---------------------------------------
Annual Report October 31, 1998
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OPPENHEIMER
MidCap Fund
[GRAPHIC OMITTED]
[LOGO]
OppenheimerFunds(R)
THE RIGHT WAY TO INVEST
<PAGE>
Contents
3 President's Letter
4 An Interview
with Your Fund's
Manager
8 Fund Performance
- ---------------------------------------
13 Financial
Statements
27 Report of
Independent
Accountants
- ---------------------------------------
28 Officers and
Trustees
32 Information and
Services
Report highlights
- --------------------------------------------------------------------------------
o The Fund performed generally well despite the challenges that impacted small-
and mid-cap portfolios during the past year.
o We seek companies that we believe can grow their revenues and profits at an
annual rate of at least 15% per year, even when the global economy is slowing.
Cumulative Total Returns
For the Period 12/1/97
to 10/31/98
Class A
Without With
Sales Chg.(1) Sales Chg.(2)
- ---------------------------------------
8.30% 2.07%
- ---------------------------------------
Class B
Without With
Sales Chg.(1) Sales Chg.(2)
- ---------------------------------------
7.70% 2.70%
- ---------------------------------------
Class C
Without With
Sales Chg.(1) Sales Chg.(2)
- ---------------------------------------
7.60% 6.60%
- ---------------------------------------
Class Y
Without With
Sales Chg.(1) Sales Chg.(2)
- ---------------------------------------
8.80% 8.80%
- ---------------------------------------
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
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.
The inception date of the Fund is 12/1/97 (for all classes).
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken into
account.
2. Class A return includes the current maximum initial sales charge of 5.75%.
Class B return includes the applicable contingent deferred sales charge of 5%.
Class C return includes the applicable contingent deferred sales charge of 1%.
Class Y shares are offered to certain institutional investors. Class B and C
shares are subject to an annual 0.75% asset-based sales charge. An explanation
of the different performance calculations is in the Fund's prospectus.
2 Oppenheimer MidCap Fund
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[PHOTO OMITTED]
Bridget A. Macaskill
President
Oppenheimer
MidCap Fund
Dear shareholder,
- --------------------------------------------------------------------------------
In retrospect, 1998 has been an unsettling year for the financial markets.
Around the world, stock and bond markets experienced considerable instability,
with particular tumult being felt in Southeast Asia, Russia and Latin America.
The U.S. stock market was not immune from the extreme volatility, as it climbed
to record levels through July before correcting sharply in the third quarter and
rebounding to new highs in the fourth quarter. In the bond market, yields on
U.S. Treasury securities declined to record lows before rising modestly late in
the year.
Does the swift recovery of the U.S. stock market and the favorable economic
environment for the bond market mean that domestic stocks and bonds will
continue to prosper? We are optimistic over the long term, but we do expect that
concerns about corporate earnings growth in a slow-growth economy will
contribute to more stock market volatility in 1999. In the bond market, the
Federal Reserve Board's decisions to reduce short-term interest rates should
help create a positive climate for fixed-income securities. While lower interest
rates are generally good for bond prices, it will become more difficult for bond
funds to maintain their dividends at current levels if yields decline further.
As an Oppenheimer fund shareholder, you may wonder how this potential
volatility will affect you. If you maintain a long-term perspective, as we do,
short-term volatility over the coming months should have little bearing on your
ability to achieve your future financial goals. That's why we continue to
suggest that you adhere to your long-term investment plan. In fact, we are very
encouraged that most of our shareholders stayed the course during last summer's
stock market correction, avoiding the temptation of selling into a temporarily
declining market.
Finally, I would like to thank those shareholders who contacted us about
our revised account statement. Response has been very positive, and we are
pleased that many of you find the new format easier to read and more
informative. If you have any questions about the new statement or any other
matter, please don't hesitate to call us at 1-800-525-7048. In the meantime,
thank you for choosing OppenheimerFunds, The Right Way to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
November 20, 1998
3 Oppenheimer MidCap Fund
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"Even in an overall slower growth environment, mid-cap companies can still
sustain a level of growth that is much higher than the market in general."
An interview with your Fund's manager
- --------------------------------------------------------------------------------
What would be your overall evaluation of the Fund's performance?
The Fund performed generally well despite the challenges that impacted small-
and mid-cap portfolios in the past 11 months since inception. Throughout most of
the entire period that ended October 31, 1998, there has been a preference for
the stability offered by large companies. In the first half of the period, large
companies offered enough growth to satisfy investors, who saw no reason to take
additional risks typically associated with smaller companies. However, in the
second half of the period, the market had a new reason to prefer large
companies. The worsening Asian economic crisis and Russia's collapsing currency
led investors to seek large U.S. companies in a "flight to quality."
How would you describe your strategy in managing the Fund?
