<PAGE> 1
OPPENHEIMER GOLD & SPECIAL MINERALS FUND
SEMIANNUAL REPORT DECEMBER 31, 1995
[Picture of Shopping Couple]
''We need to
diversify
to protect
the overall
performance
of our
investment
portfolio.''
[Oppenheimer Logo]
<PAGE> 2
NEWS
BEAT THE AVERAGE
- -------------------------------------
Cumulative Total Return for the 10-Year Period Ended 12/31/95:
Oppenheimer Gold &Special Minerals Fund (at net asset value)(1)
239.09%
- -------------------------------------
Lipper Gold-Oriented Funds Average(3)
112.31%
- -------------------------------------
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.
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 allocated to potentially offset the risks of your other
investments.
PERFORMANCE
- --------------------------------------------------------------------------------
Total return at net asset value for the six months ended 12/31/95 was -2.53%
for Class A shares.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5-, and 10-year periods ended 12/31/95 were -7.17%,
4.96% and 12.32%, respectively.(2)
OUTLOOK
- --------------------------------------------------------------------------------
We will remain focused on high quality com-panies that have the capacity to
increase their production and thereby drive earnings growth even if the price
of gold remains flat. With our level of diversification, both geographically
and in terms of types of metals, we believe the Fund continues to offer a
superior approach to the gold market."
Diane Sobin, Portfolio Manager
December 31, 1995
Total returns include change in share price and reinvestment of dividends and
capital gains distributions. 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. For more complete information, please review
the prospectus carefully before you invest.
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 12/31/94,
12/31/90 and 12/31/85, 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. Class B and C performance is not
shown above because shares were first publicly offered on 11/1/95. 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 17 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> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer Gold &
Special Minerals Fund
Dear OppenheimerFunds Shareholder,
The U.S. stock market put on quite a show in 1995 with the Dow Jones Industrial
Average breaking the 5000 barrier. During 1995, conditions were ideal for
rising stock prices. The economy grew fast enough to generate strong corporate
profits--but not so fast as to rekindle inflation. And intermediate- and
long-term interest rates fell sharply, as investors anticipated that the
Federal Reserve Board had shifted from its restrictive monetary policy of the
prior year.
Leading the rally on Wall Street for much of the year were technology
stocks. Even after a bumpy Fall, many stocks in semiconductors, computers,
software and telecommunications doubled during the year. The global demand for
these products--developed and manufactured by American companies--continued
unabated.
The reduction in the rate of growth of health care expenditures is just
one reason why inflation remains moderate. Another reason is the plentiful
supply of inexpensive energy. In addition, the emergence of capitalism
throughout the world has created a global economy of new markets and new
competitors, dampening prices and labor costs. And after many years of promise,
technology has finally created efficiencies in the business environment.
But the primary fuel to stock prices came from corporate profits, which
have been surging in the past few years, due in large part to a rise in U.S.
corporate productivity. The determination of Corporate America to be successful
in today's highly competitive markets has led to a strategy of tight cost
control with an emphasis on efficiency. With a global boom in technology and a
weak dollar in the first half of the year--which made U.S. goods more
attractive overseas--corporate earnings and profitability have remained very
strong, growing about 20% between 1994 and 1995.
With the Dow less than 1000 just 15 years ago and only 2500 five years
ago, it's clear that the stock market's advance has been tremendous. So the
question remains, "Is the case for stocks still strong?"
Certainly, market volatility would be expected at this point in a five
year bull market, especially since there hasn't been a "normal correction" of
10% or more since 1990. And the slowdown in the economy is likely to translate
into soft profit growth this year.
But the underlying economic conditions that have driven stocks thus
far--moderate growth with low inflation, falling interest rates, and a
Corporate America that's committed to increased efficiency--remain in place.
Additionally, there is increasing demand for U.S. exports in light of expanding
international economies, as well as the increasing belief that U.S.
technologies lead the world. As a result, we believe that the stock market
continues to offer a good value for investors. But, realistically, we don't
expect another year like 1995 any time soon.
Your portfolio manager discusses the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds, and we look forward to helping you reach your investment
goals in the future.
/s/ BRIDGET A. MACASKILL
- ------------------------
Bridget A. Macaskill
January 22, 1996
3 Oppenheimer Gold & Special Minerals Fund
<PAGE> 4
Q + A
Q What
is your
outlook
for the Fund?
An interview with your Fund's managers.
HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS?
While gold funds on the whole have been strong long-term performers, gold
itself has not done well recently. Because of the types of high quality gold
stocks we buy, and the fact that we buy stocks of other metals companies to
help us diversify and reduce risk, we typically have good results versus our
peers when gold prices are in a trading range, rather than trending up or down.
