<PAGE>
OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Annual Report June 30, 1995
[Photo]
"I need to DIVERSIFY to get the best overall performance from my investment
portfolio."
[LOGO] OPPENHEIMERFUNDS
<PAGE>
This Fund is for people who want a growth investment that is intended to help
OFFSET some of the RISKS of the other investments in their portfolio.
[Sidebar] NEWS
"THE FUND PULLED THROUGH 1994'S GOLD PLUNGE WITH FLYING COLORS, EXITING THE YEAR
IN THE PRECIOUS-METALS OBJECTIVE'S TOP QUARTILE."
-MORNINGSTAR MUTUAL FUNDS
March 1995
-------------------------------------
BEAT THE AVERAGE
-------------------------------------
Cumulative Total Return for the
10-Year Period Ended 6/30/95:
Oppenheimer Gold & Special
Minerals Fund (at net asset value)(1)
-------------------------------------
220.14%
-------------------------------------
Lipper Gold-Oriented
Funds Average(3)
-------------------------------------
82.07%
-------------------------------------
--------------------------------------------------------------------------------
HOW YOUR FUND IS MANAGED
--------------------------------------------------------------------------------
Oppenheimer Gold & Special Minerals Fund invests in the stocks of companies
engaged in mining, processing, fabricating or distributing gold and other
metals or minerals. Investing in stocks of gold and other precious and
strategic metals producers can provide a hedge against inflation and declines
in stock prices that reflect a weakening U.S. dollar. So, as a Fund
shareholder, you may benefit from having a portion of your overall portfolio
designed to offset the risks of your other investments.
--------------------------------------------------------------------------------
PERFORMANCE
--------------------------------------------------------------------------------
Total return at net asset value for the 12 months ended 6/30/95 was 2.03%.(1)
Your Fund's average annual total returns at maximum offering price for the
1-, 5- and 10-year periods ended 6/30/95 were -3.84%, 2.73% and 11.68%,
respectively.(2)
--------------------------------------------------------------------------------
OUTLOOK
--------------------------------------------------------------------------------
"1994 was a tough year for gold funds, but our performance was in the top fifth
of our peer group. At OppenheimerFunds, we believe the key to making money over
the long term is to protect profits in down years--and that's what we aim to
achieve through our distinctive approach in managing this fund."
Jim Ayer, Portfolio Manager
June 30, 1995
All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment and
principal value on 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.
1. Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
2. Class A returns show results of hypothetical investments on 6/30/94,
6/30/90 and 6/30/85, after deducting the current maximum initial sales charge
of 5.75%. The Fund's maximum sales charge rate for Class A shares was higher
during a portion of some of the periods shown, and actual investment results
will be different as a result of the change. An explanation of the different
performance calculations is in the Fund's prospectus.
3. Source: Lipper Analytical Services. The Lipper total return average for
the 10-year period was for 14 gold-oriented funds. The average is shown for
comparative purposes only. Oppenheimer Gold & Special Minerals Fund is
characterized by Lipper as a gold-oriented fund. Lipper performance does not
take sales charges into consideration.
2 Oppenheimer Gold & Special Minerals Fund
<PAGE>
[Photo]
Donald W. Spiro
President
Oppenheimer Gold & Special Minerals Fund
[Photo]
Jon S. Fossel
Chairman and CEO
Oppenheimer Management Corporation
Dear OppenheimerFunds Shareholder,
In the first six months of 1995, the stock and bond markets have improved
significantly. The Federal Reserve's seven interest rate hikes between
February 1994 and February 1995 appear to have achieved their intended
effect, as the rate of economic growth has slowed throughout the year. This
economic outlook of sustainable, healthy growth with low inflation, falling
interest rates, and talk of deficit reduction inspired investors' confidence
in the stock market. As a result, the Dow Jones Industrial Average hit record
highs repeatedly in the first half of the year.
The stock market has been strong for other reasons as well. Overall,
corporate America has done an excellent job of restructuring, and has become
more productive and profitable. Combined with continued investment in
technology and increased competitiveness abroad as a result of a weaker dollar,
these events resulted in spectacular first quarter earnings reports.
While the market's rise this year has been dramatic, it has caused our
equity investment team to become slightly more cautious. Because the market
has already registered significant gains this year, the stock market is
starting to see signs of short-term volatility, and your Fund's managers want
to protect the gains the Fund has made.
Still, the market's expansion has been fueled by underlying fundamental
strengths. So, while we are cautious, we believe it has room to continue.
Congress's continuing emphasis on deficit reduction, plus Washington's
commitment to correcting our trade imbalance, should benefit the market--in
addition to attracting foreign investments to U.S. stocks, creating even
greater demand and possibly pushing their prices up further.
Should the economy slow more than anticipated, however, we would expect
to see earnings slow eventually, which could cause the market to hesitate. In
this event, smaller companies and international stocks could begin to
outperform the large, globally-oriented companies that have led the market so
far this year. However, until your Fund's managers see signs of either
increased inflation or recession on the horizon, they remain constructive on
the market in general and will view any volatility in the near term as a time
to search for buying opportunities.
