[photo of mountains]
Semiannual Report January 31, 2000
Oppenheimer
Large Cap Growth Fund
[logo] OppenheimerFunds(R)
The Right Way to Invest
<PAGE>
REPORT HIGHLIGHTS
The Fund participated in the rally of growth stocks, which led the U.S. stock
market and outperformed value-oriented stocks by a wide margin.
Performance benefited most from the Fund's exposure to the technology and
healthcare sector.
Cumulative
Total Returns
For the 6-Month Period
Ended 1/31/00*
Class A
Without With
Sales Chg. Sales Chg.
- ----------------------
12.42% 5.96%
Class B
Without With
Sales Chg. Sales Chg.
- ----------------------
11.95% 6.95%
Class C
Without With
Sales Chg. Sales Chg.
- ----------------------
12.04% 11.04%
Class Y
Without With
Sales Chg. Sales Chg.
- ----------------------
12.73% 12.73%
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Managers
9 Financial
Statements
25 Officers and Trustees
- -----------------------
Not FDIC Insured.
No Bank Guarantee.
May Lose Value.
- -----------------------
* See page 7 for further details.
<PAGE>
PRESIDENT'S LETTER
[Macaskill photo]
Bridget A. Macaskill
President
Oppenheimer
Large Cap
Growth Fund
Dear shareholder,
Whenever a new year begins--let alone a new decade or century--it makes sense to
pause a moment to assess where we've been and where we're going.
In retrospect, U.S. stocks and bonds in 1999 were subject to sudden and
substantial swings in investor sentiment because of economic uncertainty. When
the year began, investors were concerned that growth in the United States might
slow in response to economic weakness overseas. At mid-year, investors were
concerned that the economy was too strong, potentially rekindling inflationary
pressures. Yet, by year end, it became clearer that while the U.S. economy grew
robustly in 1999, inflation remained at low levels. Indeed, investors appeared
more comfortable with the economy after the Federal Reserve Board demonstrated
its inflation-fighting resolve by raising interest rates three times between
June and November.
As is normal in a rising-interest-rate environment, bond prices generally
declined in 1999, led lower by U.S. Treasury bonds. In the stock market, while
most major indices advanced, strong performance was mostly limited to a handful
of large-capitalization growth companies, principally in the technology arena.
Smaller and value-oriented stocks provided particularly lackluster returns, and
overall, foreign stocks outperformed U.S. stocks in 1999.
Looking forward, we expect the U.S. economy to remain on a
moderate-growth, low-inflation course. As recent revisions of 1999's economic
statistics demonstrated, the economy has defied many analysts' forecasts by
growing at a strong rate, which should be positive for the bond market.
Similarly, positive economic forces could help the stock market's performance
broaden to include value-oriented and smaller stocks.
We see particularly compelling opportunities outside of the U.S. market.
Many foreign stocks also ended 1999 more attractively valued than large-cap U.S.
stocks, and economic trends in overseas markets could lead to higher stock
prices. In Europe, corporate restructuring has just begun, giving
1 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
PRESIDENT'S LETTER
companies there the same potential for cost-cutting and productivity
improvements that U.S. companies enjoyed 10 years ago. In Japan and Asia,
economic recovery is expected to gain strength, which could allow stocks to
rally from relatively low levels.
Another 1999 trend that should remain in force in 2000 is the growth of
businesses related to the Internet. The rise of e-commerce has been good for
consumers and the economy because of greater price competition, which has helped
keep inflation under control. The Internet has also been good for investors, as
even companies with no earnings have seen their stock prices soar. Clearly,
while the Internet is here to stay, not all "dot-com" companies will survive,
and many of these high-flying Internet stocks will eventually--and perhaps very
suddenly--return to more reasonable levels. The long-term winners are most
likely to be companies that support the Internet's growth with content or
infrastructure.
What else is in store for investors in 2000? While we do not have an
infallible crystal ball, we believe that in almost any investment environment,
consistent success stems from an unwavering focus on fundamental investment
principles such as maintaining a long-term perspective, using diversification to
manage risk and availing oneself of the services of a knowledgeable financial
advisor. Indeed, these principles serve as the foundation for every investment
we offer, helping to make OppenheimerFunds The Right Way to Invest in 2000 and
beyond.
Sincerely,
/S/ Bridget A. Macaskill
Bridget A. Macaskill
February 22, 2000
These general market views represent opinions of OppenheimerFunds, Inc. and
are not intended to predict or depict performance of any particular fund.
