<PAGE> 1
OPPENHEIMER FUND
SEMIANNUAL REPORT DECEMBER 31, 1995
[Picture of Couple in Park]
''We have
some
important
goals, so
our money
needs to grow
solidly
over time.''
[Oppenheimer Logo]
<PAGE> 2
This Fund is for people who want the potential
for solid growth over time.
NEWS
"The fund's comprehensive
equity portfolio makes
it solid as a rock in uncertain
markets."
--Morningstar Mutual Funds
October 13, 1995
OUTSTANDING TOTAL RETURN
- ---------------------------------
Cumulative Total Return for the
3-Year Period Ended 12/31/95:
Oppenheimer Fund
Class A (at net asset value)(1)
43.62%
- ---------------------------------
Lipper Growth Funds Average(3)
43.07%
- ---------------------------------
HOW YOUR FUND IS MANAGED
- ------------------------------------------------------------------------------
Oppenheimer Fund seeks capital appreciation and income consistent with growth
in capital. It uses a combination of five distinct investment styles, which can
also help manage risk.
The Fund's managers invest in stocks of established U.S. and
international companies they believe have excellent potential for growth. They
use a "value" approach, which empha-sizes undervalued companies; a "contrarian"
approach, which seizes opportunities in out-of-favor industries they believe to
be poised for rebound; and a "growth" approach, which seeks companies the
managers believe have above-average growth rates.
International and high-yield stocks serve as risk-reduction sectors.
The Fund's managers seek balance from international stocks and income from high
yield stocks and bonds to help cushion the portfolio against fluctuations in
the U.S. stock market.
PERFORMANCE
- ------------------------------------------------------------------------------
Total return at net asset value for the six months ended 12/31/95 was 7.68% for
Class A shares and 7.13% for Class C 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
17.08%, 13.59% and 9.13%, respectively. For Class C shares, average annual
total returns for the 1-year period ended 12/31/95 and since inception of the
Class on 12/1/93 were 22.07% and 11.50%, respectively.(2)
OUTLOOK
- ------------------------------------------------------------------------------
"Our outlook remains optimistic. The domestic market has performed very well
over the past year, and even though it has reached record highs, we expect it
to continue to provide solid opportunities to diversified investors like
ourselves."
Richard Rubinstein, 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%. Class A shares were first publicly offered on 4/30/59. Class C
returns show results of hypothetical investments on 12/31/94 and 12/1/93
(inception of class), with the 1% contingent deferred sales charge deducted for
the 1-year result. 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 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
3-year period was for 341 growth funds. The average is shown for comparative
purposes only. Oppenheimer Fund is characterized by Lipper as a growth fund.
Lipper performance does not take sales charges into consideration.
2 Oppenheimer Fund
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer 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 Fund
<PAGE> 4
Q + A
Q What
do you
look for in
stocks?
An interview with your Fund's managers.
HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS?
The Fund has performed very well over the period. Because history shows that
different types of securities perform better at different times, we always
employ five complementary investment strategies in selecting stocks for the
portfolio. This broad diversification across stock sectors and investment
styles has been quite successful over time--allowing us to turn in another
period of extremely solid results with lower than average risk.
WHAT ARE THE PRIMARY REASONS FOR THE FUND'S POSITIVE PERFORMANCE?
Our performance was driven primarily by our holdings in domestic stocks. Over
the period, we had large positions in two of the top-performing sectors of the
market, technology and healthcare. Both of these areas outperformed the market
due to expectations for continued strong earnings in what has become a
slower-growing economy.(1)
WERE THERE ANY INVESTMENTS THAT DIDN'T PERFORM AS WELL AS EXPECTED?
Though we believe they will outperform the U.S. over time, foreign stocks
performed relatively poorly over the past six months. Growth in Europe is
currently slow, and interest rates there haven't declined as quickly as
expected, which held markets back. In Japan, we believe there is again great
potential, but it hasn't translated into returns yet.
WHAT AREAS ARE YOU CURRENTLY TARGETING?
For the past several months, high quality growth stocks
have been the place to be. These companies, such as brand name consumer
products, pharmaceuticals and
1. The Fund's portfolio is subject to change.
4 Oppenheimer Fund
<PAGE> 5
FACING PAGE
Top left: Richard Rubinstein,
Portfolio Manager with Robert
Doll, Executive VP, Director of
Equity Investments
Top right: Paul LaRocco, Member
of Equity Investments Team
Bottom: Robert Doll
THIS PAGE
Top: Richard Rubinstein
Bottom:Bruce Bartlett, Member
of Equity Investments Team
A Dominant
market positions
and strong
balance sheets.
food and beverage makers, should continue to benefit as the economy matures.
Because of the steady nature of their sales, we believe investors will be drawn
to these companies throughout 1996, when the economy is likely to grow at a
slower pace.
We've also continued to increase our exposure to foreign markets. Even
though there are additional risks and costs with foreign investing, such as the
risk of adverse currency fluctuation, we think foreign investing makes sense.
With populations that are less mature and with many primary needs yet to be
satisfied, foreign markets should grow faster than the U.S. over time. We're
taking advantage of this time of relatively low stock prices as an opportunity
to buy the companies we think have the best competitive advantages for future
growth.
In addition, we're increasing our positions in some of our top holdings
at this time--companies with stock prices we consider low for the value of the
company and with managements that are maintaining a tight rein on costs. Beyond
that, we're always looking for opportunities to buy stocks that are temporarily
out of favor but have dominant market positions and strong balance sheets.
In order to make these investments, we've been selling some of the
domestic stocks that have done well for us in this year's strong market. Our
sales have primarily been in the areas of technology and financial services
stocks, where we've been able to sell into strength and realize gains.
WHAT IS YOUR OUTLOOK FOR THE FUND?
Our outlook remains optimistic. The domestic market has performed very well
over the past year, and even though it has reached record highs, we expect it
to continue to provide solid opportunities to diversified investors like
ourselves. While corporate earnings rates are likely to slow from what we've
seen over the past two years, we believe they will remain strong--and continued
low interest rates should bode well for prices of both stocks and bonds.
