<PAGE>
[GRAPHIC]
ANNUAL REPORT AUGUST 31, 1999
OPPENHEIMER
DEVELOPING
MARKETS FUND
[LOGO] OPPENHEIMER FUNDS-REGISTERED TRADEMARK-
THE RIGHT WAY TO INVEST
<PAGE>
REPORT HIGHLIGHTS
- -------------------------------------------------------------------------------
CONTENTS
3 President's Letter
5 An Interview
with Your Fund's
Manager
9 Fund Performance
13 Financial
Statements
32 Independent
Auditors' Report
33 Federal
Income Tax
Information
34 Officers and Trustees
35 OppenheimerFunds
Family
36 Information and
Services
EMERGING MARKETS HAVE RALLIED DRAMATICALLY IN 1999 after weathering the global
financial crises in 1998.
Early in 1999, WE TOOK ADVANTAGE OF ATTRACTIVE VALUATIONS IN LATIN AMERICA when
stock markets there declined temporarily in the wake of Brazil's currency
devaluation.
We have found companies around the world where a COMMITMENT TO SHAREHOLDER VALUE
IS CENTRAL TO DECISION MAKING.
AVERAGE ANNUAL
TOTAL RETURNS
For the 1-Year Period
Ended 8/31/99*
<TABLE>
<CAPTION>
Class A
Without With
Sales Chg. Sales Chg.
- -----------------------------------
<S> <C>
49.92% 41.30%
Class B
Without With
Sales Chg. Sales Chg.
- -----------------------------------
48.81% 43.81%
Class C
Without With
Sales Chg. Sales Chg.
- -----------------------------------
48.98% 47.98%
</TABLE>
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
* See page 12 for further details.
2 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer
Developing Markets
Fund
DEAR SHAREHOLDER,
In many ways, the 1999 investment environment has, so far, unfolded as many
expected it would, producing both attractive opportunities and formidable
challenges for investors.
On the economic front, early worries about the effects of global weakness
in the wake of last year's credit and currency crises have abated. Instead, as
many economies around the world begin to strengthen, concerns now center around
whether the U.S. economy may be growing too quickly. Throughout the year,
consumers in the United States have continued to spend and borrow heavily, more
than offsetting any temporary slowdown in the industrial and export sectors.
The economy's strength has not gone unnoticed by the nation's monetary
policymakers. In an effort to ward off emerging inflationary pressures, the
Federal Reserve Board increased short-term interest rates this past summer.
Market reaction to robust economic growth has been mixed. The U.S. bond
market has generally declined, as fixed income investors became increasingly
concerned about the effects of rising interest rates.
In the stock market, the performance of large-capitalization growth stocks,
which has driven the market's advance over the past few years, has begun to
moderate, and many previously out-of-favor value-oriented mid-cap and small-cap
stocks have rallied. At the same time, a healthy percentage of actively managed,
diversified portfolios have once again begun to outperform unmanaged stock
indices such as Standard & Poor's 500.
At OppenheimerFunds, we applaud the Fed's pre-emptive strike against
inflation. In our view, history has repeatedly demonstrated that most financial
assets do best in a low-inflation environment. What's more, we believe that the
move to higher interest rates should be temporary.
3 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
PRESIDENT'S LETTER
- --------------------------------------------------------------------------------
One recent development is quite troublesome to us however: the increasing
popularity of "day trading" among individuals seeking to make fast money in a
volatile stock market. In our opinion, day trading is not investing, it is
gambling. Experience proves that without extensive research and analysis,
attempting to time short-term price swings is a fool's errand. Instead, we
continue to encourage investors to maintain a long-term perspective that is
measured in years, not days.
Finally, while we remain alert to the potential impact of the Y2K issue, we
are encouraged by the progress made in addressing the matter. At
OppenheimerFunds, our shareholder accounting systems are already Y2K compliant,
and we have successfully participated in all required industrywide tests. We
intend to continue retesting our systems in order to help further protect
against any potential problems. After all, whether in our computer accounting
systems or the financial markets, managing risk is an important part of what
makes OppenheimerFunds THE RIGHT WAY TO INVEST.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
September 22, 1999
4 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
HOW DID OPPENHEIMER DEVELOPING MARKETS FUND PERFORM DURING THE ONE-YEAR PERIOD
THAT ENDED AUGUST 31, 1999?
A. We are very pleased with the Fund's performance over the past year, despite
difficulties caused by last fall's global financial crisis. We attribute our
good absolute performance to our stock selection strategy. Unlike some other
emerging markets equity funds, which attempt to replicate the performance of the
Morgan Stanley Capital International (MSCI) Emerging Markets Free Index, we seek
to identify individual companies that we believe will benefit from long-term
growth trends worldwide, regardless of their countries' weighting in the index.
[PHOTO]
PORTFOLIO MANAGEMENT TEAM (L TO R)
Frank Jennings
Rajeev Bhaman
(Portfolio Manager)
WHY HAVE THE EMERGING MARKETS BEEN SO VOLATILE OVER THE PAST YEAR?
When the reporting period began on September 1, 1998, most emerging markets were
in the midst of a global financial crisis that began in Southeast Asia and
spread to Russia and, eventually, Latin America. Concerned investors pulled
their capital out of these regions, decreasing the liquidity of their financial
markets. As a result, even fundamentally sound companies encountered
difficulties raising the capital they needed. With few buyers and many sellers
in the market, stock prices plummeted. The U.S. Federal Reserve Board and many
other nations' central banks responded by reducing short-term interest rates
last fall in an attempt to stimulate global economic growth and restore
liquidity to the financial markets.
This strategy worked. By the first quarter of 1999, evidence appeared that
the worst of the financial crisis was over. As economic conditions gradually
improved, investors became more comfortable committing capital to investments in
the emerging markets. As a result, stocks in many of these markets rose sharply
over the first eight months of the year.
5 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
"IN ADDITION TO A DEMONSTRATED ABILITY TO RUN THEIR COMPANIES' OPERATIONS, WE
BELIEVE THAT HONESTY AND INTEGRITY ARE IMPORTANT MANAGEMENT CHARACTERISTICS THAT
ULTIMATELY SHOULD BENEFIT SHAREHOLDERS."