Specific discussion, as it applies to your Fund, is contained in the pages that
follow.
2 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS(1)
Q How did Oppenheimer Large Cap Growth Fund perform over the six-month period
that ended January 31, 2000?
A. We are pleased with the Fund's returns during the six-month reporting period.
The Fund participated in the rally of growth stocks, which led the U.S. stock
market and outperformed value-oriented stocks by a wide margin.
Although the stock market produced very attractive returns over the
period, a closer look reveals that the market's rise was fueled by a relatively
small number of companies. Good performance was particularly concentrated within
fast-growing technology stocks, many of which have reached valuations that are
quite high by historical measures. We are particularly pleased, therefore, that
the Fund's broadly diversified portfolio provided good performance even in this
very narrow market.
What is the Fund's stock selection strategy?
Oppenheimer Large Cap Growth Fund seeks to invest in the most attractive stocks
within each sector of the Russell 1000(R) Growth Index, which is composed
almost exclusively of large-capitalization growth stocks. To find the most
attractive growth-oriented stocks, we employ a "bottom up" management approach
in which we rigorously assess the strengths and weaknesses of individual
companies rather than investing according to broad economic or market trends.
1. Effective September 14, 1999, Patrick Bisbey and David Dalzell became the
portfolio managers of the Fund.
3 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGERS
In particular, we use multifactor computer models that rank the stocks within
each market sector according to their relative attractiveness on a variety of
growth and momentum measures. Our team of securities analysts then conducts
intensive fundamental research into the most highly ranked companies. By
combining the discipline of quantitative analysis with portfolio management
judgment supported by fundamental research, we believe that we can eliminate
emotional and subjective biases in order to produce higher returns than the
Russell 1000 Growth Index over the course of a full market cycle.
To manage the risks of investing, we try to ensure that the percentage of
Fund assets allocated to each market sector approximates its weighting in the
Russell 1000 Growth Index. Within each sector, we strive to add value by
emphasizing those stocks that we regard as most attractive, and deemphasizing
those stocks that we believe are least attractive.
What sectors contributed most to the Fund's returns during the reporting period?
The Fund's performance was helped by our security selection strategy within the
healthcare sector of the portfolio. The Fund also benefited from its substantial
exposure to the technology sector, which comprised almost half of the portfolio
as of January 31, 2000.
[CALLOUT]
"we employ a 'bottom up' management approach in which we rigorously assess the
strengths and weaknesses of individual companies..."
4 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
Given the narrowness of the market's advance in 1999, do you intend to change
your diversification strategy?
Our broad diversification strategy remains sound. Objective analysis of
long-term market trends confirms that broad diversification can reduce
short-term volatility. Moreover, we believe that diversification can provide a
significant performance advantage over a full market cycle. We've seen similarly
narrow markets before, including the "Nifty Fifty" in the 1970s, energy stocks
in the 1980s and the "Sweet Sixteen" consumer stocks in the early 1990s.
Ultimately, these overpriced stocks fell from their lofty valuations while the
rest of the market broadened considerably. In our opinion, a diversified
portfolio can help cushion the adverse effects of such declines.
Oppenheimer Large Cap Growth Fund is designed to address the large-cap
growth portion in investors' overall investment portfolio. We expect to remain
true to our style, with no drift. While that may be disadvantageous when growth
is out of favor, it is a useful way for investors to diversify a portfolio
across investment styles.
What is your outlook for the foreseeable future?
As "bottom up" portfolio managers, we do not attempt to forecast economic or
market trends. Instead, we maintain an unwavering focus on the fundamental
strengths and weaknesses of the companies in which we invest. With that said,
however, it is difficult for us to imagine that the U.S. stock market will
remain as narrow as it was in 1999.
Average Annual
Total Returns(2)
For the Periods Ended 12/31/99
Class A Since
1-Year Inception
- -------------------------
23.31% 32.22%
Class Y Since
1-Year Inception
- -------------------------
31.38% 40.55%
- -------------------------
Cumulative
Total Returns(2)
For the Period from 3/1/99
to 12/31/99
Since
Inception
- -------------------------
Class B 34.37%
Class C 34.46
2. See page 7 for further details.
5 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
We believe that the market is likely to broaden as investors discover compelling
values in previously out-of-favor stocks and industry groups. Accordingly, we
intend to maintain our disciplined, diversified approach to investing in large
capitalization growth stocks. Indeed, maintaining the integrity of our approach
is what makes Oppenheimer Large Cap Growth Fund an important part of The Right
Way to Invest.
