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<PAGE> PAGE 2
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<PAGE>
DELOITTE & TOUCHE LLP/LOGO/
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303)292-5400
Telephone: (303)312-4000
To the Board of Trustees of
Oppenheimer Bond Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Bond Fund (Fund) for the year ended December 31, 1995 (on which we have issued
our report dated January 22, 1996), we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/DELOITTE & TOUCHE LLP
January 22, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
ACQUISITION OF STRATEGIC INVESTMENT GRADE BOND FUND AND QUEST INVESTMENT QUALITY
INCOME FUND
On September 22, 1995, the Fund acquired all the net assets of Oppenheimer
Strategic Investment Grade Bond Fund, pursuant to an Agreement and Plan of
Reorganization approved by the Oppenheimer Strategic Investment Grade Bond Fund
shareholders on September 20, 1995. The Fund issued 2,101,654 and 1,474,533
shares of beneficial interest for Class A and Class B, respectively, valued at
$22,529,733 and $15,806,991 in exchange for the net assets, resulting in
combined Class A net assets of $125,283,258 and Class B net assets of
$24,206,043 on September 22, 1995. The net assets acquired included net
unrealized appreciation of $772,151. The exchange qualifies as a tax-free
reorganization for federal income tax purposes.
On November 24, 1995, the Fund acquired all the net assets of Quest Investment
Quality Income Fund, pursuant to an Agreement and Plan of Reorganization
approved by the Quest Investment Quality Income Fund shareholders on November
16, 1995. The Fund issued 3,900,357, 1,236,995 and 362,821 shares of beneficial
interest for Class A, Class B and Class C, respectively, valued at $42,201,864,
$13,384,283 and $3,929,348 in exchange for the net assets, resulting in combined
Class A net assets of $168,776,907, Class B net assets of $38,281,909 and Class
C net assets of $4,265,500 on November 24, 1995. The net assets acquired
included net unrealized appreciation of $2,983,610. The exchange qualifies as a
tax-free reorganization for federal income tax purposes.
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On July 10, 1995, a special shareholder meeting was held at which the proposed
changes in the Fund's investment policies were approved (Proposal No. 1), the
new advisory agreement with the Manager was approved (Proposal No. 2), and the
Fund's amended Class B 12b-1 Distribution and Service Plan was approved by Class
B shareholders (Proposal No. 3), as described in the Fund's proxy statement for
that meeting. The following is a report of the votes cast:
<TABLE>
<CAPTION>
WITHHELD/ BROKER
PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Proposal No. 1 4,962,101.683 449,195.254 185,962.536 1,135,744 5,597,259.473
Proposal No. 2 4,892,601.396 492,950.944 211,707.133 1,135,744 5,597,259.473
Proposal No. 3 286,217.802 29,365.485 7,912.259 61,076 323,495.546
</TABLE>
<PAGE>
During the year ended December 31, 1995, 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, during the year ended December 31, 1995,
amounts have been reclassified to reflect a decrease in paid-in capital of
$363,225, an increase in undistributed net investment income of $321,478, and a
decrease in accumulated net realized loss on investments of $41,747.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ARTICLE> 6
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DELOITTE & TOUCHE LLP/LOGO/
Suite 3600
555 Seventeenth Street
Denver, Colorado 80202-3942
Telephone: (303)292-5400
Telephone: (303)312-4000
To the Board of Trustees of
Oppenheimer Value Stock Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Value Stock Fund (Fund) for the year ended December 31, 1995 (on which we have
issued our report dated January 22, 1996), we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of management, the
Board of Trustees and the Securities and Exchange Commission.
Yours truly,
/s/DELOITTE & TOUCHE LLP
January 22, 1996
- ---------------
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
- ---------------
<PAGE>
During the year ended December 31, 1995, 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, during the year ended December 31, 1995,
amounts have been reclassified to reflect an increase in paid-in capital of
$4,668. Overdistributed net investment income was increased by the same amount.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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