- --------------------------------------------------------------------------------
WHERE DID YOU FIND THE MOST ATTRACTIVE OPPORTUNITIES IN THIS ENVIRONMENT?
In our view, the location of a business is less important than the nature of the
business. Accordingly, we look for the best companies we can find, including
those most likely to benefit from four key long-term global trends: new
technologies, corporate restructuring, mass affluence and, to a lesser extent,
aging populations. The mix of countries represented in the Fund is an outgrowth
of our company-by-company evaluation process.
With that said, we found many attractive companies in Latin America,
including Brazil and Mexico. In fact, Brazil's currency devaluation in January
provided an opportunity to purchase sound businesses at very inexpensive prices.
One example is Embraer-Empresa Brasileira de Aeronautica SA. This Brazilian
aircraft company is the world's leading manufacturer of small jets for the
regional airline market. They've had enormous success in selling their jets to
large U.S. and European airlines for commuter and regional routes.
We also own stocks of companies in Asian markets such as Singapore and Hong
Kong. Unlike the MSCI Emerging Markets Free Index, however, we have little
exposure to Korea, which ranked as the best-performing emerging market over the
first eight months of 1999. We have generally avoided companies in Korea because
we do not believe that their managements are committed to enhancing long-term
shareholder value.
As always, investing in foreign securities entails additional expenses and
risks, including foreign currency fluctuations.
6 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
For the Period Ended 9/30/99(1)
Class A Since
1 year Inception
- ---------------------------
<S> <C>
40.09% 5.07%
Class B Since
1 year Inception
- ---------------------------
<S> <C>
42.53% 5.48%
Class C Since
1 year Inception
- ---------------------------
<S> <C>
46.56% 6.44%
</TABLE>
HOW DO YOU JUDGE THE QUALITY OF A COMPANY'S MANAGEMENT?
We spend a great deal of time visiting personally and speaking with the
management of many of the companies whose stocks we own or are considering for
the portfolio. In addition to a demonstrated ability to run their companies'
operations, we believe that honesty and integrity are important characteristics
that ultimately should benefit shareholders.
WHAT TYPES OF BUSINESSES HAVE BEEN MOST ATTRACTIVE?
We own a variety of software and media content businesses around the world that
create programs for computers and entertainment purposes, respectively. In fact,
we believe that investing in content providers may be the best way to
participate in the growth of the Internet. Unlike highly volatile technology
companies, content providers do not face the possibility that their products may
soon be obsolete. As a result, they may be in the best position to benefit from
the explosion of demand for entertainment and information from consumers
worldwide.
We have also focused on financial institutions that provide the capital
local companies need to grow. In some parts of the world, these companies
provide the only financing opportunities available to their customers.
Consequently, we believe that these companies will grow in tandem with their
regional economies.
In our opinion, providers of high quality/low cost housing represent
another compelling opportunity. As standards of living rise in the emerging
markets, companies that provide quality housing at low costs should prosper.
1. See page 12 for further details.
7 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
WHAT IS YOUR OUTLOOK FOR THE FORESEEABLE FUTURE?
We believe that the future is bright in the emerging markets, but that
short-term volatility should be expected. These are countries with young
populations and are in the early stages of economic development. If they follow
a prudent course that gives people the opportunity to enrich themselves in an
appropriate manner, we believe that they will be very exciting places to invest
over the long term. In fact, finding opportunities for long-term investments in
the emerging markets is an important part of what makes OppenheimerFunds THE
RIGHT WAY TO INVEST.
REGIONAL ALLOCATION(2)
[PIE CHART]
<TABLE>
<S> <C>
- - Latin America 38.0%
- - Asia 33.6
- - Emerging
Europe 18.9
- - Middle East/
Africa 9.0
- - U.S./Canada 0.5
</TABLE>
<TABLE>
<CAPTION>
TOP FIVE INDUSTRIES(2)
- ----------------------------------------------------------
<S> <C>
Banks 13.0%
- ----------------------------------------------------------
Autos & Housing 9.5
- ----------------------------------------------------------
Broadcasting 9.3
- ----------------------------------------------------------
Insurance 9.0
- ----------------------------------------------------------
Aerospace/Defense 8.7
</TABLE>
<TABLE>
<CAPTION>
TOP 10 STOCK HOLDINGS(2)
- ----------------------------------------------------------
<S> <C>
Embraer-Empresa Brasileira de Aeronautica SA 8.6%
- ----------------------------------------------------------
Dairy Farm International Holdings Ltd. 3.6
- ----------------------------------------------------------
Pliva d.d., Sponsored GDR 3.5
- ----------------------------------------------------------
Grupo Televisa SA, Sponsored GDR 3.4
- ----------------------------------------------------------
ICICI Ltd., GDR 3.4
- ----------------------------------------------------------
Lusomundo SGPS SA 3.2
- ----------------------------------------------------------
Courts (Singapore) Ltd. 3.1
- ----------------------------------------------------------
Espirito Santo Financial Group, ADR 2.8
- ----------------------------------------------------------
Cia Paranaense Energia, Sponsored ADR 2.7
- ----------------------------------------------------------
Teletypos SA 2.5
</TABLE>
2. Portfolio is subject to change. Percentages are as of August 31, 1999, and
are based on total market value of investments.
8 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FUND PERFORMANCE
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED? BELOW IS A DISCUSSION, BY THE MANAGER, OF THE FUND'S
PERFORMANCE DURING ITS FISCAL YEAR ENDED AUGUST 31, 1999, FOLLOWED BY A
GRAPHICAL COMPARISON OF THE FUND'S PERFORMANCE TO AN APPROPRIATE BROAD-BASED
MARKET INDEX.
