<PAGE> 1
[PHOTO]
OPPENHEIMER GROWTH FUND
Semiannual Report February 28, 1997
"We have
a lot of
important goals,
so we need
our money
to grow solidly
over time."
[OPPENHEIMERFUNDS LOGO]
<PAGE> 2
THIS FUND IS FOR PEOPLE WHO WANT THEIR MONEY TO GROW FOR LONG-TERM NEEDS AND
FEEL MOST COMFORTABLE INVESTING IN WELL-KNOWN, ESTABLISHED COMPANIES.
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the
3-Year Period Ended 3/31/97:
Oppenheimer Growth Fund
Class A (at net asset value)(1)
75.33%
S&P 500(3)
69.85%
Lipper Growth Average for 465 Growth Funds for the 3-Year Period Ended
3/31/97(4)
56.98%
THE FUND'S CLASS A SHARES ARE RANKED **** AMONG 1,919 (3-YEAR), 1,076 (5-YEAR)
AND 601 (10-YEAR) DOMESTIC EQUITY FUNDS FOR THE 3-, 5-AND 10-YEAR PERIODS ENDED
3/31/97 BY MORNINGSTAR MUTUAL FUNDS.(5)
HOW YOUR FUND IS MANAGED
Oppenheimer Growth Fund invests in stocks to seek capital appreciation. The
Fund currently focuses on a diversified portfolio of medium- and large-sized
companies that the managers believe have prospects for better-than-expected
earnings and whose stock is selling at attractive valuations.
Oppenheimer Growth Fund investments are primarily in well-known growth
companies, whose earnings have tended to increase consistently in most types of
market conditions.
PERFORMANCE
Cumulative total returns for the six months ended 2/28/97 for Class A, B, C and
Y shares were 17.46%, 16.97%, 16.97% and 17.58%, respectively, without
deducting sales charges.(1)
Your Fund's average annual total returns for Class A shares for the
1-, 5- and 10-year periods ended 3/31/97 were 10.42%, 13.73% and 12.46%,
respectively. For Class B shares, average annual total returns for the 1-year
period ended 3/31/97 and since inception on 8/17/93 were 11.19% and 15.88%,
respectively. For Class C shares, average annual total returns for the 1-year
period ended 3/31/97 and since inception on 11/1/95 were 15.16% and 16.68%,
respectively. For Class Y shares, average annual total returns for the 1-year
period ended 3/31/97 and since inception on 6/1/94 were 17.35% and 20.51%,
respectively.(2)
OUTLOOK
"We've prepared the portfolio for a more difficult market this year, primarily
by conducting careful research in order to select individual companies with
strong earnings, rather than industry groups."
Robert Doll, Portfolio Manager
February 28, 1997
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. For more complete
information, please review the prospectus carefully before you invest.
1. Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
2. Class A returns include the current maximum initial sales charge of 5.75%.
Class A shares were first publicly offered on 3/15/73. Prior to 4/1/91, the
Fund's maximum sales charge for Class A shares was higher, so that actual
account performance would have been less. Class B returns include the
applicable contingent deferred sales charge of 5% (1-year) and 3% (since
inception). Class C returns include the 1% contingent deferred sales charge for
the 1-year result. An explanation of the different performance calculations is
in the Fund's prospectus. Class B and Class C shares are subject to an annual
0.75% asset-based sales charge.
3. The S&P 500 Index is an unmanaged index of common stocks that is widely
recognized as an indicator of overall market performance. The S&P 500 Index
includes dividend reinvestments but does not take capital gains distributions
into consideration.
4. Source: Lipper Analytical Services, 3/31/97. The average is shown for
comparative purposes only. Funds included in the Lipper index may have
different investment policies and risks than the Fund. Oppenheimer Growth Fund
is characterized by Lipper as a growth fund. Lipper performance is based on
total return and does not take sales charges into consideration.
5. Source: Morningstar Mutual Funds, 3/31/97. Morningstar, Inc., ranks mutual
funds in broad investment classes, based on risk-adjusted investment return
after considering sales charges and expenses. Return and risk are measured as
performance above and below 90-day U.S. Treasury bill returns, respectively.
Current star rankings are based on the weighted average of 3-, 5- and 10-year
(if applicable) rankings for a fund or class and are subject to change monthly.
Top 10%: 5 stars. Next 22.5%: 4 stars. Middle 35%: 3 stars. Next 22.5%: 2
stars. Bottom 10%: 1 star. The Fund's Class A shares are ranked 4 stars
(3-year), 3 stars (5-year) and 4 stars (10-year), weighted 20%/30%/50%,
respectively, and 3 stars (1-year) among 3,048 funds.
2 Oppenheimer Growth Fund
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Growth Fund
DEAR SHAREHOLDER,
As we advised you at year end, we don't expect 1997's stock market to report
the record-breaking returns we saw last year. However, we do believe it may be
a period in which investors can take advantage of some great buying
opportunities created by lower stock valuations. Our optimism can be traced to
solid economic fundamentals that should remain stable throughout the calendar
year and the robust investing habits of aging baby boomers.
First, the economy has been expanding slowly, but steadily. Interest
rates have remained relatively low despite the Federal Reserve's recent
increase in short-term rates. In turn, low interest rates translate into
reduced borrowing rates for companies and individuals. Companies have taken
advantage of the savings by using it to improve their technologies, thereby
increasing their productivity and efficiency. By downsizing and implementing
other cost-cutting strategies, companies in the United States should now be
better equipped to compete globally.
In addition, inflation has been at its lowest level in three decades.
While it's true that an increase in interest rates often indicates an
accelerating economy, the Federal Reserve has been quick to acknowledge that
inflation and growth are under control. In fact, they've labeled the recent
move as a "preemptive" act to keep inflation at these low levels and extend the
economy's healthy growth cycle.
Second, monthly cash flows into mutual funds have been higher, largely
due to the savings pattern of the baby boomers. The first wave of this
generation--those just turning 50--are beginning to direct more money toward
their retirement. Concerned about proposed cutbacks in Social Security
benefits, more and more individuals believe they will have to fund a large
portion of their retirement themselves. And, as they gradually pay off their
children's college expenses and reduce their mortgages, they are positioned to
save more aggressively.
For these reasons we remain confident about the opportunities
available in the stock market this year. Of course, selectivity will be the key
to allocating an effective portfolio. Therefore, it will be important to base
choices on the individual merits of a company, such as strong management,
fundamental business policies and long-term prospects for the future. And for
investors, as always, maintaining a long-term time horizon is essential.
Because, while short-term swings will certainly occur and past performance is
no guarantee of future results, the market's long-term trend has been to move
higher and higher.
Your portfolio managers discuss the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
March 21, 1997
3 Oppenheimer Growth Fund
<PAGE> 4
Q + A
[PHOTOS]
Q WHAT AREAS ARE YOU CURRENTLY TARGETING?
AN INTERVIEW WITH YOUR FUND'S MANAGERS.
HOW DID THE FUND PERFORM?
Although market volatility continued during this period, Oppenheimer Growth
Fund performed very well. The Fund's Class A shares finished 168 out of 738
growth funds ranked by Lipper Analytical Services for the 1-year period ended
3/31/97.(1) We attribute this performance to our careful research process,
which allowed us to invest in good growth stocks at reasonable prices.
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
In 1996, we saw a record number of investors flock to the markets to take part
in this century's longest-running bull market--a move that helped to propel the
growth of the financial services sector. As a result, our emphasis on
financial services stocks added to the Fund's performance.
Technology was another top-performing sector this period. It was also
an area in which we were heavily invested. Technology is a key factor in
today's leaner and more efficient corporate environment. Recent innovations
have helped increase productivity, as well as boost profits and lower operating
costs. Therefore, our technology stocks did particularly well. In fact,
technology and financial services were the two best-performing sectors in the
marketplace over the entire year of 1996.(2)
WERE THERE ANY INVESTMENTS THAT DIDN'T PERFORM AS YOU'D EXPECTED?