Outside of the U.S., our foreign holdings offer both solid potential on their
own and an opportunity for strategic diversification. /X/
5 Oppenheimer Fund
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
======================================================================================================================
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS--1.1%
======================================================================================================================
Argentina (Republic of) Past Due Interest Bonds, Series L,
6.812%, 3/31/05 (Cost $2,190,237)(1) $4,000,000 $ 2,860,000
======================================================================================================================
CONVERTIBLE CORPORATE BONDS AND NOTES--0.6%
======================================================================================================================
MEDIQ, Inc., 7.50% Exchangeable Sub. Debs., 7/15/03 (Cost $1,741,270) 1,850,000 1,468,438
<CAPTION>
SHARES
======================================================================================================================
<S> <C> <C>
COMMON STOCKS--92.2%
======================================================================================================================
BASIC MATERIALS--6.5%
======================================================================================================================
CHEMICALS--3.0%
ARCO Chemical Co. 28,900 1,405,262
- ----------------------------------------------------------------------------------------------------------------------
Bayer AG, Sponsored ADR 170,000 4,495,633
- ----------------------------------------------------------------------------------------------------------------------
Georgia Gulf Corp. 22,100 679,575
- ----------------------------------------------------------------------------------------------------------------------
Goldschmidt (T.H.) AG 953 336,249
- ----------------------------------------------------------------------------------------------------------------------
IMC Global, Inc.(5) 24,800 1,013,700
------------
7,930,419
======================================================================================================================
GOLD--0.4%
Santa Fe Pacific Gold Corp. 92,800 1,125,200
======================================================================================================================
METALS--1.2%
Brush Wellman, Inc. 151,400 2,611,650
- ----------------------------------------------------------------------------------------------------------------------
Inland Steel Industries, Inc. 25,300 635,662
------------
3,247,312
======================================================================================================================
PAPER--1.9%
Aracruz Celulose SA, Sponsored ADR, Cl. B 165,000 1,278,750
- ----------------------------------------------------------------------------------------------------------------------
Georgia-Pacific Corp. 10,200 699,975
- ----------------------------------------------------------------------------------------------------------------------
Louisiana-Pacific Corp.(5) 38,000 921,500
- ----------------------------------------------------------------------------------------------------------------------
MacMillan Bloedel Ltd. 90,323 1,117,579
- ----------------------------------------------------------------------------------------------------------------------
MacMillan Bloedel Ltd. 4,900 59,412
- ----------------------------------------------------------------------------------------------------------------------
Stone Container Corp. 64,800 931,500
------------
5,008,716
======================================================================================================================
CONSUMER CYCLICALS--13.3%
======================================================================================================================
AUTOS & HOUSING--1.2%
Chromcraft Revington, Inc.(3) 23,500 625,687
- ----------------------------------------------------------------------------------------------------------------------
Fiat SpA 350,000 1,138,427
- ----------------------------------------------------------------------------------------------------------------------
General Motors Corp.(5) 26,000 1,374,750
------------
3,138,864
======================================================================================================================
LEISURE & ENTERTAINMENT--5.3%
AMR Corp.(3)(5) 19,300 1,433,025
- ----------------------------------------------------------------------------------------------------------------------
Carnival Corp., Cl. A 30,800 750,750
- ----------------------------------------------------------------------------------------------------------------------
Circus Circus Enterprises, Inc.(3) 31,800 886,425
- ----------------------------------------------------------------------------------------------------------------------
Cracker Barrel Old Country Store, Inc. 90,800 1,566,300
- ----------------------------------------------------------------------------------------------------------------------
Eastman Kodak Co. 25,500 1,708,500
- ----------------------------------------------------------------------------------------------------------------------
International Game Technology 57,000 619,875
- ----------------------------------------------------------------------------------------------------------------------
King World Productions, Inc.(3) 56,500 2,196,437
- ----------------------------------------------------------------------------------------------------------------------
Mattel, Inc.(5) 75,175 2,311,631
- ----------------------------------------------------------------------------------------------------------------------
Shaw Brothers (Hong Kong) Ltd. 128,000 140,715
- ----------------------------------------------------------------------------------------------------------------------
Shimano, Inc. 55,000 970,416
- ----------------------------------------------------------------------------------------------------------------------
US West Media Group(3) 77,000 1,463,000
-------------
14,047,074
</TABLE>
6 Oppenheimer Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
======================================================================================================================
<S> <C> <C>
MEDIA--3.1%
Bowne & Co., Inc. 40,000 $ 800,000
- ----------------------------------------------------------------------------------------------------------------------
Comcast Corp., Cl. A Special 130,000 2,364,375
- ----------------------------------------------------------------------------------------------------------------------
Dow Jones & Co., Inc. 24,000 957,000
- ----------------------------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored ADR(4) 23,000 517,500
- ----------------------------------------------------------------------------------------------------------------------
South China Morning Post Holdings Ltd. 1,600,000 977,763
- ----------------------------------------------------------------------------------------------------------------------
Tele-Communications, Inc. (New), TCI Group, Series A(3) 44,400 882,450
- ----------------------------------------------------------------------------------------------------------------------
Time Warner, Inc. 45,100 1,708,162
------------
8,207,250
======================================================================================================================
RETAIL: GENERAL--2.2%
Authentic Fitness Corp. 81,000 1,680,750
- ----------------------------------------------------------------------------------------------------------------------
Cone Mills Corp.(3) 178,700 2,010,375
- ----------------------------------------------------------------------------------------------------------------------
Price/Costco, Inc.(3) 85,100 1,297,775
- ----------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 32,900 736,137
------------
5,725,037
======================================================================================================================
RETAIL: SPECIALTY--1.5%
Best Buy Co., Inc.(3) 33,800 549,250
- ----------------------------------------------------------------------------------------------------------------------
Justin Industries, Inc. 85,000 935,000
- ----------------------------------------------------------------------------------------------------------------------
Toys 'R' Us, Inc.(3) 86,400 1,879,200
- ----------------------------------------------------------------------------------------------------------------------
Venture Stores, Inc. 143,200 483,300
------------
3,846,750