At OppenheimerFunds, our approach to the stock market is to invest with
a long-term view, to participate in upswings while remaining prudent, and,
finally, to know when to become more defensive to protect the gains we have
made.
Your portfolio manager discusses the outlook for your Fund on the
following pages. Thank you for your confidence in OppenheimerFunds, and we
look forward to helping you continue to reach your investment goals in the
future.
/s/ Donald W. Spiro /s/ Jon S. Fossel
Donald W. Spiro Jon S. Fossel
July 24, 1995
3 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Q + A [Photo]
An interview with your Fund's manager.
Q Where are you finding INVESTMENT opportunities?
WHAT SIGNIFICANT CHANGES HAVE OCCURRED IN THE GOLD AND SPECIAL MINERALS MARKET
SINCE THE REPORT ISSUED SIX MONTHS AGO, AND HOW HAVE THEY IMPACTED MANAGEMENT OF
THE FUND?
The first major event was that South Africa, one of the largest producers of
gold, has seen tremendous labor unrest and dramatically reduced pro-ductivity.
Having anticipated trouble there, we reduced our exposure in this region in
comparison with other gold funds and the Global Gold Mining Index. Our reduced
position shielded us from South Africa's troubles, and at the same time, we
were compensated by the relative outperformance of North American and other
low-cost gold producers.
The second event was a breakthrough in catalytic converter technology
that was developed by Englehard, one of our largest holdings. Catalytic
converters reduce auto emissions by a process that requires both platinum and
palladium, so Englehard's advance drove not only its stock price up, but also
helped platinum and palladium stocks in general. Our significant exposure to
this area of the market--including one of our top performers, Stillwater
Mining--benefited the Fund.(1)
HAVE EVENTS OUTSIDE OF GOLD AND SPECIAL MINERALS HAD AN EFFECT ON THE FUND?
Yes. And this is really the third factor influencing performance over the past
six months--macroeconomic conditions. The first half of 1995 saw a global bond
market rally driven by a slowdown in the U.S. econ-omy and increased discussion
about controlling the Federal deficit. While this has led economists to believe
we're moving into a moderate inflationary environment, the price of gold
remains firm.
WHAT IS CURRENTLY SUPPORTING GOLD PRICES?
Over the past year or so, gold prices have stayed in a narrow trading range,
moving from around $375 an ounce to a high of just above $400. The reasons
for this are basically supply and demand dynamics. We believe that the
dollar,
1. The Fund's portfolio is subject to change.
4 Oppenheimer Gold & Special Minerals Fund
<PAGE>
FACING PAGE
Left: Jim Ayer, Portfolio Manager
Right: Bill Wilby, Senior VP, Director of Global Investments
THIS PAGE
Jim Ayer speaks with George Evans, a member of the Equity Investments team.
A We favor low-cost gold producers with STRONG GROWTH prospects.
usually the world's reserve currency, led many central banks to hold
on to their gold reserves while they rode out the dollar's uncertainty. Since
central banks typically buy and sell large amounts of gold, when they're not
selling, it reduces supply. A reduced supply helps keep prices from falling.
Other factors that have allowed prices to remain relatively stable have
been reduced production from South Africa and a continued strong demand for
gold jewelry.
WHERE ARE YOU CURRENTLY FINDING ATTRACTIVE INVESTMENT OPPORTUNITIES FOR THE
FUND?
In this environment, we favor low-cost gold producers with strong growth
prospects. In addition to gold and platinum, approximately 20% of the Fund is
invested in base metals such as copper, aluminum, nickel and zinc.
Industry-wide restructuring and steady commodities prices have resulted in high
profitability and very strong cash flow generation for the non-ferrous metals
group.
We're also well-diversified regionally, focusing on gold exploration
outside of North America through companies like Freeport McMoRan, Placer Dome
and Newmont Mining which, in addition to having low cost structures,
are familiar with working in remote locations and under difficult conditions.
We also like Golden Shamrock Mines Ltd., an Australian exploration firm, and
Manila Mining, a leading mining firm in the Philippines.
WHAT IS YOUR OUTLOOK FOR THE FUND GOING FORWARD?
We think this is the right environment for this Fund. So far, gold prices have
remained steady, regardless of an outlook for moderate inflation. Our level of
diversification--both in our global approach as well as in investments in a
variety of metal producers--offers a degree of risk reduction should either
gold or a particular geographic region see a temporary setback.
1994 was a tough year for gold funds, but our performance was in the top
fifth of our peer group. At OppenheimerFunds, we believe the key to making
money over the long term is to protect profits in down years--and that's what
we aim to achieve through our distinctive approach in managing this fund.