The Fund, which we launched on December 1, 1997, invests in businesses that
generally offer the growth prospects of smaller companies without the risk
inherent in small-cap stocks. When businesses reach a medium market
capitalization (between $1 billion and $5 billion) they have matured beyond the
risky start-up phase and are poised for steadier growth. Our goal is to find
companies that we believe can grow their revenues and profits in excess of 15%
per year, which is currently about twice the rate of growth for the general
market as measured by the Standard & Poor's 500 Index.
4 Oppenheimer MidCap Fund
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[PHOTO OMITTED]
Portfolio Management
(l to r)
John Doney
Bruce Bartlett
(Portfolio Manager)
Can you still expect companies to grow at a 15% annual rate when the global
economy is slowing?
It's important not to confuse global economic growth with growth for specific
companies. We're still searching for companies that can sustain high levels of
earnings growth even during periods of a general slowdown in the market. That
does not mean that the companies' earnings growth won't slow to some degree, but
we are looking for companies that we believe are going to be able to sustain a
level of growth that is much higher than the market in general.
Have you emphasized any particular industries?
We use a bottom-up stock selection process which has continued to lead us
towards the technology sector. We believe that technology is becoming the fourth
essential factor of production, after land, labor and capital. An example of a
technology holding is Uniphase Corp., which manufactures components to help
expand the transmission of voice data, video and Internet-related traffic. Sales
and profits for this cutting-edge company have been growing at a 40% annual
rate.
What would be another attractive area?
The consumer is the primary driver of the U.S. economy. Although there are
concerns about a recession, the economy continues to display very low levels of
unemployment, record low interest rates, strong real wage growth and very high
levels of consumer confidence.
5 Oppenheimer MidCap Fund
<PAGE>
Cumulative Total Returns
For the Period from 12/1/97 to 9/30/98(1)
Since
Inception
- ---------------------------------------
Class A -0.94%
- ---------------------------------------
Class B -0.60
- ---------------------------------------
Class C 3.50
- ---------------------------------------
Class Y 5.50
- ---------------------------------------
An interview with your Fund's manager
- --------------------------------------------------------------------------------
These factors have translated into very strong sales of new and existing homes,
which in turn has driven very high levels of home improvement and related items.
A major holding in the Fund is Linens 'N Things, Inc., a leading retailer of
home furnishings and accessories that is benefiting from the booming housing
market.
Another consumer-related stock in the portfolio is U.S. Foodservice, Inc.,
which distributes private label and general restaurant food supplies to
restaurants, hotels and other institutions. We consider U.S. Foodservice to be a
defensive stock because expenditures on food are generally unaffected by
economic conditions.
What stock has held up particularly well during the market's recent volatility?
The Fund invested in a pharmaceuticals distribution company, which is benefiting
from the aging population and the increasing demand for medication. The average
number of prescriptions rises fourfold once a person reaches 60 years of age,
and that segment of our population is going to be growing enormously over the
next decade. This company is also a very predictable business that is relatively
unaffected by the ups and downs of the economy.
What is your outlook?
Over the next few years, we think that medium-sized companies are going to be
attractive investments.
1. Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the periods
shown. The inception date of the Fund is 12/1/97 (for all classes). Class A
returns include the current maximum initial sales charge of 5.75%. Class B
returns include the applicable contingent deferred sales charge of 5%. Class C
returns for the one-year result include the contingent deferred sales charge of
1%. Class Y shares are offered to certain institutional investors. Class B and C
shares are subject to an annual 0.75% asset-based sales charge. An explanation
of the different performance calculations is in the Fund's prospectus.
6 Oppenheimer MidCap Fund
<PAGE>
[PIE CHART OMITTED]
Asset Allocation(2)
Equities 80.6%
Cash Equivalents 19.4
Mid-cap stocks are offering a higher level of earnings growth than the market in
general. At the same time, they are substantially less expensive than larger-cap
stocks. So we believe that our style of seeking mid-cap companies that can
sustain solid revenue and earnings growth will ultimately be rewarded. Since we
build the Fund's holdings one stock at a time, we remain comfortable with the
portfolio's investment merits. This focus on individual companies exhibiting
superior growth is part of what makes Oppenheimer MidCap Fund The Right Way to
Invest.
