[front cover]
Semiannual Report December 31, 1997
OPPENHEIMER
Gold & Special
Minerals Fund
[photo of eyeglasses and ledger sheets]
[logo]
OppenheimerFunds(SM)
THE RIGHT WAY TO INVEST
<PAGE>
Contents
3 President's Letter
4 Fund Performance
6 An interview with the Fund's Managers
10 Statement of Investments
14 Statement of Assets & Liabilities
16 Statement of Operations
17 Statement of Changes in Net Assets
18 Financial Highlights
20 Notes to Financial Statements
27 Officers & Trustees
28 Information & Services
| Report highlights
- --------------------------------------------------------------------------------
[bullet] Leading its peer group, the Fund's Class A shares placed 4th among the
40 gold-oriented funds ranked by Lipper Analytical Services for the 12-month
period ending December 31, 1997.(1)
[bullet] Despite the Fund's strong relative performance, our returns were
affected by a long-running weakness in the gold market.
[bullet] Our strategy against this market backdrop remains steadfast: We
continue to concentrate on gold investments in well-capitalized, diversified
producers and to seek undervalued securities that we believe have the potential
for price appreciation.
[bullet] For investors seeking the shelter that gold has historically provided
against future uncertainty, this fund is a unique diversification vehicle.
Total Returns
For the Period Ended 12/31/97*(2)
Class A
6 months 1 year
(25.64)% (31.92)%
Class B
6 months 1 year
(25.80)% (32.37)%
Class C
6 months 1 year
(25.89)% (32.39)%
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
In reviewing performance and rankings, please remember that past performance
does not guarantee future results. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
1. Source: Lipper Analytical Services, Inc., 12/31/97. Based on the comparisons
between changes in net asset value without considering sales charges, with
dividends and capital gains distributions of the Fund's Class A shares
reinvested. The Fund's Class A shares were ranked 4 of 40 (1-year), 11 of 26
(5-year) and 1 of 18 (10-year) among gold-oriented funds for the period ended
12/31/97.
2. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken into
account. Total returns for the 6-month period are cumulative and are not
annualized.
2 Oppenheimer Gold & Special Minerals Fund
<PAGE>
| Dear shareholder,
- --------------------------------------------------------------------------------
[photo]
Bridget A. Macaskill
President
Oppenheimer
Gold & Special
Minerals Fund
These have been very positive times for many American investors. The U.S.
economy has continued to grow at a moderate pace, unemployment has fallen to
its lowest level in 30 years and inflation has also fallen to a record low. In
fact, long-term interest rates have fallen to their lowest level since the
government began issuing 30-year Treasury bonds in 1977.
What benefits does this provide to the average American? First, when
unemployment levels are low, many individuals tend to feel a greater sense of
job security and can command higher wages because there are fewer unemployed
workers vying for their jobs. Second, many homeowners are opting to refinance
their existing home mortgage loans and take advantage of lower financing rates.
And third, because wages are increasing faster than the rate of inflation, a
paycheck may stretch further and investors, as consumers, are able to enjoy a
higher level of disposable income. This extra income can be put to use in many
ways, including allocating more money to investment opportunities.
Some industry analysts have tempered such positive news by suggesting
that if the rate of inflation falls any lower, it might actually trigger a
period of deflation, where we see the prices of American goods and services
decline. While lower prices may sound like positive news, in reality it isn't:
When prices fall too low, it erodes the value of those goods to the producer.
That is, when economic conditions force a decrease in the price of goods,
companies have to sell more of those items in order to make the same amount of
profit, which translates into greater difficulties for corporations to improve
their bottom lines.
At OppenheimerFunds, we do not believe we will see a period of deflation
in the United States. The fundamental factors that have driven the U.S. market
still appear to be in place: an economy that's in its eighth year of expansion
with moderate growth, low unemployment, virtually no inflation and low interest
rates. However, because of economic uncertainties in other parts of the world,
particularly Asia, we expect to see slower growth for stocks in 1998 and a year
in which double-digit returns from the equity markets are unlikely. It's also
possible that we may continue to see investors favor the fixed, more secure
interest payments offered from the bond markets.
In closing, we'd like to reassure you that as professional money
managers, we continue to keep a watchful eye on these situations and are
closely monitoring your fund's investments. In times like these, your financial
advisor can be of invaluable assistance to you in helping review your financial
plan and guide your investments accordingly.