MANAGEMENT'S DISCUSSION OF PERFORMANCE. During the Fund's fiscal year that ended
August 31, 1999, Oppenheimer Developing Markets Fund provided good absolute
performance, but trailed its benchmark, the Morgan Stanley Capital International
(MSCI) Emerging Markets Free Index. The Fund manager does not necessarily
attempt to replicate the country allocation of the index. Rather, the manager
seeks out good companies worldwide, including those most likely to benefit from
four key long-term global trends: new technologies, corporate restructuring,
mass affluence and, to a lesser extent, aging populations. The mix of countries
represented in the Fund is an outgrowth of this company-by- company evaluation
process. Over the period, the Fund benefited from its investments in companies
in Latin America, Asia, Western Europe and other emerging markets. However, the
Fund did not invest substantially in Korean companies, which represented the
top-performing component of the index. The Fund's portfolio holdings,
allocations and strategies are subject to change.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET. The graphs that follow show the
performance of a hypothetical $10,000 investment in Class A, Class B and Class C
shares of the Fund held from the inception date of November 18, 1996, until
August 31, 1999. The graphs assume that all dividends and capital gains
distributions were reinvested in additional shares. The Fund's performance
reflects the deduction of the maximum initial sales charge on Class A shares,
and the applicable contingent deferred sales charge for Class B and Class C
shares.
The Fund's performance is compared to the performance of the MSCI Emerging
Markets Free Index, an unmanaged capitalization-weighted equity index of issuers
located in 25 developing markets. The MSCI Emerging Markets Free Index is widely
recognized as a measure of performance in developing markets.
Index performance reflects the reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the data
in the graphs show the effect of taxes. The Fund's performance reflects the
effects of Fund business and operating expenses. While index comparisons may be
useful to provide a benchmark for the Fund's performance, it must be noted that
the Fund's investments are not limited to the securities or countries in the
MSCI Emerging Markets Free Index.
9 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FUND PERFORMANCE
- --------------------------------------------------------------------------------
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Developing Markets Fund (Class A) and Morgan Stanley Capital
International (MSCI) Emerging Markets Free Index
[GRAPH]
<TABLE>
<S> <C>
OPPENHEIMER DEVELOPING MARKETS FUND CLASS A $11,534
MSCI EMERGING MARKETS FREE INDEX $ 8,538
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS A SHARES OF THE FUND AT 8/31/99(1)
1 YEAR 41.30% LIFE 5.25%
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Developing Markets Fund (Class B) and Morgan Stanley Capital
International (MSCI) Emerging Markets Free Index
[GRAPH]
<TABLE>
<S> <C>
OPPENHEIMER DEVELOPING MARKETS FUND CLASS B $11,662
MSCI EMERGING MARKETS FREE INDEX $ 8,538
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS B SHARES OF THE FUND AT 8/31/99(1)
1 YEAR 43.81% LIFE 5.67%
1. See page 12 for further details.
Past performance is not predictive of future performance.
10 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
Oppenheimer Developing Markets Fund (Class C) and Morgan Stanley Capital
International (MSCI) Emerging Markets Free Index
[GRAPH]
<TABLE>
<S> <C>
OPPENHEIMER DEVELOPING MARKETS FUND CLASS C $11,980
MSCI EMERGING MARKETS FREE INDEX $ 8,538
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS C SHARES OF THE FUND AT 8/31/99(1)
1 YEAR 47.98% LIFE 6.70%
The returns and the ending account values in the graphs show change in share
value and include reinvestment of all dividends and capital gains distributions.
The performance information in the graphs for MSCI Emerging Markets Free Index
begins on 11/30/96.
11 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
NOTES
- --------------------------------------------------------------------------------
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. BECAUSE OF ONGOING
MARKET VOLATILITY, THE FUND'S PERFORMANCE MAY BE SUBJECT TO SUBSTANTIAL
SHORT-TERM CHANGES. FOR UPDATES ON THE FUND'S PERFORMANCE, PLEASE CONTACT YOUR
FINANCIAL ADVISOR, CALL US AT 1-800-525-7048 OR VISIT OUR WEBSITE,
www.oppenheimerfunds.com.
Total returns and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown
CLASS A shares were first publicly offered on 11/18/96. Class A returns include
the current maximum initial sales charge of 5.75%.
CLASS B shares were first publicly offered on 11/18/96. Class B returns include
applicable contingent deferred sales charges of 5% (1-year) and 3% (since
inception). Class B shares are subject to a 0.75% annual asset-based sales
charge. The ending account value in the graph is net of the applicable 3%
contingent deferred sales charge.
CLASS C shares were first publicly offered on 11/18/96. Class C returns include
the contingent deferred sales charge of 1% for the one-year period. Class C
shares are subject to a 0.75% annual asset-based sales charge.
An explanation of the different performance calculations is in the Fund's
prospectus.
12 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FINANCIALS
13 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
STATEMENT OF INVESTMENTS August 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--98.6%
- -------------------------------------------------------------------------------
BASIC MATERIALS--0.7%
- --------------------------------------------------------------------------------
METALS--0.7%
Caemi Mineracao e Metalurgia SA, Preference 15,300,000 $ 485,600
- -------------------------------------------------------------------------------
CAPITAL GOODS--9.1%
- -------------------------------------------------------------------------------
AEROSPACE/DEFENSE--8.7%
Embraer--Empresa Brasileira de Aeronautica SA 2,059,500 5,732,883
- -------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.4%
MacMillian India MC(1) 21,500 247,319
- -------------------------------------------------------------------------------
COMMUNICATION SERVICES--5.8%
- -------------------------------------------------------------------------------
TELEPHONE UTILITIES--5.1%
Telecomunicacoes do Rio de Janeiro SA, Preference(1) 17,018,554 243,419
- -------------------------------------------------------------------------------
Telemar 146,000,000 1,289,116
- -------------------------------------------------------------------------------
Telesp Participacoes SA 25,950,000 276,789
- -------------------------------------------------------------------------------
Videsh Sanchar Nigam Ltd., GDR(2) 108,600 1,533,975
---------
3,343,299
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS-WIRELESS--0.7%
Tele Sudeste Celular Participacoes SA 18,200,000 46,306
- -------------------------------------------------------------------------------
Telesp Celular Participacoes SA 18,200,000 79,544
- -------------------------------------------------------------------------------
Telesp Celular SA, Cl. B, Preference 6,800,000 309,581
---------
435,431
- -------------------------------------------------------------------------------
CONSUMER CYCLICALS--19.9%
- -------------------------------------------------------------------------------
AUTOS & HOUSING--9.5%
Brazil Realty SA, GDR(3) 57,800 624,962
- -------------------------------------------------------------------------------
Corporacion GEO, SA de CV, Series B(1) 261,500 874,108