Over the past six months, however, our returns have been in line with the
majority of gold-related funds.
WHAT FACTORS INFLUENCED THE FUND'S PERFORMANCE MOST?
Gold stocks went down over the period because the price of gold failed to rally
in the face of low inflation worldwide. While the impact was most pronounced in
small and high cost mining and processing operations, it also affected the
larger, higher quality firms we favor.
In other metals, where our strategy normally provides a cushion, we felt
the impact of slower than expected worldwide economic growth. Due to this
slower growth, the economically-sensitive base metals companies that make up
about 20% of our portfolio underperformed.
WHAT CHANGES HAVE YOU MADE IN THE PORTFOLIO?
We haven't done any significant repositioning. Though the past six months were
difficult, our strategy has given the Fund an impressive long-term performance
history. As such, we're using this period of lower prices to add to some of our
holdings that should benefit us going forward.
For example, there is currently a great deal of mining exploration and
speculation being done by smaller companies in the emerging markets.
4 Oppenheimer Gold & Special Minerals Fund
<PAGE> 5
FACING PAGE
Top left: Diane Sobin, Portfolio Manager
Top right: Frank Jennings, Member
of Global Investments Team
Bottom: Bill Wilby, Senior VP, Director of Global Investments
THIS PAGE
Top: George Evans, Member
of Global Investments Team
Bottom: Shanquan Li, Member
of Global Investments Team
A We're
optimistic
about the coming year.
As a "safer" way to invest in this potential, we've added to our holdings of a
global precious metals refiner--a company that is positioned to benefit as
these small operations outsource their refining needs.
In Indonesia, we own shares in a company that is both the world's largest
tin mine and lowest cost producer, and which, until recently, was
government-run and fairly inefficient. Now that it's been privatized, and with
tin beginning to emerge from a ten-year bear market, we believe we will see
strong returns in the future.
Additionally, we've begun increasing our investments in Japan. At this
time, we own two Japanese com-panies which we expect to do well as the Japanese
economy continues to improve.
Finally, we've allowed our cash to build to around 12%, which will allow
us to continue to make strategic purchases going forward.(1)
WHAT HAVE YOU SOLD?
The world economy is slowest in Europe. As a result, we've been selling
European base metals stocks. Over the period we've also continued to sell
higher-cost gold producers in South Africa.
WHAT IS YOUR OUTLOOK FOR THE FUND?
While with our larger cash position, we're somewhat defensive right now, we're
optimistic about the coming year. Stock prices in our market have come down, so
valuations are better now than they were this time last year. And while we
still see little evidence of inflation, gold has already been in a long bear
market, and demand, especially for jewelry, remains strong rela-tive to supply.
Going forward, we will remain focused on high quality companies that have the
capacity to increase their production and thereby drive earnings growth even if
the price of gold remains flat.
As with any stock fund, it's important to maintain a long-term
perspective. With our level of diversification, both geographically and in
terms of types of metals, we believe the Fund continues to offer a superior
approach to the gold market.
1. The Fund's portfolio is subject to change.
5 Oppenheimer Gold & Special Minerals Fund
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT(1) SEE NOTE 1
=======================================================================================================================
<S> <C> <C>
CONVERTIBLE CORPORATE BONDS AND NOTES--1.6%
=======================================================================================================================
Agnico Eagle Mines Ltd., 3.50% Cv. Sr. Nts., 1/27/04 $1,200,000 $1,000,500
- -----------------------------------------------------------------------------------------------------------------------
Lonrho Finance PLC, 6% Gtd. Cv. Bonds, 2/27/04(GBP) 1,000,000 1,527,370
-----------
Total Convertible Corporate Bonds and Notes (Cost $2,520,480) 2,527,870
<CAPTION>
SHARES
=======================================================================================================================
<S> <C> <C>
COMMON STOCKS--85.6%
=======================================================================================================================
BASIC MATERIALS--82.8%
=======================================================================================================================
CHEMICALS--4.3%
Engelhard Corp. 100,000 2,175,000
- -----------------------------------------------------------------------------------------------------------------------
Johnson Matthey PLC 337,500 2,740,533
- -----------------------------------------------------------------------------------------------------------------------
Minerals Technologies, Inc. 50,000 1,825,000
-----------
6,740,533
=======================================================================================================================
GOLD--59.7%
=======================================================================================================================
GOLD--0.8%
Manila Mining Corp., Cl. B 300,000,000 560,445
- -----------------------------------------------------------------------------------------------------------------------
Nelson Gold Corp. Ltd.(2) 500,000 777,217
-----------
1,337,662
=======================================================================================================================
GOLD MINING: AUSTRALIA--8.0%
Delta Gold NL(2) 700,000 1,697,505
- -----------------------------------------------------------------------------------------------------------------------
Gold Mines of Kalgoorlie Ltd. 1,597,604 1,485,506
- -----------------------------------------------------------------------------------------------------------------------