Thank you for your confidence in OppenheimerFunds, The Right Way to
Invest. We look forward to helping you reach your investment goals in the
future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill January 23, 1998
3 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Avg Annual Total Returns
For the Period Ended 12/31/97(1)
Class A
1 year 5 year 10 year
(35.84)% (0.40)% (0.17)%
Class B
Since
1 year 5 year Inception
(35.75)% N/A (13.41)%
Class C
Since
1 year 5 year Inception
(33.07)% N/A (12.14)%
Cumulative Total Return
For the Period Ended 12/31/97(1)
Class A
5 year
2.03% $10,203(4)
| Performance update
- --------------------------------------------------------------------------------
The extended decline in inflationary pressures, and the expectation that such a
decline will continue, had a negative impact on the gold market. In addition,
gold sales by central banks, historically major gold investors, have put
further downward pressure on price. In the face of such market pressure,
Oppenheimer Gold & Special Minerals Fund's Class A shares outperformed their
peer group, generating a total return of (31.92)%(2) for the one-year period
ended December 31, 1997, without sales charges, versus an average (42.02)% for
gold-oriented funds, as measured by Lipper Analytical Services.(3)
Growth of $10,000
Over five years
(without sales charges)(4)
[mountain chart]
Oppenheimer Gold & Special Minerals
Fund Class A shares Lipper Gold Fund Index
12/31/92 10000 10000
12399 1807
16416 13920
14738 12621
18701 16181
17134 15977
16757 15069
20264 17180
17585 15216
16578 14680
16752 15375
17744 15786
16899 14986
20632 17060
19227 16212
18844 16063
17700 15901
16184 15350
14259 14558
14415 14810
12/31/97 9926 10826
1. Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the periods
shown. Class A returns include the current maximum initial sales charge of
5.75%. Class A shares were first publicly offered on 7/19/83. The Fund's
maximum sales charge for Class A shares was higher prior to 4/1/91, so actual
performance may have been lower. Class B returns include the applicable
contingent deferred sales charge of 5% (1-year) and 3% (since inception on
11/1/95). Class C returns for the one-year result include the contingent
deferred sales charge of 1%. Class C shares have an inception date of 11/1/95.
An explanation of the different performance calculations is in the Fund's
prospectus. Class B and C shares are subject to an annual 0.75% asset-based
sales charge.
2. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account.
4 Oppenheimer Gold & Special Minerals Fund
<PAGE>
| Portfolio review
- --------------------------------------------------------------------------------
Oppenheimer Gold & Special Minerals Fund is for investors looking for potential
diversification benefits from an investment in gold-related companies.
[pie chart]
Sector Allocation(5)
Basic Materials 97.3%
Industrial 2.7
What We Look For
[bullet] Companies increasing their growth in gold or metal production.
[bullet] Companies gaining growth in earnings and dividends.
[bullet] Companies with a long-term gold supply.
[bullet] Companies with low production costs.
[bullet] Special opportunities in companies producing aluminum, copper, nickel
and steel.
[bullet] Diversification in a number of holdings to help lower the volatility
associated with single market sectors and foreign currencies.
Top 10 Stock Holdings(5)
................................................................................
Newmont Mining Corp. 10.4% Stillwater Mining Co. 3.4%
................................................................................
Euro-Nevada Mining Corp. 6.4 Anglo American Corp. of 3.3
South Africa Ltd., ADR
................................................................................
Barrick Gold Corp. 5.8 Freeport-McMoRan 3.3
Copper & Gold, Inc., Cl. A
................................................................................
Placer Dome, Inc. 5.7 Getchell Gold Corp. 3.2
................................................................................
Franco-Nevada Mining 4.7 Cia Vale do Rio Doce, 2.8
Corp. Ltd. Preference
................................................................................
3. Source: Lipper Analytical Services, Inc., 12/31/97. Based on the comparisons
between changes in net asset value without considering sales charges, with
dividends and capital gains distributions of the Fund's Class A shares
reinvested. The Fund's Class A shares were ranked 4 of 40 (1-year), 11 of 26
(5-year) and 1 of 18 (10-year) among gold-oriented funds for the period ended
12/31/97.
4. Results of a hypothetical $10,000 investment in Class A shares on December
31, 1992. The Lipper Gold Fund Index includes funds which focus on
gold-oriented investments such as gold mines, gold-oriented finance houses, or
gold coins, without considering sales charges. Past performance does not
guarantee future results.
5. The Fund's portfolio is subject to change. Percentages are based on total
market value of stock holdings as of December 31, 1997.
5 Oppenheimer Gold & Special Minerals Fund
<PAGE>
| An interview with your Fund's managers
- --------------------------------------------------------------------------------
How did the Fund perform in the second half of 1997?
The Fund's performance should be viewed in light of the overall gold market, and
that market had a very difficult half year. With gold indices down across the
board, this has been one of the most difficult market periods in history for
gold holders. The Fund's total return for Class A shares was (25.64)% for the
six-month period ended December 31, 1997,(1) without deducting sales charges.
What factors are contributing to gold market weakness?