[Photo]
5 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1995
-----------------------------------------------------------------------------------------------
FACE MARKET VALUE
AMOUNT SEE NOTE 1
==================================================================================================================================
<S> <C> <C> <C>
CONVERTIBLE CORPORATE BONDS AND NOTES--1.4%
----------------------------------------------------------------------------------------------------------------------------------
Teck Corp., 3.75% Cv. Sub. Debs., 7/15/06
(Cost $1,979,407) $2,400,000 $ 2,454,000
Shares
==================================================================================================================================
COMMON STOCKS--92.7%
----------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--87.7%
----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--5.1% Engelhard Corp. 100,000 4,287,500
-----------------------------------------------------------------------------------------------
Johnson Matthey PLC 300,000 2,739,530
-----------------------------------------------------------------------------------------------
Minerals Technologies, Inc. 50,000 1,800,000
-----------
8,827,030
----------------------------------------------------------------------------------------------------------------------------------
GOLD AND SPECIAL MINERALS--63.0%
----------------------------------------------------------------------------------------------------------------------------------
DIAMOND MINING & Ashton Mining of Canada, Inc. 139,300 101,392
MARKETING--0.1%
----------------------------------------------------------------------------------------------------------------------------------
GOLD--0.7% Manila Mining Corp., Cl. B 300,000,000 1,174,628
----------------------------------------------------------------------------------------------------------------------------------
GOLD MINING: AUSTRALIA--7.5% Gold Mines of Kalgoorlie Ltd. 2,597,604 2,319,990
-----------------------------------------------------------------------------------------------
Golden Shamrock Mines Ltd.(1) 2,000,000 1,502,721
-----------------------------------------------------------------------------------------------
Highlands Gold Ltd. 1,500,000 1,116,408
-----------------------------------------------------------------------------------------------
Newcrest Mining Ltd.(1) 1,000,000 4,231,720
-----------------------------------------------------------------------------------------------
Placer Pacific Ltd. 1,000,000 2,218,640
-----------------------------------------------------------------------------------------------
Renison Goldfields Consolidated Ltd. 500,000 1,577,148
-----------
12,966,627
----------------------------------------------------------------------------------------------------------------------------------
GOLD MINING: CANADA--20.1% Barrick Gold Corp. 200,000 5,050,000
-----------------------------------------------------------------------------------------------
Cambior, Inc. 225,000 2,784,094
-----------------------------------------------------------------------------------------------
Dayton Mining Corp.(1) 500,000 1,710,489
-----------------------------------------------------------------------------------------------
Dayton Mining Corp.(1) 300,000 1,026,293
-----------------------------------------------------------------------------------------------
Glamis Gold Ltd. 150,000 1,187,334
-----------------------------------------------------------------------------------------------
Golden Star Resources Ltd.(1) 150,000 1,078,154
-----------------------------------------------------------------------------------------------
Guyanor Resources SA(1) 30,000 67,692
-----------------------------------------------------------------------------------------------
Hemlo Gold Mines, Inc. 500,000 5,368,024
-----------------------------------------------------------------------------------------------
Kinross Gold(1) 74,600 556,564
-----------------------------------------------------------------------------------------------
Minera Rayrock, Inc.(1)(2) 340,000 408,334
-----------------------------------------------------------------------------------------------
Monarch Resources(1)(2) 300,000 650,714
-----------------------------------------------------------------------------------------------
Pegasus Gold, Inc.(1) 100,000 1,012,500
-----------------------------------------------------------------------------------------------
Placer Dome, Inc. 250,000 6,531,250
-----------------------------------------------------------------------------------------------
Prime Resource Group, Inc.(1) 175,000 1,210,080
-----------------------------------------------------------------------------------------------
Rayrock Yellowknife Resources, Inc.(1)(2) 103,000 1,124,556
-----------------------------------------------------------------------------------------------
Rayrock Yellowknife Resources, Inc.(1)(2) 30,000 327,540
-----------------------------------------------------------------------------------------------
Teck Corp., Cl. B 100,000 1,974,341
-----------------------------------------------------------------------------------------------
TVX Gold, Inc.(1)(3) 350,000 2,462,612
-----------
34,530,571
</TABLE>
6 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
==================================================================================================================================
<S> <C> <C> <C>
GOLD MINING: Anglo American Corp. of South Africa Ltd., ADR 50,000 $ 2,681,250
SOUTH AFRICA--10.3% -----------------------------------------------------------------------------------------------
Ashanti Goldfields(2) 100,000 2,262,500
-----------------------------------------------------------------------------------------------
Driefontein Consolidated Ltd., ADR 300,000 4,153,140
-----------------------------------------------------------------------------------------------
Free State Consolidated Gold Mines Ltd., ADR 250,000 3,093,750
-----------------------------------------------------------------------------------------------
Hartebeestfontein Gold Mining Co. 400,000 1,441,000
-----------------------------------------------------------------------------------------------
Southvaal Holdings Ltd., ADR 50,000 1,388,770
-----------------------------------------------------------------------------------------------
Vaal Reefs Exploration & Mining Co. Ltd., ADR 250,000 1,546,875
-----------------------------------------------------------------------------------------------
Western Area Gold Mining, ADR 100,000 1,100,000
-----------
17,667,285
----------------------------------------------------------------------------------------------------------------------------------
GOLD MINING: Battle Mountain Gold Co., Cl. A 150,000 1,443,750
UNITED STATES--9.3% -----------------------------------------------------------------------------------------------
Crown Resources Corp.(1) 275,000 1,271,875
-----------------------------------------------------------------------------------------------
Homestake Mining Co. 150,000 2,475,000
-----------------------------------------------------------------------------------------------
Newmont Mining Corp. 147,291 6,167,811
-----------------------------------------------------------------------------------------------
Santa Fe Pacific Gold Corp. 375,000 4,546,875
-----------
15,905,311