Golden Shamrock Mines Ltd.(2) 2,000,000 1,234,820
- -----------------------------------------------------------------------------------------------------------------------
Highlands Gold Ltd. 1,800,000 1,205,065
- -----------------------------------------------------------------------------------------------------------------------
Newcrest Mining Ltd. 500,000 2,105,144
- -----------------------------------------------------------------------------------------------------------------------
Placer Pacific Ltd. 1,000,000 2,067,951
- -----------------------------------------------------------------------------------------------------------------------
Renison Goldfields Consolidated Ltd.(2) 116,000 291,655
- -----------------------------------------------------------------------------------------------------------------------
Renison Goldfields Consolidated Ltd. 500,000 2,491,955
-----------
12,579,601
=======================================================================================================================
GOLD MINING: CANADA--15.6%
Barrick Gold Corp. 200,000 5,275,000
- -----------------------------------------------------------------------------------------------------------------------
Cambior, Inc. 125,000 1,363,337
- -----------------------------------------------------------------------------------------------------------------------
Dayton Mining Corp.(2) 500,000 2,108,017
- -----------------------------------------------------------------------------------------------------------------------
Dayton Mining Corp.(2)(3) 300,000 1,264,810
- -----------------------------------------------------------------------------------------------------------------------
Glamis Gold Ltd. 150,000 976,104
- -----------------------------------------------------------------------------------------------------------------------
Guyanor Ressources SA(2) 30,000 74,789
- -----------------------------------------------------------------------------------------------------------------------
Hemlo Gold Mines, Inc. 300,000 2,859,571
- -----------------------------------------------------------------------------------------------------------------------
Kap Resources Ltd.(2) 575,000 1,475,612
- -----------------------------------------------------------------------------------------------------------------------
Kinross Gold(2) 74,600 581,171
- -----------------------------------------------------------------------------------------------------------------------
Monarch Resources(2)(3) 300,000 384,942
- -----------------------------------------------------------------------------------------------------------------------
Placer Dome, Inc. 100,000 2,412,500
- -----------------------------------------------------------------------------------------------------------------------
Prime Resource Group, Inc.(2) 175,000 1,202,944
- -----------------------------------------------------------------------------------------------------------------------
Teck Corp., Cl. B 100,000 1,952,207
- -----------------------------------------------------------------------------------------------------------------------
TVX Gold, Inc.(2)(4) 350,000 2,417,928
- -----------------------------------------------------------------------------------------------------------------------
Viceroy Resources Corp. 50,000 219,967
-----------
24,568,899
</TABLE>
6 Oppenheimer Gold & Special Minerals Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
=======================================================================================================================
<S> <C> <C>
GOLD MINING: SOUTH AFRICA--10.2%
Anglo American Corp. of South Africa Ltd., ADR 50,000 $ 3,012,500
- -----------------------------------------------------------------------------------------------------------------------
Ashanti Goldfields(2)(3) 100,000 2,015,000
- -----------------------------------------------------------------------------------------------------------------------
Driefontein Consolidated Ltd. ADR 300,000 3,712,500
- -----------------------------------------------------------------------------------------------------------------------
Free State Consolidated Gold Mines Ltd., ADR 150,000 1,087,500
- -----------------------------------------------------------------------------------------------------------------------
Hartebeestfontein Gold Mining Co. 400,000 1,009,480
- -----------------------------------------------------------------------------------------------------------------------
Southvaal Holdings Ltd., ADR 50,000 1,385,290
- -----------------------------------------------------------------------------------------------------------------------
Vaal Reefs Exploration & Mining Co. Ltd., ADR 200,000 1,275,000
- -----------------------------------------------------------------------------------------------------------------------
Western Area Gold Mining, ADR 151,261 2,582,947
-----------
16,080,217
=======================================================================================================================
GOLD MINING:
UNITED STATES--11.6%
Battle Mountain Gold Co., Cl. A 150,000 1,256,250
- -----------------------------------------------------------------------------------------------------------------------
Crown Resources Corp.(2) 275,000 1,357,812
- -----------------------------------------------------------------------------------------------------------------------
Firstmiss Gold, Inc.(2) 80,000 1,780,000
- -----------------------------------------------------------------------------------------------------------------------
Homestake Mining Co. 100,000 1,562,500
- -----------------------------------------------------------------------------------------------------------------------
Newmont Mining Corp. 162,291 7,343,668
- -----------------------------------------------------------------------------------------------------------------------
Santa Fe Pacific Gold Corp. 416,000 5,044,000
-----------
18,344,230
=======================================================================================================================
GOLD RELATED
INVESTMENT--7.4%