Top Ten Stock Holdings(4)
- ----------------------------------------------------------
Microsoft Corp. 7.1%
- ----------------------------------------------------------
General Electric Co. 6.5
- ----------------------------------------------------------
Cisco Systems, Inc. 6.5
- ----------------------------------------------------------
Bristol-Myers Squibb Co. 5.9
- ----------------------------------------------------------
Warner Lambert Co. 3.4
- ----------------------------------------------------------
Intel Corp. 3.2
- ----------------------------------------------------------
Network Appliance, Inc. 3.1
- ----------------------------------------------------------
Dell Computer Corp. 2.4
- ----------------------------------------------------------
Yahoo!, Inc. 2.3
- ----------------------------------------------------------
Johnson & Johnson 2.2
Sector Allocation(3)
[pie chart]
Technology 43.9%
Healthcare 16.8
Consumer
Staples 11.6
Consumer
Cyclicals 11.0
Capital Goods 9.4
Financial 2.5
Communication
Services 2.4
Basic Materials 1.2
Energy 1.2
3. Portfolio is subject to change. Percentages are as of January 31, 2000, and
are based on total market value of common stock holdings.
4. Portfolio is subject to change. Percentages are as of January 31, 2000, and
are based on total market value of investments. While the Fund generally has
invested under 10% of its assets in foreign securities, which are subject to
exchange rate and political uncertainties, it may invest up to 10% by
prospectus.
6 | OPPENHEIMER LARGE CAP GROWTH 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 include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. These total returns cover a short
period of time, and may not be representative of performance of a fund, such as
Oppenheimer Large Cap Growth Fund, that seeks capital appreciation for long-term
investors.
Class A shares were first publicly offered on 12/17/98. Class A returns include
the current maximum initial sales charge of 5.75%.
Class B shares of the Fund were first publicly offered on 3/1/99. Class B
returns include the applicable contingent deferred sales charge of 5% (1-year).
Class B shares are subject to an annual 0.75% asset-based sales charge.
Class C shares of the Fund were first publicly offered on 3/1/99. Class C
returns include the contingent deferred sales charge of 1%. Class C shares are
subject to an annual 0.75% asset-based sales charge.
Class Y shares of the Fund were first publicly offered on 12/17/98. Class Y
shares are offered only to certain institutional investors under special
agreement with the Distributor.
An explanation of the different performance calculations is in the Fund's
prospectus.
7 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
Financials
8 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF INVESTMENTS January 31, 2000 / Unaudited
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
===================================================================================
<S> <C> <C>
Common Stocks--95.9%
- -----------------------------------------------------------------------------------
Basic Materials--1.1%
- -----------------------------------------------------------------------------------
Chemicals--0.2%
Ecolab, Inc. 1,500 $ 52,781
- -----------------------------------------------------------------------------------
Paper--0.9%
Pactiv Corp.(1) 20,900 193,325
- -----------------------------------------------------------------------------------
Capital Goods--9.1%
- -----------------------------------------------------------------------------------
Aerospace/Defense--0.2%
General Dynamics Corp. 700 32,987
- -----------------------------------------------------------------------------------
Electrical Equipment--6.6%
General Electric Co. 10,800 1,440,450
- -----------------------------------------------------------------------------------
Manufacturing--2.3%
Microchip Technology, Inc.(1) 4,600 289,225
- -----------------------------------------------------------------------------------
Textron, Inc. 3,500 208,906
----------
498,131
- -----------------------------------------------------------------------------------
Communication Services--2.3%
- -----------------------------------------------------------------------------------
Telecommunications: Long Distance--0.7%
Comverse Technology, Inc.(1) 1,100 157,712
- -----------------------------------------------------------------------------------
Telephone Utilities--1.6%
Western Wireless Corp.(1) 6,200 337,900
- -----------------------------------------------------------------------------------
Consumer Cyclicals--10.5%
- -----------------------------------------------------------------------------------
Autos & Housing--2.3%
Centex Corp. 10,500 231,000
- -----------------------------------------------------------------------------------
Clayton Homes, Inc. 32,800 278,800
----------
509,800
- -----------------------------------------------------------------------------------
Consumer Services--0.8%
H&R Block, Inc. 2,600 112,125
- -----------------------------------------------------------------------------------
Omnicom Group, Inc. 600 56,212
----------
168,337
- -----------------------------------------------------------------------------------