- --------------------------------------------------------------------------------
Top 10 Stock Holdings(2)
- --------------------------------------------------------------------------------
Sofamor Danek Group, Inc. 3.4%
- --------------------------------------------------------------------------------
Linens 'N Things, Inc. 3.4
- --------------------------------------------------------------------------------
Waters Corp. 3.2
- --------------------------------------------------------------------------------
U.S. Foodservice, Inc. 3.2
- --------------------------------------------------------------------------------
General Instrument Corp. 3.1
- --------------------------------------------------------------------------------
Vitesse Semiconductor Corp. 3.1
- --------------------------------------------------------------------------------
Biogen, Inc. 3.0
- --------------------------------------------------------------------------------
Uniphase Corp. 3.0
- --------------------------------------------------------------------------------
Best Buy Co., Inc. 2.8
- --------------------------------------------------------------------------------
Dial Corp. (The) 2.7
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Top 5 Industries(2)
- --------------------------------------------------------------------------------
Computer Software 9.5%
- --------------------------------------------------------------------------------
Retail: Specialty 9.1
- --------------------------------------------------------------------------------
Telecommunications/Technology 8.2
- --------------------------------------------------------------------------------
Industrial Services 7.4
- --------------------------------------------------------------------------------
Banks 6.1
- --------------------------------------------------------------------------------
2. Portfolio is subject to change. Percentages are as of October 31, 1998, and
are based on total market value of investments.
7 Oppenheimer MidCap 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 October
31,1998, followed by a graphical comparison of the Fund's performance to an
appropriate broad-based market index.
o Management's Discussion of Performance. During the period from the
inception of the Fund on December 1, 1997 to October 31, 1998, a difficult
period for small- and mid-cap stocks, Oppenheimer MidCap Fund performed well. In
fact, the Fund outperformed both the S&P MidCap 400 Index and the Lipper Mid-Cap
Fund Index during this period. The portfolio managers seek companies that are
growing at least 15% in revenues and profits per year and as a result, the
portfolio has tended to include a large percentage of stock of technology
companies. Other areas of emphasis tend to be pharmaceutical companies and niche
retailers. The Fund's portfolio holdings, allocations and our management
strategies are subject to change.
8 Oppenheimer MidCap Fund
<PAGE>
o Comparing the Fund's Performance to the Market. The graphs that follow
show the performance of a hypothetical $10,000 investment in each class of
shares of the Fund held until October 31, 1998. Performance is measured from the
inception of all the classes on December 1, 1997. The Fund's performance
reflects the deduction of the 5.75% maximum initial sales charge on Class A
shares, the 5% applicable contingent deferred sales charge for Class B, and the
1% (1-year) contingent deferred sales charge for Class C shares. The graphs
assume that all dividends and capital gains distributions were reinvested in
additional shares.
The Fund's performance is compared to that of S&P MidCap 400 Index. The
S&P MidCap 400 is an unmanaged index of 400 domestic stocks chosen for market
size liquidity, and industry group representation. 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 shows 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 in the index.
9 Oppenheimer MidCap Fund
<PAGE>
Fund performance
- --------------------------------------------------------------------------------
Class A Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer MidCap Fund (Class A) and S&P MidCap 400 Index
[The following information was represented by a line graph in the printed
materials.]
Oppenheimer S&P 400
MidCap Fund MidCap
Class A Index
- --------------------------------------------------------------------------------
12.1.97 9425 10000
- --------------------------------------------------------------------------------
10.31.98 10207 10516
- --------------------------------------------------------------------------------
Cumulative Total Return of Class A Shares of the Fund at 10/31/98(1)
Life 2.07%
Class B Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer MidCap Fund (Class B) and S&P MidCap 400 Index
[The following information was represented by a line graph in the printed
materials.]
Oppenheimer S&P 400
MidCap Fund MidCap
Class B Index
- --------------------------------------------------------------------------------
12.1.97 10000 10000
- --------------------------------------------------------------------------------
10.31.98 10270 10516
- --------------------------------------------------------------------------------
Cumulative Total Return of Class B Shares of the Fund at 10/31/98(2)
Life 2.70%
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 for the S&P MidCap 400 Index in the graphs begins on
11/30/97.
1. The inception date of the Fund is 12/1/97. The cumulative total return is
shown net of the applicable 5.75% maximum initial sales charge.
2. Class B shares of the Fund were first publicly offered on 12/1/97. The
cumulative total return is shown net of the applicable 5% contingent deferred
sales charge for the life of the class. The ending account value in the graph is
net of the applicable 5% contingent deferred sales charge.
10 Oppenheimer MidCap Fund
<PAGE>
Class C Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer MidCap Fund (Class C) and S&P MidCap 400 Index
[The following information was represented by a line graph in the printed
materials.]
Oppenheimer S&P 400
MidCap Fund MidCap
Class C Index
- --------------------------------------------------------------------------------
12.1.97 10000 10000
- --------------------------------------------------------------------------------
10.31.98 10660 10516
- --------------------------------------------------------------------------------
Cumulative Total Return of Class C Shares of the Fund at 10/31/98(3)
Life 6.60%
Class Y Shares
Comparison of Change in Value of $10,000 Hypothetical Investments in:
Oppenheimer MidCap Fund (Class Y) and S&P MidCap 400 Index
[The following information was represented by a line graph in the printed
materials.]
