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Previous: VALUE LINE HEDGED OPPORTUNITY FUND INC, RW, 1999-09-29 |
Next: AIM SPECIAL OPPORTUNITIES FUNDS, NSAR-B, 1999-09-29 |
<PAGE> PAGE 1
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<PAGE> PAGE 2
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TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
The Board of Trustees and Shareholders of
Oppenheimer Large Cap Growth Fund:
In planning and performing our audit of the financial statements of Oppenheimer
Large Cap Growth Fund (the Fund) for the period from December 17, 1998
(commencement of operations) to July 31, 1999, 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 the 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, error 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
July 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Oppenheimer Large Cap Growth Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
KPMG LLP
Denver, Colorado
August 20, 1999
<PAGE>
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 July 31, 1999, amounts have been reclassified to reflect a decrease
in paid-in capital of $1,562, a decrease in accumulated net investment loss of
$33,636, and a decrease in accumulated net realized gain on investments of
$32,074.
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