Leisure & Entertainment--0.6%
Harley-Davidson, Inc. 600 42,112
- -----------------------------------------------------------------------------------
Hilton Hotels Corp. 5,500 46,406
- -----------------------------------------------------------------------------------
MGM Grand, Inc.(1) 1,100 45,512
----------
134,030
- -----------------------------------------------------------------------------------
Media--1.1%
Time Warner, Inc. 3,100 247,806
- -----------------------------------------------------------------------------------
Retail: General--0.4%
Wal-Mart Stores, Inc. 1,700 93,075
9 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------
Retail: Specialty--5.3%
American Eagle Outfitters, Inc.(1) 6,000 $ 217,875
- -----------------------------------------------------------------------------------
Barnes & Noble, Inc.(1) 5,800 116,725
- -----------------------------------------------------------------------------------
Ross Stores, Inc. 20,900 266,475
- -----------------------------------------------------------------------------------
Tandy Corp. 2,900 141,737
- -----------------------------------------------------------------------------------
Tiffany & Co. 1,600 118,400
- -----------------------------------------------------------------------------------
Williams-Sonoma, Inc.(1) 5,600 177,450
- -----------------------------------------------------------------------------------
Zale Corp.(1) 3,300 117,975
----------
1,156,637
- -----------------------------------------------------------------------------------
Consumer Staples--11.1%
- -----------------------------------------------------------------------------------
Beverages--0.6%
Coca-Cola Co. (The) 800 45,950
- -----------------------------------------------------------------------------------
Coca-Cola Enterprises, Inc. 3,400 85,850
----------
131,800
- -----------------------------------------------------------------------------------
Broadcasting--2.6%
Clear Channel Communications, Inc. 1,400 120,925
- -----------------------------------------------------------------------------------
Univision Communications, Inc., Cl. A(1) 4,200 449,925
----------
570,850
- -----------------------------------------------------------------------------------
Food--3.2%
Heinz (H.J.) Co. 4,000 148,750
- -----------------------------------------------------------------------------------
Ralston Purina Co. 10,500 294,656
- -----------------------------------------------------------------------------------
Sara Lee Corp. 13,800 254,437
----------
697,843
- -----------------------------------------------------------------------------------
Food & Drug Retailers--0.7%
Albertson's, Inc. 4,600 140,875
- -----------------------------------------------------------------------------------
Household Goods--2.5%
Avon Products, Inc. 7,600 241,775
- -----------------------------------------------------------------------------------
Estee Lauder Cos., Inc. (The), Cl. A 4,500 230,062
- -----------------------------------------------------------------------------------
Fort James Corp. 900 24,075
- -----------------------------------------------------------------------------------
Procter & Gamble Co. 500 50,438
----------
546,350
10 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------
Tobacco--1.5%
Philip Morris Cos., Inc. 15,900 $ 332,906
- -----------------------------------------------------------------------------------
Energy--1.1%
- -----------------------------------------------------------------------------------
Oil: Domestic--1.1%
Apache Corp. 1,600 58,400
- -----------------------------------------------------------------------------------
USX-Marathon Group 7,300 187,519
----------
245,919
- -----------------------------------------------------------------------------------
Financial--2.4%
- -----------------------------------------------------------------------------------
Banks--0.4%
U.S. Trust Corp. 800 95,000
- -----------------------------------------------------------------------------------
Diversified Financial--2.0%
Capital One Financial Corp. 5,900 241,900
- -----------------------------------------------------------------------------------
Concord EFS, Inc.(1) 2,800 56,875
- -----------------------------------------------------------------------------------
Household International, Inc. 3,900 137,475
----------
436,250
- -----------------------------------------------------------------------------------
Healthcare--16.1%
- -----------------------------------------------------------------------------------
Healthcare/Drugs--13.2%
Bristol-Myers Squibb Co. 11,400 752,400
- -----------------------------------------------------------------------------------
Johnson & Johnson 5,400 464,738
- -----------------------------------------------------------------------------------
Lilly (Eli) & Co. 3,000 200,625
- -----------------------------------------------------------------------------------
Medimmune, Inc.(1) 2,700 394,200
- -----------------------------------------------------------------------------------
Merck & Co., Inc. 1,200 94,575
- -----------------------------------------------------------------------------------
Schering-Plough Corp. 6,000 264,000