Oppenheimer S&P 400
MidCap Fund MidCap
Class Y Index
- --------------------------------------------------------------------------------
12.1.97 10000 10000
- --------------------------------------------------------------------------------
10.31.98 10880 10516
- --------------------------------------------------------------------------------
Cumulative Total Return of Class Y Shares of the Fund at 10/31/98(4)
Life 8.80%
3. Class C shares of the Fund were first publicly offered on 12/1/97. The
cumulative total return is shown net of the applicable 1% contingent deferred
sales charge for the one-year period.
4. Class Y shares of the Fund were first offered on 12/1/97 and are offered to
certain institutional investors.
Past performance is not predictive of future performance.
11 Oppenheimer MidCap Fund
<PAGE>
Financials
12 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments October 31, 1998
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
================================================================================
Common Stocks--79.2%
- --------------------------------------------------------------------------------
Consumer Cyclicals--17.9%
- --------------------------------------------------------------------------------
Autos & Housing--1.7%
Maytag Corp. 8,700 $ 430,106
- --------------------------------------------------------------------------------
Leisure & Entertainment--5.0%
Outback Steakhouse, Inc.(1) 12,500 432,812
- --------------------------------------------------------------------------------
SFX Entertainment, Inc., Cl. A(1) 10,500 332,062
- --------------------------------------------------------------------------------
Starbucks Corp.(1) 10,900 472,787
-----------
1,237,661
- --------------------------------------------------------------------------------
Media--1.9%
Young & Rubicam, Inc.(1) 18,300 478,087
- --------------------------------------------------------------------------------
Retail: Specialty--9.3%
Abercrombie & Fitch Co., Cl. A(1) 17,000 674,687
- --------------------------------------------------------------------------------
Best Buy Co., Inc.(1) 15,000 720,000
- --------------------------------------------------------------------------------
Linens 'N Things, Inc.(1) 27,500 850,781
- --------------------------------------------------------------------------------
Pier 1 Imports, Inc. 6,350 58,737
-----------
2,304,205
- --------------------------------------------------------------------------------
Consumer Non-Cyclicals--18.3%
- --------------------------------------------------------------------------------
Food--4.3%
Twinlab Corp.(1) 12,000 266,250
- --------------------------------------------------------------------------------
U.S. Foodservice, Inc.(1) 17,000 807,500
-----------
1,073,750
- --------------------------------------------------------------------------------
Healthcare/Drugs--5.6%
Bergen Brunswig Corp., Cl. A 12,700 619,919
- --------------------------------------------------------------------------------
Biogen, Inc.(1) 11,000 764,500
-----------
1,384,419
- --------------------------------------------------------------------------------
Healthcare/Supplies & Services--5.6%
Arterial Vascular Engineering, Inc.(1) 10,000 307,500
- --------------------------------------------------------------------------------
McKesson Corp. 3,000 231,000
- --------------------------------------------------------------------------------
Sofamor Danek Group, Inc.(1) 8,500 863,812
-----------
1,402,312
13 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Continued)
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Household Goods--2.8%
Dial Corp. (The) 25,000 $ 689,063
- --------------------------------------------------------------------------------
Financial--7.6%
- --------------------------------------------------------------------------------
Banks--6.3%
AmSouth Bancorp 13,000 520,813
- --------------------------------------------------------------------------------
First Tennessee National Corp. 20,000 633,750
- --------------------------------------------------------------------------------
Providian Financial Corp. 5,000 396,875
-----------
1,551,438
- --------------------------------------------------------------------------------
Diversified Financial--1.3%
Finova Group, Inc. 6,550 319,313
- --------------------------------------------------------------------------------
Industrial--7.5%
- --------------------------------------------------------------------------------
Industrial Services--7.5%
Acxiom Corp.(1) 5,300 133,163
- --------------------------------------------------------------------------------
Allied Waste Industries, Inc. (New)(1) 11,115 240,362
- --------------------------------------------------------------------------------
Central Parking Corp. 12,700 532,606
- --------------------------------------------------------------------------------
Metamor Worldwide, Inc.(1) 3,500 89,906
- --------------------------------------------------------------------------------
Republic Services, Inc., Cl. A(1) 14,700 321,563
- --------------------------------------------------------------------------------
ServiceMaster Co. (The) 11,550 243,994
- --------------------------------------------------------------------------------
United Rentals, Inc.(1) 11,500 309,063
-----------
1,870,657
- --------------------------------------------------------------------------------
Technology--27.2%
- --------------------------------------------------------------------------------
Aerospace/Defense--1.5%
Gulfstream Aerospace Corp.(1) 8,500 376,125
- --------------------------------------------------------------------------------
Computer Hardware--3.3%
Waters Corp.(1) 11,000 808,500
- --------------------------------------------------------------------------------
Computer Software/Services--9.7%
Ceridian Corp.(1) 12,000 688,500
- --------------------------------------------------------------------------------
Citrix Systems, Inc.(1) 8,500 602,438
- --------------------------------------------------------------------------------
Compuware Corp.(1) 8,300 449,756
- --------------------------------------------------------------------------------
Electronic Arts, Inc.(1) 10,000 411,250
- --------------------------------------------------------------------------------
Visio Corp.(2) 9,600 255,600
-----------
2,407,544
- --------------------------------------------------------------------------------
Electronics--4.4%
Micron Electronics, Inc.(1) 15,000 314,063
