Oppenheimer Value Stock Fund
Annual Report December 31, 1994
[photo depicting man and woman talking]
"We want
to invest for
growth in
high-quality
companies
that pay
dividends...
but we want
their stocks
at a good price."
[logo] OppenheimerFunds
<PAGE>
This Fund is for people who seek long-term growth and
current income from a fund that looks for good values when buying stocks of
well-established companies.
How Your Fund Is Managed
Oppenheimer Value Stock Fund's basic investment strategy is to "buy low, sell
high." The Fund's manager invests in stocks he believes are worth more than they
cost, and sells stocks when he thinks they are overvalued. This strategy offers
the potential for long-term capital appreciation because the Fund intends to
invest in quality, well-established companies, and provide excellent value for
your money.
Performance
Total return at net asset value for the 12 months ended 12/31/94 was 3.28% for
Class A shares and 2.50% for Class B shares.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1- and 5-year periods ended 12/31/94 and since inception
of the Class on 12/22/86 were -2.66%, 7.47% and 9.07%, respectively. For Class B
shares, average annual total returns for the 1-year period ended 12/31/94 and
since inception of the Class on 5/1/93 were -2.41% and 2.02%, respectively.(4)
Outlook
"As we enter 1995, we should see interest rates begin to stabilize. The Fed's
actions to date seem to have begun to slow the economy, and there's nothing on
the horizon that suggests we'll be dealing with runaway inflation or interest
rates any time soon. As a result, we should start to see much calmer investment
markets and continued gains in corporate profits, both of which should help
value stocks in general and the Fund's performance."
David Salerno, Portfolio Manager
Concert Capital Management,
The Fund's Sub-Advisor
December 31, 1994
News
Outperformed Averages
Total Return for the Year Ended 12/31/94:
Oppenheimer
Value Stock Fund
Class A (at NAV)(1) 3.28%
S&P 500(2) 1.31%
Lipper
Growth & Income
Funds Average(3) -0.94%
1. Based on the change in net asset value per share from 12/31/93 to 12/31/94,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
2. The S&P 500 Index is an unmanaged index of common stocks that is widely
recognized as an indicator of overall market performance. The S&P 500 Index
includes dividend reinvestments but does not take capital gains distributions
into consideration.
3. Source: Lipper Analytical Services. The Lipper total return average for the
year ended 12/31/94 was for 348 growth and income funds. The average is shown
for comparative purposes only. Oppenheimer Value Stock Fund is characterized by
Lipper as a growth and income fund. Lipper performance does not take sales
charges into consideration.
4. Average annual total returns are based on a hypothetical investment held
until 12/31/94, after deducting the current maximum initial sales charge of
5.75% on Class A shares and the contingent deferred sales charge of 5% (1 year)
and 4% (since inception) for Class B shares. The Fund's maximum sales charge
rate for Class A shares was lower during a portion of some of the periods shown,
and actual investment results will be different as a result of the change. Class
A and Class B shares were first publicly offered on 12/22/86 and 5/1/93,
respectively. All figures assume reinvestment of dividends and capital gains
distributions. Past performance is not indicative of future results. Investment
and principal value on an investment in the Fund will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
2 Oppenheimer Value Stock Fund
<PAGE>
Dear OppenheimerFunds Shareholder,
The past year has been a difficult period for the stock market, one marked above
all by one of the most aggressive series of moves to raise interest rates in the
U.S. Federal Reserve's history. As interest rates moved up, bond prices fell and
the stock market followed, while investors looked everywhere for answers to
questions about directions in inflation, interest rates, and the economy. These
questions all concerned one basic issue: Is the bull market in stocks coming to
an end?
In our view, it is not. While we are not expecting major gains in stock
prices in the very near term, we believe that the uncertainties which held the
market back in 1994 will recede in 1995 as the fundamental positives in the
economy are recognized. The most important of these positives is our belief that
the Fed's attempt to preempt possible inflation, while temporarily
disconcerting, will likely have its desired effect in 1995. We believe that the
economy will begin to slow, and although short-term rates may move up modestly
from their present levels, long-term interest rates--the ones that most affect
securities prices--should stabilize in their current range. Long-term rates may
even begin to decline as overblown concerns about inflation abate.
Those concerns are, in fact, already fading. While the prices of some
commodities have risen over the past year and U.S. manufacturing capacity
utilization and employment rose to their highest levels in years, in today's
globally competitive environment, price increases are difficult to pass on to
either consumers or businesses. The inflation rate--as measured by the
Consumer Price Index--continues to run at less than 3% a year, and there's
nothing on the horizon to suggest to us that it will increase substantially
anytime soon. Even at their current levels, interest rates remain low relative
to recent periods, and in our view, pose no real threat to most companies'
earnings or cash flows. During the most recent recession, many businesses
learned to operate much more efficiently and took advantage of the extended
decline in interest rates to work down their debt loads and strengthen their
financial positions. As a result, corporate profits have soared despite higher
interest rates. And we believe that business earnings should grow even more as
economies in Europe and elsewh ere emerge from their recessions, stimulating
demand for U.S. companies' goods and services. As profits rise, we expect stocks
to become more valuable.
Finally, the changing political landscape reflected in results of the
mid-term election bodes well for the stock market over time. In addition to
limiting the expectation that Congress will pass potentially inflationary
government spending proposals, the realignment in Washington has raised the
possibility of tax relief in the form of an expanded deduction for individual
retirement savings or possibly a reduction in the capital gains tax rate. What
specific action, if any, Congress will take on these proposals remains to be
seen. But any action to reduce the federal deficit, cut spending, and reduce
taxes should be good news for the stock market overall.