Besides what seems to be a secular shift in current and anticipated inflationary
expectations, the biggest factor is the massive sale of central bank gold
holdings. We think this should be viewed in the context of the global trend
towards privatization. Countries have privatized airports, highways, telephone
and water systems. Now they are privatizing yet another asset--their gold
reserves. As with all markets, the price of gold is driven by the interaction of
supply and demand; a balance which these sales severely distort. Gold held in
central banks' vaults totals more than 30 years' annual mine production.
Unleashing such a huge supply, or even the threat that an amount that large
might be sold, naturally puts downward pressure on prices.
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
[callout]
"Countries now
are privatizing
another
asset--
their gold
reserves."
6 Oppenheimer Gold & Special Minerals Fund
<PAGE>
[photo]
Portfolio Management
Team (l to r)
Frank Jennings
Shanquan Li
What's your investment strategy in light of such market conditions?
We believe that current and anticipated market conditions will lead to a massive
restructuring and consolidation within the gold industry. Already we're seeing
marginal gold producers forced to shut down at current price levels. As a
result, our investment strategy in the gold sector is to restrict investments to
well-capitalized, low-cost producers with proven reserves and multiple mining
properties. These companies, most likely strong enough to endure an extended
period of market weakness, should be well positioned to benefit from any future
market upturn.
Have difficult gold market conditions had any positive impact?
We feel that the restructuring and consolidation currently underway will,
ultimately, lead to a stronger gold industry with more competitive companies.
Throughout our recent economic history, we see examples where restructuring and
consolidation have ultimately led to good markets for industries that were
otherwise in secular decline. Two noteworthy examples are the defense and
banking industries in the United States, both now trading well above their price
levels of just a few years ago. Similarly, we feel that the survivors of a gold
industry shakeout will be stronger competitors, better able to capitalize on
future market upturns. We have identified these firms and have concentrated our
gold investment in such companies.
7 Oppenheimer Gold & Special Minerals Fund
<PAGE>
| An interview with your Fund's managers
- --------------------------------------------------------------------------------
What's your outlook for the Fund?
While it seems unlikely that the gold market will stage any significant recovery
in the immediate future, we continue to believe that gold, and hence, the Fund,
has a place in the portfolio of investors seeking diversification. Of course, no
one knows what will happen in the future. But historically, gold prices and gold
stocks have risen sharply when the price of everything else has gone down.
Ownership of gold has traditionally been seen as insurance against loss of value
in financial assets such as stocks and bonds. The price of that insurance has
become relatively inexpensive; to have a portion of your portfolio invested in
gold as a hedge against uncertainty has, if anything, been made a better
bargain.
[callout]
"Historically,
gold prices have
risen sharply
when the
price of
everything else
has gone down."
8 Oppenheimer Gold & Special Minerals Fund
<PAGE>
| Financials
- -----------------------------------------------------------------------------
9 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Statement of Investments December 31, 1997 (Unaudited)
Market Value
Shares See Note 1
===========================================================
Common Stocks -- 90.8%
- -----------------------------------------------------------
Basic Materials -- 88.3%
- -----------------------------------------------------------
Chemicals -- 4.0%
- -----------------------------------------------------------
Engelhard Corp. 135,000 $2,345,625
- -----------------------------------------------------------
Johnson Matthey plc 202,500 1,804,246
----------
4,149,871
- -----------------------------------------------------------
Gold & Platinum -- 59.1%
- -----------------------------------------------------------
Gold -- 0.1%
Greenstone Resources Ltd.(1) 20,000 95,037
- -----------------------------------------------------------
Gold Mining: Australia -- 4.6%
- -----------------------------------------------------------
Acacia Resources Ltd.(1) 510,000 465,218
- -----------------------------------------------------------
Ashanti Goldfields Co. Ltd. 89,838 696,572
- -----------------------------------------------------------
Aurora Gold Ltd.(1) 74,200 84,606
- -----------------------------------------------------------
Centaur Mining & Exploration Ltd.(1) 124,000 43,629
- -----------------------------------------------------------
Delta Gold NL 800,000 842,345
- -----------------------------------------------------------
Lihir Gold Ltd.(1) 500,000 521,253
- -----------------------------------------------------------
Lihir Gold Ltd., Sponsored ADR(1) 50,000 1,062,500
- -----------------------------------------------------------
Newcrest Mining Ltd. 400,000 435,246
- -----------------------------------------------------------
Resolute Ltd. 242,000 176,601
- -----------------------------------------------------------
RGC Ltd. 294,000 448,252
----------
4,776,222
- -----------------------------------------------------------
Gold Mining: Canada -- 18.7%
Barrick Gold Corp. 292,000 5,438,500
- -----------------------------------------------------------
Cambior, Inc. 200,000 1,180,977
- -----------------------------------------------------------
Kap Resources Ltd.(1) 715,000 1,448,967
- -----------------------------------------------------------
Placer Dome, Inc. 110,000 1,383,629
- -----------------------------------------------------------
Placer Dome, Inc. 420,000 5,328,750
- -----------------------------------------------------------
Prime Resource Group, Inc. 300,000 1,991,588
- -----------------------------------------------------------
Teck Corp., Cl. B 140,000 2,108,288
- -----------------------------------------------------------
TVX Gold, Inc.(1) 130,000 438,750
----------
19,319,449
10 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Market Value