- -----------------------------------------------------------------------------------
Warner Lambert Co. 7,500 712,031
----------
2,882,569
- -----------------------------------------------------------------------------------
Healthcare/Supplies & Services--2.9%
Cardinal Health, Inc. 3,500 167,344
- -----------------------------------------------------------------------------------
PacifiCare Health Systems, Inc.(1) 5,000 211,563
- -----------------------------------------------------------------------------------
United Healthcare Corp. 1,400 74,200
- -----------------------------------------------------------------------------------
VISX, Inc.(1) 6,400 181,600
----------
634,707
11 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------
Technology--42.2%
- -----------------------------------------------------------------------------------
Computer Hardware--8.5%
American Power Conversion Corp.(1) 9,000 $ 248,344
- -----------------------------------------------------------------------------------
Dell Computer Corp.(1) 13,300 511,219
- -----------------------------------------------------------------------------------
Hewlett-Packard Co. 3,000 324,750
- -----------------------------------------------------------------------------------
International Business Machines Corp. 600 67,313
- -----------------------------------------------------------------------------------
Network Appliance, Inc.(1) 5,300 531,988
- -----------------------------------------------------------------------------------
Sun Microsystems, Inc.(1) 2,000 157,125
----------
1,840,739
- -----------------------------------------------------------------------------------
Computer Services--0.9%
Unisys Corp.(1) 5,900 188,063
- -----------------------------------------------------------------------------------
Computer Software--14.4%
America Online, Inc.(1) 4,700 267,606
- -----------------------------------------------------------------------------------
Citrix Systems, Inc.(1) 800 109,800
- -----------------------------------------------------------------------------------
CSG Systems International, Inc.(1) 5,400 204,188
- -----------------------------------------------------------------------------------
Microsoft Corp.(1) 16,000 1,566,000
- -----------------------------------------------------------------------------------
Siebel Systems, Inc.(1) 3,400 311,738
- -----------------------------------------------------------------------------------
Veritas Software Corp.(1) 1,400 204,225
- -----------------------------------------------------------------------------------
Yahoo!, Inc.(1) 1,500 483,094
----------
3,146,651
- -----------------------------------------------------------------------------------
Communications Equipment--10.0%
Cisco Systems, Inc.(1) 13,100 1,434,450
- -----------------------------------------------------------------------------------
Lucent Technologies, Inc. 2,000 110,500
- -----------------------------------------------------------------------------------
QUALCOMM, Inc.(1) 3,500 444,500
- -----------------------------------------------------------------------------------
Tellabs, Inc.(1) 3,400 183,600
----------
2,173,050
- -----------------------------------------------------------------------------------
Electronics--7.7%
Intel Corp. 6,900 682,669
- -----------------------------------------------------------------------------------
QLogic Corp.(1) 600 91,763
- -----------------------------------------------------------------------------------
SDL, Inc.(1) 800 207,350
- -----------------------------------------------------------------------------------
Solectron Corp.(1) 1,100 79,888
- -----------------------------------------------------------------------------------
Texas Instruments, Inc. 2,000 215,750
- -----------------------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 6,100 265,350
- -----------------------------------------------------------------------------------
Xilinx, Inc.(1) 3,000 137,250
----------
1,680,020
12 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
Market Value
Shares See Note 1
- -----------------------------------------------------------------------------------
Photography--0.7%
Xerox Corp. 7,200 $ 150,300
-----------
Total Common Stocks (Cost $20,019,241) 20,916,863
Face
Amount
===================================================================================
Repurchase Agreements--6.0%
Repurchase agreement with Banc One Capital Markets,
Inc., 5.68%, dated 1/31/00, to be repurchased at
$1,300,205 on 2/1/00, collateralized by U.S. Treasury
Nts., 5%-8%, 5/31/00-11/15/28, with a value of
$641,551, U.S. Treasury Bonds, 5.25%-12%,
2/15/06-11/15/28, with a value of $594,834 and U.S.
Treasury Bills, 6/29/00, with a value of $90,501 (Cost
$1,300,000) $1,300,000 1,300,000
- -----------------------------------------------------------------------------------
Total Investments, at Value (Cost $21,319,241) 101.9% 22,216,863
- -----------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.9) (412,863)
-------------------------
Net Assets 100.0% $21,804,000
=========================
</TABLE>
FOOTNOTES TO STATEMENT OF INVESTMENTS
1. Non-income-producing security.
See accompanying Notes to Financial Statements.