In light of all these factors, we remain bullish on stocks. As we have
noted in previous reports, we're expecting moderate gains in the short-term, in
line with increasing corporate earnings. Over time, however, we expect stocks to
perform well in both the U.S. and foreign markets. Your portfolio manager
discusses the outlook for your Fund on the following pages. We appreciate your
confidence, and we look forward to helping you continue to reach your investment
goals.
James C. Swain
Chairman
Oppenheimer
Value Stock Fund
Jon S. Fossel
President
Oppenheimer
Value Stock Fund
James C. Swain Jon S. Fossel
January 23, 1995
3 Oppenheimer Value Stock Fund
<PAGE>
David Salerno
Portfolio Manager
Q + A
An interview with the Fund's managers.
The Fund performed well over the past 12 months, compared to both the market as
a whole and other funds with similar objectives. What factors contributed
most to that performance?
Three factors stand out. First, we got some help from the market,
particularly in the first six months of the year. That period was highly
favorable to the high-quality value stocks in which we invest. As interest rates
rose and the market grew more volatile, investors started to concentrate on
quality, and our portfolio produced strong relative returns.
Second, since June, the market has been leaning away from value stocks and
toward growth issues, and we've responded. We've adjusted the portfolio
somewhat, concentrating our investments less on cyclical, industrial companies
and more on the values to be found in consumer related stocks.
Third, one of the distinguishing features of this Fund is that the
stocks on which we focus tend not to be heavily traded. You just don't see the
huge trading-driven swings in prices you see in many other kinds of stocks. For
our shareholders, the ability to invest in value without a lot of volatility is
important.(1)
How did your broad move to consumer stocks translate into specific buying and
selling strategies?
We did many things. For example, we took profits in areas that have done
very well for the Fund, such as the electrical equipment and metals groups. Over
the past several months, we've profitably reduced our positions in AMP, General
Electric and General Signal, as well as in commodities producers like
Phelps-Dodge and Willamette Industries.
We've used the proceeds from those sales to build positions in consumer
companies, adding names like Schering-Plough, Pepsico, and
Archer-Daniels-Midland. We previously had relatively few holdings in the
consumer sector, and we're reversing that now. We believe that these stocks
offer better values.
How about healthcare stocks?
In spite of--or more accurately, because of--the uncertainty surrounding
healthcare, these stocks offer very good values today. Many of the stocks of
companies we own, including Pfizer and Becton-Dickinson, have performed very
well on a price basis, while others, such as Bristol-Myers, have paid extremely
attractive yields.
Are there any groups you're avoiding?
Although we look across the market for value, we aren't emphasizing electric and
telephone utilities or energy stocks. We've also been reducing our holdings of
property/casualty insurance stocks. Within groups, we constantly seek to upgrade
the holdings. For example, in the energy sector, we recently sold USX/Marathon
and purchased Kerr-McGee, a company that we feel has a better exploration and
production profile.
What is your outlook for the Fund?
Inflation fears should abate as a result of the Fed's moves to raise
interest rates. The stock market should again be able to focus on business
profits instead of interest rates. As that happens, value stocks in general and
the Fund in particular should benefit.
1. The Fund's portfolio is subject to change.
4 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
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Statement of Investments December 31, 1994
-----------------------------------------------------------------------------------------------------
Face Market Value
Amount See Note 1
===================================================================================================================================
<S> <C> <C> <C>
Short-Term Notes--9.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--3.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Food Wholesalers--3.3% Pioneer Hi-Bred International, Inc., 5.97%, 1/10/95 $1,880,000 $ 1,877,194
-----------------------------------------------------------------------------------------------------
Tyson Foods, Inc., 6.10%, 1/4/95 1,515,000 1,514,230
------------
3,391,424
- -----------------------------------------------------------------------------------------------------------------------------------
Financial--2.9%
- -----------------------------------------------------------------------------------------------------------------------------------
Financial Services: Countrywide Funding Corp., 6.30%, 1/6/95 2,000,000 1,998,250
-----------------------------------------------------------------------------------------------------
Miscellaneous--2.9% General Motors Acceptance Corp., 6.05%, 1/9/95 165,000 164,778
-----------------------------------------------------------------------------------------------------
ITT Financial Corp., 5.53%, 1/3/95 710,000 710,000
-----------------------------------------------------------------------------------------------------
PS Colorado Credit Corp., 5.95%, 1/25/95 170,000 169,326
------------
3,042,354
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities--2.9%
- -----------------------------------------------------------------------------------------------------------------------------------
Electric Companies--1.8% Texas Electric Services Co., 6.20%, 1/5/95 1,920,000 1,918,677
- -----------------------------------------------------------------------------------------------------------------------------------
Telephone--1.1% GTE Norwest, Inc., 5.88%, 1/13/95 1,115,000 1,112,815
------------
Total Short-Term Notes (Cost $9,465,270) 9,465,270
Shares
===================================================================================================================================
Common Stocks--91.2%
- -----------------------------------------------------------------------------------------------------------------------------------
Basic Materials--10.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Aluminum--0.9% Reynolds Metals Co. 19,000 931,000
- -----------------------------------------------------------------------------------------------------------------------------------
Chemicals--2.9% Du Pont (E.I.) De Nemours & Co. 20,500 1,153,125
-----------------------------------------------------------------------------------------------------
Eastman Chemical Co. 37,000 1,868,500
------------
3,021,625
- -----------------------------------------------------------------------------------------------------------------------------------
Chemicals: Specialty--2.0% Lubrizol Corp. (The) 33,000 1,117,875
-----------------------------------------------------------------------------------------------------
Nalco Chemical Co. 27,200 911,200
------------
2,029,075
- -----------------------------------------------------------------------------------------------------------------------------------
Metal: Miscellaneous--0.7% Phelps Dodge Corp. 11,500 711,563
- -----------------------------------------------------------------------------------------------------------------------------------