======================================================================================================================
CONSUMER NON-CYCLICALS--18.6%
======================================================================================================================
BEVERAGES--1.2%
Guinness PLC 182,000 1,339,397
- ----------------------------------------------------------------------------------------------------------------------
Whitman Corp. 75,100 1,746,075
------------
3,085,472
======================================================================================================================
FOOD--2.6%
Chiquita Brands International, Inc. 48,249 663,424
- ----------------------------------------------------------------------------------------------------------------------
Groupe Danone 6,100 1,007,857
- ----------------------------------------------------------------------------------------------------------------------
McCormick & Co., Inc., Non-Vtg. 36,000 868,500
- ----------------------------------------------------------------------------------------------------------------------
Nestle SA, Sponsored ADR 40,000 2,217,876
- ----------------------------------------------------------------------------------------------------------------------
Sara Lee Corp.(5) 61,700 1,966,687
------------
6,724,344
======================================================================================================================
HEALTHCARE/DRUGS--6.5%
Abbott Laboratories 23,000 960,250
- ----------------------------------------------------------------------------------------------------------------------
American Home Products Corp. 12,000 1,164,000
- ----------------------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 37,250 1,489,504
- ----------------------------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 48,000 4,122,000
- ----------------------------------------------------------------------------------------------------------------------
Ciba-Geigy AG 2,825 2,491,959
- ----------------------------------------------------------------------------------------------------------------------
Foundation Health Corp.(3) 23,000 989,000
- ----------------------------------------------------------------------------------------------------------------------
Genzyme Corp.(3)(5) 32,901 2,052,153
- ----------------------------------------------------------------------------------------------------------------------
Johnson & Johnson 17,500 1,498,437
- ----------------------------------------------------------------------------------------------------------------------
NBTY, Inc.(3) 264,700 1,257,325
- ----------------------------------------------------------------------------------------------------------------------
Smithkline Beecham PLC, ADR Equity Units (one ADR represents
five equity units; each unit consists of one cl. B ordinary share
and one share of cumulative participating preferred stock)(2) 17,000 943,500
------------
16,968,128
</TABLE>
7 Oppenheimer Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
======================================================================================================================
<S> <C> <C>
HEALTHCARE/SUPPLIES &
SERVICES--6.1%
Manor Care, Inc.(5) 40,770 $ 1,426,950
- ----------------------------------------------------------------------------------------------------------------------
Medtronic, Inc.(5) 28,900 1,614,787
- ----------------------------------------------------------------------------------------------------------------------
Nellcor Puritan Bennett, Inc.(3)(5) 10,800 626,400
- ----------------------------------------------------------------------------------------------------------------------
NovaCare, Inc.(3) 20,000 102,500
- ----------------------------------------------------------------------------------------------------------------------
Pyxis Corp.(3) 55,800 816,075
- ----------------------------------------------------------------------------------------------------------------------
Sofamor Danek Group, Inc.(3) 30,000 851,250
- ----------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc.(5) 165,000 7,672,500
- ----------------------------------------------------------------------------------------------------------------------
Value Health, Inc.(3) 43,000 1,182,500
- ----------------------------------------------------------------------------------------------------------------------
Wellpoint Health Networks, Inc., Cl. A(3) 51,600 1,657,650
-------------
15,950,612
======================================================================================================================
HOUSEHOLD GOODS--0.4%
Procter & Gamble Co. 14,000 1,162,000
======================================================================================================================
TOBACCO--1.8%
Philip Morris Cos., Inc.(5) 52,100 4,715,050
======================================================================================================================
ENERGY--5.6%
======================================================================================================================
ENERGY SERVICES & PRODUCERS--1.6%
Coflexip SA, Sponsored ADR 43,800 826,725
- ----------------------------------------------------------------------------------------------------------------------
Kerr-McGee Corp. 13,000 825,500
- ----------------------------------------------------------------------------------------------------------------------
Landmark Graphics Corp.(3) 60,600 1,408,950
- ----------------------------------------------------------------------------------------------------------------------
Western Atlas, Inc.(3) 20,000 1,010,000
------------
4,071,175
======================================================================================================================
OIL-INTEGRATED--4.0%
Ashland Coal, Inc. 33,000 705,375
- ----------------------------------------------------------------------------------------------------------------------
Ashland, Inc. 30,000 1,053,750
- ----------------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 13,900 1,539,425
- ----------------------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 10,000 1,411,250
- ----------------------------------------------------------------------------------------------------------------------
Saga Petroleum AS, Cl. B 82,000 1,025,348
- ----------------------------------------------------------------------------------------------------------------------
Total SA, Sponsored ADR 55,180 1,876,120
- ----------------------------------------------------------------------------------------------------------------------
Unocal Corp. 88,000 2,563,000
- ----------------------------------------------------------------------------------------------------------------------
Yukong Ltd.(3)(4) 1,438 13,706
- ----------------------------------------------------------------------------------------------------------------------
Yukong Ltd.(3) 3,294 31,396
- ----------------------------------------------------------------------------------------------------------------------
Yukong Ltd., GDR(3) 39,500 385,125
-------------
10,604,495
======================================================================================================================
FINANCIAL--9.3%
======================================================================================================================
BANKS--5.3%
Banco Frances del Rio de la Plata SA 144,900 1,282,613
- ----------------------------------------------------------------------------------------------------------------------
Chemical Banking Corp. 85,600 5,029,000
- ----------------------------------------------------------------------------------------------------------------------
Deutsche Bank, Sponsored ADR 60,000 2,849,340
- ----------------------------------------------------------------------------------------------------------------------
NationsBank Corp. 68,700 4,783,237
-------------
13,944,190
======================================================================================================================
DIVERSIFIED FINANCIAL--2.0%
American Express Co. 44,100 1,824,638
- ----------------------------------------------------------------------------------------------------------------------
H & R Block, Inc. 38,200 1,547,100
- ----------------------------------------------------------------------------------------------------------------------
IRSA Inversiones y Representaciones, SA 214,506 540,659
- ----------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.(5) 14,200 724,200
- ----------------------------------------------------------------------------------------------------------------------
Salomon, Inc. 20,000 710,000