Overall, we were pleased with the returns of the Fund's investments. The steady
rise in the market allowed us to sell many of our holdings at a profit. But, as
is the case in a highly valued market, stocks become very expensive. Our
approach is to invest in companies that have above-average earnings and sell at
a reasonable price.
1. Source: Lipper Analytical Services, 3/31/97. Oppenheimer Growth Fund Class A
shares were ranked 74 out of 271 funds in its category for the 5-year period
ended 3/31/97 and 38 out of 172 funds for the 10-year period ended 3/31/97.
Oppenheimer Growth Fund is characterized by Lipper as a growth fund. Lipper
rankings are based on total returns and do not take sales charges into account.
2. The Fund's portfolio is subject to change.
4 Oppenheimer Growth Fund
<PAGE> 5
[PHOTO]
FACING PAGE
Top left: Robert Doll, Portfolio
Manager and Executive VP,
Director of Equity Investments
Top right: Michael Levine, Member
of Equity Investments Team
Bottom: Bruce Bartlett, Member
of Equity Investments Team
THIS PAGE
Top: Jay Tracey, Member of Equity
Investments Team
Bottom: Jane Putnam, Member
of Equity Investments Team
A WE'RE RESEARCHING OPPORTUNITIES IN AVIATION, INCLUDING
STRONG AIRLINE COMPANIES.
The other factor in this strategy is to sell those positions that we believe
have little potential for further growth. So, while we sold many positions and
earned a profit, it was difficult to find new opportunities that were still
reasonably priced. As a result, our cash position over the past few months
was higher than normal, which prevented the Fund from participating fully in
the rising market.
WHAT AREAS OF THE MARKET ARE YOU CURRENTLY TARGETING?
We're optimistic about the year ahead and will be looking at many
consumer-cyclical businesses. One particularly interesting example is a firm
that manufactures specialty sporting equipment. This company currently leads
its market in the United States and is building up a presence overseas. The
major appeal of this brand is that it offers customers a high degree of
value-added quality, which sets it apart from many other retail brands.
We're also researching opportunities in aviation, including strong
airline companies that are currently well-priced. Today's airlines are better
managed, and we expect this trend to continue through the year, which should
support our forecast for positive earnings.
[PHOTO]
WHAT IS YOUR OUTLOOK FOR THE FUND?
The 1997 stock market will almost certainly differ from last year's market.
And, it's doubtful that the stock market will continue to rise at the rate it
has recently. We've prepared the portfolio for a more difficult market this
year, primarily by conducting careful research in order to select individual
companies with strong earnings, rather than industry groups. However, we remain
confident that the Fund should continue to benefit from many of the investment
opportunities still present in the market.
5 Oppenheimer Growth Fund
<PAGE> 6
STATEMENT OF INVESTMENTS FEBRUARY 28, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM NOTES--30.1%
- --------------------------------------------------------------------------------------------------------------------------
Associates Corp. of North America, 5.30%, 3/7/97 $50,000,000 $ 49,955,833
--------------------------------------------------------------------------------------------------------------------
BMW U.S. Capital Corp., 5.33%, 3/11/97 37,437,000 37,381,572
--------------------------------------------------------------------------------------------------------------------
CIT Group Holdings, Inc., 5.30%, 3/13/97 50,000,000 49,911,667
--------------------------------------------------------------------------------------------------------------------
Dean Witter, Discover & Co., 5.30%, 4/4/97 40,000,000 39,799,778
--------------------------------------------------------------------------------------------------------------------
Ford Motor Credit Co., 5.23%, 3/24/97 50,000,000 49,832,930
--------------------------------------------------------------------------------------------------------------------
General Electric Capital Corp., 5.31%, 3/14/97 50,000,000 49,904,125
--------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group, L.P., 5.28%, 3/17/97 50,000,000 49,882,667
--------------------------------------------------------------------------------------------------------------------
Household Finance Corp., 5.30%, 3/3/97 50,000,000 49,985,278
--------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 5.28%, 3/19/97 40,000,000 39,895,000
--------------------------------------------------------------------------------------------------------------------
Preferred Receivables Funding Corp., 5.27%, 3/20/97 50,500,000 50,359,540
--------------------------------------------------------------------------------------------------------------------
Prudential Funding Corp., 5.31%, 3/5/97 30,000,000 29,982,300
-------------
Total Short-Term Notes (Cost $496,890,690) 496,890,690
<CAPTION>
SHARES
==========================================================================================================================
COMMON STOCKS--59.6%
- --------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.4%
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS--1.2%
Georgia Gulf Corp. 204,500 5,521,500
--------------------------------------------------------------------------------------------------------------------
Morton International, Inc. 180,000 7,425,000
--------------------------------------------------------------------------------------------------------------------
Praxair, Inc. 30,000 1,458,750
--------------------------------------------------------------------------------------------------------------------
Terra Industries, Inc. 112,500 1,532,812
--------------------------------------------------------------------------------------------------------------------
Union Carbide Corp. 90,000 4,252,500
-------------
20,190,562
- --------------------------------------------------------------------------------------------------------------------------
METALS--1.2%
Bethlehem Steel Corp.(1) 320,500 2,644,125
--------------------------------------------------------------------------------------------------------------------
British Steel plc, ADR 95,000 2,363,125
--------------------------------------------------------------------------------------------------------------------
Cyprus Amax Minerals Co. 100,000 2,337,500
--------------------------------------------------------------------------------------------------------------------
LTV Corp. 817,500 10,218,750
--------------------------------------------------------------------------------------------------------------------
Oregon Steel Mills, Inc. 5,000 85,000
--------------------------------------------------------------------------------------------------------------------
USX-U.S. Steel Group, Inc. 45,000 1,411,875
-------------
19,060,375
- --------------------------------------------------------------------------------------------------------------------------
PAPER--1.0%
Bowater, Inc. 295,000 12,500,625
--------------------------------------------------------------------------------------------------------------------
Shorewood Packaging Corp.(1) 20,000 350,000
--------------------------------------------------------------------------------------------------------------------
Sonoco Products Co. 4,830 126,787
--------------------------------------------------------------------------------------------------------------------
Stone Container Corp. 320,000 4,160,000
-------------
17,137,412
- --------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--7.1%
- --------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--0.9%
Champion Enterprises, Inc.(1) 140,000 2,712,500
--------------------------------------------------------------------------------------------------------------------
Fleetwood Enterprises, Inc. 15,000 390,000
--------------------------------------------------------------------------------------------------------------------
Magna International, Inc., Cl. A 20,000 1,050,000
--------------------------------------------------------------------------------------------------------------------
Navistar International Corp.(1) 555,000 5,341,875
--------------------------------------------------------------------------------------------------------------------
Oakwood Homes Corp. 130,000 2,567,500
--------------------------------------------------------------------------------------------------------------------
Superior Industries International, Inc. 10,000 240,000
--------------------------------------------------------------------------------------------------------------------
Toll Brothers, Inc.(1) 110,000 2,131,250
-------------
14,433,125
</TABLE>
6 Oppenheimer Growth Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LEISURE & ENTERTAINMENT--2.5%
Alaska Air Group, Inc.(1) 235,400 $ 5,590,750
---------------------------------------------------------------------------------------------------------------------
AMR Corp.(1) 45,000 3,538,125
---------------------------------------------------------------------------------------------------------------------
ASA Holdings, Inc. 210,000 4,751,250
---------------------------------------------------------------------------------------------------------------------
British Airways plc, Sponsored ADR 15,000 1,537,500
---------------------------------------------------------------------------------------------------------------------
Brunswick Corp. 250,000 7,156,250
---------------------------------------------------------------------------------------------------------------------
Callaway Golf Co. 200,000 6,375,000
---------------------------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A(1) 100,000 3,537,500
---------------------------------------------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 190,000 4,536,250
---------------------------------------------------------------------------------------------------------------------
Outboard Marine Corp. 235,000 3,407,500
---------------------------------------------------------------------------------------------------------------------
Pancho's Mexican Buffet, Inc. 100,000 206,250
---------------------------------------------------------------------------------------------------------------------
Shoney's, Inc.(1) 25,000 206,250
------------
40,842,625
- --------------------------------------------------------------------------------------------------------------------------
MEDIA--0.2%
Reuters Holdings plc, Series B, ADR 55,000 3,526,875
- --------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.9%
Dayton Hudson Corp. 10,000 420,000
---------------------------------------------------------------------------------------------------------------------
Dillard Department Stores, Inc., Cl. A 5,000 150,625