13 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES Unaudited
<TABLE>
<CAPTION>
January 31, 2000
===================================================================================
<S> <C>
Assets
Investments, at value (cost $21,319,241)--see accompanying statement $22,216,863
- -----------------------------------------------------------------------------------
Cash 94,625
- -----------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 1,020,224
Shares of beneficial interest sold 277,779
Interest and dividends 3,945
Other 2,047
-----------
Total assets 23,615,483
===================================================================================
Liabilities
Payables and other liabilities:
Investments purchased 1,674,572
Shares of beneficial interest redeemed 90,270
Trustees' compensation 12,365
Distribution and service plan fees 4,265
Transfer and shareholder servicing agent fees 3,438
Other 26,573
-----------
Total liabilities 1,811,483
===================================================================================
Net Assets $21,804,000
===========
===================================================================================
Composition of Net Assets
Paid-in capital $19,938,421
- -----------------------------------------------------------------------------------
Accumulated net investment loss (106,703)
- -----------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 1,074,660
- -----------------------------------------------------------------------------------
Net unrealized appreciation on investments 897,622
-----------
Net assets $21,804,000
===========
===================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based
on net assets of $2,533,138 and 947,329 shares of
beneficial interest outstanding) $13.23
Maximum offering price per share (net asset value plus
sales charge of 5.75% of offering price) $14.04
- -----------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price
per share (based on net assets of $7,501,629
and 571,246 shares of beneficial interest outstanding) $13.13
- -----------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price
per share (based on net assets of $1,767,904
and 134,570 shares of beneficial interest outstanding) $13.14
- -----------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price
per share (based on net assets of $1,329 and 100
shares of beneficial interest outstanding) $13.29
</TABLE>
See accompanying Notes to Financial Statements.
14 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF OPERATIONS Unaudited
<TABLE>
<CAPTION>
For the Six Months Ended January 31, 2000
===================================================================================
<S> <C>
Investment Income
Interest $ 32,766
- -----------------------------------------------------------------------------------
Dividends 31,867
----------
Total income 64,633
===================================================================================
Expenses
Management fees 52,138
- -----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 8,082
Class B 21,267
Class C 5,247
- -----------------------------------------------------------------------------------
Shareholder reports 31,231
- -----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 21,180
- -----------------------------------------------------------------------------------
Trustees' compensation 16,266
- -----------------------------------------------------------------------------------
Legal, auditing and other professional fees 9,953
- -----------------------------------------------------------------------------------
Custodian fees and expenses 1,194
- -----------------------------------------------------------------------------------
Other 5,899
----------
Total expenses 172,457
Less expenses paid indirectly (1,118)
----------
Net expenses 171,339
===================================================================================
Net Investment Loss (106,706)
===================================================================================
Realized and Unrealized Gain
Net realized gain on investments 1,194,030
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 370,107
----------
Net realized and unrealized gain 1,564,137
===================================================================================
Net Increase in Net Assets Resulting from Operations $1,457,431
==========
</TABLE>
See accompanying Notes to Financial Statements.
15 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
Jan. 31, 2000 July 31,
(Unaudited) 1999(1)
===================================================================================
<S> <C> <C>
Operations
Net investment loss $ (106,706) $ (33,633)
- -----------------------------------------------------------------------------------
Net realized gain 1,194,030 130,952
- -----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 370,107 527,515
--------------------------
Net increase in net assets resulting from operations 1,457,431 624,834
===================================================================================
Dividends and/or Distributions to Shareholders
Dividends from net realized gain:
Class A (126,069) --
Class B (71,874) --
Class C (20,287) --
Class Y (18) --
===================================================================================
Beneficial Interest Transactions
Net increase in net assets resulting from beneficial
interest transactions:
Class A 5,708,534 5,504,074
Class B 5,365,942 1,709,968
Class C 1,228,144 422,321
Class Y -- 1,000
===================================================================================
Net Assets
Total increase 13,541,803 8,262,197
- -----------------------------------------------------------------------------------
Beginning of period 8,262,197 --
--------------------------
End of period [including accumulated net
investment income (loss) of $(106,703) and $3,
respectively] $21,804,000 $8,262,197
==========================
</TABLE>
1. For the period from December 17, 1998 (commencement of operations) to July
31, 1999.