Paper and Forest Westvaco Corp. 30,500 1,197,125
-----------------------------------------------------------------------------------------------------
Products--3.5% Weyerhaeuser Co. 49,000 1,837,500
-----------------------------------------------------------------------------------------------------
Willamette Industries, Inc. 13,300 631,750
------------
3,666,375
- -----------------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--13.8%
- -----------------------------------------------------------------------------------------------------------------------------------
Auto Parts: After Market--3.2% Genuine Parts Co. 50,500 1,818,000
-----------------------------------------------------------------------------------------------------
Goodyear Tire & Rubber Co. 43,800 1,472,775
------------
3,290,775
</TABLE>
5 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Statement of Investments (Continued)
-----------------------------------------------------------------------------------------------------
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Automobiles--1.6% Ford Motor Co. 57,500 $ 1,610,000
- -----------------------------------------------------------------------------------------------------------------------------------
Hardware and Tools--1.1% Stanley Works (The) 32,000 1,144,000
- -----------------------------------------------------------------------------------------------------------------------------------
Leisure Time--1.0% Eastman Kodak Co. 22,500 1,074,375
- -----------------------------------------------------------------------------------------------------------------------------------
Publishing--3.1% Dun & Bradstreet Corp. (The) 33,500 1,842,500
-----------------------------------------------------------------------------------------------------
McGraw-Hill, Inc. 21,000 1,404,375
------------
3,246,875
- -----------------------------------------------------------------------------------------------------------------------------------
Retail Stores: May Department Stores Co. 45,500 1,535,625
Department Stores--1.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Retail Stores: General Kmart Corp. 30,500 396,500
-----------------------------------------------------------------------------------------------------
Merchandise Chains--1.2% Penney (J.C.) Co., Inc. 19,000 847,875
------------
1,244,375
- -----------------------------------------------------------------------------------------------------------------------------------
Textiles: Apparel V.F. Corp. 23,500 1,142,687
Manufacturers--1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--14.7%
- -----------------------------------------------------------------------------------------------------------------------------------
Beverages: Alcoholic--1.2% Brown-Forman Corp., Cl. B 40,500 1,235,250
- -----------------------------------------------------------------------------------------------------------------------------------
Beverages: Soft Drinks--1.0% PepsiCo, Inc. 28,000 1,015,000
- -----------------------------------------------------------------------------------------------------------------------------------
Drugs--3.7% Pfizer, Inc. 35,000 2,703,750
-----------------------------------------------------------------------------------------------------
Schering-Plough 15,000 1,110,000
------------
3,813,750
- -----------------------------------------------------------------------------------------------------------------------------------
Food Processing--3.7% Archer-Daniels-Midland Co. 51,690 1,066,105
-----------------------------------------------------------------------------------------------------
CPC International, Inc. 31,500 1,677,375
-----------------------------------------------------------------------------------------------------
Pioneer Hi-Bred International, Inc. 33,000 1,138,500
------------
3,881,980
- -----------------------------------------------------------------------------------------------------------------------------------
Healthcare: Diversified--2.5% Bristol-Myers Squibb Co. 44,000 2,546,500
- -----------------------------------------------------------------------------------------------------------------------------------
Household Products--1.2% Clorox Co. (The) 20,500 1,206,938
- -----------------------------------------------------------------------------------------------------------------------------------
Medical Products--1.4% Becton, Dickinson & Co. 31,000 1,488,000
- -----------------------------------------------------------------------------------------------------------------------------------
Energy--8.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Oil: Exploration and Kerr-McGee Corp. 21,000 966,000
Production--0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
Oil:Integrated Domestic--0.9% Atlantic Richfield Co. 9,000 915,750
- -----------------------------------------------------------------------------------------------------------------------------------
Oil: Integrated Amoco Corp. 37,300 2,205,363
International--6.8% -----------------------------------------------------------------------------------------------------
Chevron Corp. 48,500 2,164,313
-----------------------------------------------------------------------------------------------------
Mobil Corp. 20,000 1,685,000
-----------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 9,000 967,500
------------
7,022,176
</TABLE>
6 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial--15.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Commercial Services--1.2% Donnelley (R.R.) & Sons Co. 43,500 $ 1,283,250
- -----------------------------------------------------------------------------------------------------------------------------------
Electrical Equipment--7.9% AMP, Inc. 37,400 2,720,850
-----------------------------------------------------------------------------------------------------
General Electric Co. 53,500 2,728,500
-----------------------------------------------------------------------------------------------------
Grainger (W. W.), Inc. 24,000 1,386,000
-----------------------------------------------------------------------------------------------------
Honeywell, Inc. 2,700 85,050
-----------------------------------------------------------------------------------------------------
Hubbell, Inc., Cl. B 23,521 1,252,493
------------
8,172,893
- -----------------------------------------------------------------------------------------------------------------------------------
Manufacturing: Dover Corp. 20,000 1,032,500
-----------------------------------------------------------------------------------------------------
Diversified Industrials--4.1% General Signal Corp. 33,600 1,071,000
-----------------------------------------------------------------------------------------------------
Harsco Corp. 20,500 837,938
-----------------------------------------------------------------------------------------------------
Parker-Hannifin Corp. 29,000 1,319,500
------------
4,260,938
- -----------------------------------------------------------------------------------------------------------------------------------
Railroads--1.3% Norfolk Southern Corp. 23,000 1,394,375
- -----------------------------------------------------------------------------------------------------------------------------------
Truckers--1.1% Roadway Services, Inc. 20,000 1,135,000
- -----------------------------------------------------------------------------------------------------------------------------------