- --------------------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 24,000 774,000
-----------
1,088,063
14 Oppenheimer MidCap Fund
<PAGE>
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- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Telecommunications/Technology--8.3%
General Instrument Corp.(1) 30,500 $ 783,469
- --------------------------------------------------------------------------------
Global Crossings Ltd.(1) 18,500 531,875
- --------------------------------------------------------------------------------
Uniphase Corp.(1)(2) 15,300 757,350
-----------
2,072,694
- --------------------------------------------------------------------------------
Utilities--0.7%
- --------------------------------------------------------------------------------
Telephone Utilities--0.7%
Qwest Communications International, Inc.(1) 4,664 182,479
-----------
Total Common Stocks (Cost $19,322,067) 19,676,416
================================================================================
Preferred Stocks--2.8%
- --------------------------------------------------------------------------------
L & H Capital Trust, Inc., 4.75% Cv. Preferred Income
Equity Redeemable Securities(3) 8,000 283,000
- --------------------------------------------------------------------------------
United Rental Trust I, 6.50% Cv. Quarterly Income
Preferred Securities(1)(3) 10,000 403,750
-----------
Total Preferred Stocks (Cost $900,000) 686,750
Face
Amount
================================================================================
Repurchase Agreements--19.7%
- --------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital
Markets, 5.38%, dated 10/30/98, to be repurchased
at $4,902,197 on 11/2/98, collateralized by U.S.
Treasury Bonds, 6.25%-8.125%, 8/15/21-8/15/23,
with a value of $528,497, and U.S. Treasury Nts.,
5.625%-6.875%, 5/15/99-5/15/06, with a value of
$4,471,670 (Cost $4,900,000) $4,900,000 4,900,000
- --------------------------------------------------------------------------------
Total Investments, at Value (Cost $25,122,067) 101.7% 25,263,166
- --------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.7) (413,661)
---------- -----------
Net Assets 100.0% $24,849,505
========== ===========
1. Non-income producing security.
2. Securities with an aggregate market value of $1,012,950 are held in
collateralized accounts to cover initial margin requirements on open futures
sales contracts. See Note 5 of Notes to Financial Statements.
3. 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 $686,750 or 2.76% of the Fund's net assets
as of October 31, 1998.
See accompanying Notes to Financial Statements.
15 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1998
- --------------------------------------------------------------------------------
================================================================================
Assets
Investments, at value (including repurchase
agreements of $4,900,000) (cost $25,122,067)
- --see accompanying statement $25,263,166
- --------------------------------------------------------------------------------
Cash 71,703
- --------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 254,172
Shares of beneficial interest sold 319,022
Daily variation on futures contracts--Note 5 18,450
Interest and dividends 2,417
Other 6,949
-----------
Total assets 25,935,879
================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 1,047,588
Distribution and service plan fees 5,988
Shares of beneficial interest redeemed 11,538
Other 21,260
-----------
Total liabilities 1,086,374
================================================================================
Net Assets $24,849,505
===========
================================================================================
Composition of Net Assets
Paid-in capital $27,469,049
- --------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (2,813,668)
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments--Notes 3 and 5 194,124
-----------
Net assets $24,849,505
===========
16 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$14,606,739 and 1,349,228 shares of beneficial interest outstanding) $10.83
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $11.49
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $7,654,426 and 710,978 shares of beneficial interest
outstanding) $10.77
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $2,587,252 and 240,533 shares of beneficial interest
outstanding) $10.76
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $1,088 and 100 shares of beneficial
interest outstanding) $10.88
See accompanying Notes to Financial Statements.
17 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Period Ended October 31,1998(1)
- --------------------------------------------------------------------------------
================================================================================
Investment Income
Interest $ 111,214
- --------------------------------------------------------------------------------
Dividends 28,614
-----------
Total income 139,828
================================================================================
Expenses
Management fees--Note 4 81,953
- --------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 15,837
Class B 32,114
Class C 11,598
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 24,579
- --------------------------------------------------------------------------------
Legal, auditing and other professional fees 15,907
- --------------------------------------------------------------------------------
Shareholder reports 8,798
- --------------------------------------------------------------------------------
Registration and filing fees 7,644
- --------------------------------------------------------------------------------
Other 9,554
-----------
Total expenses 207,984
================================================================================
Net Investment Loss (68,156)
================================================================================
Realized and Unrealized Gain (Loss)
Net realized loss on investments (2,757,709)
- --------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation
on investments 194,124
-----------
Net realized and unrealized loss (2,563,585)
================================================================================
Net Decrease in Net Assets Resulting from Operations $(2,631,741)
===========
1. For the period from December 1, 1997 (commencement of operations) to October
31, 1998.