See accompanying Notes to Financial Statements.
16 | OPPENHEIMER MONEY MARKET FUND, INC.
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class A Class B
Six Months Period Six Months Period
Ended Ended Ended Ended
Jan. 31, 2000 July 31, Jan. 31, 2000 July 31,
(Unaudited) 1999(1) (Unaudited) 1999(2)
===========================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $11.93 $10.00 $11.89 $10.48
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.05) (1.05) (.05) (1.04)
Net realized and unrealized gain 1.53 2.98 1.47 2.45
-------------------------------------------------
Total income from investment operations 1.48 1.93 1.42 1.41
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.18) -- (.18) --
-------------------------------------------------
Net asset value, end of period $13.23 $11.93 $13.13 $11.89
=================================================
===========================================================================================================
Total Return, at Net Asset Value(3) 12.42% 19.30% 11.95% 13.45%
===========================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $12,533 $6,059 $7,502 $1,764
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 8,569 $4,028 $4,253 $ 722
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment loss (1.21)% (1.05)% (2.05)% (1.93)%
Expenses 2.14% 1.81% 3.01% 2.92%
Expenses, net of indirect expenses and/or
reimbursement of expenses 2.12% 1.65% 2.99% 2.75%
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 126% 157% 126% 157%
</TABLE>
1. For the period from December 17, 1998 (commencement of operations) to July
31, 1999.
2. For the period from March 1, 1999 (inception of offering) to July 31, 1999.
3. 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. Total returns are not annualized for periods of less than
one full year.
4. Annualized for periods of less than one full year.
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 January 31, 2000, were $28,790,997 and $16,774,858, respectively.
See accompanying Notes to Financial Statements.
17 | OPPENHEIMER MONEY MARKET FUND, INC.
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Class C Class Y
Six Months Period Six Months Period
Ended Ended Ended Ended
Jan. 31, 2000 July 31, Jan. 31, 2000 July 31,
(Unaudited) 1999(2) (Unaudited) 1999(1)
===========================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $11.89 $10.48 $11.95 $10.00
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.23) (1.04) (.05) (1.03)
Net realized and unrealized gain 1.66 2.45 1.57 2.98
-------------------------------------------------
Total income from investment operations 1.43 1.41 1.52 1.95
- -----------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.18) -- (.18) --
-------------------------------------------------
Net asset value, end of period $13.14 $11.89 $13.29 $11.95
=================================================
===========================================================================================================
Total Return, at Net Asset Value(3) 12.04% 13.45% 12.73% 19.50%
===========================================================================================================
Ratios/Supplemental Data
Net assets, end of period (in thousands) $1,768 $438 $1 $1
- -----------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,049 $192 $1 $1
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment loss (2.06)% (1.95)% (0.65)% (0.72)%
Expenses 3.04% 2.90% 1.58% 1.65%
Expenses, net of indirect expenses and/or
reimbursement of expenses 3.02% 2.73% 1.56% 1.50%
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 126% 157% 126% 157%
</TABLE>
1. For the period from December 17, 1998 (commencement of operations) to July
31, 1999.
2. For the period from March 1, 1999 (inception of offering) to July 31, 1999.
3. 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. Total returns are not annualized for periods of less than
one full year.
4. Annualized for periods of less than one full year.
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 January 31, 2000, were $28,790,997 and $16,774,858, respectively.
See accompanying Notes to Financial Statements.
18 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited
================================================================================
1. Significant Accounting Policies
Oppenheimer Large Cap Growth 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 at their offering price, which is normally net asset value plus
an initial sales charge. Class B and Class C shares are sold without an initial
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a 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 shares 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.
- --------------------------------------------------------------------------------
Securities Valuation. Securities for which quotations are readily available are
valued at the last sale price, or if in the absence of a sale, at the last sale
price on the prior trading day if it is within the spread of the closing bid and
asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are valued
primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Foreign currency contracts are valued
based on the closing prices of the forward currency contract rates in the London
foreign exchange markets on a daily basis as provided by a reliable bank, dealer
or pricing service. Short-term "money market type" debt securities with
remaining maturities of 60 days or less are valued at cost (or last determined
market value) and adjusted for amortization or accretion 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.
- --------------------------------------------------------------------------------
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.
19 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
1. Significant Accounting Policies Continued
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.