---------------------------------------------------------------------------------------------------------------------
Dollar General Corp. 337,500 9,576,562
---------------------------------------------------------------------------------------------------------------------
Federated Department Stores, Inc.(1) 16,000 556,000
---------------------------------------------------------------------------------------------------------------------
Jones Apparel Group, Inc.(1) 70,000 2,598,750
---------------------------------------------------------------------------------------------------------------------
Mac Frugal's Bargains-Close-Outs, Inc.(1) 19,000 515,375
---------------------------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc.(1) 215,000 5,375,000
---------------------------------------------------------------------------------------------------------------------
Neiman-Marcus Group, Inc.(1) 90,000 2,418,750
---------------------------------------------------------------------------------------------------------------------
Penney (J.C.) Co., Inc. 14,705 724,221
---------------------------------------------------------------------------------------------------------------------
Tommy Hilfiger Corp.(1) 97,500 5,325,937
---------------------------------------------------------------------------------------------------------------------
Waban, Inc.(1) 125,000 3,578,125
------------
31,239,345
- --------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--1.6%
Bed Bath & Beyond, Inc.(1) 335,000 8,710,000
---------------------------------------------------------------------------------------------------------------------
Claire's Stores, Inc. 545,000 7,698,125
---------------------------------------------------------------------------------------------------------------------
CompUSA, Inc.(1) 100,000 2,000,000
---------------------------------------------------------------------------------------------------------------------
Hechinger Co.(1) 60,000 95,625
---------------------------------------------------------------------------------------------------------------------
Micro Warehouse, Inc.(1) 110,000 1,581,250
---------------------------------------------------------------------------------------------------------------------
Rocky Mountain Chocolate Factory, Inc.(1) 100,000 500,000
---------------------------------------------------------------------------------------------------------------------
Ross Stores, Inc. 25,000 1,200,000
---------------------------------------------------------------------------------------------------------------------
Shopko Stores, Inc. 110,000 1,718,750
---------------------------------------------------------------------------------------------------------------------
Sotheby's Holdings, Inc., Cl. A 95,000 1,615,000
---------------------------------------------------------------------------------------------------------------------
TJX Cos., Inc. 49,000 2,045,750
------------
27,164,500
</TABLE>
7 Oppenheimer Growth Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS--9.8%
- --------------------------------------------------------------------------------------------------------------------------
BEVERAGES--0.4%
PepsiCo, Inc. 205,000 $ 6,739,375
- --------------------------------------------------------------------------------------------------------------------------
EDUCATION--0.1%
National Education Corp.(1) 74,000 952,750
- --------------------------------------------------------------------------------------------------------------------------
FOOD--1.2%
Fleming Companies, Inc. 49,700 869,750
--------------------------------------------------------------------------------------------------------------------
Hershey Foods Corp. 8,000 365,000
--------------------------------------------------------------------------------------------------------------------
IBP, Inc. 270,000 6,277,500
--------------------------------------------------------------------------------------------------------------------
Richfood Holdings, Inc. 45,000 950,625
--------------------------------------------------------------------------------------------------------------------
Safeway, Inc.(1) 150,000 7,218,750
--------------------------------------------------------------------------------------------------------------------
Sara Lee Corp. 52,600 2,038,250
--------------------------------------------------------------------------------------------------------------------
Smith's Food & Drug Centers, Inc., Cl. B 70,000 2,301,250
------------
20,021,125
- --------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--3.6%
Bristol-Myers Squibb Co. 75,000 9,787,500
--------------------------------------------------------------------------------------------------------------------
Johnson & Johnson 216,300 12,464,287
--------------------------------------------------------------------------------------------------------------------
Merck & Co., Inc. 110,400 10,156,800
--------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 140,000 12,827,500
--------------------------------------------------------------------------------------------------------------------
Schering-Plough Corp. 175,200 13,424,700
------------
58,660,787
- --------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES &
SERVICES--2.3%
Allegiance Corp. 1,140 30,068
--------------------------------------------------------------------------------------------------------------------
Collagen Corp. 55,000 1,100,000
--------------------------------------------------------------------------------------------------------------------
HealthCare COMPARE Corp.(1) 340,000 14,513,750
--------------------------------------------------------------------------------------------------------------------
HEALTHSOUTH Corp.(1) 140,000 5,635,000
--------------------------------------------------------------------------------------------------------------------
Medtronic, Inc. 93,000 6,021,750
--------------------------------------------------------------------------------------------------------------------
Nellcor Puritan Bennett, Inc.(1) 65,000 1,129,375
--------------------------------------------------------------------------------------------------------------------
Oxford Health Plans, Inc.(1) 55,000 3,066,250
--------------------------------------------------------------------------------------------------------------------
Sofamor Danek Group, Inc.(1) 125,000 4,953,125
--------------------------------------------------------------------------------------------------------------------
St. Jude Medical, Inc.(1) 10,000 395,000
--------------------------------------------------------------------------------------------------------------------
Summit Technology, Inc.(1) 140,000 1,242,500
--------------------------------------------------------------------------------------------------------------------
Transitional Hospitals Corp.(1) 5,675 51,075
------------
38,137,893
- --------------------------------------------------------------------------------------------------------------------------
TOBACCO--2.2%
Philip Morris Cos., Inc. 190,600 25,754,825
--------------------------------------------------------------------------------------------------------------------
UST, Inc. 350,000 10,806,250
------------
36,561,075
</TABLE>
8 Oppenheimer Growth Fund
<PAGE> 9
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY--2.1%
- --------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES &
PRODUCERS--0.9%
Global Marine, Inc.(1) 100,000 $ 1,862,500
--------------------------------------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, Sponsored ADR(1) 45,000 1,890,000
--------------------------------------------------------------------------------------------------------------------
Smith International, Inc.(1) 65,000 2,640,625
--------------------------------------------------------------------------------------------------------------------
Tesoro Petroleum Corp.(1) 10,000 117,500
--------------------------------------------------------------------------------------------------------------------
Tidewater, Inc. 150,000 6,450,000
--------------------------------------------------------------------------------------------------------------------
Transocean Offshore, Inc. 20,000 1,117,500
-------------
14,078,125
- --------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--1.2%
Amerada Hess Corp. 5,000 266,875
--------------------------------------------------------------------------------------------------------------------
Atlantic Richfield Co. 18,400 2,300,000
--------------------------------------------------------------------------------------------------------------------
Mobil Corp. 6,900 846,975
--------------------------------------------------------------------------------------------------------------------
Pennzoil Co. 25,000 1,434,375
--------------------------------------------------------------------------------------------------------------------
Phillips Petroleum Co. 40,000 1,655,000
--------------------------------------------------------------------------------------------------------------------
Union Texas Petroleum Holdings, Inc. 240,000 4,440,000
--------------------------------------------------------------------------------------------------------------------
Unocal Corp. 50,000 1,931,250
--------------------------------------------------------------------------------------------------------------------
USX-Marathon Group 250,000 6,656,250
-------------
19,530,725
- --------------------------------------------------------------------------------------------------------------------------
FINANCIAL--15.8%
- --------------------------------------------------------------------------------------------------------------------------
BANKS--3.7%
Bank of Boston Corp. 355,000 26,758,125
--------------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 15,000 1,706,250
--------------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 118,928 11,907,666
--------------------------------------------------------------------------------------------------------------------
Citicorp 11,700 1,365,975
--------------------------------------------------------------------------------------------------------------------
NationsBank Corp. 180,000 10,777,500
--------------------------------------------------------------------------------------------------------------------
Northern Trust Corp. 50,000 2,125,000
--------------------------------------------------------------------------------------------------------------------
SouthTrust Corp. 155,000 6,141,875
-------------
60,782,391
- --------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--8.4%
Advanta Corp., Cl. A 415,000 17,170,625
--------------------------------------------------------------------------------------------------------------------
Bear Stearns Cos., Inc. 243,285 7,298,550
--------------------------------------------------------------------------------------------------------------------