Cambiex Exploration, Inc.(5) 1,500,000 505,924
- -----------------------------------------------------------------------------------------------------------------------
Canarc Resource Corp.(2) 282,500 289,990
- -----------------------------------------------------------------------------------------------------------------------
Canarc Resource Corp. 450,000 461,944
- -----------------------------------------------------------------------------------------------------------------------
Euro-Nevada Mining Corp. 190,500 6,949,032
- -----------------------------------------------------------------------------------------------------------------------
Franco-Nevada Mining Corp. Ltd.(2) 60,000 3,508,474
-----------
11,715,364
=======================================================================================================================
PLATINUM MINING--6.1%
Anglo American Platinum Corp., ADR 154,980 882,162
- -----------------------------------------------------------------------------------------------------------------------
Impala Platinum Holdings Ltd., ADR 50,000 912,100
- -----------------------------------------------------------------------------------------------------------------------
Rustenburg Platinum Holdings Ltd., ADR 178,565 2,938,982
- -----------------------------------------------------------------------------------------------------------------------
Stillwater Mining Co.(2) 250,000 4,812,500
-----------
9,545,744
-----------
94,171,717
=======================================================================================================================
METALS--18.8%
=======================================================================================================================
ALUMINUM--2.6%
Capral Aluminium Ltd. 1,000,000 2,454,762
- -----------------------------------------------------------------------------------------------------------------------
Nippon Light Metal Co. 300,000 1,721,736
-----------
4,176,498
=======================================================================================================================
COPPER--5.3%
Aur Resources, Inc.(2) 300,000 1,484,777
- -----------------------------------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. A 224,455 6,284,740
- -----------------------------------------------------------------------------------------------------------------------
Zambia Consolidated Copper Mines Ltd., Cl. B(2) 500,000 621,040
-----------
8,390,557
</TABLE>
7 Oppenheimer Gold & Special Minerals Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
=======================================================================================================================
<S> <C> <C>
METALS: DIVERSIFIED--5.3%
Alcan Aluminum Ltd. 25,000 $ 775,000
- -----------------------------------------------------------------------------------------------------------------------
Aluminum Co. of America 15,000 793,125
- -----------------------------------------------------------------------------------------------------------------------
Brush Wellman, Inc. 70,000 1,207,500
- -----------------------------------------------------------------------------------------------------------------------
Elkem AS 150,000 1,697,570
- -----------------------------------------------------------------------------------------------------------------------
Lucky Metal Corp. 50,000 837,926
- -----------------------------------------------------------------------------------------------------------------------
Sumitomo Metal Mining Co. 200,000 1,799,292
- -----------------------------------------------------------------------------------------------------------------------
Western Mining Corp. Holdings Ltd. 199,988 1,285,325
-----------
8,395,738
=======================================================================================================================
METALS: MISCELLANEOUS--3.5%
Asturiana de Zinc SA(2) 100,000 792,970
- -----------------------------------------------------------------------------------------------------------------------
Korea Zinc Co. 60,000 1,469,593
- -----------------------------------------------------------------------------------------------------------------------
Pasminco Ltd. 1,250,000 1,534,226
- -----------------------------------------------------------------------------------------------------------------------
PT Tambang Timah, GDR(2)(3) 141,000 1,742,126
-----------
5,538,915
=======================================================================================================================
NICKEL--2.1%
Eramet SA 25,000 1,635,866
- -----------------------------------------------------------------------------------------------------------------------
Falconbridge Ltd. 75,000 1,594,761
-----------
3,230,627
-----------
29,732,335
=======================================================================================================================
INDUSTRIAL--2.8%
=======================================================================================================================
MANUFACTURING--2.8%
Madeco SA, ADR 75,000 2,025,000
- -----------------------------------------------------------------------------------------------------------------------
Svedala Industri, AB Free 70,000 1,806,191
- -----------------------------------------------------------------------------------------------------------------------
Tampella AB(2) 481,133 609,449
-----------
4,440,640
-----------
Total Common Stocks (Cost $111,577,256) 135,085,225
=======================================================================================================================
PREFERRED STOCKS--2.1%
=======================================================================================================================
Battle Mountain Gold Co., $3.25 Cum. Cv. 34,500 1,712,062
- -----------------------------------------------------------------------------------------------------------------------
Cyprus Amax Minerals Co., $4.00 Cv., Series A 26,666 1,579,961
-----------
Total Preferred Stocks (Cost $3,304,603) 3,292,023
<CAPTION>
UNITS
