<PAGE> 1
ANNUAL REPORT AUGUST 31, 1997
OPPENHEIMER
GROWTH FUND
[PHOTO]
[OPPENHEIMERFUNDS LOGO]
THE RIGHT WAY TO INVEST
<PAGE> 2
CONTENTS
3 President's Letter
4 Fund Performance
6 An Interview
with the Fund's
Manager
9 Statement of
Investments
16 Statement of
Assets &
Liabilities
18 Statement of
Operations
19 Statements of
Changes in
Net Assets
20 Financial Highlights
24 Notes to Financial
Statements
29 Independent
Auditors' Report
30 Federal
Income Tax
Information
31 Officers & Trustees
32 Information &
Services
REPORT HIGHLIGHTS
- --------------------------------------------------------------------------------
- - OUR "BOTTOM-UP" STRATEGY of seeking individual companies with good growth
that are reasonably priced led us away from the larger, well-known companies
because valuations were too high.
- - FINANCIAL AND TECHNOLOGY STOCKS provided the Fund's most outstanding returns.
- - WE TOOK PROFITS from our large consumer-oriented growth companies when their
valuations exceeded what we considered reasonable price levels.
<TABLE>
<CAPTION>
AVG. ANNUAL TOTAL RETURNS
For the Period Ended 8/31/97(1)
CLASS A
1 year 5 year 10 year
<S> <C> <C>
35.03% 19.37% 14.58%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
Since
1 year 5 year Inception
<S> <C> <C>
33.93% N/A 19.71%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
Since
1 year 5 year Inception
<S> <C> <C>
33.93% N/A 23.98%
</TABLE>
<TABLE>
<CAPTION>
CLASS Y
Since
1 year 5 year Inception
<S> <C> <C>
35.36% N/A 24.37%
</TABLE>
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account.
2 Oppenheimer Growth Fund
<PAGE> 3
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer
Growth Fund
DEAR SHAREHOLDER,
- --------------------------------------------------------------------------------
I'd like to welcome you to the premier issue of our newly redesigned
shareholder reports. As you can see, we've changed the format to allow easier
access to the information you need to monitor your investments. Some notable
additions are "at-a-glance" report highlights and charts that let you quickly
assess how your Fund has performed. On the following pages, your portfolio team
discuss their current investment thinking, your Fund's strategies, and
performance. Before these commentaries, I'd like to share a few global
observations.
As we consider the world's financial markets over the past six months,
some global trends emerge. For example, inflation has hit its lowest level in
three decades worldwide, which has helped spur many bullish financial markets.
The United States has been a beneficiary of this low-inflation environment, as
well as of a strong dollar, robust corporate earnings and a healthy economy.
However, many financial analysts are now concerned that the United States has
reached a point in the business cycle where earnings could decline because
companies are unable to further reduce costs.
On the other hand, a wave of corporate restructuring throughout Europe
has resulted in some exciting changes and opportunities. Because a similar
restructuring took place in the United States ten years ago, European companies
have been able to enjoy the benefit of hindsight by following our footsteps.
Latin America, too, has begun to shift its economies more toward the U.S.
capitalist model and has reported positive earnings growth along the way.
With major changes occurring in today's economies around the globe,
it's more important than ever to maintain a diversified portfolio across
different countries and market sectors. Now is the time to speak to your
financial adviser to ensure that your assets are allocated properly, so you
have the opportunity to benefit from investments in both domestic and
international funds. It's important to remember that investing abroad can
involve greater risk and expenses--including political and economic
uncertainties--and should be undertaken with a long-term approach in mind.
To keep in touch with our views on the markets, visit our website,
WWW.OPPENHEIMERFUNDS.COM, where you can access your account information and
fund performance data, 24 hours a day. The site also features prospectuses,
timely market updates and insightful commentaries. Our new shareholder reports
and presence on the Internet are just two examples of our commitment to keeping
you well informed.
Thank you for your confidence in OppenheimerFunds, The Right Way to
Invest. We look forward to helping you reach your investment goals in the
future.
Sincerely,
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill September 22, 1997
3 Oppenheimer Growth Fund
<PAGE> 4
AVG ANNUAL TOTAL RETURNS
For the Period Ended 9/30/97(1)
<TABLE>
<CAPTION>
CLASS A
1 year 5 year 10 year
<S> <C> <C>
24.26% 17.94% 14.71%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
Since
1 year 5 year Inception
<S> <C> <C>
25.78% N/A 19.75%
</TABLE>
<TABLE>
<CAPTION>
CLASS C
Since
1 year 5 year Inception
<S> <C> <C>
29.79% N/A 24.50%
</TABLE>
<TABLE>
<CAPTION>
CLASS Y
Since
1 year 5 year Inception
<S> <C> <C>
32.16% N/A 24.69%
</TABLE>
PERFORMANCE UPDATE
- --------------------------------------------------------------------------------
Oppenheimer Growth Fund's Class A shares have provided a total rate of return
of 35.03%, before sales charges, for the 1-year period ended August 31,
1997.(2) The past year has been a difficult period for the Fund because the
valuations of many larger, well-known companies have risen to unprecedented
levels. In short, we haven't found enough good companies at good prices. As a
result, we've allowed our cash reserves to accumulate, so that we can take
advantage of buying opportunities as they emerge.