------------
5,346,597
</TABLE>
8 Oppenheimer Fund
<PAGE> 9
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
======================================================================================================================
<S> <C> <C>
INSURANCE--2.0%
Aetna Life & Casualty Co.(5) 11,500 $ 796,375
- ----------------------------------------------------------------------------------------------------------------------
American International Group, Inc.(5) 17,600 1,628,000
- ----------------------------------------------------------------------------------------------------------------------
American Re Corp.(5) 54,000 2,207,250
- ----------------------------------------------------------------------------------------------------------------------
UNUM Corp. 13,500 742,500
------------
5,374,125
======================================================================================================================
INDUSTRIAL--12.7%
======================================================================================================================
ELECTRICAL EQUIPMENT--1.1%
General Electric Co. 39,600 2,851,200
======================================================================================================================
INDUSTRIAL MATERIALS--2.4%
Corning, Inc. 39,000 1,248,000
- ----------------------------------------------------------------------------------------------------------------------
Interpool, Inc. 42,500 759,688
- ----------------------------------------------------------------------------------------------------------------------
Owens-Corning Fiberglass Corp.(3)(5) 77,000 3,455,375
- ----------------------------------------------------------------------------------------------------------------------
U.S. Can Corp.(3) 63,500 857,250
------------
6,320,313
======================================================================================================================
INDUSTRIAL SERVICES--0.6%
Ecolab, Inc. 35,400 1,062,000
- ----------------------------------------------------------------------------------------------------------------------
Huarte SA 98,650 445,614
------------
1,507,614
======================================================================================================================
MANUFACTURING--4.5%
Citic Pacific Ltd. 214,000 732,068
- ----------------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc.(5) 29,000 964,250
- ----------------------------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 132,000 804,094
- ----------------------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Ltd. 100,936 691,412
- ----------------------------------------------------------------------------------------------------------------------
Mannesmann AG 9,775 3,117,697
- ----------------------------------------------------------------------------------------------------------------------
Pacific Dunlop Ltd. 476,000 1,115,354
- ----------------------------------------------------------------------------------------------------------------------
Tenneco, Inc. 75,800 3,761,575
- ----------------------------------------------------------------------------------------------------------------------
Westinghouse Air Brake Co. 60,200 639,625
------------
11,826,075
======================================================================================================================
TRANSPORTATION--4.1%
Airborne Freight Corp. 49,000 1,304,625
- ----------------------------------------------------------------------------------------------------------------------
Burlington Northern Santa Fe Corp. 56,400 4,399,200
- ----------------------------------------------------------------------------------------------------------------------
Consolidated Freightways, Inc.(5) 60,700 1,608,550
- ----------------------------------------------------------------------------------------------------------------------
Stolt-Nielsen SA 116,000 3,349,500
------------
10,661,875
======================================================================================================================
TECHNOLOGY--23.1%
======================================================================================================================
AEROSPACE/DEFENSE--1.0%
McDonnell Douglas Corp.(5) 11,400 1,048,800
- ----------------------------------------------------------------------------------------------------------------------
Rockwell International Corp. 27,300 1,443,488
------------
2,492,288
</TABLE>
9 Oppenheimer Fund
<PAGE> 10
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
======================================================================================================================
<S> <C> <C>
COMPUTER HARDWARE--5.3%
Bay Networks, Inc.(3)(5) 30,070 $ 1,236,629
- ----------------------------------------------------------------------------------------------------------------------
Cabletron Systems, Inc.(3)(5) 17,000 1,377,000
- ----------------------------------------------------------------------------------------------------------------------
EMC Corp.(3) 48,400 744,150
- ----------------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 13,900 1,275,325
- ----------------------------------------------------------------------------------------------------------------------
Moore Corp. Ltd. 37,400 696,575
- ----------------------------------------------------------------------------------------------------------------------
Norand Corp.(3) 59,700 701,475
- ----------------------------------------------------------------------------------------------------------------------
Proxima Corp.(3) 45,600 1,008,900
- ----------------------------------------------------------------------------------------------------------------------
Storage Technology Corp. (New)(3) 27,500 656,563
- ----------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc.(3)(5) 23,800 1,085,875
- ----------------------------------------------------------------------------------------------------------------------
Xerox Corp.(5) 37,000 5,069,000
------------
13,851,492
======================================================================================================================
COMPUTER SOFTWARE--7.9%
BMC Software, Inc.(3)(5) 12,800 547,200
- ----------------------------------------------------------------------------------------------------------------------
Computer Associates International, Inc. 44,100 2,508,188
- ----------------------------------------------------------------------------------------------------------------------
Davidson & Associates, Inc. 40,000 880,000
- ----------------------------------------------------------------------------------------------------------------------
Electronic Arts, Inc.(3)(5) 40,700 1,063,288
- ----------------------------------------------------------------------------------------------------------------------
Informix Corp.(3)(5) 48,000 1,440,000
- ----------------------------------------------------------------------------------------------------------------------
Marcam Corp.(3) 80,600 1,229,150
- ----------------------------------------------------------------------------------------------------------------------
Microsoft Corp.(3)(5) 10,800 947,700
- ----------------------------------------------------------------------------------------------------------------------
Nintendo Co. Ltd. 45,000 3,424,569
- ----------------------------------------------------------------------------------------------------------------------
Novell, Inc.(3) 196,400 2,798,700
- ----------------------------------------------------------------------------------------------------------------------
Structural Dynamics Research Corp.(3)(5) 104,000 3,055,000
- ----------------------------------------------------------------------------------------------------------------------
Symantec Corp.(3)(5) 127,340 2,960,655
------------
20,854,450
======================================================================================================================
ELECTRONICS--6.3%
Advanced Micro Devices, Inc.(5) 35,373 583,655
- ----------------------------------------------------------------------------------------------------------------------
General Motors Corp., Cl. H 28,700 1,409,888
- ----------------------------------------------------------------------------------------------------------------------
Hewlett-Packard Co.(5) 34,000 2,847,500
- ----------------------------------------------------------------------------------------------------------------------
Integrated Silicon Solution, Inc.(3) 31,500 527,133
- ----------------------------------------------------------------------------------------------------------------------