----------------------------------------------------------------------------------------------------------------------------------
GOLD-RELATED Cambiex Exploration, Inc.(4) 1,500,000 534,983
INVESTMENT--8.3% -----------------------------------------------------------------------------------------------
Canarc Resource Corp.(1) 282,500 431,807
-----------------------------------------------------------------------------------------------
Canarc Resource Corp.(1)(3) 450,000 687,823
-----------------------------------------------------------------------------------------------
Euro-Nevada Mining Corp. 253,300 7,743,494
-----------------------------------------------------------------------------------------------
Franco-Nevada Mining Corp. Ltd. 70,000 3,642,978
-----------------------------------------------------------------------------------------------
Normandy Poseidon Ltd. 1,000,000 1,233,366
-----------
14,274,451
----------------------------------------------------------------------------------------------------------------------------------
PLATINUM MINING--6.7% Anglo American Platinum Corp., ADR(1) 150,000 1,072,519
-----------------------------------------------------------------------------------------------
Impala Platinum Holdings Ltd., ADR 50,000 1,265,020
-----------------------------------------------------------------------------------------------
Rustenburg Platinum Holdings Ltd., ADR 175,000 3,609,428
-----------------------------------------------------------------------------------------------
Stillwater Mining Co.(1) 200,000 5,562,500
-----------
11,509,467
-----------
108,129,732
----------------------------------------------------------------------------------------------------------------------------------
METALS--19.6%
----------------------------------------------------------------------------------------------------------------------------------
ALUMINUM--1.4% Alcan Australia Ltd. 1,350,000 2,430,581
----------------------------------------------------------------------------------------------------------------------------------
COPPER--4.8% Aur Resources, Inc.(1) 450,000 1,678,645
-----------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. A 204,455 4,216,884
-----------------------------------------------------------------------------------------------
Magma Copper Co.(1) 75,000 1,218,750
-----------------------------------------------------------------------------------------------
Zambia Consolidated Copper Mines Ltd., Cl. B(1) 500,000 1,129,539
-----------
8,243,818
</TABLE>
7 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (Continued)
-----------------------------------------------------------------------------------------------
MARKET VALUE
SHARES SEE NOTE 1
==================================================================================================================================
<S> <C> <C> <C>
METALS: DIVERSIFIED--7.2% Brush Wellman, Inc. 70,000 $1,496,250
-----------------------------------------------------------------------------------------------
Elkem AS 275,000 3,836,171
-----------------------------------------------------------------------------------------------
Falconbridge Ltd. 100,000 1,783,276
-----------------------------------------------------------------------------------------------
Lucky Metal Corp.(1) 70,000 1,218,595
-----------------------------------------------------------------------------------------------
M.I.M. Holdings Ltd. 1,000,000 1,233,366
-----------------------------------------------------------------------------------------------
Trelleborg AB, Series B Free Shares 100,000 1,167,326
-----------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 284,988 1,561,524
-----------
12,296,508
----------------------------------------------------------------------------------------------------------------------------------
METALS: MISCELLANEOUS--4.1% Asturiana de Zinc SA(1) 150,600 1,436,477
-----------------------------------------------------------------------------------------------
Cameco Corp. 50,000 1,505,776
-----------------------------------------------------------------------------------------------
Korea Zinc Co. 40,000 949,555
-----------------------------------------------------------------------------------------------
Pasminco Ltd.(1) 1,000,000 964,010
-----------------------------------------------------------------------------------------------
Swissreal Schweiz Liegenscha 2,000 2,256,719
-----------
7,112,537
----------------------------------------------------------------------------------------------------------------------------------
NICKEL--2.1% Eramet SA 50,000 3,568,844
------------
33,652,288
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--5.0%
----------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--5.0% Madeco SA, ADR 100,000 2,875,000
-----------------------------------------------------------------------------------------------
Svedala Industri, AB Free 100,000 2,691,715
-----------------------------------------------------------------------------------------------
Tampella AB(1) 1,174,333 2,964,991
-----------
8,531,706
-----------
Total Common Stocks (Cost $133,651,329) 159,140,756
==================================================================================================================================
PREFERRED STOCKS--2.1%
----------------------------------------------------------------------------------------------------------------------------------
Battle Mountain Gold Co., Cv. 34,500 1,906,125
-----------------------------------------------------------------------------------------------
Cyprus Amax Minerals Co., $4.00 Cv., Series A 26,666 1,666,625
-----------
Total Preferred Stocks (Cost $3,304,603) 3,572,750
</TABLE>
8 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
MARKET VALUE
UNITS SEE NOTE 1
==================================================================================================================================
<S> <C> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.2%
----------------------------------------------------------------------------------------------------------------------------------
Ashton Mining of Canada, Inc. Wts., Exp. 10/95 78,500 $ 11,428
-----------------------------------------------------------------------------------------------
Cambiex Exploration, Inc. Wts., Exp. 12/95(4) 750,000 32,754
-----------------------------------------------------------------------------------------------
Dayton Mining Corp. Wts., Exp. 11/95 150,000 --
-----------------------------------------------------------------------------------------------
Lynas Gold NL Wts., Exp. 6/99 1,200,000 93,566
-----------------------------------------------------------------------------------------------
Minera Rayrock, Inc. Wts., Exp. 1/96(2) 170,000 --
-----------------------------------------------------------------------------------------------
Renison Goldfields (LCB) Unsec. Ln. 116,000 271,340
----------
Total Rights, Warrants and Certificates (Cost $529,799) 409,088
<CAPTION>
FACE
AMOUNT
==================================================================================================================================
<S> <C> <C> <C>
REPURCHASE AGREEMENTS--4.5% Repurchase agreement with First Chicago Capital
Markets, 6.125%, dated 6/30/95, to be repurchased at
$7,703,930 on 7/3/95, collateralized by U.S. Treasury
Bonds, 11.25%, 2/15/15, with a value of $785,534, U.S.
