--------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 5
Net investment income (loss) 0.00% (0.08)% 0.08% 0.22% 0.22% 0.21%
Expenses 1.98% 1.77% 1.73% 6 1.84% 6 1.88% 6 1.97% 6
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 7 32% 135% 106% 103% 74% 70%
</TABLE>
1. For the ten months ended October 31,1996. The Fund changed its fiscal year
end from December 31 to October 31. On March 18, 1996, OppenheimerFunds, Inc.
became the investment advisor to the Fund.
2. For the period from October 2, 1995 (inception of offering) to December
31, 1995.
3. Per share amounts calculated based on the average shares outstanding during
the period.
4. Assumes a $1,000 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.
5. Annualized for periods of less than one full year.
6. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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, 2000 were $132,703,171 and $335,371,112, respectively.
See accompanying Notes to Financial Statements.
20 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
April 30, 2000 Oct. 31,
Class C (Unaudited) 1999 1998 1997 1996 1
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $20.35 $20.60 $23.07 $19.57 $18.79
--------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) -- (.02) .01 .10 2 .06
Net realized and unrealized gain .13 .65 .31 4.85 2 .94
-------------------------------------------------------
Total income from investment operations .13 .63 .32 4.95 1.00
--------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.02) (.03) (.04) (.10)
Distributions from net realized gain (2.98) (.86) (2.76) (1.41) (.12)
-------------------------------------------------------
Total dividends and/or distributions
to shareholders (2.98) (.88) (2.79) (1.45) (.22)
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.50 $20.35 $20.60 $23.07 $19.57
=======================================================
==============================================================================================================
Total Return, at Net Asset Value3 0.95% 2.82% 1.47% 26.64% 5.35%
==============================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $13,512 $14,582 $18,204 $10,243 $715
--------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $12,336 $17,746 $15,355 $ 4,477 $342
--------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income (loss) (0.02)% (0.07)% 0.06% 0.17% 0.04%
Expenses 1.98% 1.77% 1.73% 5 1.86% 5 1.87% 5
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 6 32% 135% 106% 103% 74%
</TABLE>
1. For the period from May 1, 1996 (inception of offering) to October 31, 1996.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes a $1,000 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.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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, 2000 were $132,703,171 and $335,371,112, respectively.
See accompanying Notes to Financial Statements.
21 OPPENHEIMER DISCIPLINED VALUE FUND
21
<PAGE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS Continued
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
April 30, 2000 Oct. 31,
Class Y (Unaudited) 1999 1998 1997 1
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $20.72 $20.97 $23.34 $20.31
---------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .09 .22 .22 .31 2
Net realized and unrealized gain .12 .64 .34 4.20 2
--------------------------------------------
Total income from investment operations .21 .86 .56 4.51
---------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.21) (.25) (.17) (.07)
Distributions from net realized gain (2.98) (.86) (2.76) (1.41)
--------------------------------------------
Total dividends and/or distributions
to shareholders (3.19) (1.11) (2.93) (1.48)
---------------------------------------------------------------------------------------------------
Net asset value, end of period $17.74 $20.72 $20.97 $23.34
============================================
===================================================================================================
Total Return, at Net Asset Value3 1.41% 3.81% 2.63% 23.62%
===================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $81,545 $76,571 $136,729 $90,994
---------------------------------------------------------------------------------------------------
Average net assets (in thousands) $75,633 $95,765 $118,010 $51,775
---------------------------------------------------------------------------------------------------
Ratios to average net assets:4
Net investment income 0.98% 0.90% 1.19% 1.21%
Expenses 0.98% 0.76% 0.62% 5 0.78% 5
---------------------------------------------------------------------------------------------------
Portfolio turnover rate6 32% 135% 106% 103%
</TABLE>
1. For the period from December 16, 1996 (inception of offering) to October
31, 1997.
2. Per share amounts calculated based on the average shares outstanding during
the period.
3. Assumes a $1,000 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.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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, 2000 were $132,703,171 and $335,371,112, respectively.
See accompanying Notes to Financial Statements.