Intel Corp.(5) 119,800 6,798,650
- ----------------------------------------------------------------------------------------------------------------------
Kyocera Corp. 12,000 892,278
- ----------------------------------------------------------------------------------------------------------------------
Philips Electronics NV 30,000 1,085,472
- ----------------------------------------------------------------------------------------------------------------------
Samsung Electronics Co. 9,104 1,654,793
- ----------------------------------------------------------------------------------------------------------------------
Samsung Electronics Co. (New)(3) 112 20,213
- ----------------------------------------------------------------------------------------------------------------------
VLSI Technology, Inc.(3)(5) 44,000 797,500
------------
16,617,082
======================================================================================================================
TELECOMMUNICATIONS-TECHNOLOGY--2.6%
Airtouch Communications, Inc.(3) 45,500 1,285,375
- ----------------------------------------------------------------------------------------------------------------------
AT&T Corp. 10,800 699,300
- ----------------------------------------------------------------------------------------------------------------------
ECI Telecommunications Ltd.(5) 57,500 1,311,719
- ----------------------------------------------------------------------------------------------------------------------
Kinnevik Investments AB Free, Series B 31,500 986,275
- ----------------------------------------------------------------------------------------------------------------------
MCI Communications Corp.(5) 100,000 2,612,500
------------
6,895,169
</TABLE>
10 Oppenheimer Fund
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
======================================================================================================================
<S> <C> <C>
UTILITIES--3.1%
======================================================================================================================
ELECTRIC UTILITIES--1.0%
Korea Electric Power Co. 30,000 $ 1,191,144
- ----------------------------------------------------------------------------------------------------------------------
Verbund Oest Electriz 25,200 1,516,464
------------
2,707,608
======================================================================================================================
GAS UTILITIES--0.8%
Hong Kong & China Gas 743,040 1,196,447
- ----------------------------------------------------------------------------------------------------------------------
Southwestern Energy Co. 60,000 765,000
------------
1,961,447
======================================================================================================================
TELEPHONE UTILITIES--1.3%
BCE, Inc. 34,000 1,173,000
- ----------------------------------------------------------------------------------------------------------------------
US West Communications Group 65,500 2,341,625
------------
3,514,625
------------
Total Common Stocks (Cost $175,274,553) 242,284,048
======================================================================================================================
PREFERRED STOCKS--1.6%
======================================================================================================================
Alumax, Inc., $4.00 Cv., Series A 6,333 816,957
- ----------------------------------------------------------------------------------------------------------------------
Cyprus Amax Minerals Co., $4.00 Cv., Series A 20,666 1,224,460
- ----------------------------------------------------------------------------------------------------------------------
Delta Air Lines, Inc., $3.50 Cv. Depositary Shares, Series C 36,300 2,155,313
------------
Total Preferred Stocks (Cost $3,245,783) 4,196,730
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
======================================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENT--5.6%
Repurchase agreement with First Chicago Capital Markets, 5.90%,
dated 12/29/95, to be repurchased at $14,809,702 on 1/2/96,
collateralized by U.S. Treasury Nts., 5.125%--8.75%, 12/31/96--11/5/04,
with a value of $8,033,547, U.S. Treasury Bonds, 6.25%--11.25%,
8/15/03--8/15/23, with a value of $4,868,523, and U.S. Treasury Bills
maturing 11/14/96, with a value of $2,207,805 (Cost $14,800,000) $14,800,000 14,800,000
======================================================================================================================
TOTAL INVESTMENTS, AT VALUE (COST $197,251,843) 101.1% 265,609,216
======================================================================================================================
LIABILITIES IN EXCESS OF OTHER ASSETS (1.1) (2,942,358)
------------ ------------
NET ASSETS 100.0% $262,666,858
============ ============
</TABLE>
1. Represents the current interest rate for a variable rate security.
2. Units may be comprised of several components, such as debt
and equity and/or warrants to purchase equity at some point in
the future. For units which represent debt securities, face
amount disclosed represents total underlying principal.
3. Non-income producing security.
4. 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 $531,206 or 0.20% of the Fund's net assets, at December 31,
1995.
11 Oppenheimer Fund
<PAGE> 12
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
5. A sufficient amount of liquid assets has been designated to cover
outstanding written call options, as follows:
<TABLE>
<CAPTION>
SHARES EXPIRATION EXERCISE PREMIUM MARKET VALUE
SUBJECT TO CALL DATE PRICE RECEIVED SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AMR Corp. 2,800 1/96 $ 80 $ 13,300 $ 1,225
- ------------------------------------------------------------------------------------------------------------------------
Advanced Micro Devices, Inc. 7,000 1/96 45 14,664 438
- ------------------------------------------------------------------------------------------------------------------------
Aetna Life & Casualty Co. 5,600 4/96 75 14,182 7,000
- ------------------------------------------------------------------------------------------------------------------------
American International Group, Inc. 2,600 2/96 80 20,071 50,212
- ------------------------------------------------------------------------------------------------------------------------
American Re Corp. 10,800 7/96 45 19,925 18,900
- ------------------------------------------------------------------------------------------------------------------------
BMC Software, Inc. 12,800 2/96 50 44,414 17,600
- ------------------------------------------------------------------------------------------------------------------------
Bay Networks, Inc. 8,000 6/96 50 54,758 38,000
- ------------------------------------------------------------------------------------------------------------------------
Cabletron Systems, Inc. 3,000 1/96 60 13,035 61,500
- ------------------------------------------------------------------------------------------------------------------------
Consolidated Freightways, Inc. 14,200 6/96 30 25,389 39,050
- ------------------------------------------------------------------------------------------------------------------------
ECI Telecommunications Ltd. 11,400 2/96 23 23,882 25,650
- ------------------------------------------------------------------------------------------------------------------------
Electronic Arts, Inc. 12,600 3/96 35 92,547 9,450
- ------------------------------------------------------------------------------------------------------------------------
General Motors Corp. 5,200 6/96 55 13,494 13,650
- ------------------------------------------------------------------------------------------------------------------------
Genzyme Corp. 5,100 1/96 65 26,621 8,287
- ------------------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 7,200 2/96 40 10,317 1,350
- ------------------------------------------------------------------------------------------------------------------------
Harnischfeger Industries, Inc. 7,200 5/96 35 15,083 12,150
- ------------------------------------------------------------------------------------------------------------------------
Hewlett-Packard Co. 6,000 5/96 105 37,319 12,750
- ------------------------------------------------------------------------------------------------------------------------
IMC Global, Inc. 12,400 1/96 33 13,145 102,300
- ------------------------------------------------------------------------------------------------------------------------
IMC Global, Inc. 12,400 4/96 38 26,938 62,000
- ------------------------------------------------------------------------------------------------------------------------