Treasury Nts., 4.75%-7.875%, 3/31/96-8/15/01, with a
value of $5,138,338, and U.S. Treasury Bills maturing
9/28/95-12/14/95, with a value of $1,937,823
(Cost $7,700,000) $7,700,000 7,700,000
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $147,165,138) 100.9% 173,276,594
----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.9) (1,555,728)
---------- ------------
NET ASSETS 100.0% $171,720,866
---------- ------------
---------- ------------
<FN>
1. Non-income producing security.
2. Represents a security sold under Rule 144A, which is exempt from registration under the
Securities Act of 1933, as amended. This security has been determined to be liquid under
guidelines established by the Board of Trustees. These securities amount to $4,773,644 or
2.78% of the Fund's net assets, at June 30, 1995.
3. Identifies issues considered to be restricted--See Note 5 of Notes to Financial Statements.
4. Affiliated company. Represents ownership of at least 5% of the voting securities of the
issuer and is or was an affiliate, as defined in the Investment Company Act of 1940, at or
during the period ended June 30, 1995. The aggregate fair value of all securities of affiliated
companies as of June 30, 1995 amounted to $567,737. Transactions during the period in which the
issuer was an affiliate are as follows:
BALANCE BALANCE
JUNE 30, 1994 GROSS ADDITIONS GROSS REDUCTIONS JUNE 30, 1995
---------------- ---------------------- ----------------- ----------------- DIVIDEND
SHARES COST SHARES COST SHARES COST SHARES COST INCOME
----------------------------------------------------------------------------------------------------------------------------------
Cambiex Exploration, Inc. -- $ -- 1,500,000 $756,573 -- $ -- 1,500,000 $756,573 $ --
----------------------------------------------------------------------------------------------------------------------------------
Cambiex Exploration, Inc.
Wts., Exp. 12/95 -- -- 750,000 112,921 -- -- 750,000 112,921 --
----- -------- ----- -------- -----
$ -- $869,494 $ -- $869,494 $ --
----- -------- ----- -------- -----
----- -------- ----- -------- -----
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
---------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995
---------------------------------------------------------------------------------------------------------
==================================================================================================================================
<S> <C> <C>
ASSETS Investments, at value (cost $147,165,138)--see accompanying statement $173,276,594
---------------------------------------------------------------------------------------------------------
Cash 136,558
---------------------------------------------------------------------------------------------------------
Receivables:
Interest 417,607
Investments sold 357,139
Shares of beneficial interest sold 270,563
---------------------------------------------------------------------------------------------------------
Other 16,159
------------
Total assets 174,474,620
==================================================================================================================================
LIABILITIES Payables and other liabilities:
Investments purchased 1,285,000
Shares of beneficial interest redeemed 1,190,278
Transfer and shareholder servicing agent fees 23,220
Service plan fees--Note 4 87,124
Trustees' fees 86,355
Other 81,777
------------
Total liabilities 2,753,754
==================================================================================================================================
NET ASSETS $171,720,866
------------
------------
==================================================================================================================================
COMPOSITION OF Paid-in capital $154,878,258
NET ASSETS ---------------------------------------------------------------------------------------------------------
Undistributed net investment income 636,579
---------------------------------------------------------------------------------------------------------
Accumulated net realized loss from investment and foreign currency transactions (9,905,759)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 26,111,788
------------
Net assets--applicable to 12,743,261 shares of beneficial interest outstanding $171,720,866
------------
------------
==================================================================================================================================
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $13.48
==================================================================================================================================
MAXIMUM OFFERING PRICE PER SHARE (NET ASSET VALUE PLUS SALES CHARGE OF 5.75% OF OFFERING PRICE) $14.30
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 1995
--------------------------------------------------------------------------------------------------
==================================================================================================================================
<S> <C> <C>
INVESTMENT INCOME Interest $ 827,729
--------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $317,561) 2,403,593
-----------
Total income 3,231,322
==================================================================================================================================
EXPENSES Management fees--Note 4 1,339,091
--------------------------------------------------------------------------------------------------
Service plan fees--Note 4 356,654
--------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 216,178
--------------------------------------------------------------------------------------------------
Shareholder reports 209,035
--------------------------------------------------------------------------------------------------
Custodian fees and expenses 112,423
--------------------------------------------------------------------------------------------------
Trustees' fees and expenses 54,484
--------------------------------------------------------------------------------------------------
Legal and auditing fees 26,159
--------------------------------------------------------------------------------------------------
Insurance expenses 15,932
--------------------------------------------------------------------------------------------------
Other 106,613
-----------
