OppenheimerFunds

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OppenheimerFunds
A Brief Primer on Customer Behavior
Kurt J. Wolfgruber Chief Investment Officer
OppenheimerFunds, Inc.
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. For Institutional Use Only. This
material has been prepared by OppenheimerFunds
Distributor, Inc. for institutional investors
only. It has not been filed with NASD and may not
be reproduced, shown or quoted to, or used with,
members of the public. Oppenheimer funds are
distributed by OppenheimerFunds Distributor,
Inc. Two World Financial Center, 225 Liberty
Street,New York, NY 10281-1008
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Recent Past Exaggerated Cycle Average Annual
Total Returns
Long-Term 19762003 Bull 199599 Bear 200002 Recovery 20031
SP 500 Index 12.92 28.54 14.54 28.67
Nasdaq Composite Index 14.32 40.62 30.45 50.77
Goldman Sachs Commodities Index 8.81 4.63 10.41 20.72
Lehman Aggregate Bond Index 9.13 7.73 10.10 4.10
1. Through 12/31/03. Source of data Standard
Poors Micropal, Inc. The indices shown include
reinvested income, are unmanaged and cannot be
purchased directly by investors. For illustrative
purposes only, not intended to predict or depict
the performance of any investment. Past
performance does not guarantee future results.
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Impact on Client Portfolios American Association
of Individual Investors Allocation Survey
January 1995
January 2000
January 2003
Source of chart data Ned Davis Research.
4
Timing Impact on Performance Annualized Returns,
19842002
Source of chart data Dalbar, 2003.
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20031 Poor Setup
Negatives

• Post-bubble Hangover
• Iraq
• SARS
• Jobless Recovery
• Deflation Scare
• Continued Corporate Scandals
• Mutual Fund Scandal

1. Through 12/31/03. Past performance does not
guarantee future results. The indices shown
include reinvested income, are unmanaged and
cannot be purchased directly by investors. For
illustrative purposes only, not intended to
predict or depict the performance of any
investment.
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20031 Poor Setup, Great Results
Negatives
Results

• Post-bubble Hangover
• Iraq
• SARS
• Jobless Recovery
• Deflation Scare
• Continued Corporate Scandals
• Mutual Fund Scandal

• Economic Expansion Gains Momentum
• Profits Recovery
• SP 500 Index 26.4
• Nasdaq Index 50.0
• Russell 2000 Index 45.4

1. Through 12/31/03. Past performance does not
guarantee future results. The indices shown
include reinvested income, are unmanaged and
cannot be purchased directly by investors. For
illustrative purposes only, not intended to
predict or depict the performance of any
investment.
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Diversification Counts
60/40 1.7 24.6 7.5 9.9 - 0.4 29.9 15.2 23.9 20.6 1
2.3 -0.8 -3.8 -8.9 18.8 286
50/50 2.9 23.2 7.5 9.9 -0.8 28.0 13.3 21.5 18.6 10
.1 1.3 -1.7 -6.3 16.4 273
40/60 4.1 21.8 7.5 9.9 -1.2 26.1 11.4 19.1 16.6 7.
9 3.3 0.3 -3.7 13.9 258
LB Agg 9.0 16.0 7.4 9.8 -2.9 18.5 3.6 9.7 8.7 -0.8
11.6 8.4 6.8 4.1 196
SP -3.1 30.4 7.6 10.1 1.3 37.5 23.0 33.4 28.6 21.
0 -9.1 -11.9 -19.4 28.7 327
Bonds
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
2000 2001 2002 2003 Total
Stocks
Bonds
Stocks
Source of data Strategic Inisght. Includes
mutual fund assets for all distribution channels,
excluding money market products. 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.
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All Weather Portfolio
1/3 Bond
1/3 Dom Eq
Portfolio vs. Index Results as of 3/31/04
1/3 Global
Cumulative Total Returns
10 YR Return/ Unit Risk
3 Yr
Portfolios Equally Weighted
1 Yr
5 Yr
10 Yr
Opp Strategic Income Opp Main Street Opp Global
37.9
18.9
34.6
152.6
12.4
Lehman Aggregate SP 500 MSCI World
28.1
10.1
10.6
137.3
11.2
9.8
1.2
Difference (OFI / Index)
8.9
24.0
15.3
Past performance does not guarantee future
results. This material must be preceded or
accompanied by the current prospectus of each
fund. Fund performance shown without considering
sales charges. The average annual total returns
after deducting the current maximum sales charge
of 5.75 for Class A shares for the 1, 5 and 10
year periods ending 3/31/04 were (Strategic
Income) 12.29, 6.40 and 6.85, (Main Street)
26.23, -1.56 and 8.43, (Global) 52.71, 8.87
and 11.49 respectively. The SP 500 index is a
broad-based stock index. The Lehman Aggregate
Bond Index includes a broad range of
investment-grade U.S. Government and corporate
bonds. The MSCI World Index is a broad-based
index, widely used as a measure of global stock
market performance. Indices are unmanaged,
include reinvested income and cannot be purchased
directly by investors. Sample portfolio is not
intended as investment advice, and each investor
should consider his investment goals, risk
tolerance and tax strategy, among other factors.
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OppenheimerFunds
Our Investment Organization
Kurt J. Wolfgruber Chief Investment Officer
OppenheimerFunds, Inc.
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. For Institutional Use Only. This
material has been prepared by OppenheimerFunds
Distributor, Inc. for institutional investors
only. It has not been filed with NASD and may not
be reproduced, shown or quoted to, or used with,
members of the public. Oppenheimer funds are
distributed by OppenheimerFunds Distributor,
Inc. Two World Financial Center, 225 Liberty
Street,New York, NY 10281-1008
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OppenheimerFunds, Inc. Company Overview