- -------------------------------------------------------------------------------
Courts (Singapore) Ltd. 3,405,000 2,062,085
- -------------------------------------------------------------------------------
Ellerine Holdings Ltd. 125,000 493,272
- -------------------------------------------------------------------------------
Grupo Accion SA de CV, Series B(1) 3,443,000 1,541,850
- -------------------------------------------------------------------------------
Solidere, GDR(1, 2) 81,500 682,562
---------
6,278,839
- -------------------------------------------------------------------------------
CONSUMER SERVICES--0.9%
Art Marketing Syndicate SA(1) 52,830 591,732
- -------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--0.9%
Danubius Hotel & Spa Rt.(1) 29,200 607,643
</TABLE>
14 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
MEDIA--8.6%
Hurriyet Gazetecilik ve Matbaacilik AS 53,300,000 $ 376,796
- --------------------------------------------------------------------------------
Lusomundo SGPS SA(1) 161,100 2,126,978
- --------------------------------------------------------------------------------
Naspers Ltd., N Shares 190,500 928,720
- --------------------------------------------------------------------------------
Primedia Ltd., N Shares 535,000 655,353
- --------------------------------------------------------------------------------
Singapore Press Holdings Ltd. 29,700 493,746
- --------------------------------------------------------------------------------
Times Publishing Ltd. 562,000 1,101,132
---------
5,682,725
- --------------------------------------------------------------------------------
CONSUMER STAPLES--20.8%
- --------------------------------------------------------------------------------
BEVERAGES--0.8%
Serm Suk Public Co. Ltd. 117,300 535,213
- --------------------------------------------------------------------------------
BROADCASTING--9.3%
Grupo Radio Centro SA de CV, Sponsored ADR 155,100 756,113
- --------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored GDR(1,2) 61,900 2,251,613
- --------------------------------------------------------------------------------
Teletypos SA 63,260 1,674,702
- --------------------------------------------------------------------------------
Television Broadcasts Ltd. 333,000 1,483,826
---------
6,166,254
- --------------------------------------------------------------------------------
FOOD--2.5%
Cresud SA 600,720 630,835
- --------------------------------------------------------------------------------
Parry's Confectionary Ltd.(1) 149,150 531,868
- --------------------------------------------------------------------------------
Rolimpex SA(1) 350,000 483,437
---------
1,646,140
- --------------------------------------------------------------------------------
FOOD & DRUG RETAILERS--5.0%
Dairy Farm International Holdings Ltd. 2,366,000 2,354,170
- --------------------------------------------------------------------------------
PT Hero Supermarket(1) 3,976,500 971,486
---------
3,325,656
- --------------------------------------------------------------------------------
HOUSEHOLD GOODS--2.1%
Grupo Casa Autrey SA de CV, Sponsored ADR(1) 263,000 887,625
- --------------------------------------------------------------------------------
Hindustan Lever Ltd. 56 3,433
- --------------------------------------------------------------------------------
Marico Industries Ltd. 41,900 516,687
---------
1,407,745
- --------------------------------------------------------------------------------
TOBACCO--1.1%
Eastern Tobacco Co.(1) 26,500 611,537
- --------------------------------------------------------------------------------
Kothari Products Ltd. 28,200 109,644
---------
721,181
15 OPPENHEIMER DEVELOPING MARKETS FUNDNOTES
<PAGE>
STATEMENT OF INVESTMENTS continued
- --------------------------------------------------------------------------------
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL--25.8%
- --------------------------------------------------------------------------------
BANKS--13.0%
Banco BHIF, Sponsored ADR 73,500 $1,139,250
- --------------------------------------------------------------------------------
Banco Pinto & Sotto Mayor SA 79,000 1,461,903
- --------------------------------------------------------------------------------
Commercial International Bank, Sponsored GDR 78,750 657,563
- --------------------------------------------------------------------------------
Espirito Santo Financial Group, ADR 117,950 1,872,456
- --------------------------------------------------------------------------------
Grupo Financiero Banorte SA de CV(1) 1,317,000 1,578,367
- --------------------------------------------------------------------------------
Grupo Financiero Inbursa, SA de CV(1) 509,770 1,521,907
- --------------------------------------------------------------------------------
Unibanco-Uniao de Bancos Brasileiros SA, Sponsored GDR 23,000 402,500
---------
8,633,946
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--3.8%
Housing Development Finance Corp. Ltd. 50,000 297,243
- --------------------------------------------------------------------------------
ICICI Ltd. 6,200 11,475
- --------------------------------------------------------------------------------
ICICI Ltd., GDR(2) 238,125 2,232,422
---------
2,541,140
- --------------------------------------------------------------------------------
INSURANCE--9.0%
Adamjee Insurance Co. Ltd. 989,975 744,293
- --------------------------------------------------------------------------------
AXA China Regional Ltd. 1,695,000 1,189,677
- --------------------------------------------------------------------------------
Aksigorta AS 46,766,000 1,180,731
- --------------------------------------------------------------------------------
Fubon Insurance Co., GDR(1) 25,000 256,250
- --------------------------------------------------------------------------------
Liberty Life Assn. Africa Ltd. 50,144 587,859
- --------------------------------------------------------------------------------
Sanlam Ltd.(1) 500,000 596,037
- --------------------------------------------------------------------------------
Towarzystwo Ubezpieczen i Reasekuracji Warta SA 48,263 1,405,988
---------
5,960,835
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS--0.0%
Unit Trust of India-Masterplus 91(1) 10,100 5,658
- --------------------------------------------------------------------------------
HEALTHCARE--7.9%
- --------------------------------------------------------------------------------
HEALTHCARE/DRUGS--7.9%
Cheminor Drugs Ltd. 136,600 1,669,546
- --------------------------------------------------------------------------------
Dr. Reddy's Laboratories Ltd. 30,500 870,032
- --------------------------------------------------------------------------------
Pliva d.d., Sponsored GDR(2) 167,900 2,333,810
- --------------------------------------------------------------------------------
Sun Pharmaceutical Industries Ltd. 18,600 321,988
---------
5,195,376
16 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING--1.6%
- --------------------------------------------------------------------------------
CAPITAL GOODS--1.6%
Haci Omer Sabanci Holding AS, ADR(1) 197,800 $1,073,065
- --------------------------------------------------------------------------------
TRANSPORTATION--0.6%
- --------------------------------------------------------------------------------
RAILROADS & TRUCKERS--0.6%
Guangshen Railway Co. Ltd., Sponsored ADR 61,300 379,294
- --------------------------------------------------------------------------------
UTILITIES--6.4%
- --------------------------------------------------------------------------------
ELECTRIC UTILITIES--5.7%