Countrywide Credit Industries, Inc. 22,000 640,750
--------------------------------------------------------------------------------------------------------------------
Fannie Mae 175,000 7,000,000
--------------------------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 298,400 8,877,400
--------------------------------------------------------------------------------------------------------------------
First USA, Inc. 440,000 21,395,000
--------------------------------------------------------------------------------------------------------------------
Green Tree Financial Corp. 640,000 24,000,000
--------------------------------------------------------------------------------------------------------------------
Lehman Brothers Holdings, Inc. 315,000 10,591,875
--------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 20,000 1,920,000
--------------------------------------------------------------------------------------------------------------------
Money Store, Inc. (The) 150,000 3,881,250
--------------------------------------------------------------------------------------------------------------------
Price (T. Rowe) Associates 65,000 2,868,125
--------------------------------------------------------------------------------------------------------------------
Quick & Reilly Group, Inc. 10,000 350,000
--------------------------------------------------------------------------------------------------------------------
Student Loan Marketing Assn. 100,000 10,587,500
--------------------------------------------------------------------------------------------------------------------
Travelers Group, Inc. 420,000 22,522,500
-------------
139,103,575
</TABLE>
9 Oppenheimer Growth Fund
<PAGE> 10
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE--3.7%
AFLAC, Inc. 223,500 $ 9,023,813
---------------------------------------------------------------------------------------------------------------------
American International Group, Inc. 15,000 1,815,000
---------------------------------------------------------------------------------------------------------------------
Cigna Corp. 6,000 917,250
---------------------------------------------------------------------------------------------------------------------
CNA Financial Corp.(1) 6,000 667,500
---------------------------------------------------------------------------------------------------------------------
Conseco, Inc. 160,000 6,280,000
---------------------------------------------------------------------------------------------------------------------
Equitable Cos., Inc. 90,000 2,823,750
---------------------------------------------------------------------------------------------------------------------
Loews Corp. 80,000 8,170,000
---------------------------------------------------------------------------------------------------------------------
MGIC Investment Corp. 15,000 1,179,375
---------------------------------------------------------------------------------------------------------------------
Reliastar Financial Corp. 135,000 8,370,000
---------------------------------------------------------------------------------------------------------------------
SunAmerica, Inc. 485,000 22,249,375
-------------
61,496,063
- --------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--3.0%
- --------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.0%
C-Cube Microsystems, Inc.(1) 45,000 1,310,625
---------------------------------------------------------------------------------------------------------------------
Emerson Electric Co. 2,500 247,500
---------------------------------------------------------------------------------------------------------------------
Kemet Corp.(1) 510,000 11,347,500
---------------------------------------------------------------------------------------------------------------------
Vishay Intertechnology, Inc. 165,000 3,774,375
---------------------------------------------------------------------------------------------------------------------
Windmere-Durable Holdings, Inc. 9,062 113,275
-------------
16,793,275
- --------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--0.1%
Owens-Illinois, Inc.(1) 10,000 241,250
---------------------------------------------------------------------------------------------------------------------
Rayonier, Inc. 35,000 1,330,000
-------------
1,571,250
- --------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.7%
Comdisco, Inc. 307,500 9,570,938
---------------------------------------------------------------------------------------------------------------------
Growth Environmental, Inc.(1) 2,100 32
---------------------------------------------------------------------------------------------------------------------
Mercury Air Group, Inc. 121,000 877,250
---------------------------------------------------------------------------------------------------------------------
NCR Corp.(1) 3,750 123,750
---------------------------------------------------------------------------------------------------------------------
Reynolds & Reynolds Co., Cl. A 30,000 840,000
-------------
11,411,970
- --------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--0.4%
Deere & Co. 9,000 383,625
---------------------------------------------------------------------------------------------------------------------
Kulicke & Soffa Industries, Inc.(1) 25,000 662,500
---------------------------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 95,000 2,208,750
---------------------------------------------------------------------------------------------------------------------
Sealed Air Corp.(1) 70,000 2,878,750
---------------------------------------------------------------------------------------------------------------------
U.S. Filter Corp.(1) 30,000 1,050,000
-------------
7,183,625
- --------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--0.8%
Canadian Pacific Ltd. (New) 245,000 6,063,750
---------------------------------------------------------------------------------------------------------------------
CSX Corp. 82,600 3,809,925
---------------------------------------------------------------------------------------------------------------------
Illinois Central Corp. 105,000 3,609,375
-------------
13,483,050
</TABLE>
10 Oppenheimer Growth Fund
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY--17.5%
- --------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--0.0%
Lockheed Martin Corp. 5,215 $ 461,528
- --------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--8.3%
Adaptec, Inc.(1) 110,000 4,186,875
---------------------------------------------------------------------------------------------------------------------
Apple Computer, Inc.(1) 60,000 975,000
---------------------------------------------------------------------------------------------------------------------
Cabletron Systems, Inc.(1) 480,000 14,400,000
---------------------------------------------------------------------------------------------------------------------
Cascade Communications Corp.(1) 300,000 9,262,500
---------------------------------------------------------------------------------------------------------------------
Compaq Computer Corp.(1) 175,000 13,868,750
---------------------------------------------------------------------------------------------------------------------
Dell Computer Corp.(1) 50,000 3,556,250
---------------------------------------------------------------------------------------------------------------------
EMC Corp.(1) 290,000 10,440,000
---------------------------------------------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 500,000 29,375,000
---------------------------------------------------------------------------------------------------------------------
Intergraph Corp.(1) 210,000 1,732,500
---------------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 60,000 8,625,000
---------------------------------------------------------------------------------------------------------------------
QMS, Inc.(1) 20,000 95,000
---------------------------------------------------------------------------------------------------------------------
Quantum Corp.(1) 70,000 2,782,500
---------------------------------------------------------------------------------------------------------------------
Seagate Technology(1) 430,000 20,317,500
---------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc.(1) 60,000 1,852,500
---------------------------------------------------------------------------------------------------------------------
Tandem Computers, Inc.(1) 10,000 125,000
---------------------------------------------------------------------------------------------------------------------
Western Digital Corp.(1) 270,000 15,930,000
------------
137,524,375
- --------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--4.1%
Acclaim Entertainment, Inc.(1) 52,500 278,906
---------------------------------------------------------------------------------------------------------------------
Automatic Data Processing, Inc. 5,000 213,125
---------------------------------------------------------------------------------------------------------------------
BMC Software, Inc.(1) 580,000 24,831,250
---------------------------------------------------------------------------------------------------------------------
Ceridian Corp.(1) 30,000 1,173,750
---------------------------------------------------------------------------------------------------------------------
Computer Associates International, Inc. 232,500 10,113,750
---------------------------------------------------------------------------------------------------------------------
GTech Holdings Corp.(1) 183,200 5,747,900
---------------------------------------------------------------------------------------------------------------------
HBO & Co. 40,000 2,305,000
---------------------------------------------------------------------------------------------------------------------
Microsoft Corp.(1) 150,000 14,625,000
---------------------------------------------------------------------------------------------------------------------
Peoplesoft, Inc.(1) 70,000 2,791,250
---------------------------------------------------------------------------------------------------------------------
Sterling Software, Inc.(1) 90,000 2,576,250
---------------------------------------------------------------------------------------------------------------------
System Software Associates, Inc. 270,000 2,801,250
------------
67,457,431
- --------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--4.3%
Arrow Electronics, Inc.(1) 200,000 11,225,000
---------------------------------------------------------------------------------------------------------------------
Cypress Semiconductor Corp.(1) 710,000 9,407,500
---------------------------------------------------------------------------------------------------------------------
Dynatech Corp.(1) 115,000 3,220,000