Financial--11.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Financial Services: American Express Co. 55,000 1,622,500
Miscellaneous--1.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Insurance: Life--1.0% Jefferson-Pilot Corp. 19,850 1,029,718
- -----------------------------------------------------------------------------------------------------------------------------------
Insurance: Multi-Line--1.0% Unitrin, Inc. 24,500 1,053,500
- -----------------------------------------------------------------------------------------------------------------------------------
Insurance: Property SAFECO Corp. 39,500 2,054,000
And Casualty--2.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Major Banks: Regional--4.2% Comerica, Inc. 52,500 1,279,688
-----------------------------------------------------------------------------------------------------
CoreStates Financial Corp. 50,000 1,300,000
-----------------------------------------------------------------------------------------------------
Norwest Corp. 38,000 888,250
-----------------------------------------------------------------------------------------------------
Wachovia Corp. 27,040 872,040
------------
4,339,978
- -----------------------------------------------------------------------------------------------------------------------------------
Money Center Banks--1.6% Bank of New York, Inc. 55,500 1,609,500
- -----------------------------------------------------------------------------------------------------------------------------------
Technology--12.6%
- -----------------------------------------------------------------------------------------------------------------------------------
Aerospace/Defense--3.3% Boeing Co. (The) 24,000 1,122,000
-----------------------------------------------------------------------------------------------------
Lockheed Corp. 14,500 1,053,063
-----------------------------------------------------------------------------------------------------
Rockwell International Corp. 15,500 554,125
-----------------------------------------------------------------------------------------------------
TRW, Inc. 10,500 693,000
------------
3,422,188
- -----------------------------------------------------------------------------------------------------------------------------------
Computer Systems--0.9% International Business Machines Corp. 12,500 918,750
- -----------------------------------------------------------------------------------------------------------------------------------
Electronics: Hewlett-Packard Co. 26,300 2,626,713
Instrumentation--2.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Office Equipment and Minnesota Mining & Manufacturing Co. 45,000 2,401,875
-----------------------------------------------------------------------------------------------------
Supplies--5.0% Pitney Bowes, Inc. 47,500 1,508,125
-----------------------------------------------------------------------------------------------------
Xerox Corp. 13,000 1,287,000
------------
5,197,000
</TABLE>
7 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Statement of Investments (Continued)
-----------------------------------------------------------------------------------------------------
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Telecommunications--0.9% Rochester Telephone Corp. 42,200 $ 891,474
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities--4.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Electric Companies--2.2% Niagara Mohawk Power Corp. 56,500 805,125
-----------------------------------------------------------------------------------------------------
NIPSCO Industries, Inc. 21,500 639,625
-----------------------------------------------------------------------------------------------------
Scana Corp. 20,000 842,500
------------
2,287,250
- -----------------------------------------------------------------------------------------------------------------------------------
Natural Gas--0.7% Consolidated Natural Gas Co. 21,000 745,500
- -----------------------------------------------------------------------------------------------------------------------------------
Telephone--1.6% Ameritech Corp. 23,000 928,625
-----------------------------------------------------------------------------------------------------
Southern New England Telecommunications Corp. 23,000 738,875
------------
1,667,500
------------
Total Common Stocks (Cost $80,096,895) 94,451,721
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $89,562,165) 100.3% 103,916,991
- -----------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.3) (296,331)
----- ------------
Net Assets 100.0% $103,620,660
===== ============
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1994
-----------------------------------------------------------------------------------------------------
===================================================================================================================================
<S> <C>
Assets Investments, at value (cost $89,562,165)--see accompanying statement $103,916,991
-----------------------------------------------------------------------------------------------------
Cash 4,715
-----------------------------------------------------------------------------------------------------
Receivables:
Interest and dividends 286,290
Shares of beneficial interest sold 184,483
-----------------------------------------------------------------------------------------------------
Other 20,975
------------
Total assets 104,413,454
===================================================================================================================================
Liabilities Payables and other liabilities:
Shares of beneficial interest redeemed 322,571
Investments purchased 309,126
Distribution and service plan fees--Note 4 63,552
Dividends 18,262
Deferred trustee fees--Note 5 4,539
Other 74,744
------------
Total liabilities 792,794
===================================================================================================================================
Net Assets $103,620,660
============
===================================================================================================================================
Composition of Paid-in capital $ 89,314,351
Net Assets -----------------------------------------------------------------------------------------------------
Undistributed (overdistributed) net investment income (79,874)
-----------------------------------------------------------------------------------------------------
Accumulated net realized gain (loss) from investment transactions 31,357
-----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) on investments--Note 3 14,354,826
------------
Net assets $103,620,660
============
===================================================================================================================================
Per Share Class A Shares:
Net Asset Value Net asset value and redemption price per share (based on net assets
of $92,727,561 and 6,548,260 shares of beneficial interest outstanding) $14.16
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $15.02
-----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $10,893,099 and 772,962 shares of beneficial interest outstanding) $14.09
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Statement of Operations For the Year Ended December 31, 1994
-----------------------------------------------------------------------------------------------------