Cia de Eletricidade do Estado da Bahia 22,360,000 692,223
- --------------------------------------------------------------------------------
Cia de Eletricidade do Estado da Bahia, Preference 25,150,000 775,979
- --------------------------------------------------------------------------------
Cia de Saneamento Basico do Estado de Sao Paulo 6,900,126 454,156
- --------------------------------------------------------------------------------
Cia Paranaense Energia, Sponsored ADR,
Preference B Shares 264,800 1,820,500
---------
3,742,858
- --------------------------------------------------------------------------------
GAS UTILITIES--0.7%
Aygaz AS 5,921,000 458,440
- --------------------------------------------------------------------------------
Total Common Stocks (Cost $67,008,718) 65,198,272
UNITS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
PT Pan Indonesia Bank Wts., Exp. 6/00 (Cost $3,112) 404,558 23,721
FACE
AMOUNT(4)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CONVERTIBLE CORPORATE BONDS AND NOTES--1.2%
Grupo Financiero Banorte SA de CV, 24.90%
Nts., 12/5/02(3, 5) [MXP] (Cost $890,227) $7,730,000 811,842
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--0.5%
Repurchase agreement with First Chicago Capital
Markets, 5.41%, dated 8/31/99, to be repurchased
at $300,045 on 9/1/99, collateralized by U.S. Treasury
Nts., 4%-6.375%, 11/30/99-2/28/03, with a value of
$297,347, and U.S. Treasury Bills, 9/15/99, with a
value of $8,883 (Cost $300,000) 300,000 300,000
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $68,202,057) 100.3% 66,333,835
- --------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (195,726)
--------------------------
NET ASSETS 100.0% $66,138,109
--------------------------
--------------------------
</TABLE>
17 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income-producing security.
2. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities
have been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $9,034,382 or 13.66% of the Fund's net
assets as of August 31, 1999.
3. Identifies issues considered to be illiquid or restricted-See Note 6 of
Notes to Financial Statements.
4. Face amount is reported in U.S. Dollars, except for those denoted in the
following currency:
MXP Mexican Peso
5. Represents the current interest rate for a variable rate security.
DISTRIBUTION OF INVESTMENTS REPRESENTING GEOGRAPHIC DIVERSIFICATION, AS A
PERCENTAGE OF TOTAL INVESTMENTS AT VALUE, IS AS FOLLOWS:
<TABLE>
<CAPTION>
GEOGRAPHIC DIVERSIFICATION MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Brazil $13,233,560 20.0%
Mexico 10,223,424 15.4
India 8,351,289 12.6
Singapore 6,011,134 9.1
Portugal 5,461,337 8.2
South Africa 3,261,240 4.9
Turkey 3,089,032 4.7
Hong Kong 2,673,503 4.0
Poland 2,481,157 3.7
Croatia 2,333,810 3.5
Greece 1,674,702 2.5
Egypt 1,269,099 1.9
Chile 1,139,250 1.7
Indonesia 995,207 1.5
Pakistan 744,293 1.1
Lebanon 682,563 1.0
Argentina 630,835 1.0
Hungary 607,643 0.9
Thailand 535,213 0.8
China 379,294 0.6
United States 300,000 0.5
Taiwan 256,250 0.4
-------------------------
Total $66,333,835 100.0%
-------------------------
-------------------------
</TABLE>
See accompanying Notes to Financial Statements.
18 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES August 31, 1999
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments, at value (cost $68,202,057)--see accompanying statement $ 66,333,835
- ------------------------------------------------------------------------------------------------------------
Cash--foreign currencies (cost $351,896) 351,739
- ------------------------------------------------------------------------------------------------------------
Cash 36,089
- ------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 143,250
Interest and dividends 64,594
Other 1,534
------------
Total assets 66,931,041
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed 422,148
Investments purchased 201,845
Transfer and shareholder servicing agent fees 49,809
Shareholder reports 48,202
Distribution and service plan fees 27,341
Trustees' compensation--Note 1 27,085
Other 16,502
-----------
Total liabilities 792,932
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NET ASSETS $ 66,138,109
------------
------------
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Paid-in capital $ 72,039,642
- ------------------------------------------------------------------------------------------------------------
Undistributed net investment income 272,716
- ------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and
foreign currency transactions (4,305,388)
- ------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments and translation of
assets and liabilities denominated in foreign currencies (1,868,861)
------------
Net assets $ 66,138,109
------------
------------
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$40,046,310 and 3,512,609 shares of beneficial interest outstanding) $ 11.40
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $ 12.10
- ------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $21,027,728
and 1,860,439 shares of beneficial interest outstanding) $ 11.30
- ------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $5,064,071
and 447,940 shares of beneficial interest outstanding) $ 11.31
</TABLE>
See accompanying Notes to Financial Statements.
19 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended August 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Dividends (net of foreign withholding taxes of $104,476) $ 1,469,473
- ------------------------------------------------------------------------------------------------------------
Interest (net of foreign withholding taxes of $10,555) 249,574
------------
Total income 1,719,047
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees--Note 4 495,616
- ------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 298,897
- ------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 72,958
Class B 164,077
Class C 40,169
- ------------------------------------------------------------------------------------------------------------
Shareholder reports 95,299
- ------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 85,228
- ------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 21,835
- ------------------------------------------------------------------------------------------------------------
Deferred organization expenses 20,084
- ------------------------------------------------------------------------------------------------------------
Registration and filing fees 3,091
- ------------------------------------------------------------------------------------------------------------
Insurance expenses 2,259
- ------------------------------------------------------------------------------------------------------------
Trustees' compensation--Note 1 1,942
- ------------------------------------------------------------------------------------------------------------
Other 19,317
-------------
Total expenses 1,320,772
Less expenses paid indirectly--Note 1 (3,316)
-------------
Net expenses 1,317,456
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 401,591
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 223,603
Foreign currency transactions (2,183,419)
-------------
Net realized loss (1,959,816)
- ------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 21,871,765
Translation of assets and liabilities denominated in
foreign currencies (1,118,131)
---------------
Net change 20,753,634
---------------
Net realized and unrealized gain 18,793,818
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 19,195,409
--------------
--------------
</TABLE>
See accompanying Notes to Financial Statements.