Informix Corp. 6,000 2/96 35 22,319 6,000
- ------------------------------------------------------------------------------------------------------------------------
Informix Corp. 6,000 2/96 40 13,695 2,625
- ------------------------------------------------------------------------------------------------------------------------
Informix Corp. 12,000 2/96 28 38,069 51,000
- ------------------------------------------------------------------------------------------------------------------------
Informix Corp. 5,000 5/96 35 11,100 15,000
- ------------------------------------------------------------------------------------------------------------------------
Intel Corp. 21,000 4/96 75 36,119 17,063
- ------------------------------------------------------------------------------------------------------------------------
Louisiana-Pacific Corp. 9,500 2/96 25 22,870 11,281
- ------------------------------------------------------------------------------------------------------------------------
Louisiana-Pacific Corp. 9,500 2/96 30 6,935 4,156
- ------------------------------------------------------------------------------------------------------------------------
MCI Communications Corp. 20,000 4/96 30 24,399 10,000
- ------------------------------------------------------------------------------------------------------------------------
Manor Care, Inc. 10,000 1/96 35 11,050 9,375
- ------------------------------------------------------------------------------------------------------------------------
Mattel, Inc. 15,000 7/96 35 20,414 18,750
- ------------------------------------------------------------------------------------------------------------------------
McDonnell Douglas Corp. 2,200 5/96 100 9,834 8,525
- ------------------------------------------------------------------------------------------------------------------------
Medtronic, Inc. 8,500 2/96 60 33,744 7,437
- ------------------------------------------------------------------------------------------------------------------------
Medtronic, Inc. 7,000 5/96 65 18,423 11,375
- ------------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 8,000 1/96 55 29,759 3,000
- ------------------------------------------------------------------------------------------------------------------------
Microsoft Corp. 4,200 1/96 105 41,873 263
- ------------------------------------------------------------------------------------------------------------------------
Microsoft Corp. 4,200 1/96 115 21,923 263
- ------------------------------------------------------------------------------------------------------------------------
Nellcor Puritan Bennett, Inc. 10,800 4/96 60 21,275 36,450
- ------------------------------------------------------------------------------------------------------------------------
Owens-Corning Fiberglass Corp. 15,400 3/96 45 26,487 35,613
- ------------------------------------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 10,400 3/96 95 26,337 20,800
- ------------------------------------------------------------------------------------------------------------------------
Sara Lee Corp. 12,200 7/96 35 16,408 10,675
- ------------------------------------------------------------------------------------------------------------------------
Structural Dynamics Research Corp. 5,200 2/96 25 15,443 23,400
- ------------------------------------------------------------------------------------------------------------------------
Structural Dynamics Research Corp. 15,600 5/96 30 32,681 52,650
- ------------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc. 7,600 1/96 25 19,140 162,450
- ------------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc. 6,000 4/96 35 18,659 78,000
- ------------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc. 7,000 7/96 48 56,331 61,250
- ------------------------------------------------------------------------------------------------------------------------
Symantec Corp. 14,000 1/96 30 41,579 875
- ------------------------------------------------------------------------------------------------------------------------
Symantec Corp. 14,000 1/96 35 25,829 2,625
- ------------------------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. 32,000 4/96 48 103,037 92,000
- ------------------------------------------------------------------------------------------------------------------------
VLSI Technology, Inc. 8,000 4/96 25 19,759 9,500
- ------------------------------------------------------------------------------------------------------------------------
Xerox Corp. 7,400 7/96 150 60,826 39,775
---------- ----------
$1,325,401 $1,283,688
========== ==========
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Fund
<PAGE> 13
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 (Unaudited)
<TABLE>
<S> <C>
======================================================================================================================
ASSETS
Investments, at value (cost $197,251,843)--see accompanying statement $265,609,216
- ----------------------------------------------------------------------------------------------------------------------
Cash 50,175
- ----------------------------------------------------------------------------------------------------------------------
Unrealized appreciation on forward foreign currency exchange contracts--Note 6 2
- ----------------------------------------------------------------------------------------------------------------------
Receivables:
Investments sold 1,038,512
Interest and dividends 500,334
Shares of beneficial interest sold 39,708
- ----------------------------------------------------------------------------------------------------------------------
Other 39,440
------------
Total assets 267,277,387
======================================================================================================================
LIABILITIES
Options written, at value (premiums received $1,325,401)-see accompanying statement--Note 4 1,283,688
- ----------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Dividends 1,322,753
Investments purchased 1,109,390
Shares of beneficial interest redeemed 511,284
Trustees' fees 107,316
Distribution and service plan fees 96,151
Shareholder reports 83,924
Transfer and shareholder servicing agent fees 21,550
Other 74,473
------------
Total liabilities 4,610,529
======================================================================================================================
NET ASSETS $262,666,858
============
======================================================================================================================
COMPOSITION OF
NET ASSETS
Paid-in capital $186,755,226
- ----------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 1,855,178
- ----------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 5,657,434
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 68,399,020
------------
Net assets $262,666,858
============
======================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of $259,077,948 and
23,306,088 shares of beneficial interest outstanding) $11.12
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $11.80
- ----------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $119,683 and 10,771 shares of beneficial interest outstanding) $11.11
- ----------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $3,469,227 and 316,515 shares of beneficial interest outstanding) $10.96
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Fund
<PAGE> 14
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited)
<TABLE>
======================================================================================================================
<S> <C>
INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $14,173) $ 1,980,116
- ----------------------------------------------------------------------------------------------------------------------
Interest 995,119
-----------
Total income 2,975,235
======================================================================================================================
EXPENSES
Management fees--Note 5 1,024,410
- ----------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 5 362,047
- ----------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 5:
Class A 184,047
Class B 108
Class C 15,290
- ----------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 54,724
- ----------------------------------------------------------------------------------------------------------------------
Shareholder reports 49,940
- ----------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 47,512
- ----------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 32,032