See accompanying Notes to Financial Statements.
18 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets
- --------------------------------------------------------------------------------
Period Ended
October 31,
1998(1)
================================================================================
Operations
Net investment loss $ (68,156)
- -------------------------------------------------------------------------------
Net realized loss (2,757,709)
- -------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 194,124
------------
Net decrease in net assets resulting from operations (2,631,741)
================================================================================
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions--Note 2:
Class A 15,972,120
Class B 8,617,664
Class C 2,890,462
Class Y 1,000
================================================================================
Net Assets
Total increase 24,849,505
- -------------------------------------------------------------------------------
Beginning of period --
------------
End of period $ 24,849,505
============
1. For the period from December 1, 1997 (commencement of operations) to October
31, 1998.
See accompanying Notes to Financial Statements.
19 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Class B Class C Class Y
------- ------- ------- -------
Period Period Period Period
Ended Ended Ended Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1998(1) 1998(1) 1998(1) 1998(1)
=========================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $10.00 $10.00 $10.00 $10.00
- ---------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment gain (loss) (.02) (.05) (.05) .01
Net realized and unrealized gain .85 .82 .81 .87
------ ------ ------ ------
Total income from investment
operations .83 .77 .76 .88
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.83 $10.77 $10.76 $10.88
====== ====== ====== ======
=========================================================================================================
Total Return, at Net Asset Value(2) 8.30% 7.70% 7.60% 8.80%
=========================================================================================================
Ratios/Supplemental Data
Net assets, end of period
(in thousands) $14,607 $7,654 $2,587 $1
- ---------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $7,185 $3,521 $1,271 $1
- ---------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income (loss) (0.33)% (1.06)% (1.07)% 0.05%
Expenses 1.59% 2.35% 2.35% 1.09%
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 117.2% 117.2% 117.2% 117.2%
</TABLE>
1. For the period from December 1, 1997 (commencement of operations) to October
31, 1998.
2. Assumes a 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.
4. 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 October 31, 1998, were $35,369,696 and $12,659,920, respectively.
See accompanying Notes to Financial Statements.
20 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies
Oppenheimer MidCap 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 to seek capital appreciation. The
Fund's investment advisor is OppenheimerFunds, Inc. (the Manager). The Fund
offers Class A, Class B, Class C and Class Y shares. Class A shares are sold
with a front-end sales charge. Class B and Class C shares may be subject to a
contingent deferred sales charge. 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. No such plan has been adopted for Class Y
shares. 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.
- --------------------------------------------------------------------------------
Investment 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.
- --------------------------------------------------------------------------------
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.
21 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies (continued)
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 October 31, 1998, the
Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $2,793,000, expiring in 2006.
- --------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders 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. The character of the 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 period 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 $68,156, and an increase in accumulated net realized loss on
investments of $55,959.
22 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and options written 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.
================================================================================
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:
Period Ended October 31, 1998(1)
--------------------------------
Shares Amount
- -------------------------------------------------------------------------------
Class A:
Sold 1,814,456 $21,297,357
Redeemed (465,228) (5,325,237)
--------- -----------
Net increase 1,349,228 $15,972,120
========= ===========
- -------------------------------------------------------------------------------
Class B:
Sold 1,028,170 $12,132,431
Redeemed (317,192) (3,514,767)
--------- -----------
Net increase 710,978 $ 8,617,664
========= ===========
- -------------------------------------------------------------------------------
Class C:
Sold 332,549 $ 3,888,969
Redeemed (92,016) (998,507)
--------- -----------
Net increase 240,533 $ 2,890,462
========= ===========
- -------------------------------------------------------------------------------
Class Y:
Sold 100 $ 1,000
Redeemed -- --
--------- -----------
Net increase 100 $ 1,000
========= ===========
1. For the period from December 1, 1997 (commencement of operations) to October
31, 1998.
23 Oppenheimer MidCap Fund
<PAGE>
- -------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- -------------------------------------------------------------------------------
================================================================================
3. Unrealized Gains and Losses on Investments
As of October 31, 1998, net unrealized appreciation on investments of $141,099
was composed of gross appreciation of $1,600,088, and gross depreciation of
$1,458,989.
================================================================================
4. Management Fees and Other Transactions with Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of 0.75% of
the first $200 million of average annual net assets, 0.72% of the next $200
million, 0.69% of the next $200 million, 0.66% of the next $200 million, and
0.60% of average annual net assets in excess of $800 million. The Fund's
management fee for the period ended October 31, 1998 was 0.75% of the average
annual net assets for Class A, Class B, Class C and Class Y shares.