=======================================================================================================================
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.3%
=======================================================================================================================
Kap Resources Ltd. Wts., Cl. A, Exp. 8/00 287,500 347,823
- -----------------------------------------------------------------------------------------------------------------------
Lynas Gold NL Wts., Exp. 6/99 1,200,000 102,653
- -----------------------------------------------------------------------------------------------------------------------
Minera Rayrock, Inc. Wts., Exp. 1/96(3) 170,000 --
-----------
Total Rights, Warrants and Certificates (Cost $322,923) 450,476
</TABLE>
8 Oppenheimer Gold & Special Minerals Fund
<PAGE> 9
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT(1) SEE NOTE 1
=======================================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENT--11.6%
=======================================================================================================================
Repurchase agreement with First Chicago Capital Markets, 5.90%,
dated 12/29/95, to be repurchased at $18,311,997 on 1/2/96,
collateralized by U.S. Treasury Nts., 5.125%--8.75%, 12/31/96--11/5/04,
with a value of $9,933,373, U.S. Treasury Bonds, 6.25%--11.25%,
8/15/03--8/15/23, with a value of $6,019,863, and U.S. Treasury Bills
maturing 11/14/96, with a value of $2,729,921 (Cost $18,300,000) $18,300,000 $18,300,000
=======================================================================================================================
TOTAL INVESTMENTS, AT VALUE (COST $136,025,262) 101.2% 159,655,594
=======================================================================================================================
LIABILITIES IN EXCESS OF OTHER ASSETS (1.2) (1,897,239)
----------- ------------
NET ASSETS 100.0% $157,758,355
=========== ============
</TABLE>
1. Face amount is reported in U.S. Dollars, except for those denoted in the
following currency: GBP--British Pound Sterling.
2. Non-income producing security.
3. 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 $5,406,878 or 3.43% of the Fund's net
assets, at December 31, 1995.
4. Identifies issues considered to be illiquid--see Note 5 of Notes to
Financial Statements.
5. 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 December 31,
1995. The aggregate fair value of all securities of affiliated companies as of
December 31, 1995 amounted to $505,924. Transactions during the period in which
the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
BALANCE BALANCE
JUNE 30, 1995 GROSS ADDITIONS GROSS REDUCTIONS DECEMBER 31, 1995
-------------------- ------------------ ------------------- -------------------- DIVIDEND
SHARES COST SHARES COST SHARES COST SHARES COST INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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 $ -- $112,921 $756,573 $ --
======== ===== ======== ======== =====
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Gold & Special Minerals Fund
<PAGE> 10
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 (Unaudited)
<TABLE>
<S> <C>
======================================================================================================================
ASSETS
Investments, at value (including repurchase agreement
of $18,300,000)--see accompanying statement:
Unaffiliated companies (cost $135,268,689) $159,149,670
Affiliated companies (cost $756,573) 505,924
- ----------------------------------------------------------------------------------------------------------------------
Cash 365,700
- ----------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 987,731
Interest 253,200
- ----------------------------------------------------------------------------------------------------------------------
Other 23,215
------------
Total assets 161,285,440
======================================================================================================================
LIABILITIES
Payables and other liabilities:
Investments purchased 2,104,479
Shares of beneficial interest redeemed 1,115,222
Trustees' fees 89,277
Distribution and service plan fees 79,260
Shareholder reports 57,463
Dividends 14,626
Transfer and shareholder servicing agent fees 11,279
Other 55,479
------------
Total liabilities 3,527,085
======================================================================================================================
NET ASSETS $157,758,355
============
======================================================================================================================
COMPOSITION OF
NET ASSETS
Paid-in capital $145,249,348
- ----------------------------------------------------------------------------------------------------------------------
Overdistributed net investment income (70,268)
- ----------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign currency transactions (11,051,130)
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 23,630,405
------------
Net assets $157,758,355
============
======================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of $157,275,543 and
12,023,539 shares of beneficial interest outstanding) $13.08
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $13.88
- ----------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $348,130 and 26,553 shares of beneficial interest outstanding) $13.11
- ----------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $134,682 and 10,270 shares of beneficial interest outstanding) $13.11
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Gold & Special Minerals Fund
<PAGE> 11
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited)
<TABLE>
<S> <C>
======================================================================================================================
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $131,379) $ 829,698
- ----------------------------------------------------------------------------------------------------------------------
Interest 363,132