22 OPPENHEIMER DISCIPLINED VALUE FUND
22
<PAGE>
--------------------------------------------------------------------------------
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 an open-end management investment company. The Fund's
investment objective is to seek long-term growth of capital by investing
primarily in common stocks with low price-earnings ratios and better-than-
anticipated earnings. The Fund's investment advisor is OppenheimerFunds, Inc.
(the Manager).
The Fund offers Class A, Class B, Class C and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
an initial sales charge. Class B and Class C shares are sold without an initial
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a CDSC. All classes of shares have identical rights to
earnings, assets and voting privileges, except that each class has its own
expenses directly attributable to that class and exclusive voting rights with
respect to matters affecting that class. Classes A, B and C shares 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.
--------------------------------------------------------------------------------
Securities Valuation. Securities for which quotations are readily available are
valued at the last sale price, or if in the absence of a sale, at the last sale
price on the prior trading day if it is within the spread of the closing bid and
asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Directors, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Directors. Foreign currency contracts are valued
based on the closing prices of the forward currency contract rates in the London
foreign exchange markets on a daily basis as provided by a reliable bank, dealer
or pricing service. Short-term "money market type" debt securities with
remaining maturities of sixty days or less are valued at cost (or last
determined market value) and adjusted for amortization or accretion to maturity
of any premium or discount.
--------------------------------------------------------------------------------
Security Credit Risk. The Fund invests in high yield securities, which may be
subject to a greater degree of credit risk, greater market fluctuations and risk
of loss of income and principal, and may be more sensitive to economic
conditions than lower yielding, higher rated fixed income securities. The Fund
may acquire securities in default, and is not obligated to dispose of securities
whose issuers subsequently default.
23 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
--------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies Continued
Foreign Currency Translation. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
--------------------------------------------------------------------------------
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, Gains and Losses. Income, expenses (other than
those attributable to a specific class), 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' Compensation. The Fund has adopted an unfunded retirement plan for
the Fund's independent Board of 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, 2000, a provision of $10,049 was made for the Fund's
projected benefit obligations and payments of $3,499 were made to retired
directors, resulting in an accumulated liability of $98,548 as of April 30,
2000.
The Board of Directors has adopted a deferred compensation plan for
independent directors that enables directors to elect to defer receipt of all or
a portion of annual compensation they are entitled to receive from the Fund.
Under the plan,the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Directors in shares of one
or more Oppenheimer funds selected by the director. The amount paid to the Board
of Directors under the plan will be determined based upon the performance of the
selected funds. Deferral of directors' fees under the plan will not affect the
net assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
24 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
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 carry-overs, to shareholders. Therefore, no
federal income or excise tax provision is required.
--------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
share-holders, which are determined in accordance with income tax regulations,
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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of distributions made
during the year from net investment income or net realized gains may differ from
its 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 fiscal year in which the income or realized gain
was recorded by the Fund.
--------------------------------------------------------------------------------
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
--------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to 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.
25 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
2. Shares of Capital Stock
The Fund has authorized 500 million of $0.001 par value shares of capital stock
of each class. Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
Six Months Ended April 30,2000 Year Ended October 31,1999
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 1,258,777 $ 22,299,483 2,041,059 $ 44,361,122
Dividends and/or
distributions reinvested 2,212,145 38,402,834 978,744 21,317,077
Redeemed (10,349,190) (177,545,817) (5,865,300) (127,444,965)
---------------------------------------------------------------
Net decrease (6,878,268) $(116,843,500) (2,845,497) $ (61,766,766)
===============================================================
---------------------------------------------------------------------------------------------
Class B
Sold 625,802 $ 11,011,616 1,150,666 $ 24,923,987
Dividends and/or
distributions reinvested 782,878 13,622,641 231,740 5,051,920
Redeemed (1,967,746) (34,273,518) (2,308,042) (49,914,114)
---------------------------------------------------------------
Net decrease (559,066) $ (9,639,261) (925,636) $ (19,938,207)
===============================================================
---------------------------------------------------------------------------------------------
Class C
Sold 279,473 $ 4,883,758 205,937 $ 4,440,151
Dividends and/or
distributions reinvested 110,343 1,894,598 33,679 725,793
Redeemed (334,380) (5,831,088) (406,670) (8,738,203)
---------------------------------------------------------------
Net increase (decrease) 55,436 $ 947,268 (167,054) $ (3,572,259)
===============================================================
---------------------------------------------------------------------------------------------
Class Y
Sold 956,178 $ 16,311,426 1,062,529 $ 22,726,365
Dividends and/or
distributions reinvested 683,909 11,858,987 311,751 6,786,808
Redeemed (740,485) (12,978,470) (4,199,901) (90,775,942)
---------------------------------------------------------------
Net increase (decrease) 899,602 $ 15,191,943 (2,825,621) $ (61,262,769)
===============================================================
---------------------------------------------------------------------------------------------
</TABLE>
3. Unrealized Gains and Losses on Securities
As of April 30, 2000, net unrealized appreciation on securities of $12,103,045
was composed of gross appreciation of $41,887,551, and gross depreciation of
$29,784,506.