For the period ended October 31, 1998, commissions (sales charges
paid by investors) on sales of Class A shares totaled $176,556, of which $47,171
was retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class A, Class
B and Class C shares totaled $20,117, $248,554 and $23,256, respectively. The
amount paid to an affiliated broker/dealer for Class B shares was $14,208.
During the period ended October 31, 1998, OFDI received contingent deferred
sales charges of $2,858 upon redemption of Class B shares as reimbursement for
sales commissions advanced by OFDI at the time of sale of such shares.
OppenheimerFunds Services (OFS), a division of the Manager, is
the transfer and shareholder servicing agent for the Fund and other Oppenheimer
funds. OFS's total costs of providing such services are allocated ratably to
these funds.
The Fund has adopted a Distribution and Service Plan for Class A
shares to compensate OFDI for a portion of its costs incurred in connection with
the personal service and maintenance of shareholder accounts that hold Class A
shares. Under the Plan, the Fund pays an annual asset-based sales charge to OFDI
of 0.25% per year on Class A shares. The Fund also pays a service fee to OFDI of
0.25% per year. Each fee is computed on the average annual net assets of Class A
shares of the Fund, determined as of the close of each regular business day.
OFDI uses all of the service fee and a portion of the asset-based sales charge
to compensate brokers, dealers, banks and other financial institutions quarterly
for providing personal service and maintenance of accounts of their customers
that hold Class A shares. OFDI retains the balance of the asset-based sales
charge to reimburse itself for its other expenditures under the Plan. During the
period ended October 31, 1998, OFDI paid $1,022 to an affiliated broker/dealer
as compensation for Class A personal service and maintenance expenses.
24 Oppenheimer MidCap Fund
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
================================================================================
The Fund has adopted Distribution and Service Plans for Class B and Class C
shares to compensate OFDI for its costs in distributing Class B and Class C
shares and servicing accounts. Under the Plans, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on Class B and Class C shares for its
services rendered in distributing Class B and Class C shares. OFDI also receives
a service fee of 0.25% per year to compensate dealers for providing personal
services for accounts that hold Class B and Class C shares. Each fee is computed
on the average annual net assets of Class B or Class C shares, determined as of
the close of each regular business day. During the period ended October 31,
1998, OFDI retained $29,665 and $9,054, respectively, as compensation for Class
B and Class C sales commissions and service fee advances, as well as financing
costs. If either Plan is terminated by the Fund, the Board of Trustees may allow
the Fund to continue payments of the asset-based sales charge to OFDI for
distributing shares before the Plan was terminated. As of October 31, 1998, OFDI
had incurred excess distribution and servicing costs of $293,874 for Class B and
$41,722 for Class C.
================================================================================
5. Futures Contracts
The Fund may buy and sell index futures contracts in order to gain exposure to
or protect against changes in interest rates. The Fund may also buy or write put
or call options on these futures contracts.
The Fund generally sells futures contracts to hedge against
increases in interest rates and the resulting negative effect on the value of
fixed rate portfolio securities. The Fund may also purchase futures contracts to
gain exposure to changes in interest rates as it may be more efficient or cost
effective than actually buying fixed income securities.
Upon entering into a futures contract, the Fund is required to
deposit either cash or securities (initial margin) in an amount equal to a
certain percentage of the contract value. Subsequent payments (variation margin)
are made or received by the Fund each day. The variation margin payments are
equal to the daily changes in the contract value and are recorded as unrealized
gains and losses. The Fund recognizes a realized gain or loss when the contract
is closed or expires.
Securities held in collateralized accounts to cover initial
margin requirements on open futures contracts are noted in the Statement of
Investments. The Statement of Assets and Liabilities reflects a receivable
and/or payable for the daily mark to market for variation margin.
Risks of entering into futures contracts (and related options)
include the possibility that there may be an illiquid market and that a change
in the value of the contract or option may not correlate with changes in the
value of the underlying securities.
25 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
================================================================================
5. Futures Contracts (continued)
As of October 31, 1998, the Fund had outstanding futures contracts as follows:
<TABLE>
<CAPTION>
Number of Valuation as of Unrealized
Contract Description Expiration Date Contracts October 31, 1998 Appreciation
- -------------------------------------------------------------------------------------------------------
Contracts to Purchase
- ---------------------
<S> <C> <C> <C> <C>
Standard & Poor's MidCap 400 Index 12/17/98 6 $1,009,200 $53,025
</TABLE>
================================================================================
6. 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 period ended
October 31, 1998.