------------
Total income 1,192,830
======================================================================================================================
EXPENSES
Management fees--Note 4 633,963
- ----------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 194,410
- ----------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 168,838
Class B 358
Class C 287
- ----------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 69,728
- ----------------------------------------------------------------------------------------------------------------------
Shareholder reports 57,347
- ----------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 26,653
- ----------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 17,885
- ----------------------------------------------------------------------------------------------------------------------
Insurance expenses 8,947
- ----------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class B 118
Class C 81
- ----------------------------------------------------------------------------------------------------------------------
Other 15,826
------------
Total expenses 1,194,441
======================================================================================================================
NET INVESTMENT LOSS (1,611)
======================================================================================================================
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) on:
Investments:
Unaffiliated companies (1,108,372)
Affiliated companies (112,921)
Foreign currency transactions 75,922
------------
Net realized loss (1,145,371)
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (3,235,435)
Translation of assets and liabilities denominated in foreign currencies 754,052
------------
Net change (2,481,383)
------------
Net realized and unrealized loss on investments and foreign
currency transactions (3,626,754)
======================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (3,628,365)
============
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Gold & Special Minerals Fund
<PAGE> 12
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
DECEMBER 31, 1995 JUNE 30,
(UNAUDITED) 1995
======================================================================================================================
<S> <C> <C>
OPERATIONS
Net investment income (loss) $ (1,611) $ 794,753
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments and foreign currency transactions (1,145,371) 4,149,068
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments
and translation of assets and liabilities denominated in foreign currencies (2,481,383) (2,322,499)
------------ ------------
Net increase (decrease) in net assets resulting from operations (3,628,365) 2,621,322
======================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment income:
Class A (705,236) (878,199)
======================================================================================================================
BENEFICIAL INTEREST
TRANSACTIONS
Net increase (decrease) in net assets resulting from
beneficial interest transactions--Note 2:
Class A (10,107,541) (9,037,115)
Class B 344,664 --
Class C 133,967 --
======================================================================================================================
NET ASSETS
Total decrease (13,962,511) (7,293,992)
- ----------------------------------------------------------------------------------------------------------------------
Beginning of period 171,720,866 179,014,858
------------ ------------
End of period [including undistributed (overdistributed)
net investment income of $(70,268) and $636,579, respectively] $157,758,355 $171,720,866
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Gold & Special Minerals Fund
<PAGE> 13
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
-------------------------------------------------------------- ----------- -----------
PERIOD PERIOD
SIX MONTHS ENDED ENDED
ENDED DEC. 31, DEC. 31,
DEC. 31, 1995 YEAR ENDED JUNE 30, 1995(1) 1995(1)
(UNAUDITED) 1995 1994 1993 1992 1991 (UNAUDITED) (UNAUDITED)
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $13.48 $13.28 $12.32 $10.68 $10.36 $11.65 $12.33 $12.33
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) -- .06 .06 .06 .16 .17 (.01) (.01)
Net realized and unrealized gain (loss) (.34) .21 .96 1.72 .35 (1.42) .79 .79
------ ------ ------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations (.34) .27 1.02 1.78 .51 (1.25) .78 .78
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment income (.06) (.07) (.06) (.14) (.19) (.04) -- --
Distributions from net realized gain -- -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (.06) (.07) (.06) (.14) (.19) (.04) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.08 $13.48 $13.28 $12.32 $10.68 $10.36 $13.11 $13.11
====== ====== ====== ====== ====== ====== ====== ======
===================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) (2.53)% 2.03% 8.25% 17.15% 5.08% (10.71)% 6.15% 6.15%
===================================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $157,276 $171,721 $179,015 $158,982 $133,345 $150,907 $348 $135
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $167,414 $178,579 $175,093 $124,869 $137,906 $154,318 $221 $176
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income .00%(3) .45% .50% .61% 1.25% 1.67% (.59)%(3) (.49)%(3)
Expenses 1.41%(3) 1.36% 1.31% 1.38% 1.38% 1.43% 2.52%(3) 2.49%(3)
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 13.2% 35.8% 29.5% 23.9% 39.4% 113.3% 13.2% 13.2%
Average brokerage commission rate(5) $0.03 -- -- -- -- -- $0.03 $0.03
</TABLE>
1. For the period from November 1, 1995 (inception of offering) to December 31,
1995.
2. 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. Total returns are not annualized for
periods of less than one full year.
3. Annualized.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of investment securities (excluding short-term securities)
for the period ended December 31, 1995 were $20,405,181 and $41,117,053,
respectively.