Shares See Note 1
- -------------------------------------------------------------------------
Gold Mining: South Africa -- 4.6%
Anglo American Corp. of South Africa Ltd., ADR 77,000 $3,099,250
- -------------------------------------------------------------------------
Ashanti Goldfields Co. Ltd., Sponsored GDR 155,000 1,162,500
- -------------------------------------------------------------------------
Elandsrand Gold Mining Co. Ltd. 100,000 249,674
- -------------------------------------------------------------------------
Free State Consolidated Gold Mines Ltd. 20,000 91,033
- -------------------------------------------------------------------------
Randfontein Estates Gold Mining Co.(1) 120,000 181,245
----------
4,783,702
- -------------------------------------------------------------------------
Gold Mining: United States -- 14.8%
Getchell Gold Corp.(1) 127,000 3,048,000
- -------------------------------------------------------------------------
Homestake Mining Co. 280,000 2,485,000
- -------------------------------------------------------------------------
Newmont Mining Corp. 330,871 9,719,336
----------
15,252,336
- -------------------------------------------------------------------------
Gold Related Investment -- 12.0%
Euro-Nevada Mining Corp. 442,000 5,976,650
- -------------------------------------------------------------------------
Franco-Nevada Mining Corp. Ltd. 223,000 4,378,908
- -------------------------------------------------------------------------
Normandy Mining Ltd. 2,093,491 2,032,432
----------
12,387,990
- -------------------------------------------------------------------------
Platinum Mining -- 4.3%
Anglo American Platinum Corp. Ltd., ADR 93,718 1,251,791
- -------------------------------------------------------------------------
Stillwater Mining Co.(1) 192,000 3,216,000
----------
4,467,791
----------
61,082,527
- -------------------------------------------------------------------------
Metals -- 25.2%
- -------------------------------------------------------------------------
Aluminum -- 0.2%
Outokumpu OY 20,000 244,239
- -------------------------------------------------------------------------
Copper -- 3.8%
Freeport-McMoRan Copper & Gold, Inc., Cl. A 199,455 3,054,155
- -------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B 15,000 236,250
- -------------------------------------------------------------------------
Phelps Dodge Corp. 10,000 622,500
----------
3,912,905
11 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
- ------------------------------------------------------------------
Metals: Diversified -- 12.8%
Aberfoyle Ltd. 130,000 $ 211,759
- ------------------------------------------------------------------
Aluminum Co. of America 23,000 1,618,625
- ------------------------------------------------------------------
Avesta-Sheffield AB 200,000 1,323,358
- ------------------------------------------------------------------
Boliden Ltd., Installment Receipts(1) 200,000 510,126
- ------------------------------------------------------------------
Breakwater Resources Ltd.(1) 215,000 615,995
- ------------------------------------------------------------------
Brush Wellman, Inc. 10,000 245,000
- ------------------------------------------------------------------
Cia de Minas Buenaventura SA, Sponsored ADR 44,000 704,000
- ------------------------------------------------------------------
Cia Vale do Rio Doce, Preference 130,000 2,615,096
- ------------------------------------------------------------------
Cockerill Sambre(1) 100,000 477,734
- ------------------------------------------------------------------
Cominco Ltd. 80,000 1,221,507
- ------------------------------------------------------------------
Elkem ASA 95,000 1,262,854
- ------------------------------------------------------------------
Gencor Ltd. 148,000 244,824
- ------------------------------------------------------------------
METALEUROP SA(1) 100,000 1,025,622
- ------------------------------------------------------------------
Rio Tinto plc 53,000 653,175
- ------------------------------------------------------------------
WMC Ltd. 151,773 529,062
----------
13,258,737
- ------------------------------------------------------------------
Metals: Miscellaneous -- 7.6%
Asturiana de Zinc SA(1) 50,000 713,511
- ------------------------------------------------------------------
Broken Hill Proprietary Co. Ltd. 70,000 649,937
- ------------------------------------------------------------------
Cameco Corp. 20,000 648,489
- ------------------------------------------------------------------
De Beers Consolidated Mines Ltd., ADR 40,000 817,500
- ------------------------------------------------------------------
Degussa AG 25,000 1,237,457
- ------------------------------------------------------------------
Impala Platinum Holdings Ltd. 120,000 1,146,649
- ------------------------------------------------------------------
Major Drilling Group International, Inc.(1) 15,000 256,810
- ------------------------------------------------------------------
NV Union Miniere SA(1) 8,000 554,927
- ------------------------------------------------------------------
RMI Titanium Co.(1) 90,000 1,800,000
----------
7,825,280
- ------------------------------------------------------------------
Nickel -- 0.8%
Falconbridge Ltd. 65,000 826,684
----------
26,067,845
12 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Industrial -- 2.5%
- ------------------------------------------------------------------------------------------------
Industrial Services -- 0.6%
Calgon Carbon Corp. 60,000 $ 645,000
- ------------------------------------------------------------------------------------------------
Manufacturing -- 1.9%
Noranda, Inc. 15,000 257,858
- ------------------------------------------------------------------------------------------------
Svedala Industri, AB Free 100,000 1,651,046
------------
1,908,904
------------
Total Common Stocks (Cost $100,064,109) 93,854,147
================================================================================================
Preferred Stocks -- 1.7%
- ------------------------------------------------------------------------------------------------
Ashanti GSM Ltd. Redeemable Preferred, A Shares(1)(2) 88,888 191,109
- ------------------------------------------------------------------------------------------------
Battle Mountain Gold Co., $3.25 Cum. Cv. 34,500 1,552,500
------------