26 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. 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 of the Fund, 0.50% of the
next $100 million and 0.45% of average annual net assets in excess of $400
million. The Fund's management fee for six months ended April 30, 2000, was
0.58% of the average annual net assets for each class of shares, annualized for
periods of less than one full year.
--------------------------------------------------------------------------------
Accounting Fees. The Manager acts as the accounting agent for the Fund at an
annual fee of $15,000, plus out-of-pocket costs and expenses reasonably
incurred.
--------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund and for other
Oppenheimer funds. 0FS's total costs of providing such services are allocated
ratably to these funds.
--------------------------------------------------------------------------------
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
Aggregate Class A Commissions Commissions Commissions
Front-End Front-End on Class A on Class B on Class C
Sales Charges Sales Charges Shares Shares Shares
on Class A Retained by Advanced by Advanced by Advanced by
Six Months Ended Shares Distributor Distributor1 Distributor1 Distributor1
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
April 30,2000 $212,098 $106,967 $29,295 $225,734 $16,120
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C
Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges
Six Months Ended Retained by Distributor Retained by Distributor Retained by Distributor
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
April 30,2000 $3,376 $164,784 $2,575
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
--------------------------------------------------------------------------------
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares purchased. The Distributor makes payments to plan recipients quarterly at
an annual rate not to exceed 0.25% of the average annual net assets consisting
of Class A shares of the Fund. For the six months ended
27 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
--------------------------------------------------------------------------------
================================================================================
4. Fees and Other Transactions with Affiliates Continued
April 30, 2000, payments under the Class A plan totaled $317,840, all of which
was paid by the Distributor to recipients. That included $174,123 paid to an
affiliate of the Manager. Any unreimbursed expenses the Distributor incurs with
respect to Class A shares in any fiscal year cannot be recovered in subsequent
years.
--------------------------------------------------------------------------------
Class B and Class C Distribution and Service Plan Fees. Under each plan, service
fees and distribution fees are computed on the average of the net asset value of
shares in the respective class, determined as of the close of each regular
business day during the period. The Class B and Class C plans provide for the
Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and asset-based sales charges from the Fund under
the plans. If any plan is terminated by the Fund, the Board of Directors may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carryforward of distribution expenses, to be recovered from asset-
based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended April
30, 2000, were as follows:
<TABLE>
<CAPTION>
Distributor's Distributor's
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $430,606 $343,547 $2,625,549 3.34%
Class C Plan 61,434 13,414 242,491 1.79
========================================================================================
</TABLE>
5. Futures Contracts
The Fund may buy and sell futures contracts in order to gain exposure to or to
seek to protect against changes in interest rates. The Fund may also buy or
write put or call options on these futures contracts.
The Fund generally sells futures contracts to hedge against increases in
interest rates and the resulting negative effect on the value of fixed rate
portfolio securities. The Fund may also purchase futures contracts to gain
exposure to changes in interest rates as it may be more efficient or cost
effective than actually buying fixed income securities.
28 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
Upon entering into a futures contract, the Fund is required to deposit
either cash or securities (initial margin) in an amount equal to a certain
percentage of the contract value. Subsequent payments (variation margin) are
made or received by the Fund each day. The variation margin payments are equal
to the daily changes in the contract value and are recorded as unrealized gains
and losses. The Fund may recognize a realized gain or loss when the contract is
closed or expires.