20 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended August 31, 1999 1998
OPERATIONS
Net investment income $ 401,591 $ 325,991
- ----------------------------------------------------------------------------------------------
Net realized loss (1,959,816) (1,208,391)
- ----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 20,753,634 (23,812,757)
----------------------------
Net increase (decrease) in net assets resulting from operations 19,195,409 (24,695,157)
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (299,233) (246,812)
Class B (57,849) (28,433)
Class C (9,462) (13,196)
- ----------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (217,044) (1,271,220)
Class B (123,480) (679,498)
Class C (27,449) (163,333)
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from beneficial interest
transactions--Note 2:
Class A 5,563,014 2,205,847
Class B 2,081,959 1,248,778
Class C 519,729 1,358,951
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
NET ASSETS
Total increase (decrease) 26,625,594 (22,284,073)
- ----------------------------------------------------------------------------------------------
Beginning of period 39,512,515 61,796,588
----------------------------
End of period (including undistributed net investment
income of $272,716 and $160,789, respectively) $ 66,138,109 $ 39,512,515
----------------------------
----------------------------
</TABLE>
See accompanying Notes to Financial Statements.
21 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A YEAR ENDED AUGUST 31, 1999 1998 1997(1)
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 7.76 $12.82 $ 10.00
- -----------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .10 .11 .07
Net realized and unrealized gain (loss) 3.71 (4.62) 2.75
-------------------------------
Total income (loss) from investment
operations 3.81 (4.51) 2.82
- -----------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.10) (.09) --
Distributions from net realized gain (.07) (.46) --
-------------------------------
Total dividends and distributions
to shareholders (.17) (.55) --
- -----------------------------------------------------------------------------------------
Net asset value, end of period $11.40 $ 7.76 $12.82
-------------------------------
-------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 49.92% (36.33)% 28.20%
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $40,046 $23,663 $37,613
- -----------------------------------------------------------------------------------------
Average net assets (in thousands) $29,183 $35,864 $17,852
- -----------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 1.11% 0.87% 1.45%
Expenses 2.36% 2.18%(4) 1.94%(4)
- -----------------------------------------------------------------------------------------
Portfolio turnover rate(5) 37% 78% 27%(1)
</TABLE>
1. For the period from November 18, 1996 (commencement of operations) to August
31, 1997.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or commencement of operations), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
4. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended August 31, 1999, were $26,143,811 and $18,275,385, respectively.
22 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
<TABLE>
<CAPTION>
CLASS B YEAR ENDED AUGUST 31, 1999 1998 1997(1)
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 7.69 $12.73 $ 10.00
- --------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .04 .01 .03
Net realized and unrealized gain (loss) 3.68 (4.57) 2.70
----------------------------
Total income (loss) from investment
operations 3.72 (4.56) 2.73
- --------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.04) (.02) --
Distributions from net realized gain (.07) (.46) --
----------------------------
Total dividends and distributions
to shareholders (.11) (.48) --
- --------------------------------------------------------------------------------------
Net asset value, end of period $11.30 $ 7.69 $12.73
----------------------------
----------------------------
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 48.81% (36.85)% 27.30%
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $ 21,028 $12,788 $20,470
- --------------------------------------------------------------------------------------
Average net assets (in thousands) $ 16,430 $18,673 $7,802
- --------------------------------------------------------------------------------------
Ratios to average net assets(3)
Net investment income 0.37% 0.07% 0.87%
Expenses 3.10% 2.95%(4) 2.78%(4)
- --------------------------------------------------------------------------------------
Portfolio turnover rate(5) 37% 78% 27%(1)
</TABLE>
1. For the period from November 18, 1996 (commencement of operations) to August
31, 1997.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or commencement of operations), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
4. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended August 31, 1999, were $26,143,811 and $18,275,385, respectively.
23 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FINANCIAL HIGHLIGHTS Continued
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS C Year Ended August 31, 1999 1998 1997(1)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $ 7.68 $12.74 $ 10.00
- --------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .04 .02 .04
Net realized and unrealized gain (loss) 3.69 (4.58) 2.70
--------------------------
Total income (loss) from investment operations 3.73 (4.56) 2.74
- --------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.03) (.04) --
Distributions from net realized gain (.07) (.46) --
--------------------------
Total dividends and distributions to shareholders (.10) (.50) --
- --------------------------------------------------------------------------------------
Net asset value, end of period $11.31 $ 7.68 $12.74
--------------------------
--------------------------
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 48.98% (36.88)% 27.40%
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands) $5,064 $3,061 $3,713
- --------------------------------------------------------------------------------------
Average net assets (in thousands) $4,022 $4,206 $1,560
- --------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 0.41% 0.24% 0.98%
Expenses 3.08% 2.95%(4) 2.77%(4)
- --------------------------------------------------------------------------------------
Portfolio turnover rate(5) 37% 78% 27%(1)
</TABLE>
1. For the period from November 18, 1996 (commencement of operations) to August
31, 1997.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or commencement of operations), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
4. Expense ratio reflects the effect of expenses paid indirectly by the Fund.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended August 31, 1999, were $26,143,811 and $18,275,385, respectively.
See accompanying Notes to Financial Statements.
24 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Developing Markets Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's investment objective is capital
appreciation. The Fund's investment advisor is OppenheimerFunds, Inc. (the
Manager). The Fund offers Class A, Class B and Class C shares. Class A shares
are sold with a front-end sales charge on investments up to $1 million. Class B
and Class C shares may be subject to a contingent deferred sales charge (CDSC).
All classes of shares have identical rights to earnings, assets and voting
privileges, except that each class has its own expenses directly attributable to
that class and exclusive voting rights with respect to matters affecting that
class. Classes A, B and C have separate distribution and/or service plans. Class
B shares will automatically convert to Class A shares six years after the date
of purchase. The following is a summary of significant accounting policies
consistently followed by the Fund.