Total Preferred Stocks (Cost $1,900,876) 1,743,609
Face
Amount
================================================================================================
Convertible Corporate Bonds and Notes -- 1.4%
- ------------------------------------------------------------------------------------------------
Lonrho Finance plc, 6% Cv. Gtd. Bonds, 2/27/04 (Cost $1,517,584) $1,000,000 1,433,557
================================================================================================
Repurchase Agreements -- 6.8%
- ------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets,
6.60%, dated 12/31/97, to be repurchased at $7,002,567 on 1/2/98,
collateralized by U.S. Treasury Bonds, 8%-10.625%,
8/15/15-11/15/21, with a value of $5,188,416, and U.S. Treasury
Nts., 5.875%-7.50%, 9/30/01-12/31/01, with a value of $1,955,361
(Cost $7,000,000) 7,000,000 7,000,000
- ------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $110,482,569) 100.7% 104,031,313
- ------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.7) (720,121)
----------- ------------
Net Assets 100.0% $103,311,192
=========== ============
</TABLE>
1. Non-income producing security.
2. Identifies issues considered to be illiquid or restricted -- See Note 6 of
Notes to Financial Statements.
See accompanying Notes to Financial Statements.
13 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Statement of Assets and Liabilities December 31, 1997 (Unaudited)
<TABLE>
<S> <C>
===============================================================================================
Assets
Investments, at value (cost $110,482,569) $104,031,313
- -----------------------------------------------------------------------------------------------
Cash 291,684
- -----------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 371,774
Interest and dividends 97,936
- -----------------------------------------------------------------------------------------------
Other 18,573
------------
Total assets 104,811,280
===============================================================================================
Liabilities
Unrealized depreciation on forward foreign currency exchange
contracts -- Note 5 576
- -----------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 902,146
Investments purchased 282,561
Shareholder reports 101,521
Trustees' fees -- Note 1 95,685
Distribution and service plan fees 62,376
Custodian fees 19,902
Transfer and shareholder servicing agent fees 6,889
Other 28,432
------------
Total liabilities 1,500,088
===============================================================================================
Net Assets $103,311,192
============
===============================================================================================
Composition of Net Assets
Paid-in capital $132,018,561
- -----------------------------------------------------------------------------------------------
Undistributed net investment income 41,865
- -----------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign currency transactions (22,297,639)
- -----------------------------------------------------------------------------------------------
Net unrealized depreciation on investments and translation of assets and
liabilities denominated in foreign currencies (6,451,595)
------------
Net assets $103,311,192
============
</TABLE>
14 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<S> <C>
=========================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$91,256,692 and 9,714,438 shares of beneficial interest outstanding) $9.39
Maximum offering price per share (net asset value plus sales charge of 5.75%
of offering price) $9.96
- -----------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $8,838,237
and 948,816 shares of beneficial interest outstanding) $9.32
- -----------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred
sales charge) and offering price per share (based on net assets of $3,216,263
and 344,694 shares of beneficial interest outstanding) $9.33
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Statement of Operations For the Six Months Ended December 31, 1997 (Unaudited)
<TABLE>
<S> <C>
========================================================================================
Investment Income
Dividends (net of foreign withholding taxes of $27,366) $ 766,043
- ----------------------------------------------------------------------------------------
Interest 336,083
-------------
Total income 1,102,126
========================================================================================
Expenses
Management fees -- Note 4 481,389
- ----------------------------------------------------------------------------------------
Distribution and service plan fees -- Note 4:
Class A 118,073
Class B 48,057
Class C 19,879
- ----------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees -- Note 4 171,884
- ----------------------------------------------------------------------------------------
Shareholder reports 59,163
- ----------------------------------------------------------------------------------------
Custodian fees and expenses 22,238
- ----------------------------------------------------------------------------------------
Trustees' fees and expenses -- Note 1 20,711
- ----------------------------------------------------------------------------------------
Legal and auditing fees 16,903
- ----------------------------------------------------------------------------------------
Insurance expenses 3,607
- ----------------------------------------------------------------------------------------
Other 2,039
-------------
Total expenses 963,943
========================================================================================
Net Investment Income 138,183
========================================================================================
Realized and Unrealized Loss
Net realized loss on:
Investments (10,679,450)
Foreign currency transactions (1,426,337)
-------------
Net realized loss (12,105,787)
- ----------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (22,500,902)
Translation of assets and liabilities denominated in foreign currencies (2,183,538)
-------------
Net change (24,684,440)
-------------
Net realized and unrealized loss (36,790,227)
========================================================================================
Net Decrease in Net Assets Resulting from Operations $ (36,652,044)
=============
</TABLE>
See accompanying Notes to Financial Statements.