• Founded in 1960
• Headquarters New York City
• Owned by MassMutual Financial Group and OFI
  Management
• Over 155 billion in assets under management
• 65 funds
• 7.4 million shareholder accounts through 200,000
  financial advisors
• Approximately 2,200 employees
• Over 350 investment staff/professionals

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OppenheimerFunds Corporate Strategy

• Grow Assets and Profits Faster than the Asset
  Management Industry
• Expand Beyond Mutual Funds
• Embrace Customer Centricity
• Drive Profitable Growth Through Investment
  Excellence

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Asset Growth Assets Under Management vs. SP 500
Index
Source Bloomberg.
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Total Assets Under Management
155 Billion
OFI Institutional6.8 B
Tremont 8.9 B
High Net Worth 2.2 B
OppenheimerFunds 137 B
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OppenheimerFunds, Inc. Key Strengths/Points of
Differentiation

• Top investment talent
• Five portfolio managers in Barrons annual Top
  100 ranking, more than any other company

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Top Investment Talent
Investment Goals Results Long-Term Assets, 5
Years Through 3/31/04
Source Lipper
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OppenheimerFunds, Inc. Key Strengths/Points of
Differentiation

• Top investment talent
• Five portfolio managers in Barrons annual Top
  100 ranking, more than any other company
• Entrepreneurial Organizational Structure

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Investment Department Organizational Structure
1. Retail Assets Only Excluding OFI
Institutional and Tremont
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Oppenheimers Team Approach
Entrepreneurial Organizational Structure
U.S. Stock
Bonds
Global Stock
Global
Growth
Core (Main St)
Value
Other Equity
Taxable
Muni
Global investing is a strong point at
Oppenheimer (Global Fund) Morningstar, 9/03
A worthwhile option (on Capital Appreciation
Fund) Morningstar, 6/03
Solid pick (Main Street) Morningstar,
9/03
An experienced manager with a good track
record Morningstar, on Chris Leavy, Value
Fund, 6/03
Good option (Capital Income) Morningstar,
10/03
Top-notch management (High Grade Bond
Team) Morningstar, 12/03
Reputation for thorough research
high-income performance Morningstar, on Ron
Fielding, Rochester Team leader, 4/03
16 of Assets
13 of Assets
17 of Assets
12 of Assets
9 of Assets
18 of Assets
15 of Assets
Source of data Strategic Insight as of
2/28/04. Past performance does not guarantee
future results. 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.
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OppenheimerFunds, Inc. Key Strengths/Points of
Differentiation

• Top investment talent
• Five portfolio managers in Barrons annual Top
  100 ranking, more than any other company
• Entrepreneurial Organizational Structure
• Broad Spectrum of Products

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Broad Spectrum of Products
Global Stock
U.S. Equity
Bonds
Diversification
Global
Growth
Core
Value
Taxable
Municipal
Hybrid Specialty
Independent Teams
For more complete information about any of the
Oppenheimer funds, including charges, expenses
and risk or to obtain a prospectus, contact your
sales representative today at 1.800.255.2750. Or
log on to our website at www.oppenheimerfunds.com.
Read the prospectus carefully before you invest
or send money.
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10 Best SellersOppenheimerFunds
Lipper Quartile Rankings based on total return as
of 3/31/04
1 YR
3 YR
5 YR
10 YR
Global
1
1
1
1
1
Main Street Fund
2
1
1
3
2
Capital Appreciation
1
3
1
1
3
Strategic Income
1
2
1
1
4
Quest Balanced
1
3
1
1
5
Developing Mkts
1
3
1
-
6
Rochester Fund Munis
1
1
2
1
7
Limited Term NY Muni
1
1
1
1
8
Main Street Opportunity
1
1
1
-
9
International Bond
1
1
1
-
10
Top Half
100
70
100
86
Average Rank
10
26
15
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Past performance does not guarantee future
results. Best selling funds are determined by
12-month sales as of 2/28/04, the most current
sales data available from Strategic Insight.
Lipper quartile rankings are based on category
peer groups and are for the primary share class
as identified by Strategic Insight. Lipper
rankings are based on total returns but do not
consider sales charge and are subject to change
monthly. If sales charges were considered
rankings may change substantially. Rankings are
relative peer group ratings and do not
necessarily mean that the fund had high total
returns. Funds are grouped by investment
objective into Lipper categories and attempt to
achieve the stated objective, however may or may
not.
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OppenheimerFunds, Inc. Key Strengths/Points of
Differentiation

• Top investment talent
• Five portfolio managers in Barrons annual Top
  100 ranking, more than any other company
• Entrepreneurial Organizational Structure
• Broad Spectrum of Products
• Powerful brand image
• 5th most recognized brand within the U.S. mutual
  fund industry (Nationwide Surveys, 2003)
• Rated 9th in overall reputation in entire U.S.
  financial services industry (American Banker,
  2001)

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Powerful Brand Image
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OppenheimerFunds, Inc. Key Strengths/Points of
Differentiation

• Top investment talent
• Five portfolio managers in Barrons annual Top
  100 ranking, more than any other company
• Entrepreneurial Organizational Structure
• Broad Spectrum of Products
• Powerful brand image
• 5th most recognized brand within the U.S. mutual
  fund industry (Nationwide Surveys, 2003)
• Rated 9th in overall reputation in entire U.S.
  financial services industry (American Banker,
  2001)
• Strong intermediary partnerships

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Near-term Challenges

• Business Environment
• Short-term Short-term Short-term
• Benchmark Float
• Product/fund Proliferation
• Regulatory Environment
• Market Timing
• Transaction Costs
• Shelf Space Cost
• Soft Dollars
• Wall Street Research
• Alignment of Interests