OPPENHEIMER TOTAL RETURN FUND INC CAPITAL ACCUMULATION PLAN
N-30D, 1999-03-11
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    OPPENHEIMER TOTAL 
    RETURN FUND PERIODIC 
    INVESTMENT PLAN
    Financial Statements for the Year Ended December 
    31, 1998 and Independent Auditors' Report



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INDEPENDENT AUDITORS' REPORT

To Certificate Holders, Oppenheimer Total Return Fund
  Periodic Investment Plan:

We have audited the accompanying statement of condition of Oppenheimer Total 
Return Fund Periodic Investment Plan as of December 31, 1998, the related 
statement of operations for the year then ended and the statements of changes 
in net assets for the years ended December 31, 1998 and 1997.  These financial 
statements are the responsibility of the Plan's management.  Our responsibility 
is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing 
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by 
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the net assets of Oppenheimer Total Return Fund Periodic 
Investment Plan as of December 31, 1998, and the results of its operations and 
changes in its net assets for the respective stated periods in conformity with 
generally accepted accounting principles.



February 22, 1999

                                                    
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<TABLE>
                                                                 
OPPENHEIMER TOTAL RETURN FUND
PERIODIC INVESTMENT PLAN

STATEMENT OF CONDITION
DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------

<S>                                                                                                      <C>           
NET ASSETS - Investment in 7,952,656 shares of Oppenheimer Total
  Return Fund, Inc. capital stock held for certificate holders stated at net asset
  value of $12.23 a share (certificate holders' investment, $46,297,525)                                 $ 97,260,983
                                                                                                         ============
NET ASSETS REPRESENTED BY:                                                                          
  Total payments made by certificate holders                                                             $609,271,054   
  Distributions reinvested                                                                                 93,884,102
                                                                                                         ------------     
      Investment in shares of Oppenheimer Total Return Fund, Inc. capital stock                           703,155,156
  Less:  Cost of redemptions                                                                             (656,857,631)
                                                                                                         ------------
      Net cost of shares of Oppenheimer Total Return Fund, Inc. capital stock                              46,297,525     
  Unrealized appreciation in value of shares held                                                          50,963,458
                                                                                                         ------------
NET ASSETS APPLICABLE TO CERTIFICATE HOLDERS                                                             $ 97,260,983
                                                                                                         ============
</TABLE>

See accompanying notes to financial statements.


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<TABLE>
<CAPTION>

OPPENHEIMER TOTAL RETURN FUND
PERIODIC INVESTMENT PLAN

STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
- ------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                         <C>    
INVESTMENT INCOME - Distributions received on shares of
  Oppenheimer Total Return Fund, Inc. capital stock                                                         $ 8,225,213

EXPENSES:                                                                                             
  Data processing and administration expenses                                                                   631,441
  Custodian fees and expenses                                                                                    10,779   
                                                                                                            -----------       
                  Total expenses                                                                                642,220
                                                                                                            -----------  
INVESTMENT INCOME - Net                                                                               
                                                                                                              7,582,993

INCREASE IN UNREALIZED APPRECIATION                                                                          11,730,002
                                                                                                            -----------  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                                        $19,312,995
                                                                                                            ===========

</TABLE>

See accompanying notes to financial statements.

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<TABLE>
<CAPTION>

OPPENHEIMER TOTAL RETURN FUND
PERIODIC INVESTMENT PLAN

STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
- -------------------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>                   <C>    
                                                                                      1998                  1997

OPERATIONS:
  Investment income - net                                                             $  7,582,993          $ 11,497,254
  Change in unrealized appreciation of Plan shares held                                 11,730,002            11,550,710
                                                                                      ------------          ------------

NET INCREASE IN NET ASSETS                                                                           
  RESULTING FROM OPERATIONS                                                             19,312,995            23,047,964

DISTRIBUTIONS TO CERTIFICATE HOLDERS                                                                 
  FROM INVESTMENT INCOME - Net                                                          (7,582,993)          (11,497,254)

CAPITAL SHARE TRANSACTIONS - Net                                                       (18,401,782)            1,730,894
                                                                                      ------------          ------------

NET INCREASE (DECREASE) IN NET ASSETS                                                   (6,671,780)           13,281,604

NET ASSETS, BEGINNING OF YEAR                                                          103,932,763            90,651,159
                                                                                       -----------          ------------

NET ASSETS, END OF YEAR                                                               $ 97,260,983          $103,932,763
                                                                                      ============          ============
</TABLE>


See accompanying notes to financial statements.

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OPPENHEIMER TOTAL RETURN FUND
PERIODIC INVESTMENT PLAN

NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1998 AND 1997
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1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Oppenheimer Total Return Fund Periodic Investment Plan (Plan) is a unit 
      investment trust registered under the Investment Company Act of 1940, as 
      amended.  The Plan continues to service Hamilton Fund Periodic Investment 
      Plans which were in existence on January 1, 1972, when the sale of such 
      plans was discontinued.  The following is a summary of significant 
      accounting policies consistently followed by the Plan.

      CERTIFICATE HOLDERS INVESTMENT - The investment in shares of Oppenheimer 
      Total Return Fund, Inc. (Fund) capital stock is carried at identified 
      cost, which represents the amount available for investment in such shares 
      (including reinvested distributions of net investment income and realized 
      gains) after deduction of applicable sales charges, collection fees and
      expenses.

      FEDERAL INCOME TAXES - In the opinion of general counsel, the 
      custodianship known as Oppenheimer Total Return Fund Periodic Investment 
      Plan is a true trust for federal income tax purposes and as such the Plan 
      eliminates all federal income tax liability by the distribution of its 
      income.

      DATA PROCESSING AND ADMINISTRATION EXPENSES - OppenheimerFunds Services 
      (OFS), a division of OppenheimerFunds, Inc., the investment advisor of the
      Fund, is the transfer agent for various registered investment companies as
      well as the Plan.  OFS's total costs of providing services are allocated 
      ratably to these entities.  The Plan's share of such costs was $631,441 
      for the year ended December 31, 1998.

      USE OF ESTIMATES - 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 at the date of the financial statements, and the reported 
      amount of revenues and expenses during the reporting period.  Actual 
      results could differ from those estimates.

2.    CAPITAL SHARES

      As of December 31, 1998, the Plan held 7,952,656 shares of the Fund.  
      Capital transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
<S>                                                   <C>                 <C>               <C>                <C>    

                                                      1998                                  1997
                                                      AMOUNT              SHARES               AMOUNT          SHARES
            Net amount invested in Fund  
              shares                                  $   419,032             34,854        $   202,437           17,134
                                                                                                             
            Fund shares acquired on                                                                      
              reinvestment of distributions              7,582,993           647,918         11,497,254        1,057,973
                                                         
            Redemption of Fund shares                  (26,403,807)       (2,178,549)        (9,968,797)        (905,196)
                                                      ------------        ----------        -----------        ---------

            Net increase (decrease)                   $(18,401,782)       (1,495,777)       $ 1,730,894          169,911
                                                      =============       ==========        ===========        =========
</TABLE>
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