16 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1997 Year Ended
(Unaudited) June 30, 1997
======================================================================================================
<S> <C> <C>
Operations
Net investment income $ 138,183 $ 377,451
- -----------------------------------------------------------------------------------------------------
Net realized gain (loss) (12,105,787) 1,028,198
- -----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation (24,684,440) (18,420,129)
------------- ------------
Net decrease in net assets resulting from operations (36,652,044) (17,014,480)
======================================================================================================
Dividends and Distributions To Shareholders
Dividends from net investment income:
Class A (360,019) (302,998)
======================================================================================================
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial
interest transactions -- Note 2:
Class A (1,797,281) (19,702,023)
Class B 2,958,896 4,828,099
Class C 424,260 2,887,566
======================================================================================================
Net Assets
Total decrease (35,426,188) (29,303,836)
- -----------------------------------------------------------------------------------------------------
Beginning of period 138,737,380 168,041,216
------------- ------------
End of period (including undistributed net investment
income of $41,865 and $263,701, respectively) $ 103,311,192 $138,737,380
============= ============
</TABLE>
See accompanying Notes to Financial Statements.
17 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------------
Six
Months
Ended
Dec. 31,
1997 Year Ended June 30,
(Unaudited) 1997 1996 1995
=====================================================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $12.68 $14.15 $13.48 $13.28
- ---------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .02 .04 .04 .06
Net realized and unrealized gain (3.27) (1.48) .69 .21
-------- -------- -------- --------
Total income (loss) from
investment operations (3.25) (1.44) .73 .27
- ---------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.04) (.03) (.06) (.07)
-------- -------- -------- --------
Total dividends and distributions
to shareholders (.04) (.03) (.06) (.07)
- ---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 9.39 $12.68 $14.15 $13.48
======== ======== ======== ========
=====================================================================================================================
Total Return, at Net Asset Value(2) (25.64)% (10.20)% 5.44% 2.03%
=====================================================================================================================
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $ 91,257 $126,086 $161,769 $171,721
- ---------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $113,651 $149,564 $171,427 $178,579
- ---------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 0.15%(3) 0.28% 0.25% 0.45%
Expenses 1.42%(3) 1.34% 1.38% 1.36%
- ---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 28.2% 20.5% 37.6% 35.8%
Average brokerage commission rate(5) $0.0008 $0.0030 $0.0211 $0.0204
</TABLE>
1. For the period from November 1, 1995 (inception of offering) to June 30,
1996.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), 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.