- --------------------------------------------------------------------------------
SECURITIES VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange 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
the last sale price on the prior trading day. Long-term and short-term
"non-money market" debt securities are valued by a portfolio pricing service
approved by the Board of Trustees. Such securities which cannot be valued by an
approved portfolio pricing service are valued using dealer-supplied valuations
provided the Manager is satisfied that the firm rendering the quotes is reliable
and that the quotes reflect current market value, or are valued under
consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Short-term "money market type" 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. Foreign currency exchange contracts are valued based on the
closing prices of the foreign currency contract rates in the London foreign
exchange markets on a daily basis as provided by a reliable bank or dealer.
Options are valued based upon the last sale price on the principal exchange on
which the option is traded or, in the absence of any transactions that day, the
value is based upon the last sale price on the prior trading date if it is
within the spread between the closing bid and asked prices. If the last sale
price is outside the spread, the closing bid is used.
25 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on investments
is separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains
and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. If the seller
of the agreement defaults and the value of the collateral declines, or if the
seller enters an insolvency proceeding, realization of the value of the
collateral by the Fund may be delayed or limited.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated daily to
each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required. As of August 31, 1999, the
Fund had available for federal tax purposes an unused capital loss carryover of
approximately $3,578,000, expiring in 2007.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted a nonfunded retirement plan for the
Fund's independent Trustees. Benefits are based on years of service and fees
paid to each Trustee during the years of service. During the year ended August
31, 1999, a credit of $5,699 was made for the Fund's projected benefit
obligations, resulting in an accumulated liability of $26,972 as of August 31,
1999.
26 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
The Board of Trustees has adopted a deferred compensation plan for independent
Trustees that enables Trustees to elect to defer receipt of all or a portion of
annual compensation they are entitled to receive from the Fund. Under the plan,
the compensation deferred is periodically adjusted as though an equivalent
amount had been invested for the Trustees in shares of one or more Oppenheimer
funds selected by the Trustee. The amount paid to the Trustee under the plan
will be determined based upon the performance of the selected funds. Deferral of
Trustees' fees under the plan will not affect the net assets of the Fund, and
will not materially affect the Fund's assets, liabilities or net income per
share.
- --------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of paydown gains and losses and the recognition of certain
foreign currency gains (losses) as ordinary income (loss) for tax purposes. The
character of distributions made during the year from net investment income or
net realized gains may differ from its ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the fiscal year in which
the income or realized gain was recorded by the Fund.
The Fund adjusts the classification of distributions to shareholders to
reflect the differences between financial statement amounts and distributions
determined in accordance with income tax regulations. Accordingly, during the
year ended August 31, 1999, amounts have been reclassified to reflect an
increase in undistributed net investment income of $76,880. Accumulated net
realized loss on investments was increased by the same amount.
- --------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Foreign dividend income is often
recorded on the payable date. Realized gains and losses on investments and
unrealized appreciation and depreciation are determined on an identified cost
basis, which is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
27 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STAEMENTS (Continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED AUGUST 31, 1999 YEAR ENDED AUGUST 31, 1998
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Sold 4,371,002 $ 42,720,089 3,153,898 $ 36,542,888
Dividends and/or distributions reinvested 59,038 498,873 137,965 1,466,572
Redeemed (3,967,426) (37,655,948) (3,175,275) (35,803,613)
----------------------------------------------------------
Net increase 462,614 $ 5,563,014 116,588 $ 2,205,847
----------------------------------------------------------
----------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
CLASS B
Sold 1,618,428 $ 16,240,189 1,231,248 $ 14,160,669
Dividends and/or distributions reinvested 20,507 172,670 64,707 685,899
Redeemed (1,441,572) (14,330,900) (1,240,445) (13,597,790)
----------------------------------------------------------
Net increase 197,363 $ 2,081,959 55,510 $ 1,248,778
----------------------------------------------------------
----------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
CLASS C
Sold 392,347 $ 3,833,222 419,799 $ 4,895,743
Dividends and/or distributions reinvested 4,083 34,424 15,549 164,660
Redeemed (346,893) (3,347,917) (328,388) (3,701,452)
----------------------------------------------------------
Net increase 49,537 $ 519,729 106,960 $ 1,358,951
----------------------------------------------------------
----------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON SECURITIES
As of August 31, 1999, net unrealized depreciation on securities of $1,868,222
was composed of gross appreciation of $11,007,757, and gross depreciation of
$12,875,979.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for an annual
fee of 1.00% of the first $250 million of average annual net assets of the
Fund, 0.95% of the next $250 million, 0.90% of the next $500 million, and 0.85%
of average annual net assets in excess of $1 billion. The Fund's management fee
for the year ended August 31, 1999, was 1.00% of average net assets for each
class of shares.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for the Fund and for
other Oppenheimer funds. OFS's total costs of providing such services are
allocated ratably to these funds.
28 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
- --------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FEES. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the
period indicated.
<TABLE>
<CAPTION>
AGGREGATE CLASS A COMMISSIONS COMMISSIONS COMMISSIONS
FRONT-END FRONT-END ON CLASS A ON CLASS B ON CLASS C
SALES CHARGES SALES CHARGES SHARES SHARES SHARES
ON CLASS A RETAINED BY ADVANCED BY ADVANCED BY ADVANCED BY
YEAR ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
August 31, 1999 $129,143 $37,678 $13,821 $150,610 $13,447
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
CONTINGENT DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES
YEAR ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
August 31, 1999 $-- $56,988 $2,250
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
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CLASS A SERVICE PLAN FEES. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements to
the Distributor at a rate of up to 0.25% of average annual net assets of Class A
shares. The Distributor makes payments to plan recipients quarterly at an annual
rate not to exceed 0.25% of the average annual net assets consisting of Class A
shares of the Fund. For the fiscal year ended August 31, 1999, payments under
the Class A Plan totaled $72,958, all of which was paid by the Distributor to
recipients. That included $6,851 paid to an affiliate of the Distributor's
parent company. Any unreimbursed expenses the Distributor incurs with respect to
Class A shares in any fiscal year cannot be recovered in subsequent years.