===================================================================================================================================
<S> <C>
Investment Income Dividends $ 2,930,464
-----------------------------------------------------------------------------------------------------
Interest 429,125
------------
Total income 3,359,589
===================================================================================================================================
Expenses Management fees--Note 4 738,121
-----------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 221,818
Class B--Note 4 78,251
-----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 109,435
-----------------------------------------------------------------------------------------------------
Shareholder reports 78,305
-----------------------------------------------------------------------------------------------------
Custodian fees and expenses 24,265
-----------------------------------------------------------------------------------------------------
Legal and auditing fees 18,674
-----------------------------------------------------------------------------------------------------
Trustees' fees and expenses 1,695
-----------------------------------------------------------------------------------------------------
Registration and filing fees--Class B 2,175
-----------------------------------------------------------------------------------------------------
Other 30,856
------------
Total expenses 1,303,595
===================================================================================================================================
Net Investment Income (Loss) 2,055,994
===================================================================================================================================
Realized and Unrealized Net realized gain (loss) on investments 2,820,946
Gain (Loss) on Investments
-----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (1,764,415)
------------
Net realized and unrealized gain (loss) on investments 1,056,531
===================================================================================================================================
Net Increase (Decrease) in Net Assets Resulting From Operations $ 3,112,525
============
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Statements of Changes in Net Assets
-----------------------------------------------------------------------------------------------------
Year Ended December 31,
1994 1993
===================================================================================================================================
<S> <C> <C>
Operations Net investment income (loss) $ 2,055,994 $ 1,598,257
-----------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments 2,820,946 4,772,844
-----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments (1,764,415) (52,118)
------------- -------------
Net increase (decrease) in net assets resulting from operations 3,112,525 6,318,983
===================================================================================================================================
Dividends and Dividends from net investment income:
Distributions to Class A ($.31 and $.288 per share, respectively) (1,921,684) (1,573,023)
Shareholders Class B ($.209 and $.166 per share, respectively) (130,461) (33,142)
-----------------------------------------------------------------------------------------------------
Dividends in excess of net investment income:
Class A ($.01 per share) (74,310) --
Class B ($.01 per share) (5,047) --
-----------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments:
Class A ($.395 and $.76 per share, respectively) (2,490,365) (4,515,011)
Class B ($.395 and $.76 per share, respectively) (290,318) (258,413)
===================================================================================================================================
Beneficial Interest Net increase (decrease) in net assets resulting from Class A
Transactions beneficial interest transactions--Note 2 3,834,762 30,973,434
-----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from Class B
beneficial interest transactions--Note 2 5,957,338 5,339,170
===================================================================================================================================
Net Assets Total increase (decrease) 7,992,440 36,251,998
-----------------------------------------------------------------------------------------------------
Beginning of period 95,628,220 59,376,222
------------- -------------
End of period [including undistributed (overdistributed) net
investment income of $(79,874) and $225, respectively] $ 103,620,660 $ 95,628,220
============= =============
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------------------------
Class A Class B
------------------------------------------------------------------------------- ----------------
Year Ended Year Ended
December 31, December 31,
1994 1993 1992 1991(3) 1990 1989 1988 1987 1986(2) 1994 1993(1)
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value,
beginning of period $ 14.41 $ 14.19 $ 13.57 $ 11.39 $ 12.08 $ 10.47 $ 9.51 $ 9.98 $ 10.16 $ 14.35 $ 14.60
Income from investment
operations:
Net investment income .31 .29 .32 .33 .37 .40 .33 .34 .01 .17 .17
Net realized and unrealized
gain (loss) on investments .16 .98 .97 2.49 (.57) 1.87 1.15 (.22) (.19) .19 .51
------- ------- ------- ------- ------- ------- ------- ------ ------- ------- -------
Total income (loss) from
investment operations .47 1.27 1.29 2.82 (.20) 2.27 1.48 .12 (.18) .36 .68
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net
investment income (.31) (.29) (.32) (.33) (.39) (.41) (.33) (.41) -- (.21) (.17)
Dividends in excess of net
investment income (.01) -- -- -- -- -- -- -- -- (.01) --
Distributions from net realized
gain on investments (.40) (.76) (.35) (.31) (.10) (.25) (.19) (.18) -- (.40) (.76)
------- ------- ------- ------- ------- ------- ------- ------ ------- ------- -------
Total dividends and
distributions to shareholders (.72) (1.05) (.67) (.64) (.49) (.66) (.52) (.59) -- (.62) (.93)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of period $ 14.16 $ 14.41 $ 14.19 $ 13.57 $ 11.39 $ 12.08 $ 10.47 $ 9.51 $ 9.98 $ 14.09 $ 14.35
======= ======= ======= ======= ======= ======= ======= ====== ======= ======= =======
================================================================================================================================
Total Return, at Net Asset
Value(4) 3.28% 8.97% 9.61% 25.23% (1.53)% 21.93% 15.61% 1.10% (1.77)% 2.50% 4.63%
================================================================================================================================
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $92,728 $90,470 $59,376 $49,381 $40,153 $37,713 $27,434 $19,377 $20,162 $10,893 $5,158
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $90,158 $80,229 $53,485 $45,581 $39,104 $33,742 $24,658 $22,322 $ --(2) $7,834 $2,527
- --------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 6,548 6,280 4,184 3,639 3,526 3,122 2,620 2,039 2,021 773 359
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.16% 1.97% 2.34% 2.59% 3.22% 3.51% 3.45% 3.15% --(2) 1.45% .97%(5)
Expenses, before voluntary
reimbursement 1.27% 1.24% 1.19% 1.31% 1.36% 1.40% 1.21% .70% --(2) 2.01% 2.14%(5)
Expenses, net of voluntary
reimbursement N/A N/A N/A 1.26% 1.30% 1.30% 1.19% N/A --(2) N/A N/A
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 16.3% 24.3% 12.3% 14.5% 13.5% 14.9% 13.1% 10.8% --(2) 16.3% 24.3%
