SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No._ )
Walden Residential Properties, Inc.
(Name of Issuer)
Preferred Stock
(Title of Class of Securities)
931210405
(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") of otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
(Continued on following pages)
Page 1 of 7 Pages
<PAGE>
CUSIP NO. 931210405
13G
Page 2 of 7 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
OppenheimerFunds, Inc.
I.R.S. NO. 13-2527171
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
A
B X
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Colorado
NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING
PERSON
WITH
5 SOLE VOTING POWER
0
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
680,000
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
680,000
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
17.00%
12 TYPE OF REPORTING PERSON*
IA
*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
CUSIP NO. 931210405
13G
Page 3 of 7 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Oppenheimer Strategic Income Fund
I.R.S. No. 84-1120195
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
A
B X
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
NUMBER OF SHARES
BENEFICIALLY OWNED BY EACH
REPORTING
PERSON
WITH
5 SOLE VOTING POWER
387,400
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
387,400
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
387,400
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.69%
12 TYPE OF REPORTING PERSON*
IV*SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
Item 1(a) Name of Issuer:
Walden Residential Properties, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
One Lincoln Centre
5400 LBJ Freeway
Suite 400
Dallas, TX 75240
Item 2(a) Name of Person Filing:
OppenheimerFunds, Inc.
Item 2(b) Address of Principal Business Office:
Two World Trade Center, Suite 3400
New York, New York 10048-0203
Item 2(c) Citizenship:
Inapplicable
Item 2(d) Title of Class of Securities:
Preferred Stock
Item 2(e) CUSIP Number:
931210405
Item 3(e) X Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940
Item 4(a) Amount Beneficially Owned: 680,000 shares
Item 4(b) Percent of Class: 17.00%
Item 4(c)(i) Sole Power to vote or to direct the vote - 0
Item 4(c)(ii) Shared power to vote or to direct the vote - 0
Item 4(c)(iii) Sole power to dispose or to direct the disposition of
- 0
Item 4(c)(iv) Shared power to dispose or to direct the disposition
of - 680,000 shares
Item 5 Ownership to Five Percent or Less of a Class:
If this statement is being filed to report the fact
that as of the date hereof, the reporting person has
ceased to be the beneficial owner of more than 5% of
the class of securities, check the following:
Item 6 Ownership of More than Five Percent on Behalf of
Another Person:
See Exhibit A hereto
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company:
Inapplicable
Item 8 Identification and Classification of Members of the
Group:
Inapplicable
Item 9 Notice of Dissolution of Group:
Inapplicable
Item 10 Certification:
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have
the effect of changing or influencing the control of
the issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect.
SIGNATURE After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true, complete and
correct.
Date: July 8, 1997
Signature: /s/ Merryl Hoffman
________________________________________
Name/Title: Merryl Hoffman, Vice President
<PAGE>
EXHIBIT A
The Board of Directors or Trustees of the registered investment
companies managed by OppenheimerFunds, Inc. ("OFI") and owning shares
of the issuer can direct the disposition of dividends received by
such funds and can dispose of such securities. Additionally, OFI
shares the power to dispose of such securities with the Board of
Directors or Trustees of such funds; however, the Board of Directors
or Trustees of such fund has delegated these responsibilities to OFI
as the fund's investment advisor under its investment advisory
agreement. OFI has an interest relating to five (5%) percent or more
of such securities as disclosed on Page 2 hereof, by virtue of the
interest of five percent (5%) or more of such securities by
Oppenheimer Strategic Income Fund, as disclosed on pages 3 and 4
hereof. OFI disclaims ownership of such securities, except as
expressly stated herein.
<PAGE>
EXHIBIT B
The undersigned investment company hereby acknowledges and
agrees that a report on Schedule 13G being filed by OppenheimerFunds,
Inc. on or about the date hereof, relating to the preferred stock of
Walden Residential Properties, Inc. is filed on behalf of the
undersigned.
Dated: July 8, 1997
Oppenheimer Strategic Income Fund
By: /s/ Robert G. Zack
Robert G. Zack
Assistant Secretary
SEC\walden.13g