Total expenses 2,436,569
==================================================================================================================================
NET INVESTMENT INCOME 794,753
==================================================================================================================================
REALIZED AND UNREALIZED GAIN Net realized gain (loss) on:
(LOSS) ON INVESTMENTS Investments 4,934,803
AND FOREIGN CURRENCY Foreign currency transactions (785,735)
TRANSACTIONS -----------
Net realized gain 4,149,068
--------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (4,697,023)
Translation of assets and liabilities denominated in foreign currencies 2,374,524
-----------
Net change (2,322,499)
-----------
Net realized and unrealized gain on investments and foreign
currency transactions 1,826,569
==================================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,621,322
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
---------------------------------------------------------------------------------------------------------
YEAR ENDED JUNE 30,
1995 1994
==================================================================================================================================
<C> <S> <C> <C>
OPERATIONS Net investment income $ 794,753 $ 865,930
---------------------------------------------------------------------------------------------------------
Net realized gain on investments and foreign currency transactions 4,149,068 15,524,283
---------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments and
translation of assets and liabilities denominated in foreign currencies (2,322,499) (3,609,360)
------------ ------------
Net increase in net assets resulting from operations 2,621,322 12,780,853
==================================================================================================================================
DIVIDENDS AND Dividends from net investment income
DISTRIBUTIONS TO ($.067 and $.059 per share, respectively) (878,199) (776,209)
SHAREHOLDERS
==================================================================================================================================
BENEFICIAL INTEREST Net increase (decrease) in net assets resulting from
TRANSACTIONS beneficial interest transactions--Note 2 (9,037,115) 8,028,555
==================================================================================================================================
NET ASSETS Total increase (decrease) (7,293,992) 20,033,199
---------------------------------------------------------------------------------------------------------
Beginning of period 179,014,858 158,981,659
------------ ------------
End of period (including undistributed net investment income
of $636,579 and $793,753, respectively) $171,720,866 $179,014,858
------------ ------------
------------ ------------
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------------------------------
YEAR ENDED JUNE 30,
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value,
beginning of year $13.28 $12.32 $10.68 $10.36 $11.65 $12.58 $12.82 $12.10 $6.43 $6.88
-----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income .06 .06 .06 .16 .17 .14 .23 .26 .15 .15
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions .21 .96 1.72 .35 (1.42) .54 .50 3.39 5.66 (.58)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations .27 1.02 1.78 .51 (1.25) .68 .73 3.65 5.81 (.43)
-----------------------------------------------------------------------------------------------------------------------------------
Dividends and
distributions
to shareholders:
Dividends from net
investment income (.07) (.06) (.14) (.19) (.04) (.27) (.18) (.36) (.14) (.02)
Distributions from net
realized gain on
investments and foreign
currency transactions -- -- -- -- -- (1.34) (.79) (2.57) -- --
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total dividends and
distributions
to shareholders (.07) (.06) (.14) (.19) (.04) (1.61) (.97) (2.93) (.14) (.02)
-----------------------------------------------------------------------------------------------------------------------------------
Net asset value,
end of year $13.48 $13.28 $12.32 $10.68 $10.36 $11.65 $12.58 $12.82 $12.10 $6.43
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
===================================================================================================================================
TOTAL RETURN, AT
NET ASSET VALUE(1) 2.03% 8.25% 17.15% 5.08% (10.71)% 3.10% 6.43% 33.24% 92.35% (6.23)%
===================================================================================================================================
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of year
(in thousands) $171,721 $179,015 $158,982 $133,345 $150,907 $163,118 $120,198 $107,264 $76,532 $29,080
-----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $178,579 $175,093 $124,869 $137,906 $154,318 $154,079 $110,873 $90,672 $49,947 $32,407
-----------------------------------------------------------------------------------------------------------------------------------
Number of shares
outstanding at end of
year (in thousands) 12,743 13,478 12,908 12,486 14,564 13,999 9,552 8,365 6,324 4,523
-----------------------------------------------------------------------------------------------------------------------------------
Average amount of
debt outstanding
throughout each year
(in thousands)(2) $-- $-- $-- $-- $-- $-- $-- $-- $79 $366
----------------------------------------------------------------------------------------------------------------------------------
Average number of
shares outstanding
throughout each year
(in thousands)(3) -- -- -- -- -- -- -- -- 5,253 4,743
-----------------------------------------------------------------------------------------------------------------------------------
Average amount of
debt per share outstanding
throughout each year $-- $-- $-- $-- $-- $-- $-- $-- $.02 $.08
-----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net
assets:
Net investment income .45% .50% .61% 1.25% 1.67% 1.17% 1.97% 2.38% 2.10% 2.19%
Expenses 1.36% 1.31% 1.38% 1.38% 1.43% 1.37% 1.22% 1.22% 1.41% 1.61%
-----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover
rate(4) 35.8% 29.5% 23.9% 39.4% 113.3% 82.3% 111.7% 175.8% 191.7% 52.9%
<FN>
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal
period, 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.