---------------------------------------------------------------------------------------------------------------------
Hewlett-Packard Co. 30,000 1,680,000
---------------------------------------------------------------------------------------------------------------------
Intel Corp. 100,000 14,187,500
---------------------------------------------------------------------------------------------------------------------
International Rectifier Corp.(1) 190,000 2,565,000
---------------------------------------------------------------------------------------------------------------------
Novellus Systems, Inc.(1) 255,000 20,846,250
---------------------------------------------------------------------------------------------------------------------
SCI Systems, Inc.(1) 30,000 1,605,000
---------------------------------------------------------------------------------------------------------------------
Varian Associates, Inc. 50,000 2,887,500
---------------------------------------------------------------------------------------------------------------------
Wyle Electronics 85,000 3,113,125
------------
70,736,875
</TABLE>
11 Oppenheimer Growth Fund
<PAGE> 12
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-TECHNOLOGY--0.8%
3Com Corp.(1) 25,000 $ 827,734
---------------------------------------------------------------------------------------------------------------------
AT&T Corp. 60,000 2,392,500
---------------------------------------------------------------------------------------------------------------------
Frontier Corp. 32,000 708,000
---------------------------------------------------------------------------------------------------------------------
Sterling Commerce, Inc.(1) 80,000 2,320,000
---------------------------------------------------------------------------------------------------------------------
Tellabs, Inc.(1) 31,000 1,236,125
---------------------------------------------------------------------------------------------------------------------
WorldCom, Inc. 200,000 5,325,000
--------------
12,809,359
- --------------------------------------------------------------------------------------------------------------------------
UTILITIES--0.9%
- --------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
CMS Energy Corp. 9,800 320,950
---------------------------------------------------------------------------------------------------------------------
Empresa Nacional de Electricidad SA, Sponsored ADR 75,000 4,603,125
---------------------------------------------------------------------------------------------------------------------
FPL Group, Inc. 8,200 373,100
---------------------------------------------------------------------------------------------------------------------
PacifiCorp 115,000 2,371,875
---------------------------------------------------------------------------------------------------------------------
Peco Energy Co. 4,900 110,250
---------------------------------------------------------------------------------------------------------------------
Public Service Enterprise Group, Inc. 7,500 210,938
---------------------------------------------------------------------------------------------------------------------
Tucson Electric Power Co.(1) 90,500 1,357,500
--------------
9,347,738
- --------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES--0.0%
Questar Corp. 8,300 300,875
- --------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--0.3%
Telefonos de Mexico SA, Sponsored ADR 140,000 5,442,500
--------------
Total Common Stocks (Cost $557,369,425) 984,182,554
<CAPTION>
FACE
AMOUNT
==========================================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENT--10.3%
- --------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Goldman, Sachs & Co., 5.36%, dated
2/28/97, to be repurchased at $171,276,469 on 3/3/97, collateralized
by U.S. Treasury Nts., 6.125%--7.875%, 5/15/99--11/15/04, with a
value of $175,189,635 (Cost $171,200,000) $171,200,000 171,200,000
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,225,460,115) 100.0% 1,652,273,244
- --------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.0) (744,083)
------------ --------------
NET ASSETS 100.0% $1,651,529,161
============ ==============
</TABLE>
1. Non-income producing security.
See accompanying Notes to Financial Statements.
12 Oppenheimer Growth Fund
<PAGE> 13
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 28, 1997 (Unaudited)
<TABLE>
========================================================================================================================
<S> <C>
ASSETS
Investments, at value (including repurchase agreement of $171,200,000)
(cost $1,225,460,115)--see accompanying statement $1,652,273,244
------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 2,937,566
Investments sold 2,216,462
Interest and dividends 966,214
------------------------------------------------------------------------------------------------------------------
Other 24,212
--------------
Total assets 1,658,417,698
========================================================================================================================
LIABILITIES
Bank overdraft 271,732
------------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 3,700,999
Investments purchased 1,831,069
Distribution and service plan fees 467,486
Trustees' fees 241,464
Transfer and shareholder servicing agent fees 169,823
Other 205,964
--------------
Total liabilities 6,888,537
========================================================================================================================
NET ASSETS $1,651,529,161
==============
========================================================================================================================
COMPOSITION OF
NET ASSETS
Paid-in capital $1,139,650,397
------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 4,094,983
------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 80,970,652
------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 426,813,129
--------------
Net assets $1,651,529,161
==============
========================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,372,833,511 and 39,050,524 shares of beneficial interest outstanding) $35.16
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $37.31
------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $203,169,993 and 5,913,176 shares of beneficial interest outstanding) $34.36
------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $12,539,145 and 360,115 shares of beneficial interest outstanding) $34.82
------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $62,986,512 and 1,793,594 shares of beneficial interest outstanding) $35.12
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Growth Fund
<PAGE> 14
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED FEBRUARY 28, 1997
(Unaudited)
<TABLE>
========================================================================================================================
<S> <C>
INVESTMENT INCOME
Interest $ 14,649,292
------------------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $43,765) 5,242,999
------------
Total income 19,892,291
========================================================================================================================
EXPENSES
Management fees--Note 4 4,859,761
------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 1,098,230
Class B 846,991
Class C 41,347
------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 982,908
------------------------------------------------------------------------------------------------------------------
Shareholder reports 203,402
------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 12,289
Class B 17,990
Class C 2,185
Class Y 13,363
------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 30,754
------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 22,370
------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 4,450
------------------------------------------------------------------------------------------------------------------
Other 37,209
------------
Total expenses 8,173,249
Less reimbursement of expenses by OppenheimerFunds, Inc.--Note 4 (12,282)
------------
Net expenses 8,160,967
========================================================================================================================
NET INVESTMENT INCOME 11,731,324
========================================================================================================================
REALIZED AND UNREALIZED GAIN
Net realized gain on investments 120,823,851
------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 98,800,827
------------
Net realized and unrealized gain 219,624,678
========================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $231,356,002
============
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Growth Fund
<PAGE> 15
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 28, 1997 PERIOD ENDED YEAR ENDED
(UNAUDITED) AUGUST 31, 1996(1) JUNE 30, 1996
===============================================================================================================================
<S> <C> <C> <C>
OPERATIONS
Net investment income $ 11,731,324 $ 2,985,556 $ 15,202,596
------------------------------------------------------------------------------------------------------------------------
Net realized gain 120,823,851 21,616,200 123,112,424
------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 98,800,827 (16,129,626) 65,683,680
-------------- -------------- --------------
Net increase in net assets resulting from operations 231,356,002 8,472,130 203,998,700
===============================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment income:
Class A (16,726,492) -- (12,145,385)
Class B (1,279,429) -- (763,600)
Class C (82,039) -- (8,006)
Class Y (744,288) -- (111,943)
------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (127,584,041) -- (92,881,153)
Class B (17,789,041) -- (8,596,317)
Class C (842,068) -- (61,792)
Class Y (4,909,715) -- (783,715)
===============================================================================================================================
BENEFICIAL INTEREST
TRANSACTIONS
Net increase in net assets resulting from beneficial
interest transactions--Note 2:
Class A 190,671,916 307,757 176,397,622
Class B 59,511,974 7,152,701 81,183,295
Class C 7,291,771 1,404,159 3,526,653
Class Y 43,850,343 2,233,988 12,281,833
===============================================================================================================================
NET ASSETS
Total increase 362,724,893 19,570,735 362,036,192
------------------------------------------------------------------------------------------------------------------------
Beginning of period 1,288,804,268 1,269,233,533 907,197,341
-------------- -------------- --------------
End of period (including undistributed
net investment income of $4,094,983,
$11,195,907 and $8,210,351, respectively) $1,651,529,161 $1,288,804,268 $1,269,233,533