5. Total brokerage commissions paid on purchases and sales of portfolio
securities for the period divided by the total number of related shares
purchased and sold.
See accompanying Notes to Financial Statements.
13 Oppenheimer Gold & Special Minerals Fund
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Gold & Special Minerals 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 and Class C shares. Class A
shares are sold with a front-end sales charge. Class B and Class C shares may
be subject to a contingent deferred sales charge. All classes of shares have
identical rights to earnings, assets and voting privileges, except that each
class has its own distribution and/or service plan, expenses directly
attributable to a particular class and exclusive voting rights with respect to
matters affecting a single class. Class B shares will automatically convert to
Class A shares six years after the date of purchase. The following is a summary
of significant accounting policies consistently followed by the Fund.
- --------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
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 are valued under consistently applied procedures established by the
Board of Trustees to determine fair value in good faith. Short-term ``money
market type'' debt securities having a remaining maturity of 60 days or less
are valued at cost (or last determined market value) adjusted for amortization
to maturity of any premium or discount.
- --------------------------------------------------------------------------------
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 Statement 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.
- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
- --------------------------------------------------------------------------------
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 six months
ended December 31, 1995, a provision of $13,497 was made for the Fund's
projected benefit obligations, resulting in an accumulated liability of $71,788
at December 31, 1995.
14 Oppenheimer Gold & Special Minerals Fund
<PAGE> 15
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes 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.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life
of the respective securities, in accordance with federal income tax
requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which
is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
================================================================================
2. SHARES OF
BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED DECEMBER 31, 1995(1) YEAR ENDED JUNE 30, 1995
------------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 4,777,256 $ 64,526,798 17,062,570 $227,723,637
Dividends reinvested 48,047 626,051 60,139 779,406
Redeemed (5,545,025) (75,260,390) (17,857,834) (237,540,158)
----------- ------------ ----------- ------------
Net decrease (719,722) $(10,107,541) (735,125) $ (9,037,115)
=========== ============ =========== ============
- ----------------------------------------------------------------------------------------------------------
Class B:
Sold 26,634 $ 345,694 -- $ --
Dividends reinvested -- -- -- --
Redeemed (81) (1,030) -- --
----------- ------------ ----------- ------------
Net increase 26,553 $ 344,664 -- $ --
=========== ============ =========== ============
- ----------------------------------------------------------------------------------------------------------
Class C:
Sold 51,808 $ 676,788 -- $ --
Dividends reinvested -- -- -- --
Redeemed (41,538) (542,821) -- --
----------- ------------ ----------- ------------
Net increase 10,270 $ 133,967 -- $ --
=========== ============ =========== ============
</TABLE>
1. For the six months ended December 31, 1995 for Class A shares, and for the
period from November 1, 1995 (inception of offering) to December 31, 1995 for
Class B and Class C shares.
15 Oppenheimer Gold & Special Minerals Fund
<PAGE> 16
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At December 31, 1995, net unrealized appreciation on investments of $23,630,332
was composed of gross appreciation of $34,356,796, and gross depreciation of
$10,726,464.
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .75% on the first
$200 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 six months ended December 31, 1995, commissions (sales
charges paid by investors) on sales of Class A shares totaled $285,965, of
which $65,809 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general distributor, and by an affiliated
broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of the
Fund's Class B and Class C shares totaled $5,932 and $1,076, respectively, of
which $400 was paid to an affiliated broker/dealer.
OppenheimerFunds Services (OFS), a division of the Manager, is
the transfer and shareholder servicing agent for the Fund, and for other
registered investment companies. OFS's total costs of providing such services
are allocated ratably to these companies.
Under separate approved plans, each class may expend up to .25%
of its net assets annually to compensate OFDI for costs incurred in connection
with the personal service and maintenance of accounts that hold shares of the
Fund, including amounts paid to brokers, dealers, banks and other institutions.
In addition, Class B and Class C shares are subject to an asset-based sales
charge of .75% of net assets annually, to compensate OFDI for sales
commissions paid from its own resources at the time of sale and associated
financing costs. In the event of termination or discontinuance of the Class B or
Class C plan, the Board of Trustees may allow the Fund to continue payment of
the asset-based sales charge to OFDI for distribution expenses incurred on Class
B or Class C shares sold prior to termination or discontinuance of the plan. At
December 31, 1995, OFDI had incurred unreimbursed expenses of $6,798 for Class B
and $12,200 for Class C. During the six months ended December 31, 1995, OFDI
paid $3,329 to an affiliated broker/dealer as compensation for Class A personal
service and maintenance expenses, and retained $329 and $120, respectively, as
compensation for Class B and Class C sales commissions and service fee advances,
as well as financing costs.