- ----------------------------------------------------------------------------------------------------------------------
Insurance expenses 14,447
- ----------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class B 40
Class C 392
- ----------------------------------------------------------------------------------------------------------------------
Other 28,259
-----------
Total expenses 1,813,248
======================================================================================================================
NET INVESTMENT INCOME 1,161,987
======================================================================================================================
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) on:
Investments 11,665,234
Closing and expiration of options written--Note 4 (73,339)
Foreign currency transactions 185,601
-----------
Net realized gain 11,777,496
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 8,294,445
Translation of assets and liabilities denominated in foreign currencies (1,106,979)
-----------
Net change 7,187,466
-----------
Net realized and unrealized gain 18,964,962
======================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $20,126,949
===========
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Fund
<PAGE> 15
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 $ 1,161,987 $ 2,806,853
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain 11,777,496 19,743,628
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 7,187,466 23,440,270
------------ ------------
Net increase in net assets resulting from operations 20,126,949 45,990,751
======================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment income:
Class A (2,763,482) (498,859)
Class B (1,320) --
Class C (19,415) --
- ----------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (20,557,885) (24,601,920)
Class B (10,027) --
Class C (287,507) (100,620)
======================================================================================================================
BENEFICIAL INTEREST
TRANSACTIONS
Net increase (decrease) in net assets resulting from beneficial interest
transactions--Note 2:
Class A (7,924,841) 12,428,700
Class B 130,354 --
Class C 1,438,557 1,742,306
======================================================================================================================
NET ASSETS
Total increase (decrease) (9,868,617) 34,960,358
- ----------------------------------------------------------------------------------------------------------------------
Beginning of period 272,535,475 237,575,117
------------ ------------
End of period (including undistributed net investment income
of $1,855,178 and $3,477,408, respectively) $262,666,858 $272,535,475
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Fund
<PAGE> 16
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 1995 YEAR ENDED JUNE 30,
(UNAUDITED) 1995 1994
=============================================================================================================
<S> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.34 $10.55 $10.41
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .31 .07
Net realized and unrealized gain (loss) .81 1.58 .55
-------- --------- --------
Total income (loss) from investment operations .87 1.89 .62
- -------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.13) (.02) (.03)
Distributions from net realized gain (.96) (1.08) (.45)
-------- --------- --------
Total dividends and distributions to shareholders (1.09) (1.10) (.48)
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $11.12 $11.34 $10.55
======== ========= ========
=============================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) 7.68% 19.60% 5.84%
=============================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $259,078 $270,381 $237,281
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $270,787 $254,011 $229,976
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income .85%(4) 1.10% .69%
Expenses 1.30%(4) 1.29% 1.16%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 17.6% 34.1% 41.6%
Average brokerage commission rate(6) $0.04 -- --
</TABLE>
1. For the period from December 1, 1993 (inception of offering) to June 30,
1994.
2. For the period from November 1, 1995 (inception of offering) to December 31,
1995.
3. 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 retur ns. Total returns are not annualized for
periods of less than one full year.
4. Annualized.
16 Oppenheimer Fund
<PAGE> 17
<TABLE>
<CAPTION>
CLASS A CLASS B
----------------------------------- ---------------------
PERIOD ENDED
DECEMBER 31, 1995(2)
1993 1992 1991 (UNAUDITED)
==================================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $9.72 $9.31 $9.06 $11.85
- -------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .11 .16 .26 --
Net realized and unrealized gain (loss) 1.15 .84 .69 .35
-------- -------- -------- -------
Total income (loss) from investment operations 1.26 1.00 .95 .35
- -------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.10) (.32) (.22) (.13)
Distributions from net realized gain (.47) (.27) (.48) (.96)
-------- -------- -------- -------
Total dividends and distributions to shareholders (.57) (.59) (.70) (1.09)
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.41 $9.72 $9.31 $11.11
======== ======== ======== =======
===================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) 13.33% 11.22% 11.65% 2.97%
===================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $216,180 $209,495 $202,509 $120
- -------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $212,660 $221,369 $189,994 $67
- -------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 1.05% 1.71% 2.91% (.49)%(4)
Expenses 1.10% 1.09% 1.07% 2.53%(4)
- -------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 35.6% 58.2% 105.8% 17.6%
Average brokerage commission rate(6) -- -- -- $0.04
<CAPTION>
CLASS C
-----------------------------------------
SIX MONTHS ENDED
DECEMBER 31, 1995 YEAR ENDED JUNE 30,
(UNAUDITED) 1995 1994(1)
=================================================================================================
<S> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $11.19 $10.49 $11.08
- -------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (.01) .03 .02
Net realized and unrealized gain (loss) .80 1.75 (.14)
------ ------ ------
Total income (loss) from investment operations .79 1.78 (.12)
- -------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.06) -- (.02)
Distributions from net realized gain (.96) (1.08) (.45)
------ ------ ------
Total dividends and distributions to shareholders (1.02) (1.08) (.47)
- -------------------------------------------------------------------------------------------------
Net asset value, end of period $10.96 $11.19 $10.49
====== ====== ======
=================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) 7.13% 18.57% (1.24)%
=================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $3,469 $2,154 $294
- -------------------------------------------------------------------------------------------------
Average net assets (in thousands) $3,039 $1,100 $108
- -------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (.07)%(4) .48% .05%(4)
Expenses 2.20%(4) 2.20% 2.44%(4)
- -------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 17.6% 34.1% 41.6%
Average brokerage commission rate(6) $0.04 -- --
</TABLE>
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of investment securities (e xcluding short-term securities)
for the period ended December 31, 1995 were $44,057,214 and $52,584,370,
respectively.
6. 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.
17 Oppenheimer Fund
<PAGE> 18
NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer 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
exclus ive voting rights with respect to matters affecting a single class. 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. Forward foreign currency exchange
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. Options are valued based upon the last
sale price on the principal exchange on which the option is traded or, in the
absence of any transactions that day, the value is based upon the last sale
price on the prior trading date if it is within the spread between the closing
bid and asked prices. If the last sale price is outside the spread, the closing
bid or asked price closest to the last reported sale price is used.
- --------------------------------------------------------------------------------
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 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 p rice 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.