26 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Report of Independent Accountants
- --------------------------------------------------------------------------------
================================================================================
To the Board of Trustees and Shareholders of
Oppenheimer MidCap Fund
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Oppenheimer MidCap Fund (the Fund)
at October 31, 1998, and the results of its operations, the changes in its net
assets and the financial highlights for the period from December 1, 1997
(commencement of operations) through October 31, 1998, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as financial statements) are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at October 31, 1998, by
correspondence with the custodian, provides a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
Denver, Colorado
November 20, 1998
27 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
Oppenheimer MidCap Fund
- --------------------------------------------------------------------------------
================================================================================
Officers and Trustees Bridget A. Macaskill, Chairman of the Board of Trustees
and President
Paul Y. Clinton, Trustee
Thomas W. Courtney, Trustee
Lacy B. Herrmann, Trustee
George Loft, Trustee
Robert C. Doll, Jr., Vice President
Bruce Bartlett, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
Investment Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and OppenheimerFunds Services
Shareholder
Servicing Agent
================================================================================
Custodian of The Bank of New York
Portfolio Securities
================================================================================
Independent Accountants PricewaterhouseCoopers LLP
================================================================================
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of
Oppenheimer MidCap Fund. This report must be preceded
or accompanied by a Prospectus of Oppenheimer MidCap
Fund. For material information concerning theFund, 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.
28 Oppenheimer MidCap Fund
<PAGE>
- --------------------------------------------------------------------------------
OppenheimerFunds Family
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
==================================================================================================================
Real Asset Funds
- ------------------------------------------------------------------------------------------------------------------
Real Asset Fund Gold & Special Minerals Fund
==================================================================================================================
Global Stock Funds
- ------------------------------------------------------------------------------------------------------------------
Developing Markets Fund International Growth Fund Quest Global Value Fund
International Small Global Fund Global Growth & Income Fund
Company Fund
==================================================================================================================
Stock Funds
- ------------------------------------------------------------------------------------------------------------------
Enterprise Fund MidCap Fund Growth Fund
Discovery Fund Capital Appreciation Fund Disciplined Value Fund
Quest Small Cap Value Fund Quest Capital Value Fund Quest Value Fund
==================================================================================================================
Stock & Bond Funds
- ------------------------------------------------------------------------------------------------------------------
Main Street Income & Total Return Fund Disciplined Allocation Fund
Growth Fund Quest Balanced Multiple Strategies Fund
Quest Opportunity Value Fund(1) Convertible Securities Fund(2)
Value Fund Equity Income Fund
==================================================================================================================
Taxable Bond Funds
- ------------------------------------------------------------------------------------------------------------------
International Bond Fund Champion Income Fund U.S. Government Trust
World Bond Fund Strategic Income Fund Limited-Term Government Fund
High Yield Fund Bond Fund
==================================================================================================================
Municipal Bond Funds
- ------------------------------------------------------------------------------------------------------------------
California Municipal Fund(3) Pennsylvania Municipal Fund(3) Rochester Division:
Florida Municipal Fund(3) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(3) Insured Municipal Fund Limited Term New York
New York Municipal Fund(3) Intermediate Municipal Fund Municipal Fund
==================================================================================================================
Money Market Funds(4)
- ------------------------------------------------------------------------------------------------------------------
Money Market Fund Cash Reserves
</TABLE>
1. On 5/18/98, the Fund's name was changed from "Quest Growth & Income Value
Fund."
2. On 4/28/98, the Fund's name was changed from "Bond Fund for Growth."
3. Available only to investors 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, NY 10048-0203.
(C) Copyright 1998 OppenheimerFunds, Inc. All rights reserved.
29 Oppenheimer MidCap Fund
<PAGE>
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<PAGE>
[GRAPHIC OMITTED]
<PAGE>
Internet
24-hr access to account
information. Online
trans actions now available
- ---------------------------------------
www.oppenheimerfunds.com
- ---------------------------------------
General Information
Mon-Fri 8:30am-9pm ET
Sat 10am-4pm ET
- ---------------------------------------
1-800-525-7048
- ---------------------------------------
Account Transactions
Mon-Fri 8:30am-8pm ET
- ---------------------------------------
1-800-852-8457
- ---------------------------------------
PhoneLink
24-hr automated information
and automated transactions
- ---------------------------------------
1-800-533-3310
- ---------------------------------------
Telecommunication Device
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Mon-Fri 8:30am-2pm ET
- ---------------------------------------
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- ---------------------------------------
OppenheimerFunds
Information Hotline
24 hours a day, timely and
insightful messages on the
economy and issues that
affect your investments
- ---------------------------------------
1-800-835-3104
- ---------------------------------------
Information and services
- --------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number or by visiting our website. And, by
enrolling in AccountLink, a convenient service that "links" your Oppenheimer
funds accounts and your bank checking or savings account, you can use the
Telephone Transactions number or website to make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today, or visit us at our website at
www.oppenheimerfunds.com--we're here to help.
[LOGO] OppenheimerFunds(R)
Distributor, Inc.
RA0745.001.1098 December 30, 1998