============== ============== ==============
</TABLE>
1. The Fund changed its fiscal year end from June 30 to August 31.
See accompanying Notes to Financial Statements.
15 Oppenheimer Growth Fund
<PAGE> 16
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
FEB. 28, 1997 AUGUST 31, YEAR ENDED JUNE 30,
(UNAUDITED) 1996(2) 1996 1995
===================================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $33.69 $33.43 $30.80 $26.65
- -------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .29 .08 .44 .36
Net realized and
unrealized gain (loss) 5.45 .18 5.70 6.83
---------- ---------- ---------- --------
Total income (loss) from
investment operations 5.74 .26 6.14 7.19
- -------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.50) -- (.41) (.24)
Distributions from net realized gain (3.77) -- (3.10) (2.80)
---------- ---------- ---------- --------
Total dividends and
distributions to shareholders (4.27) -- (3.51) (3.04)
- -------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $35.16 $33.69 $33.43 $30.80
========== ========== ========== ========
===================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 17.46% 0.78% 21.00% 29.45%
===================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $1,372,834 $1,127,836 $1,120,046 $860,736
- -------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,274,351 $1,101,233 $1,018,022 $727,102
- -------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 1.68%(6) 1.50%(6) 1.43% 1.31%
Expenses 1.00%(6) 1.03%(6) 1.06% 1.05%
- -------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 14.5% 6.3% 38.0% 35.4%
Average brokerage
commission rate(8) $0.0591 $0.0595 $0.0583 --
</TABLE>
<TABLE>
<CAPTION>
CLASS A CLASS B
-------------------------------------- -------------
SIX MONTHS
ENDED
YEAR ENDED JUNE 30, FEB. 28, 1997
1994 1993 1992 (UNAUDITED)
==================================================================================================
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $27.34 $24.94 $21.88 $32.94
- --------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .16 .19 .29 .18
Net realized and
unrealized gain (loss) (.05) 4.03 3.13 5.28
-------- -------- -------- --------
Total income (loss) from
investment operations .11 4.22 3.42 5.46
- --------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.16) (.25) (.36) (.27)
Distributions from net realized gain (.64) (1.57) -- (3.77)
-------- -------- -------- --------
Total dividends and
distributions to shareholders (.80) (1.82) (.36) (4.04)
- --------------------------------------------------------------------------------------------------
Net asset value, end of period $26.65 $27.34 $24.94 $34.36
======== ======== ======== ========
==================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 0.27% 16.88% 15.69% 16.97%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $656,934 $743,830 $630,767 $203,170
- --------------------------------------------------------------------------------------------------
Average net assets (in thousands) $720,765 $710,391 $624,527 $171,648
- --------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.56% 0.72% 1.14% 0.84%(6)
Expenses 1.07% 0.93% 0.90% 1.85%(6)
- --------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 19.8% 23.2% 36.7% 14.5%
Average brokerage
commission rate(8) -- -- -- $0.0591
</TABLE>
1. For the period from June 1, 1994 (inception of offering) to June 30,
1994.
2. The Fund changed its fiscal year end from June 30 to August 31.
3. For the period from November 1, 1995 (inception of offering) to June
30, 1996.
4. For the period from August 17, 1993 (inception of offering) to June
30, 1994. Per share amounts calculated based on the weighted average
number of shares outstanding during the period.
5. Assumes a hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with
all dividends and distributions reinvested in additional shares on
the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales
charges are not reflected in the total returns. Total returns are not
annualized for periods of less than one full year.
16 Oppenheimer Growth Fund
<PAGE> 17
<TABLE>
<CAPTION>
CLASS C
- ------------------------------------------------------ ------------------------------------------
PERIOD SIX MONTHS PERIOD PERIOD
ENDED ENDED ENDED ENDED
AUGUST 31, YEAR ENDED JUNE 30, FEB. 28, 1997 AUGUST 31, JUNE 30,
1996(2) 1996 1995 1994(4) (UNAUDITED) 1996(2) 1996(3)
=======================================================================================================
<S> <C> <C> <C> <C> <C> <C>
$32.74 $30.36 $26.44 $27.02 $33.42 $33.22 $33.44
- -----------------------------------------------------------------------------------------------------
.04 .23 .20 (.04) .23 .02 .40
.16 5.53 6.65 .21 5.31 .18 2.88
- -------- -------- ------- ------ ------- ------ ------
.20 5.76 6.85 .17 5.54 .20 3.28
- -----------------------------------------------------------------------------------------------------
-- (.28) (.13) (.11) (.37) -- (.40)
-- (3.10) (2.80) (.64) (3.77) -- (3.10)
- -------- -------- ------- ------ ------- ------ ------
-- (3.38) (2.93) (.75) (4.14) -- (3.50)
- -----------------------------------------------------------------------------------------------------
$32.94 $32.74 $30.36 $26.44 $34.82 $33.42 $33.22
======== ======== ======= ====== ======= ====== ======
=====================================================================================================
0.61% 19.95% 28.22% (0.20)% 16.97% 0.60% 10.07%
=====================================================================================================
$137,437 $129,484 $43,267 $8,747 $12,539 $5,034 $3,593
- -----------------------------------------------------------------------------------------------------
$131,142 $ 90,501 $18,722 $5,119 $ 8,392 $4,105 $1,804
- -----------------------------------------------------------------------------------------------------
0.61%(6) 0.60% 0.44% (0.22)%(6) 0.84%(6) 0.44%(6) 0.65%(6)
1.92%(6) 1.89% 2.02% 1.98%(6) 1.87%(6) 2.10%(6) 1.81%(6)
- -----------------------------------------------------------------------------------------------------
6.3% 38.0% 35.4% 19.8% 14.5% 6.3% 38.0%
$0.0595 $ 0.0583 -- -- $ 0.0591 $ 0.0595 $ 0.0583
</TABLE>
<TABLE>
<CAPTION>
CLASS Y
--------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
FEB. 28, 1997 AUGUST 31, YEAR ENDED JUNE 30,
(UNAUDITED) 1996(2) 1996 1995 1994(1)
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$33.69 $33.42 $30.80 $26.64 $28.08
- --------------------------------------------------------------------------
.28 .08 .46 .30 .02
5.49 .19 5.70 6.92 (1.46)
------- ------- ------- ------ ------
5.77 .27 6.16 7.22 (1.44)
- --------------------------------------------------------------------------
(.57) -- (.44) (.26) --
(3.77) -- (3.10) (2.80) --
------- ------- ------- ------ ------
(4.34) -- (3.54) (3.06) --
- --------------------------------------------------------------------------
$35.12 $33.69 $33.42 $30.80 $26.64
======= ======= ======= ====== ======
==========================================================================
17.58% 0.81% 21.10% 29.59% (5.13)%
==========================================================================
$62,987 $18,497 $16,110 $3,189 $ 9
- --------------------------------------------------------------------------
$45,485 $16,792 $ 9,384 $ 536 $ 10
- --------------------------------------------------------------------------
1.91%(6) 1.67%(6) 1.56% 1.54% 1.09%(6)
0.80%(6) 0.87%(6) 0.94% 1.04% 1.25%(6)
- --------------------------------------------------------------------------
14.5% 6.3% 38.0% 35.4% 19.8%
$0.0591 $0.0595 $0.0583 -- --
</TABLE>
6. Annualized.
7. The lesser of purchases or sales of portfolio securities for a
period, divided by the monthly average of the market value of portfolio
securities owned during the period. Securities with a maturity or
expiration date at the time of acquisition of one year or less are
excluded from the calculation. Purchases and sales of investment
securities (excluding short-term securities) for the period ended
February 28, 1997 were $136,766,143 and $295,857,290, respectively.