18 Oppenheimer Gold & Special Minerals Fund
<PAGE>
<TABLE>
<CAPTION>
Class B Class C
------------------------------------- --------------------------------------
Six Six
Months Months
Ended Ended
Dec. 31, Dec. 31,
1997 Year Ended June 30, 1997 Year Ended June 30,
1994 1993 (Unaudited) 1997 1996(1) (Unaudited) 1997 1996(1)
============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
$12.32 $10.68 $12.56 $14.11 $12.33 $12.59 $14.13 $12.33
- ------------------------------------------------------------------------------------------------------------
.06 .06 (.01) (.04) (.01) (.02) (.02) (.01)
.96 1.72 (3.23) (1.51) 1.79 (3.24) (1.52) 1.81
------ ------ ----- ----- ------ ----- -------- --------
1.02 1.78 (3.24) (1.55) 1.78 (3.26) (1.54) 1.80
- ------------------------------------------------------------------------------------------------------------
(.06) (.14) -- -- -- -- -- --
------ ------ -------- ------ ------ ----- -------- --------
(.06) (.14) -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
$13.28 $12.32 $ 9.32 $12.56 $14.11 $ 9.33 $12.59 $14.13
====== ====== ====== ====== ====== ====== ======== ========
============================================================================================================
8.25% 17.15% (25.80)% (10.99)% 14.25% (25.89)% (10.90)% 14.41%
============================================================================================================
$179,015 $158,982 $8,838 $8,716 $4,882 $3,216 $3,935 $1,390
- ------------------------------------------------------------------------------------------------------------
$175,093 $124,869 $9,534 $7,361 $2,588 $3,940 $2,672 $840
- ------------------------------------------------------------------------------------------------------------
0.50% 0.61% (0.23)%(3) (0.48)% (0.25)%(3) (0.22)%(3) (0.45)% (0.26)%(3)
1.31% 1.38% 2.19%(3) 2.16% 2.22%(3) 2.16%(3) 2.18% 2.19%(3)
- ------------------------------------------------------------------------------------------------------------
29.5% 23.9% 28.2% 20.5% 37.6% 28.2% 20.5% 37.6%
-- -- $0.0008 $0.0030 $0.0211 $0.0008 $0.0030 $0.0211
</TABLE>
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, 1997 were $34,726,213 and $33,450,512,
respectively.
5. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold. Generally, non-U.S. commissions are lower than U.S.
commissions when expressed as cents per share but higher when expressed as a
percentage of transactions because of the lower per-share prices of many
non-U.S. securities.
See accompanying Notes to Financial Statements.
19 Oppenheimer Gold & Special Minerals Fund
<PAGE>
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 by primarily investing in securities of companies that
mine or produce gold or other metals and minerals. 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 that class and exclusive voting
rights with respect to matters affecting that 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
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 an
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.
20 Oppenheimer Gold & Special Minerals Fund
<PAGE>
================================================================================
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 foreign 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. As of June 30, 1997, the
Fund had available for federal income tax purposes an unused capital loss
carryover of approximately $10,035,000, which expires between 2000 and 2004.
21 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Notes to Financial Statements (Unaudited) (Continued)
================================================================================
1. Significant Accounting Policies (continued)
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, 1997, a provision of $8,504 was made, resulting in an
accumulated liability of $89,738 at December 31, 1997.
- --------------------------------------------------------------------------------
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 its ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the fiscal year in which the
income or realized gain was recorded by the Fund.
- --------------------------------------------------------------------------------
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.
22 Oppenheimer Gold & Special Minerals Fund
<PAGE>
================================================================================
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 Dec. 31, 1997 Year Ended June 30, 1997
-------------------------------- --------------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 6,945,563 $ 78,232,191 9,092,060 $125,381,941
Dividends reinvested 36,062 325,283 19,635 265,853
Redeemed (7,212,400) (80,354,755) (10,597,946) (145,349,817)
---------- ------------- ----------- ------------
Net decrease (230,775) $ (1,797,281) (1,486,251) $(19,702,023)
========== ============= =========== ============
Class B:
Sold 708,655 $ 7,860,188 650,210 $ 8,951,921
Redeemed (453,607) (4,901,292) (302,540) (4,123,822)
---------- ------------- ----------- ------------
Net increase 255,048 $ 2,958,896 347,670 $ 4,828,099
========== ============= =========== ============
Class C:
Sold 903,323 $ 10,110,931 1,715,098 $ 23,557,280
Redeemed (871,289) (9,686,671) (1,500,859) (20,669,714)
---------- ------------- ----------- ------------
Net increase 32,034 $ 424,260 214,239 $ 2,887,566
========== ============= =========== ============
</TABLE>
================================================================================
3. Unrealized Gains and Losses on Investments
At December 31, 1997, net unrealized depreciation on investments of $6,451,256
was composed of gross appreciation of $12,078,769, and gross depreciation of
$18,530,025.
================================================================================
4. Management Fees and Other Transactions
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of 0.75% of the first
$200 million of aggregate net assets, 0.72% of the next $200 million, 0.69% of
the next $200 million, 0.66% of the next $200 million and 0.60% of net assets
in excess of $800 million.
For the six months ended December 31, 1997, commissions (sales
charges paid by investors) on sales of Class A shares totaled $200,112, of
which $45,997 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 $153,253 and $13,039, respectively,
of which $3,622, was paid to an affiliated broker/dealer for Class B shares.
During the six months ended December 31, 1997, OFDI received contingent
deferred sales charges of $40,399 and $3,028, respectively, upon redemption of
Class B and Class C shares as reimbursement for sales commissions advanced by
OFDI at the time of sale of such shares.