Securities held in collateralized accounts to cover initial margin
requirements on open futures contracts are noted in the Statement of
Investments. The Statement of Assets and Liabilities reflects a receivable
and/or payable for the daily mark to market for variation margin.
Risks of entering into futures contracts (and related options) include the
possibility that there may be an illiquid market and that a change in the value
of the contract or option may not correlate with changes in the value of the
underlying securities.
As of April 30, 2000, the Fund had outstanding futures contracts as follows:
<TABLE>
<CAPTION>
Expiration Number of Valuation as of Unrealized
Contract Description Date Contracts April 30, 2000 Appreciation
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Contracts to Purchase
Standard & Poor's 500 Index 6/15/00 47 $17,155,000 $882,424
=====================================================================================
</TABLE>
6. Illiquid Securities
As of April 30, 2000, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Fund intends to invest no more than 10% of its net assets (determined at the
time of purchase and reviewed periodically) in illiquid securities. The
aggregate value of illiquid securities subject to this limitation as of April
30, 2000, was $103,175, which represents 0.03% of the Fund's net assets.
--------------------------------------------------------------------------------
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of 0.08%
per annum.
The Fund had no borrowings outstanding during the six months ended April 30,
2000.
29 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
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
Phillip A. Griffiths, Director
Benjamin Lipstein, Director
Elizabeth B. Moynihan, Director
Kenneth A. Randall, Director
Edward V. Regan, Director
Russell S. Reynolds, Jr., Director
Clayton K. Yeutter, Director
Peter M. Antos, Vice President
Michael C. Strathearn, Vice President
Kenneth B. White, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
================================================================================
Investment Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and OppenheimerFunds Services
Shareholder
Servicing Agent
================================================================================
Custodian of The Bank of New York
Portfolio Securities
================================================================================
Independent Auditors KPMG LLP
================================================================================
Legal Counsel Mayer, Brown & Platt
The financial statements included herein have been taken
from the records of the Fund without examination of
those records 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,
and are not insured by the FDIC or any other agency, and
involve investment risks, including the possible loss of
the principal amount invested.
Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc. Two World Trade Center, New York,
NY 10048-0203
(C)Copyright 2000 OppenheimerFunds, Inc. All rights
reserved.
30 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
================================================================================================
Global Equity
<S> <C> <C>
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund+
Europe Fund Global Growth & Income Fund
International Growth Fund
================================================================================================
Equity
Stock Stock & Bond
Enterprise Fund 1 Main Street Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund 2
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
Trinity Growth Fund Specialty
Trinity Core Fund Real Asset Fund
Trinity Value Fund Gold & Special Minerals Fund
================================================================================================
Fixed Income
Taxable Municipal
International Bond Fund California Municipal Fund
World Bond Fund Main Street California Municipal Fund
High Yield Fund Florida Municipal Fund 3
Champion Income Fund New Jersey Municipal Fund 3
Strategic Income Fund New York Municipal Fund 3
Bond Fund Pennsylvania Municipal Fund 3
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
Rochester Division
Rochester Fund Municipals
Limited Term New York Municipal Fund
================================================================================================
Money Market 4
Money Market Fund Cash Reserves
</TABLE>
1. Effective July 1, 1999, this fund is closed to new investors. See prospectus
for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY 10048-0203.
(C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
31 OPPENHEIMER DISCIPLINED VALUE FUND
<PAGE>
--------------------------------------------------------------------------------
INFORMATION AND SERVICES
--------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to help.
--------------------------------------------------------------------------------
Internet
24-hr access to account information and transactions1
www.oppenheimerfunds.com
--------------------------------------------------------------------------------
General Information
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
--------------------------------------------------------------------------------
Telephone Transactions
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
--------------------------------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
--------------------------------------------------------------------------------
Telecommunications Device for the Deaf (TDD)
Mon-Fri 9am-6:30pm ET
1.800.843.4461
--------------------------------------------------------------------------------
OppenheimerFunds Market Hotline
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments
1.800.835.3104
--------------------------------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
--------------------------------------------------------------------------------
Ticker Symbols Class A: CGRWX Class B: CGRBX Class C: CGRCX Class Y: CGRYX
--------------------------------------------------------------------------------
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