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<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Return of Capital
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
October 31, 1998, amounts have been reclassified to reflect a decrease in
paid-in capital of $12,197, a decrease in accumulated net investment loss of
$68,154, and an increase in accumulated net realized loss on investments of
$55,957.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1041101
<NAME> OPPENHEIMER MID-CAP FUND-A
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 25,122,067
<INVESTMENTS-AT-VALUE> 25,263,166
<RECEIVABLES> 594,061
<ASSETS-OTHER> 6,949
<OTHER-ITEMS-ASSETS> 71,703
<TOTAL-ASSETS> 25,935,879
<PAYABLE-FOR-SECURITIES> 1,047,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,786
<TOTAL-LIABILITIES> 1,086,374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,469,049
<SHARES-COMMON-STOCK> 1,349,228
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,813,668)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 194,124
<NET-ASSETS> 14,606,739
<DIVIDEND-INCOME> 28,614
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<OTHER-INCOME> 0
<EXPENSES-NET> 207,984
<NET-INVESTMENT-INCOME> (68,156)
<REALIZED-GAINS-CURRENT> (2,757,709)
<APPREC-INCREASE-CURRENT> 194,124
<NET-CHANGE-FROM-OPS> (2,631,741)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1041101
<NAME> OPPENHEIMER MID-CAP FUND-B
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 25,122,067
<INVESTMENTS-AT-VALUE> 25,263,166
<RECEIVABLES> 594,061
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<OTHER-ITEMS-ASSETS> 71,703
<TOTAL-ASSETS> 25,935,879
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,786
<TOTAL-LIABILITIES> 1,086,374
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,469,049
<SHARES-COMMON-STOCK> 710,978
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (68,156)
<REALIZED-GAINS-CURRENT> (2,757,709)
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1041101
<NAME> OPPENHEIMER MID-CAP FUND-C
<S> <C>
<PERIOD-TYPE> 11-MOS
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<PERIOD-START> DEC-01-1997
<PERIOD-END> OCT-31-1998
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<OTHER-INCOME> 0
<EXPENSES-NET> 207,984
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 207,984
<AVERAGE-NET-ASSETS> 1,271,000
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 0.81
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<PER-SHARE-NAV-END> 10.76
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 1041101
<NAME> OPPENHEIMER MID-CAP FUND-Y
<S> <C>
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<PERIOD-START> DEC-01-1997
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<REALIZED-GAINS-CURRENT> (2,757,709)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 100
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<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
Auditor Letter
To the Board of Trustees and Shareholders of
Oppenheimer MidCap Fund
In planning and performing our audit of the financial statements of Oppenheimer
MidCap Fund for the period from December 1, 1997 (commencement of operations)
through October 31, 1998, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of Oppenheimer MidCap Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of Oppenheimer MidCap Fund and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Denver, Colorado
November 20, 1998
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