- --------------------------------------------------------------------------------
Trustees' Compensation. The Fund has adopted an unfunded retirement plan for the
Fund's independent Board of Trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended January 31, 2000, a provision of $12,216 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $12,216 as of
January 31, 2000.
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 Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees 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 investment 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. 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.
- --------------------------------------------------------------------------------
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. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend 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.
20 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
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:
<TABLE>
<CAPTION>
Six Months Ended January 31, 2000 Period Ended July 31, 1999(1,2)
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 541,395 $ 6,986,539 594,395 $6,469,402
Dividends and/or distributions
reinvested 7,860 103,998 -- --
Redeemed (109,848) (1,382,003) (86,473) (965,328)
----------------------------------------------------
Net increase 439,407 $ 5,708,534 507,922 $5,504,074
====================================================
- -----------------------------------------------------------------------------------
Class B
Sold 478,205 $ 6,086,840 151,712 $1,750,100
Dividends and/or distributions
reinvested 4,775 62,802 -- --
Redeemed (60,158) (783,700) (3,288) (40,132)
----------------------------------------------------
Net increase 422,822 $ 5,365,942 148,424 $1,709,968
====================================================
- -----------------------------------------------------------------------------------
Class C
Sold 118,287 $ 1,487,526 39,237 $ 452,446
Dividends and/or distributions
reinvested 1,535 20,206 -- --
Redeemed (22,037) (279,588) (2,452) (30,125)
----------------------------------------------------
Net increase 97,785 $ 1,228,144 36,785 $ 422,321
====================================================
- -----------------------------------------------------------------------------------
Class Y
Sold -- $ -- 100 $ 1,000
Dividends and/or distributions
reinvested -- -- -- --
Redeemed -- -- -- --
----------------------------------------------------
Net increase -- $ -- 100 $ 1,000
====================================================
</TABLE>
1. For the period from December 17, 1998 (commencement of operations) to July
31, 1999, for Class A and Class Y.
2. For the period from March 1, 1999 (inception of offering) to July 31, 1999,
for Class B and Class C.
21 | OPPENHEIMER MONEY MARKET FUND, INC.
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
3. Unrealized Gains and Losses on Securities
As of January 31, 2000, net unrealized appreciation on securities of $897,622
was composed of gross appreciation of $1,904,399, and gross depreciation of
$1,006,777.
================================================================================
4. 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 a 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 over $800 million. The Fund's management fee
for the six months ended January 31, 2000, was 0.75% of average annual net
assets for each class of shares, annualized for periods of less than one full
year.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
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
Six Months Ended Shares Distributor Distributor(1) Distributor(1) Distributor(1)
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
January 31, 2000 $52,375 $21,394 $4,186 $69,734 $4,825
</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
Six Months Ended Retained by Distributor Retained by Distributor Retained by Distributor
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
January 31, 2000 $-- $7,913 $--
</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.
22 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
- --------------------------------------------------------------------------------
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 purchased. 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 six months ended January 31, 2000,
payments under the Class A Plan totaled $8,082, all of which was paid by the
Distributor to recipients. That included $1,215 paid to an affiliate of the
Manager. Any unreimbursed expenses the Distributor incurs with respect to Class
A shares in any fiscal year cannot be recovered in subsequent years.
- --------------------------------------------------------------------------------
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.
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 asset-based sales charges from the Fund
under the plans. If any 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 six months ended January 31,
2000, 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 $21,267 $18,040 $93,629 1.25%
Class C Plan 5,247 2,616 7,545 0.43
</TABLE>
23 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
================================================================================
5. 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 that 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 0.45%. 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 0.08% per annum.
The Fund had no borrowings outstanding during the six months ended
January 31, 2000.
24 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
OPPENHEIMER LARGE CAP GROWTH FUND
================================================================================
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
Clayton K. Yeutter, Trustee
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
================================================================================
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 Auditors KPMG LLP
================================================================================
Legal Counsel Mayer, Brown & Platt
The financial statements included herein have been
taken from the records of the Fund without examination
of the independent auditors.
This is a copy of a report to shareholders of
Oppenheimer Large Cap Growth Fund. This report must be
preceded or accompanied by a Prospectus of Oppenheimer
Large Cap Growth 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.
25 | OPPENHEIMER LARGE CAP GROWTH FUND
<PAGE>
INFORMATION AND SERVICES
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
- --------------------------------------------------------------------------------
RS0775.001.0100 March 31, 2000 [logo] OppenheimerFunds(R)
Distributor, Inc.