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CLASS B AND CLASS C DISTRIBUTION AND SERVICE PLAN FEES. Under each plan, service
fees and distribution fees are computed on the average of the net asset value of
shares in the respective class, determined as of the close of each regular
business day during the period. The Class B and Class C plans provide for the
Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
29 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
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NOTES TO FINANCIAL STATEMENTS Continued
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4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (CONTINUED)
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales charges
collected on redeemed shares and from the Fund under the plans. If either the
Class B or the Class C plan is terminated by the Fund, the Board of Trustees may
allow the Fund to continue payments of the asset-based sales charge to the
Distributor for distributing shares before the plan was terminated. The plans
allow for the carry-forward of distribution expenses, to be recovered from
asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the year ended August 31, 1999,
were as follows:
<TABLE>
<CAPTION>
DISTRIBUTOR'S DISTRIBUTOR'S
AGGREGATE UNREIMBURSED
UNREIMBURSED EXPENSES AS %
TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS
UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $164,077 $134,322 $672,880 3.20%
Class C Plan 40,169 28,153 60,327 1.19
</TABLE>
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5. FOREIGN CURRENCY CONTRACTS
A foreign currency exchange contract is a commitment to purchase or sell a
foreign currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency exchange contracts for operational purposes and to seek to
protect against adverse exchange rate fluctuations. Risks to the Fund include
the potential inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates as provided by
a reliable bank, dealer or pricing service. Unrealized appreciation and
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign currency transactions. Realized gains and losses are reported with all
other foreign currency gains and losses in the Statement of Operations.
Securities denominated in foreign currency to cover net exposure on outstanding
foreign currency contracts are noted in the Statement of Investments where
applicable.
30 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
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6. ILLIQUID OR RESTRICTED SECURITIES
As of August 31, 1999, investments in securities included issues that are
illiquid or restricted. Restricted securities are often purchased in private
placement transactions, are not registered under the Securities Act of 1933, may
have contractual restrictions on resale, and are valued under methods approved
by the Board of Trustees as reflecting fair value. A security may also be
considered illiquid if it lacks a readily available market or if its valuation
has not changed for a certain period of time. The Fund intends to invest no more
than 15% of its net assets (determined at the time of purchase and reviewed
periodically) in illiquid or restricted securities. Certain restricted
securities, eligible for resale to qualified institutional investors, are not
subject to that limitation. The aggregate value of illiquid or restricted
securities subject to this limitation as of August 31, 1999, was $1,436,804,
which represents 2.17% of the Fund's net assets.
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7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.0575% per annum.
The Fund had no borrowings outstanding during the year ended August 31,
1999.
31 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
INDEPENDENT AUDITOR'S REPORT
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THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER DEVELOPING MARKETS FUND:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Oppenheimer Developing Markets Fund as of
August 31, 1999, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the two-year period then ended and the period from November 18, 1996
(commencement of operations) to August 31, 1997. 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.
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 as of
August 31, 1999, by correspondence with the custodian and brokers; and where
confirmations 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, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Developing Markets Fund as of August 31, 1999, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the two-year period then ended and the period from November
18, 1996 (commencement of operations) to August 31, 1997, in conformity with
generally accepted accounting principles.
KPMG LLP
Denver, Colorado
September 22, 1999
32 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
FEDERAL INCOME TAX INFORMATION Unaudited
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In early 2000, shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1999. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Distributions of $0.1731, $0.1128, and $0.0979, per share were paid to
Class A, Class B, and Class C shareholders, respectively, on December 16, 1998.
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.
33 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
OPPENHEIMER DEVELOPING MARKETS FUND
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OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Rajeev Bhaman, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
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INVESTMENT ADVISOR OppenheimerFunds, Inc.
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DISTRIBUTOR OppenheimerFunds Distributor, Inc.
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TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
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CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
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INDEPENDENT AUDITORS KPMG LLP
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LEGAL COUNSEL Mayer, Brown & Platt
This is a copy of a report to shareholders of
Oppenheimer Developing Markets Fund. This report must
be preceded or accompanied by a Prospectus of
Oppenheimer Developing Markets Fund. For material
information concerning the Fund, see the Prospectus.
SHARES OF OPPENHEIMER FUNDS ARE NOT DEPOSITS OR
OBLIGATIONS OF ANY BANK, ARE NOT GUARANTEED BY ANY
BANK, ARE NOT INSURED BY THE FDIC OR ANY OTHER AGENCY,
AND INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE
LOSS OF THE PRINCIPAL AMOUNT INVESTED.
34 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
OPPENHEIMERFUNDS FAMILY
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GLOBAL EQUITY
Developing Markets Fund Global Fund
International Small Company
Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
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EQUITY
STOCK STOCK & BOND
Enterprise Fund(1) Main Street-Registered Trademark-
Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street-Registered
Trademark-Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund(2)
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
SPECIALTY
Real Asset Fund
Gold & Special Minerals Fund
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FIXED INCOME
TAXABLE MUNICIPAL
International Bond Fund California Municipal Fund(3)
World Bond Fund Florida Municipal Fund(3)
High Yield Fund New Jersey Municipal Fund(3)
Champion Income Fund New York Municipal Fund(3)
Strategic Income Fund Pennsylvania Municipal Fund(3)
Bond Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
ROCHESTER DIVISION
Rochester Fund Municipals
Limited Term New York Municipal
Fund
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MONEY MARKET(4)
Money Market Fund Cash Reserves
1. Effective July 1, 1999, this fund is closed to new investors. See prospectus
for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY10048-0203.
- -C- Copyright 1999 OppenheimerFunds, Inc. All rights reserved.
35 OPPENHEIMER DEVELOPING MARKETS FUND
<PAGE>
INFORMATION AND SERVICES
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As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website--we're here to
help.
INTERNET
24-hr access to account information and transactions
www.oppenheimerfunds.com
- --------------------------------------------------------------------------------
GENERAL INFORMATION
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
- --------------------------------------------------------------------------------
TELEPHONE TRANSACTIONS
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
- --------------------------------------------------------------------------------
PHONELINK
24-hr automated information and automated transactions
1.800.533.3310
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS DEVICE FOR THE DEAF (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
- --------------------------------------------------------------------------------
OPPENHEIMERFUNDS INFORMATION HOTLINE
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments
1.800.835.3104
- --------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
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