8. Total brokerage commissions paid on applicable purchases and sales
of portfolio securities for the period, divided by the total number of
related shares purchased and sold.
See accompanying Notes to Financial Statements.
17 Oppenheimer Growth Fund
<PAGE> 18
NOTES TO FINANCIAL STATEMENTS (Unaudited)
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Growth 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, primarily by investing in stocks of established growth
companies. The Fund's investment adviser is OppenheimerFunds, Inc. (the
Manager). The Fund offers Class A, Class B, Class C and Class Y 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 expenses directly
attributable to a particular class and exclusive voting rights with
respect to matters affecting a single class. Classes A, B and C have
separate distribution and/or service plans. No such plan has been adopted
for Class Y shares. Class B shares will automatically convert to Class A
shares six years after the date of purchase. The following is a summary
of significant accounting policies consistently followed by the Fund.
-------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at the close of the
New York Stock Exchange on each trading day. Listed and unlisted
securities for which such information is regularly reported are valued at
the last sale price of the day or, in the absence of sales, at values
based on the closing bid or the last sale price on the prior trading day.
Long-term and short-term "non-money market" debt securities are valued by
a portfolio pricing service approved by the Board of Trustees. Such
securities which cannot be valued by 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.
-------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take
possession, to have legally segregated in the Federal Reserve Book Entry
System or to have segregated within the custodian's vault, all securities
held as collateral for repurchase agreements. The market value of the
underlying securities is required to be at least 102% of the resale price
at the time of purchase. If the seller of the agreement defaults and the
value of the collateral declines, or if the seller enters an insolvency
proceeding, realization of the value of the collateral by the Fund may be
delayed or limited.
-------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income, expenses
(other than those attributable to a specific class) and gains and losses
are allocated daily to each class of shares based upon the relative
proportion of net assets represented by such class. Operating expenses
directly attributable to a specific class are charged against the
operations of that class.
-------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of
the Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income, including any net realized
gain on investments not offset by loss carryovers, to shareholders.
Therefore, no federal income or excise tax provision is required.
-------------------------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement
plan for the Fund's independent trustees. Benefits are based on years of
service and fees paid to each trustee during the years of service. During
the six months ended February 28, 1997, a reduction of $18,725 was made
for the Fund's projected benefit obligations and payments of $10,933 were
made to retired trustees, resulting in an accumulated liability of
$218,551 at February 28, 1997.
-------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date.
-------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income
(loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of the distributions made during the year
from net investment income or net realized gains may differ from their
ultimate characterization for federal income tax purposes. Also, due to
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain
(loss) was recorded by the Fund.
18 Oppenheimer Growth Fund
<PAGE> 19
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
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. Realized gains and losses on
investments and unrealized appreciation and depreciation are determined
on an identified cost basis, which is the same basis used for federal
income tax purposes.
The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual
results could differ from those estimates.
================================================================================
2. SHARES OF
BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were
as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED FEBRUARY 28, 1997 PERIOD ENDED AUGUST 31, 1996(2)
---------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 3,285,400 $ 116,750,692 1,266,269 $ 42,270,466
Dividends and distributions
reinvested 4,120,557 140,120,945 -- --
Issued in conjunction with
the acquisition of Jefferson-Pilot
Capital Appreciation Fund, Inc.
- --Note 5 1,196,229 40,529,263 -- --
Redeemed (3,031,149) (106,728,984) (1,295,165) (41,962,709)
---------- -------------- ---------- -------------
Net increase (decrease) 5,571,037 $ 190,671,916 (28,896) $307,757
========== ============== ========== =============
- ---------------------------------------------------------------------------------------------------------
Class B:
Sold 1,731,773 $ 59,753,691 439,943 $ 14,333,878
Dividends and distributions
reinvested 542,101 18,051,972 -- --
Redeemed (532,722) (18,293,689) (223,354) (7,181,177)
---------- -------------- ---------- -------------
Net increase 1,741,152 $ 59,511,974 216,589 $ 7,152,701
========== ============== ========== =============
- ---------------------------------------------------------------------------------------------------------
Class C:
Sold 211,396 $ 7,381,968 45,312 $ 1,497,092
Dividends and distributions
reinvested 26,905 907,785 -- --
Redeemed (28,833) (997,982) (2,825) (92,933)
---------- -------------- ---------- -------------
Net increase 209,468 $ 7,291,771 42,487 $ 1,404,159
========== ============== ========== =============
- ---------------------------------------------------------------------------------------------------------
Class Y:
Sold 1,225,930 $ 43,348,651 101,673 $ 3,383,454
Dividends and distributions
reinvested 166,588 5,654,002 -- --
Redeemed (147,929) (5,152,310) (34,706) (1,149,466)
---------- -------------- ---------- -------------
Net increase 1,244,589 $ 43,850,343 66,967 $ 2,233,988
========== ============== ========== =============
<CAPTION>
YEAR ENDED JUNE 30, 1996(1)
-----------------------------
SHARES AMOUNT
- --------------------------------------------------------------------
<S> <C> <C>
Class A:
Sold 8,407,775 $ 275,835,781
Dividends and distributions
reinvested 3,323,811 101,576,179
Issued in conjunction with
the acquisition of Jefferson-Pilot
Capital Appreciation Fund, Inc.
- --Note 5 -- --
Redeemed (6,169,610) (201,014,338)
---------- --------------
Net increase (decrease) 5,561,976 $ 176,397,622
========== ==============
- --------------------------------------------------------------------
Class B:
Sold 3,119,546 $ 100,609,679
Dividends and distributions
reinvested 288,253 8,664,821
Redeemed (877,701) (28,091,205)
---------- --------------
Net increase 2,530,098 $ 81,183,295
========== ==============
- --------------------------------------------------------------------
Class C:
Sold 111,265 $3,624,375
Dividends and distributions
reinvested 2,287 69,761
Redeemed (5,392) (167,483)
---------- --------------
Net increase 108,160 $ 3,526,653
========== ==============
- --------------------------------------------------------------------
Class Y:
Sold 439,359 $ 14,330,346
Dividends and distributions
reinvested 29,328 895,658
Redeemed (90,199) (2,944,171)
---------- --------------
Net increase 378,488 $ 12,281,833
========== ==============
</TABLE>
1. For the year ended June 30, 1996 for Class A, B and Y shares, and for
the period from November 1, 1995 (inception of offering) to June 30,
1996 for Class C shares.
2. The Fund changed its fiscal year end from June 30 to August 31.
19 Oppenheimer Growth Fund
<PAGE> 20
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At February 28, 1997, net unrealized appreciation on investments of
$426,813,129 was composed of gross appreciation of $446,795,096, and
gross depreciation of $19,981,967.