<FN>
1. For the period from May 1, 1993 (inception of offering) to December 31, 1993.
2. For the period from December 22, 1986 to December 31, 1986. Ratios during this development
period would not be indicative of representative results.
3. On March 28, 1991, Oppenheimer Management Corporation became the investment advisor to the
Fund.
4. Assumes a hypothetical initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the last business day of
the fiscal period. Sales charges are not reflected in the total returns.
5. Annualized.
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 year ended December 31, 1994 were $20,227,936 and $14,410,677,
respectively.
</FN>
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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Notes to Financial Statements
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===================================================================================================================================
1. Significant Oppenheimer Value Stock Fund (the Fund) is a separate fund of Oppenheimer Integrity Funds, a
Accounting Policies diversified, open-end management investment company registered under the Investment Company Act of
1940, as amended. The Fund's investment advisor is Oppenheimer Management Corporation (the Manager).
The Fund offers both Class A and Class B shares. Class A shares are sold with a front-end sales
charge. Class B shares may be subject to a contingent deferred sales charge. Both classes of shares
have identical rights to earnings, assets and voting privileges, except that each class has its own
distribution and/or service plan, expenses directly attributable to a particular class and exclusive
voting rights with respect to matters affecting a single class. Class B shares will automatically
convert to Class A shares six years after the date of purchase. The following is a summary of
significant accounting policies consistently followed by the Fund.
-----------------------------------------------------------------------------------------------------
Investment Valuation. Portfolio securities are valued at 4:00 p.m. (New York time) on each trading
day. Listed and unlisted securities for which such information is regularly reported are valued at
the last sale price of the day or, in the absence of sales, at values based on the closing bid or
asked price or the last sale price on the prior trading day. Short-term debt securities having a
remaining maturity of 60 days or less are valued at cost (or last determined market value) adjusted
for amortization to maturity of any premium or discount. Securities for which market quotes are not
readily available are valued under procedures established by the Board of Trustees to determine fair
value in good faith.
-----------------------------------------------------------------------------------------------------
Allocation of Income, Expenses and Gains and Losses. Income, expenses (other than those attributable
to a specific class) and gains and losses are allocated daily to each class of shares based upon the
relative proportion of net assets represented by such class. Operating expenses directly attributable
to a specific class are charged against the operations of that class.
-----------------------------------------------------------------------------------------------------
Federal Income Taxes. The Fund intends to continue to comply with provisions of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its taxable income,
including any net realized gain on investments not offset by loss carryovers, to shareholders.
Therefore, no federal income tax provision is required.
-----------------------------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders are recorded on the
ex-dividend date.
-----------------------------------------------------------------------------------------------------
Change in Accounting Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes. The character of
the distributions made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due to timing of dividend
distributions, the fiscal year in which amounts are distributed may differ from the year that the
income or realized gain (loss) was recorded by the Fund. Effective January 1, 1994, the Fund adopted
Statement of Position 93-2: Determination, Disclosure, and Financial Statement Presentation of
Income, Capital Gain, and Return of Capital Distributions by Investment Companies. As a result, the
Fund changed the classification of distributions to shareholders to better disclose the differences
between financial statement amounts and distributions determined in accordance with income tax
regulations. Accordingly, subsequent to December 31, 1993, amounts have been reclassified to reflect
a decrease in paid-in capital of $42,792, a decrease in undistributed net investment income of $430,
and an increase in accumulated net realized gain on investments of $43,222. During the year ended
December 31, 1994, in accordance with Statement of Position 93-2, undistributed net investment income
was decreased by $4,161, accumulated net realized gain on investments was decreased by $8,906, and
paid-in capital was increased by $13,067.
-----------------------------------------------------------------------------------------------------
Other. Investment transactions are accounted for on the date the investments are purchased or sold
(trade date) and dividend income is recorded on the ex-dividend date. Realized gains and losses on
investments and unrealized appreciation and depreciation are determined on an identified cost basis,
which is the same basis used for federal income tax purposes.