23 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Notes to Financial Statements (Unaudited) (Continued)
================================================================================
4. Management Fees and Other Transactions (continued)
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.
The Fund has adopted a Service Plan for Class A shares to
reimburse OFDI for a portion of its costs incurred in connection with the
personal service and maintenance of shareholder accounts that hold Class A
shares. Reimbursement is made quarterly at an annual rate that may not exceed
0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses
the service fee to reimburse brokers, dealers, banks and other financial
institutions quarterly for providing personal service and maintenance of
accounts of their customers that hold Class A shares. During the six months
ended December 31, 1997, OFDI paid $2,775 to an affiliated broker/dealer as
reimbursement for Class A personal service and maintenance expenses.
The Fund has adopted Distribution and Service Plans for Class B
and Class C shares to compensate OFDI for its costs in distributing Class B and
Class C shares and servicing accounts. Under the Plans, the Fund pays OFDI an
annual asset-based sales charge of 0.75% per year on Class B and Class C shares
for its services rendered in distributing Class B and Class C shares. OFDI also
receives a service fee of 0.25% per year to compensate dealers for providing
personal services for accounts that hold Class B and Class C shares. Each fee
is computed on the average annual net assets of Class B and Class C shares,
determined as of the close of each regular business day. During the year ended
December 31, 1997, OFDI retained $42,578 and $14,732, respectively, as
compensation for Class B and Class C sales commissions and service fee
advances, as well as financing costs. If either Plan is terminated by the Fund,
the Board of Trustees may allow the Fund to continue payments of the
asset-based sales charge to OFDI for distributing shares before the Plan was
terminated. At December 31, 1997, OFDI had incurred unreimbursed expenses of
$444,987 for Class B and $71,107 for Class C.
24 Oppenheimer Gold & Special Minerals Fund
<PAGE>
================================================================================
5. Forward Contracts
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign
currency risks. They may also be used to tactically shift portfolio currency
risk. The Fund generally enters into forward contracts as a hedge upon the
purchase or sale of a security denominated in a foreign currency. In addition,
the Fund may enter into such contracts as a hedge against changes in foreign
currency exchange rates on portfolio positions.
Forward contracts are valued based on the closing prices of the
forward currency contract rates in the London foreign exchange markets on a
daily basis as provided by a reliable bank or dealer. The Fund will realize a
gain or loss upon the closing or settlement of the forward transaction.
Securities held in segregated accounts to cover net exposure on
outstanding forward contracts are noted in the Statement of Investments where
applicable. Unrealized appreciation or depreciation on forward contracts is
reported in the Statement of Assets and Liabilities. Realized gains and losses
are reported with all other foreign currency gains and losses in the Fund's
Statement of Operations.
Risks include the potential inability of the counterparty to meet
the terms of the contract and unanticipated movements in the value of a foreign
currency relative to the U.S. dollar.
At December 31, 1997, outstanding forward contracts were as follows:
<TABLE>
<CAPTION>
Contract Valuation
Expiration Amount As of Unrealized Unrealized
Contracts to Purchase Date (000s) Dec. 31, 1997 Appreciation Depreciation
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Australian Dollar (AUD) 1/5/98 95 AUD $61,888 $ -- $460
Canadian Dollar (CAD) 1/2/98 14 CAD 9,645 48 --
South African Rand (ZAR) 1/6/98 277 ZAR 56,735 -- 164
----- ----
Total Unrealized Appreciation and
Depreciation $ 48 $624
===== ====
</TABLE>
25 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Notes to Financial Statements (Unaudited) (Continued)
================================================================================
6. Illiquid and Restricted Securities
At December 31, 1997, investments in securities included issues that are
illiquid or restricted. Restricted 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. A security may also
be considered illiquid if it lacks a readily available market or if its
valuation has not changed for a certain period of time. The Fund intends to
invest no more than 10% of its net assets (determined at the time of purchase
and reviewed periodically) in illiquid and restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limit. The aggregate value of illiquid or
restricted securities subject to this limitation at December 31, 1997 was
$191,109, which represents 0.18% of the Fund's net assets.
================================================================================
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.0575% per annum.
The Fund had no borrowings outstanding during the period ended
December 31, 1997.
26 Oppenheimer Gold & Special Minerals Fund
<PAGE>
Oppenheimer Gold & Special Minerals Fund
================================================================================
Officers and Trustees Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Frank Jennings, Vice President
Shanquan Li, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
Investment Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and Shareholder OppenheimerFunds 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
The financial statements included herein have been
taken from the records of the Fund without examination
of the independent auditors.
This is a copy of a report to shareholders of
Oppenheimer 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 OppenheimerFunds 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.
27 Oppenheimer Gold & Special Minerals Fund
<PAGE>
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- --------------------------------------------------------------------------------
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