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for a fee of
0.75% on the first $200 million of average annual net assets, 0.72% of
the next $200 million, 0.69% of the next $200 million, 0.66% of the next
$200 million, and 0.60% on net assets in excess of $800 million. The
Manager has voluntarily undertaken to waive a portion of its management
fee, whereby the Fund shall pay an annual management fee of 0.58% of its
net assets in excess of $1.5 billion. The Manager has agreed to reimburse
the Fund if aggregate expenses (with specified exceptions) exceed the
most stringent applicable regulatory limit on Fund expenses.
For the six months ended February 28, 1997,
commissions (sales charges paid by investors) on sales of Class A shares
totaled $1,684,603, of which $491,992 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 $1,708,891 and $55,501, of which $111,122 and $1,189,
respectively, was paid to an affiliated broker/dealer. During the six
months ended February 28, 1997, OFDI received contingent deferred sales
charges of $156,305 and $2,528 upon redemption of Class B and Class C
shares as reimbursement for sales commissions advanced by OFDI at the
time of sale of such shares.
The Manager has agreed to reimburse Oppenheimer
Growth Fund for SEC fees incurred in connection with the acquisition of
Jefferson-Pilot Capital Appreciation Fund, Inc.
OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for the Fund,
and for other registered investment companies. OFS's total costs of
providing such services are allocated ratably to these companies.
The Fund has adopted a Service Plan for Class A
shares to reimburse OFDI for a portion of its costs incurred in
connection with the personal service and maintenance of accounts that
hold Class A shares. Reimbursement is made quarterly at an annual rate
that may not exceed 0.25% of the average annual net assets of Class A
shares of the Fund. OFDI uses the service fee to reimburse brokers,
dealers, banks and other financial institutions quarterly for providing
personal service and maintenance of accounts of their customers that hold
Class A shares. During the six months ended February 28, 1997, OFDI paid
$35,555 to an affiliated broker/dealer as reimbursement for Class A
personal service and maintenance expenses.
The Fund has adopted a reimbursement type
Distribution and Service Plan for Class B shares to reimburse OFDI for
its services and costs in distributing Class B shares and servicing
accounts. Under the Plan, the Fund pays OFDI an annual asset-based sales
charge of 0.75% per year on Class B shares. OFDI also receives a service
fee of 0.25% per year to reimburse dealers for providing personal
services for accounts that hold Class B shares. Both fees are computed on
the average annual net assets of Class B shares, determined as of the
close of each regular business day. During the six months ended February
28, 1997, OFDI paid $6,095 to an affiliated broker/dealer as
reimbursement for Class B personal service and maintenance expenses and
retained $725,460 as reimbursement for Class B sales commissions and
service fee advances, as well as financing costs. If the Plan is
terminated by the Fund, the Board of Trustees may allow the Fund to
continue payments of the asset-based sales charge to OFDI for certain
expenses it incurred before the Plan was terminated. As of February 28,
1997, OFDI had incurred unreimbursed expenses of $4,684,884 for Class B.
20 Oppenheimer Growth Fund
<PAGE> 21
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
(CONTINUED)
The Fund has adopted a compensation type Distribution and Service Plan
for Class C shares to compensate OFDI for its services and costs in
distributing Class C shares and servicing accounts. Under the Plan, the
Fund pays OFDI an annual asset-based sales charge of 0.75% per year on
Class C shares. If the Plan is terminated by the Fund, the Board of
Trustees may allow the Fund to continue payments of the asset-based sales
charge to OFDI for certain expenses it incurred before the Plan was
terminated. OFDI also receives a service fee of 0.25% per year to
compensate dealers for providing personal services for accounts that hold
Class C shares. Both fees are computed on the average annual net assets
of Class C shares, determined as of the close of each regular business
day. During the six months ended February 28, 1997, OFDI retained $33,295
as compensation for Class C sales commissions and service fee advances,
as well as financing costs. As of February 28, 1997, OFDI had incurred
unreimbursed expenses of $107,368 for Class C.
================================================================================
5. ACQUISITION OF
JEFFERSON-PILOT CAPITAL
APPRECIATION FUND, INC.
On December 20, 1996, Oppenheimer Growth Fund acquired all the net assets
of Jefferson-Pilot Capital Appreciation Fund, Inc., pursuant to an
agreement and plan of reorganization approved by the Jefferson- Pilot
Capital Appreciation Fund, Inc. shareholders on December 3, 1996. The
Fund issued 1,196,229 shares of beneficial interest valued at
$40,529,263, in exchange for the net assets, resulting in combined net
assets of $1,559,572,986 on December 20, 1996. The net assets acquired
included net unrealized appreciation of $10,448,341.
21 Oppenheimer Growth Fund
<PAGE> 22
OPPENHEIMER GROWTH FUND
================================================================================
OFFICERS AND TRUSTEES
Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Robert C. Doll, Jr., Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
INVESTMENT ADVISER
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 Growth Fund. This report
must be preceded or accompanied by a Prospectus of Oppenheimer Growth
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, are not insured by the FDIC or any other
agency, and involve investment risks, including possible loss of the
principal amount invested.
22 Oppenheimer Growth Fund
<PAGE> 23
OPPENHEIMERFUNDS FAMILY
================================================================================
OppenheimerFunds offers over 50 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 3 million shareholder accounts and more than $60
billion under OppenheimerFunds' 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 adviser 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
Developing Markets Fund Quest Capital Value Fund
Global Emerging Growth Fund Growth Fund
Enterprise Fund(2) Global Fund
International Growth Fund Quest Global Value Fund
Discovery Fund Disciplined Value Fund
Quest Small Cap Value Fund Oppenheimer Fund
Gold & Special Minerals Fund Value Stock Fund
Capital Appreciation Fund(3) Quest Value Fund
================================================================================
STOCK & BOND FUNDS
Main Street Income & Growth Fund Equity Income Fund
Quest Opportunity Value Fund Disciplined Allocation Fund
Total Return Fund Multiple Strategies Fund(4)
Quest Growth & Income Value Fund Strategic Income & Growth Fund
Global Growth & Income Fund Bond Fund for Growth
================================================================================
BOND FUNDS
International Bond Fund Bond Fund
High Yield Fund U.S. Government Trust
Champion Income Fund Limited-Term Government Fund
Strategic Income Fund
================================================================================
MUNICIPAL FUNDS
California Municipal Fund(5) Insured Municipal Fund
Florida Municipal Fund(5) Intermediate Municipal Fund
New Jersey Municipal Fund(5)
New York Municipal Fund(5) Rochester Division
Pennsylvania Municipal Fund(5) Rochester Fund Municipals
Municipal Bond Fund Limited Term New York
Municipal Fund
================================================================================
MONEY MARKET FUNDS(6)
Money Market Fund Cash Reserves
================================================================================
LIFESPAN
Growth Fund Income Fund
Balanced Fund
1. Exchange privileges are subject to change or termination. Shares may
be exchanged only for shares of the same class of eligible funds.
2. Effective 4/1/96, the Fund is closed to new investors.
3. On 12/18/96, the Fund's name was changed from "Target Fund."
4. On 3/6/97, the Fund's name was changed from "Asset Allocation Fund."
5. Available only to investors in certain states.
6. An investment in money market funds is neither insured nor guaranteed
by the U.S. government and there can be no assurance that a money market
fund will be able to maintain a stable net asset value of $1.00 per
share. Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc., Two World Trade Center, New York, NY 10048-0203.
(C) Copyright 1997 OppenheimerFunds, Inc. All rights reserved.
23 Oppenheimer Growth Fund
<PAGE> 24
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 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
RS0270.001.0297 April 30, 1997
[PHOTO]
Customer Service Representative
OppenheimerFunds Services
"HOW MAY I HELP YOU?"
As an Oppenheimer fund 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.
[OPPENHEIMERFUNDS LOGO]
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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