2. Based upon daily outstanding borrowing.
3. Based upon month-end balances.
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 June 30, 1995 were $61,761,542 and $63,338,747, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Gold & Special Minerals Fund
<PAGE>
----------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
----------------------------------------------------------
================================================================================
1. SIGNIFICANT Oppenheimer Gold & Special Minerals Fund (the Fund) is
ACCOUNTING registered under the Investment Company Act of 1940, as
POLICIES amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer
Management Corporation (the Manager). 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 asked price 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 the
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 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.
-------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of
the Fund are maintained in U.S. dollars. Prices of
securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of
exchange. Amounts related to the purchase and sale of
securities and investment income are translated at the
rates of exchange prevailing on the respective dates of
such transactions.
The effect of changes in foreign currency
exchange rates on investments is separately identified
from the fluctuations arising from changes in market
values of securities held and reported with all other
foreign currency gains and losses in the Fund's results
of operations.
----------------------------------------------------------
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.
----------------------------------------------------------
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. At June 30, 1995, the
Fund had available for federal income tax purposes an
unused capital loss carryover of approximately
$9,647,000, $6,394,000 of which will expire in
2000, and $3,253,000 in 2001.
----------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a
nonfunded retirement plan for the Fund's independent
trustees. Benefits are based on years of service
and fees paid to each trustee during the years of
service. During the year ended June 30, 1995, the Fund's
projected benefit obligations were reduced by
$11,186, and a payment of $1,182 was made to a retired
trustee, resulting in an accumulated liability of
$58,291 at June 30, 1995.
----------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
14 Oppenheimer Gold & Special Minerals Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
================================================================================
1. SIGNIFICANT CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net
ACCOUNTING investment income (loss) and net realized gain (loss)
POLICIES may differ for financial statement and tax purposes
(CONTINUED) primarily because of the recognition of certain foreign
currency gains (losses) as ordinary income (loss) for
tax purposes. The character of the distributions made
during the year from net investment income or net
realized gains may differ from their 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 year that the income or realized gain (loss) was
recorded by the Fund.
During the year ended June 30, 1995, the
Fund changed the classification of distributions to
shareholders to better disclose the differences
between financial statement amounts and distributions
determined in accordance with income tax regulations.
Accordingly, during the year ended June 30, 1995,
amounts have been reclassified to reflect a decrease
in undistributed net investment income of $73,728,
and a decrease in accumulated net realized loss on
investments of $73,728.
----------------------------------------------------------
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 or upon receipt of ex-dividend
notice in the case of certain foreign dividends. 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 unrealized appreciation and depreciation
are determined on an identified cost basis, which is the
same basis used for federal income tax purposes.
================================================================================
2. SHARES OF The Fund has authorized an unlimited number of no par
BENEFICIAL value shares of beneficial interest. Transactions in
INTEREST shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30, 1995 YEAR ENDED JUNE 30, 1994
------------------------------ ------------------------------
SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 17,062,570 $227,723,637 16,319,300 $ 218,789,343
Dividends reinvested 60,139 779,406 48,817 596,985
Redeemed (17,857,834) (237,540,158) (15,798,058) (211,357,773)
----------- ------------- ----------- -------------
Net increase (decrease) (735,125) $ (9,037,115) 570,059 $ 8,028,555
----------- ------------- ----------- ------------
----------- ------------- ----------- ------------
</TABLE>
================================================================================
3. UNREALIZED GAINS At June 30, 1995, net unrealized appreciation on
AND LOSSES ON investments of $26,111,456 was composed of gross
INVESTMENTS appreciation of $36,081,332, and gross depreciation
of $9,969,876.
================================================================================
4. MANAGEMENT FEES Management fees paid to the Manager were in accordance
AND OTHER with the investment advisory agreement with the Fund
TRANSACTIONS which provides for a fee of .75% on the first $200
WITH AFFILIATES million of average annual net assets, .72% on the next
$200 million, .69% on the next $200 million, .66% on the
next $200 million and .60% on net assets in excess of
$800 million. The Manager has agreed to reimburse the
Fund if aggregate expenses (with specified exceptions)
exceed the most stringent state regulatory limit on Fund
expenses.
For the year ended June 30, 1995, commissions
(sales charges paid by investors) on sales of Fund
shares totaled $842,093, of which $202,059 was
retained by Oppenheimer Funds Distributor, Inc. (OFDI),
a subsidiary of the Manager, as general distributor,
and by an affiliated broker/dealer.
Oppenheimer Shareholder Services (OSS), a
division of the Manager, is the transfer and shareholder
servicing agent for the Fund, and for other registered
investment companies. OSS's total costs of providing
such services are allocated ratably to these companies.
Under an approved service plan, the Fund
reimburses OFDI for costs incurred in distributing shares
of the Fund, including amounts paid to brokers, dealers,
banks and other financial institutions. Reimbursements
are not to exceed .25% annually of the net asset value of
Fund shares sold subsequent to March 31, 1991. During the
year ended June 30, 1995, OFDI paid $7,038 to an
affiliated broker/dealer as reimbursement for
distribution-related expenses.