16 Oppenheimer Gold & Special Minerals Fund
<PAGE> 17
================================================================================
5. ILLIQUID AND
RESTRICTED SECURITIES
At December 31, 1995, investments in securities included 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 December 31, 1995 was $2,417,928, which
represents 1.5% 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 DECEMBER 31, 1995
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TVX Gold, Inc. 6/28/93--10/20/93 $4.10 $6.91
</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.
17 Oppenheimer Gold & Special Minerals Fund
<PAGE> 18
OPPENHEIMER GOLD & SPECIAL MINERALS FUND
================================================================================
OFFICERS AND TRUSTEES
Leon Levy, Chairman of the Board of Trustees
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Bridget A. Macaskill, Trustee and President
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
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Diane Sobin, 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
OppenheimerFunds, Inc.
================================================================================
DISTRIBUTOR
OppenheimerFunds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER
SERVICING AGENT
OppenheimerFunds Services
================================================================================
CUSTODIAN OF
PORTFOLIO SECURITIES
The Bank of New York
================================================================================
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL
Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the records of
the Fund without examination by the independent auditors. 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.
18 Oppenheimer Gold & Special Minerals Fund
<PAGE> 19
Oppenheimer Funds Family
================================================================================
OppenheimerFunds offers over 35 funds designed to fit virtually every
investment goal. Whether you're investing for retirement, your children's
education or tax-free income, we have the funds to help you seek your
objective.
When you invest with OppenheimerFunds, you can feel comfortable knowing
that you are investing with a respected financial institution with over 35
years of experience in helping people just like you reach their financial
goals. And you're investing with a leader in global, growth stock and flexible
fixed-income investments--with over 2.8 million shareholder accounts and more
than $41 billion under Oppenheimer's management and that of our affiliates.
At OppenheimerFunds, we don't charge a fee to exchange shares. And you
can exchange shares easily by mail or by telephone.(1) For more information on
Oppenheimer funds, please contact your financial advisor or call us at
1-800-525-7048 for a prospectus. You may also write us at the address shown on
the back cover. As always, please read the prospectus carefully before you
invest.
================================================================================
STOCK FUNDS
Global Emerging Growth Fund Growth Fund
Enterprise Fund Global Fund
Discovery Fund Quest Global Value Fund
Quest Small Cap Value Fund Oppenheimer Fund
Gold & Special Minerals Fund Value Stock Fund
Target Fund Quest Value Fund
================================================================================
STOCK & BOND FUNDS
Main Street Income & Growth Fund Global Growth & Income Fund
Quest Opportunity Value Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Quest Growth & Income Value Fund Strategic Income & Growth Fund
================================================================================
BOND FUNDS
International Bond Fund Bond Fund
High Yield Fund U.S. Government Trust
Strategic Income Fund Limited-Term Government Fund
Champion Income Fund
================================================================================
TAX-EXEMPT FUNDS
California Tax-Exempt Fund(2) Pennsylvania Tax-Exempt Fund(2)
Florida Tax-Exempt Fund(2) Tax-Free Bond Fund
New Jersey Tax-Exempt Fund(2) Insured Tax-Exempt Fund
New York Tax-Exempt Fund(2) Intermediate Tax-Exempt Fund
================================================================================
MONEY MARKET FUNDS
Money Market Fund Cash Reserves
1. Exchange privileges are subject to change or termination. Shares may be
exchanged only for shares of the same class of eligible funds.
2. Available only to investors in certain states.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., Two
World Trade Center, New York, NY 10048-0203.
(C) Copyright 1996 OppenheimerFunds, Inc. All rights reserved.
19 Oppenheimer Gold & Special Minerals Fund
<PAGE> 20
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-8 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
- ---------------------------------------
TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
- ---------------------------------------
PHONELINK
24 hours a day, automated
information and transactions
1-800-533-3310
- ---------------------------------------
TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
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
- ---------------------------------------
RS0410.001.1295 February 28, 1996
[Picture of Jennifer Leonard]
[Caption] Jennifer Leonard, Customer Service Representative
OppenheimerFunds Service
''How may I help you?''
As an Oppenheimer funds shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
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And when you need help, our Customer Service Representatives are only a
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handle administrative requests. You can reach them at our General Information
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When you want to make a transaction, you can do it easily by calling
our toll-free Telephone Transactions number. And, by enrolling in AccountLink,
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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
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
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- ---------------------------------------------
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- ---------------------------------------------