18 Oppenheimer Fund
<PAGE> 19
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
- --------------------------------------------------------------------------------
TRUSTEES' 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 $10,438 was made for the Fund's
projected benefit obligations, resulting i n an accumulated liability of
$74,422 at December 31, 1995.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
reported 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 i nvestment 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 a nd 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 1,226,447 $ 14,589,800 6,673,759 $ 71,435,301
Dividends and distributions reinvested 1,924,166 21,358,247 2,364,103 23,168,217
Redeemed (3,681,538) (43,872,888) (7,685,964) (82,174,818)
---------- ------------ ---------- ------------
Net increase (decrease) (530,925) $ (7,924,841) 1,351,898 $ 12,428,700
========== ============ ========== ============
- ----------------------------------------------------------------------------------------------------------------------------
Class B:
Sold 10,763 $ 130,238 -- --
Dividends and distributions reinvested 1,018 11,272 -- --
Redeemed (1,010) (11,156) -- --
---------- ------------ ---------- ------------
Net increase 10,771 $ 130,354 -- --
========== ============ ========== ============
- ----------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 129,579 $ 1,515,195 183,982 $ 1,948,887
Dividends and distributions reinvested 26,362 288,406 8,876 86,189
Redeemed (31,953) (365,044) (28,381) (292,770)
---------- ------------ ---------- ------------
Net increase 123,988 $ 1,438,557 164,477 $ 1,742,306
========== ============ ========== ============
</TABLE>
1. For the six months ended December 31, 1995 for Class A and Class C shares,
and for the period from November 1, 1995 (inception of offering) to December
31, 1995 for Class B shares.
19 Oppenheimer Fund
<PAGE> 20
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS AND
OPTIONS WRITTEN
At December 31, 1995, net unrealized appreciation on investments and options
written of $68,399,087 was composed of gross appreciation of $78,450,235, and
gross depreciation of $10,051,148.
================================================================================
4. OPTION ACTIVITY
The Fund may buy and sell put and call options, or write covered put and call
options on portfolio securities in order to produce incremental earnings or
protect against changes in the value of portfolio securities.
The Fund generally purchases put options or writes covered call
options to hedge against adverse movements in the value of portfolio holdings.
When an option is written, the Fund receives a premium and becomes obligated to
sell or purchase the underlying security at a fixed price, upon exercise of the
option.
Options are valued daily based upon the last sale price on the
principal exchange on which the option is traded and unrealized appreciation or
depreciation is recorded. The Fund will realize a gain or loss upon the
expiration or closing of the option transaction. When an option is exercised,
the proceeds on sales for a written call option, the purchase cost for a
written put option, or the cost of the security for a purchased put or call
option is adjusted by the amount of premium received or paid.
Securities designated to cover outstanding call options are
noted in the Statement of Investments where applicable. Shares subject to
call, expiration date, exercise price, premium received and market value are
detailed in a footnote to the Statement of Investments. Options written are
reported as a liability in the Statement of Assets and Liabilities. Gains and
losses are reported in the Statement of Operations.
The risk in writing a call option is that the Fund gives up the
opportunity for profit if the market price of the security increases and the
option is exercised. The risk in writing a put option is that the Fund may
incur a loss if the market price of the security decreases and the option is
exercised. The risk in buying an option is that the Fund pays a premium whether
or not the option is exercised. The Fund also has the additional risk of not
being able to enter into a closing transaction if a liquid secondary market
does not exist.
Written option activity for the six months ended December 31, 1995 was as
follows:
<TABLE>
<CAPTION>
CALL OPTIONS
----------------------------
NUMBER OF AMOUNT OF
OPTIONS PREMIUMS
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Options outstanding at June 30, 1995 5,992 $1,266,634
- ----------------------------------------------------------------------------------------
Options written 4,694 1,322,555
- ----------------------------------------------------------------------------------------
Options canceled in closing purchase transactions (1,962) (414,584)
- ----------------------------------------------------------------------------------------
Options expired prior to exercise (1,647) (256,723)
- ----------------------------------------------------------------------------------------
Options exercised (2,477) (592,481)
------- ----------
Options outstanding at December 31, 1995 4,600 $1,325,401
======= ==========
</TABLE>
================================================================================
5. 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 with a reduction of .03% on each $200
million thereafter to $800 million, and .60% on net assets in excess of $800
million. The Manager has agreed to rei mburse 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 $446,072, of
which $104,138 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 $4,082 and $12,538, of which $1,097
was paid to an affiliated broker/dealer. During the six months ended December
31, 1995, OFDI received contingent deferred sales charges of $2,788 upon
redemption of Class C shares as reimbursement for sales commissions advanced by
OFDI at the tim e of sale of such shares.
20 Oppenheimer Fund
<PAGE> 21
================================================================================
5. MANAGEMENT FEES AND
OTHER TRANSACTIONS
WITH AFFILIATES
(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.
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-b ased
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 $4,760 for Class B and $60,781
for Class C. During the six months ended December 31, 1995, OFDI paid $2,297 to
an affiliated broker/deale r as compensation for Class A personal service and
maintenance expenses, and retained $10,766 as compensation for Class C sales
commissions and service fee advances, as well as financing costs.
================================================================================
6. 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 ag ainst 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, 1995, the Fund had outstanding forward contracts to sell
currencies as follows:
<TABLE>
<CAPTION>
CONTRACT VALUATION AS OF UNREALIZED
CONTRACTS TO SELL EXPIRATION DATE AMOUNT (000'S) DECEMBER 31, 1995 APPRECIATION
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Hong Kong Dollar (HKD) 1/2/96 724 HKD $93,618 $2
</TABLE>
21 Oppenheimer Fund
<PAGE> 22
OPPENHEIMER 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
Richard Rubinstein, 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 Fund. This report
must be preceded or accompanied by a Prospectus of Oppenheimer 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.
22 Oppenheimer Fund
<PAGE> 23
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.
23 Oppenheimer Fund
<PAGE> 24
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
- ---------------------------------------
RS0400.001.1295 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
account access, you can benefit from services designed to make investing
simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
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,
a convenient service that ''links'' your Oppenheimer funds accounts and your
bank checking or savings account, you can use the Telephone Transactions number
to make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
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.
[OPPENHEIMER LOGO]
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- ---------------------------------------------
Bulk Rate
U.S. Postage
PAID
Permit No. 314
Farmingdale, NY
- ---------------------------------------------