</TABLE>
13 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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Notes to Financial Statements (Continued)
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===================================================================================================================================
2. Shares of The Fund has authorized an unlimited number of no par value shares of beneficial interest.
Beneficial Interest Transactions in shares of beneficial interest were as follows:
<CAPTION>
Year Ended Year Ended
December 31, 1994 December 31, 1993(1)
-------------------------- --------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,880,960 $ 27,360,226 2,167,501 $ 19,481,793
Issued in connection with the acquisition
of Oppenheimer Blue Chip Fund--Note 6 -- -- 1,356,899 20,149,959
Dividends and distributions reinvested 311,720 4,414,279 379,876 5,528,826
Redeemed (1,924,358) (27,939,743) (1,808,202) (14,187,144)
------------ ------------ ------------ ------------
Net increase 268,322 $ 3,834,762 2,096,074 $ 30,973,434
============ ============ ============ ============
-----------------------------------------------------------------------------------------------------
Class B:
Sold 499,617 $ 7,201,783 357,108 $ 5,313,077
Dividends and distributions reinvested 28,292 397,953 18,763 270,609
Redeemed (114,417) (1,642,398) (16,401) (244,516)
------------ ------------ ------------ ------------
Net increase 413,492 $ 5,957,338 359,470 $ 5,339,170
============ ============ ============ ============
1. For the year ended December 31, 1993 for Class A shares and for the period from May 1, 1993
(inception of offering) to December 31, 1993 for Class B shares.
===================================================================================================================================
<S> <C>
3. Unrealized Gains and At December 31, 1994, net unrealized appreciation on investments of $14,354,826 was composed of gross
Losses on Investments appreciation of $16,299,468, and gross depreciation of $1,944,642.
===================================================================================================================================
4. Management Fees and Management fees paid to the Manager were in accordance with the investment advisory agreement with
Other Transactions the Fund which provides for an annual fee of .75% on the first $100 million of net assets with a
With Affiliates reduction of .03% on each $200 million thereafter, to .66% on net assets in excess of $500 million.
The Manager has agreed to reimburse the Fund if aggregate expenses (with specified exceptions) exceed
the most stringent applicable regulatory limit on Fund expenses.
For the year ended December 31, 1994, commissions (sales charges paid by investors) on sales of
Class A shares totaled $204,620, of which $135,102 was retained by Oppenheimer Funds Distributor,
Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an affiliated broker/dealer.
During the period ended December 31, 1994, OFDI received contingent deferred sales charges of $10,493
upon redemption of Class B shares.
Oppenheimer Shareholder Services (OSS), a division of the Manager, is the transfer and
shareholder servicing agent for the Fund, and for other registered investment companies. OSS's total
costs of providing such services are allocated ratably to these companies.
Under separate approved plans, each class may expend up to .25% of its net assets annually to
reimburse OFDI for costs incurred in connection with the personal service and maintenance of accounts
that holds shares of the Fund, including amounts paid to brokers, dealers, banks and other financial
institutions. In addition, Class B shares are subject to an asset-based sales charge of .75% of net
assets annually, to reimburse OFDI for sales commissions paid from its own resources at the time of
sale and associated financing costs. In the event of termination or discontinuance of the Class B
plan, the Board of Trustees may allow the Fund to continue payment of the asset-based sales charge to
OFDI for distribution expenses incurred on Class B shares sold prior to termination or discontinuance
of the plan. During the year ended December 31, 1994, OFDI paid $154,383 and $1,554, respectively, to
an affiliated broker/dealer as reimbursement for Class A and Class B personal service and maintenance
expenses and retained $73,215 as reimbursement for Class B sales commissions and service fee
advances, as well as financing costs.
</TABLE>
14 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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===================================================================================================================================
5. Deferred Trustee A former trustee elected to defer receipt of fees earned. These deferred fees earn interest at a rate
Compensation determined by the current Board of Trustees at the beginning of each calendar year, compounded each
quarter-end. As of December 31, 1994, the Fund was incurring interest at a rate of 5.22% per annum.
Deferred fees are payable in annual installments, with accrued interest, each April 1 through 1995.
===================================================================================================================================
6. Acquisition of On March 26, 1993, the Fund acquired all of the net assets of Oppenheimer Blue Chip Fund (Blue Chip),
Oppenheimer Blue pursuant to an Agreement and Plan of Reorganization approved by the Blue Chip shareholders on
Chip Fund January 28, 1993. The Fund issued 1,356,899 shares of beneficial interest, valued at $20,149,959, in
exchange for the net assets, resulting in combined net assets of $83,976,756 on March 26, 1993. The
net assets acquired included net unrealized appreciation of $2,523,063. The exchange was tax-free.
</TABLE>
15 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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Independent Auditors' Report
-----------------------------------------------------------------------------------------------------
===================================================================================================================================
The Board of Trustees and Shareholders of Oppenheimer Value Stock Fund:
We have audited the accompanying statement of assets and liabilities, including the statement of
investments, of Oppenheimer Value Stock Fund as of December 31, 1994, the related statement of
operations for the year then ended, the statements of changes in net assets for the years ended
December 31, 1994 and 1993 and the financial highlights for the period January 1, 1991 to December
31, 1994. These financial statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial statements and financial
highlights based on our audits. The financial highlights (except for total return) for the period
December 22, 1986 to December 31, 1990 were audited by other auditors whose report dated February 4,
1991, expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at December 31, 1994 by
correspondence with the custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present fairly, in all
material respects, the financial position of Oppenheimer Value Stock Fund at December 31, 1994, the
results of its operations, the changes in its net assets, and the financial highlights for the
respective stated periods, in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
January 23, 1995
</TABLE>
16 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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Federal Income Tax Information (Unaudited)
-----------------------------------------------------------------------------------------------------
===================================================================================================================================
In early 1995, shareholders will receive information regarding all dividends and distributions paid
to them by the Fund during calendar year 1994. Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal Revenue Service.