15 Oppenheimer Gold & Special Minerals Fund
<PAGE>
----------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
----------------------------------------------------------
================================================================================
5. RESTRICTED At June 30, 1995, investments in securities included
SECURITIES issues that are illiquid or restricted. The securities
are often purchased in private placement transactions,
are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and are
valued under methods approved by the Board of Trustees
as reflecting fair value. The Fund intends to invest no
more than 10% of its net assets (determined at the
time of purchase) in illiquid and restricted securities.
The aggregate value of these securities subject to this
limitation at June 30, 1995 was $3,150,435 which
represents 1.8% of the Fund's net assets. Information
concerning these securities is as follows:
<TABLE>
<CAPTION>
VALUATION PER
UNIT AS OF
SECURITY ACQUISITION DATE COST PER UNIT JUNE 30, 1995
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Canarc Resources Corp. 6/6/94 $2.15 $1.53
---------------------------------------------------------------------------------------------------------
TVX Gold, Inc. 6/28/93--10/20/93 $4.10 $7.04
</TABLE>
Pursuant to guidelines adopted by the Board of Trustees,
certain unregistered securities are determined to be
liquid and are not included within the 10% limitation
specified above. See note 2 to the Statement of
Investments.
16 Oppenheimer Gold & Special Minerals Fund
<PAGE>
----------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
----------------------------------------------------------
The Board of Trustees and Shareholders of
Oppenheimer Gold & Special Minerals Fund:
We have audited the accompanying statements of
investments and assets and liabilities of Oppenheimer
Gold & Special Minerals Fund as of June 30, 1995, and the
related statement of operations for the year then ended,
the statements of changes in net assets for each of the
years in the two-year period then ended and the financial
highlights for each of the years in the ten-year period
then ended. These financial statements and financial
highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion
on these financial statements and financial highlights
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 and
financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of
securities owned as of June 30, 1995, by correspondence
with the custodian and brokers; and where confirmations
were not received from brokers, we performed other
auditing procedures. 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 and
financial highlights referred to above present fairly, in
all material respects, the financial position of
Oppenheimer Gold & Special Minerals Fund as of June 30,
1995, the results of its operations for the year then
ended, the changes in its net assets for each of the
years in the two-year period then ended, and the
financial highlights for each of the years in the
ten-year period then ended, in conformity with generally
accepted accounting principles.
KPMG Peat Marwick LLP
Denver, Colorado
July 24, 1995
17 Oppenheimer Gold & Special Minerals Fund
<PAGE>
----------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
----------------------------------------------------------
In early 1996, shareholders will receive information
regarding all dividends and distributions paid to them by
the Fund during calendar year 1995. Regulations of the
U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
Dividends paid by the Fund during the fiscal year
ended June 30, 1995 which are not designated as capital
gain distributions should be multiplied by 47.45% to
arrive at the net amount eligible for the corporate
dividend-received deduction.
The Fund has elected the application of Section 853
of the Internal Revenue Code to permit shareholders to
take a federal income tax credit or deduction, at their
option, on a per share basis for an aggregate amount of
$317,561 of foreign income taxes paid by the Fund during
the fiscal year ended June 30, 1995. A separate notice
will be mailed to each shareholder in January of 1996,
which will reflect the proportionate share of such
foreign taxes (as well as the dividend expected to be
paid by the Fund in December of 1995) which must be
treated by shareholders as gross income for federal
income tax purposes.
The foregoing information is presented to assist
shareholders in reporting distributions received from the
Fund to the Internal Revenue Service. Because of the
complexity of the federal regulations which may affect
your individual tax return and the many variations in
state and local tax regulations, we recommend that you
consult your tax advisor for specific guidance.
18 Oppenheimer Gold & Special Minerals Fund
<PAGE>
-----------------------------------------------------
OPPENHEIMER GOLD & SPECIAL MINERALS FUND
-----------------------------------------------------
================================================================================
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
James Ayer, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
INVESTMENT ADVISOR Oppenheimer Management Corporation
================================================================================
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
================================================================================
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
================================================================================
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of
Oppenheimer Gold & Special Minerals Fund. This
report must be preceded or accompanied by a
Prospectus of Oppenheimer Gold & Special Minerals
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, and are not insured by the FDIC or any other
agency, and involve investment risks, including
possible loss of the principal amount invested.
19 Oppenheimer Gold & Special Minerals Fund
<PAGE>
INFORMATION
[SIDEBAR]
GENERAL INFORMATION
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Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
TELEPHONE TRANSACTIONS
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PHONELINK
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TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
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1-800-843-4461
OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful messages on the economy and issues that
affect your investments
1-800-835-3104
RA0410.001.0695 August 31, 1995
"HOW MAY I HELP YOU?"
As an OppenheimerFunds 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
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And when you need help, our Customer Service Representatives are only a
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When you want to make a transaction, you can do it easily by calling our
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For added convenience, you can get automated information with
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PhoneLink gives you access to a variety of fund, account, and market
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You can count on us whenever you need assistance. That's why the
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So call us today--we're here to help.
[PHOTO]
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Oppenheimer Shareholder Services
--------------------------------------------------------------------------------
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