A distribution of $.395 per share was paid on December 20, 1994, all of which was designated as
a "capital gain distribution" for federal income tax purposes. Whether received in stock or cash,
the capital gain distribution should be treated by shareholders as a gain from the sale capital
assets held for more than one year (long-term capital gains).
Dividends paid by the Fund during the fiscal year ended December 31, 1994 which are not
designated as capital gain distributions should be multiplied by 100% to arrive at the net amount
eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting distributions
received from the Fund to the Internal Revenue Service. Because of the complexity of the federal
regulations which may affect your individual tax return and the many variations in state and local
tax regulations, we recommend that you consult your tax advisor for specific guidance.
</TABLE>
17 Oppenheimer Value Stock Fund
<PAGE>
<TABLE>
<S> <C>
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Oppenheimer Value Stock Fund
-----------------------------------------------------------------------------------------------------
A Series of Oppenheimer Integrity Funds
===================================================================================================================================
Officers and Trustees James C. Swain, Chairman and Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
David B. Salerno, Vice President
George C. Bowen, Vice President, Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
===================================================================================================================================
Investment Advisor Oppenheimer Management Corporation
===================================================================================================================================
Sub-Advisor Concert Capital Management, Inc.
===================================================================================================================================
Distributor Oppenheimer Funds Distributor, Inc.
===================================================================================================================================
Transfer and Shareholder Oppenheimer Shareholder Services
Servicing Agent
===================================================================================================================================
Custodian of The Bank of New York
Portfolio Securities
===================================================================================================================================
Independent Auditors Deloitte & Touche LLP
===================================================================================================================================
Legal Counsel Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Oppenheimer Value Stock Fund. This report must be
preceded or accompanied by a Prospectus of Oppenheimer Value Stock Fund. For material information
concerning the Fund, see the Prospectus.
</TABLE>
18 Oppenheimer Value Stock Fund
<PAGE>
OppenheimerFunds Family
OppenheimerFunds offers over 35 funds designed to
fit virtually every investment goal. Whether you're
investing for retirement, your children's education or
tax-free income, we have the funds to help you seek your
objective.
When you invest with OppenheimerFunds, you can
feel comfortable knowing that you are investing with a
respected financial institution with over 30 years of
experience in helping people just like you reach their
financial goals. And you're investing with a leader in
global, growth stock and flexible fixed income
investments--with over 1.8 million shareholder accounts
and more than $29 billion under Oppenheimer's management
and that of our affiliates.
As an OppenheimerFunds shareholder, you can easily
exchange shares of eligible funds of the same class by
mail or by telephone for a small administrative fee.(1)
For more information on OppenheimerFunds, please contact
your financial advisor or call us at 1-800-525-7048 for
a prospectus. You may also write us at the address shown
on the back cover. As always, please read the prospectus
carefully before you invest.
Stock Funds Discovery Fund Global Fund
Global Emerging Growth Fund(2) Oppenheimer Fund
Time Fund Value Stock Fund
Target Fund Gold & Special Minerals Fund
Growth Fund3
Stock & Bond Funds Main Street Income &Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth &Income Fund
BondFunds High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income & Growth Fund Mortgage Income Fund
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund
Limited-Term Government Fund
Strategic Investment Grade Bond Fund
Tax-Exempt Funds New York Tax-Exempt Fund(4)
New Jersey Tax-Exempt Fund(4)
California Tax-Exempt Fund(4) Tax-Free Bond Fund
Pennsylvania Tax-ExemptFund(4)
Insured Tax-Exempt Bond Fund
Florida Tax-Exempt Fund(4)
Intermediate Tax-Exempt Bond Fund
Money Market Funds Money Market Fund Cash Reserves
1. The fee is waived for PhoneLink exchanges between
existing accounts. Exchange privileges are subject to
change or termination.
2. Formerly Oppenheimer Global Bio-Tech Fund and
Oppenheimer Global Environment Fund.
3. Formerly Special Fund.
4. Available only to residents of those states.
OppenheimerFunds are distributed by Oppenheimer Funds
Distributor, Inc., Two World Trade Center, New York,
NY10048-0203.
(C)Copyright 1995 Oppenheimer anagement Corporation.
All rights reserved.
19 Oppenheimer Value Stock Fund
<PAGE>
"How may I help you?"
As an OppenheimerFunds shareholder, some special privileges are available to
you. Whether it's automatic investment plans, informative newsletters and
hotlines, or ready account access, you can benefit from services designed to
make investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
When you want to make a transaction, you can do it easily by calling
our toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your OppenheimerFunds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. It also gives you the ability to make transactions using your
touch-tone phone. Of course, you can always speak with a Customer Service
Representative during business hours.
You can count on us whenever you need
assistance. That's why the International Customer Service Association, an
indepen-dent, non-profit organization made up of over 3,200 customer service
management professionals from around the country, honored the OppenheimerFunds'
transfer agent, Oppenheimer Shareholder Services, with their Award of Excellence
in 1993.
So call us today--we're here to help.
Information
General Information
Monday-Friday 8:30 a.m.-8 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
Telephone Transactions
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
Jennifer Leonard, Customer Service Representative Oppenheimer Shareholder
Services
PhoneLink
24 hours a day, automated information and transactions
1-800-533-3310
Telecommunications Device
for the Deaf (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OppenheimerFunds
Information Hotline
24 hours a day, timely and insightful messages
on the economy and issues that affect your investments
1-800-835-3104
RA0325.001.0295
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