GROWTH OF $10,000
Over ten years
(without sales charges)(3)
<TABLE>
<CAPTION>
Oppenheimer Growth Fund S&P 500 Index
Class A shares
<S> <C>
$10,000 $10,000
7,747.48 8,492.29
8,188.61 9,406.09
8,734.01 9,970.7
8,763.63 9,912.52
9,034.21 10,030.7
9,674.71 10,622.8
10,528.7 11,420.5
11,656.3 12,381.3
11,896.8 12,164.1
11,536.9 12,114
12,264.8 12,903.2
10,579.2 10,535.5
11,527.5 11,857
13,201.9 14,456.7
13,171.6 14,114.8
13,876 15,482.4
15,039.4 17,076
14,659.5 16,892.7
14,938.2 16,329.5
15,409.2 17,285.5
16,185 19,357.9
16,891.8 19,323
16,974 19,085.6
17,412.6 19,462.6
17,816.3 19,883.6
17,140.7 19,452.8
17,212.9 19,136.8
18,054.5 20,415
18,051.7 20,356.4
19,809.3 22,318.8
21,700.5 24,771.8
23,424.8 26,846.9
24,835.2 27,471.4
26,168.2 29,112.2
27,342.5 29,972.8
28,187.6 31,748.1
30,537.3 33,914.5
31,356 34,106.2
36,830.1 38,102.1
39,589.8 41,855.8
</TABLE>
1. Average annual total returns include changes in share price and reinvestment
of dividends and capital gains distributions in a hypothetical investment for
the periods shown. Class A returns include the current maximum initial sales
charge of 5.75%. Class A shares were first publicly offered on 3/15/73. The
Fund's maximum sales charge for Class A shares was higher prior to 4/1/91, so
actual performance may have been lower. Class B returns include the applicable
contingent deferred sales charge of 5% (1-year) and 2% (since inception on
8/17/93). Class C returns for the 1-year period include the contingent deferred
sales charge of 1% and have been available since 11/1/95. Class Y shares were
first publicly offered on 6/1/94 and are not available for sale to individual
shareholders. An explanation of the different performance calculations is in
the Fund's prospectus. Class B and C shares are subject to an annual 0.25%
service fee and 0.75% asset-based sales charge, and Class A shares are subject
to an annual service fee not to exceed 0.25%.
4 Oppenheimer Growth Fund
<PAGE> 5
SECTOR WEIGHTINGS(4)
<TABLE>
<S> <C>
- - Technology 33.8%
- - Financial 26.0
- - Consumer Non-Cyclical 12.3
- - Consumer Cyclical 10.1
- - Industrial 7.7
- - Energy 4.9
- - Basic Materials 4.2
Utility 1.0
</TABLE>
PORTFOLIO REVIEW
- --------------------------------------------------------------------------------
Oppenheimer Growth Fund is for investors looking for long-term growth from a
diverse portfolio of stocks.
WHAT WE LOOK FOR
- - Companies selling at below-average valuations with ABOVE-AVERAGE EARNINGS
GROWTH.
- - Well-known companies; NAMES YOU KNOW AND TRUST.
- - High-growth sectors that are currently MARKET LEADERS.
<TABLE>
<CAPTION>
TOP 10 STOCK HOLDINGS
(Percentage of net assets)(4)
..............................................................................
<S> <C> <C> <C>
Gateway 2000, Inc. 3.6% BancOne Corp. 2.4%
..............................................................................
Compaq Computer Corp. 2.7 Western Digital Corp. 2.4
..............................................................................
Novellus Systems, Inc. 2.7 Philip Morris Cos., Inc. 2.3
..............................................................................
Green Tree Financial Corp. 2.6 SunAmerica, Inc. 2.2
..............................................................................
BMC Software, Inc. 2.5 BankBoston Corp. 2.2
..............................................................................
</TABLE>
2. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account.
3. Results of a hypothetical $10,000 investment in Class A shares on September
30, 1987. The S&P 500 is a broad-based unmanaged stock index including daily
reinvestment of dividends, and cannot be purchased directly by investors. Past
performance does not guarantee future results.
4. Portfolio is subject to change. Percentages are as of August 31, 1997 and
are based on total market value of investments.
5 Oppenheimer Growth Fund
<PAGE> 6
"FINANCIAL AND TECHNOLOGY STOCKS HAVE DONE VERY WELL FOR US."
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED DURING THE PAST YEAR?
Oppenheimer Growth Fund Class A shares have provided a total rate of return of
35.03%, before sales charges, for the one-year period ended August 31, 1997.(1)
Performance was constrained by the Fund's large cash position, which is
discussed at length below. However, some of the impact of our cash position
was offset by the Fund's successful stock-selection strategy.
WERE YOU ABLE TO FIND ATTRACTIVE INVESTMENTS IN THE PERIOD'S HIGH-FLYING
STOCK MARKET?
As investment managers using a "bottom-up" approach to stock selection, we tend
to disregard overall market trends in favor of evaluating individual companies,
one at a time. Nonetheless, we found very few attractive investments among the
larger, well-known companies as their valuations rose to unprecedented levels.
In this environment, rather than pay unreasonable prices for large growth
stocks, we have allowed our cash reserves to accumulate while we await more
attractive investment opportunities.
IS ACCUMULATING CASH CONSISTENT WITH THE FUND'S INVESTMENT OBJECTIVE AND
STRATEGIES?
The discipline of Oppenheimer Growth Fund is to buy above-average growth
companies at below-average prices. We evaluate companies one at a time to
identify those that meet our criteria, and, over the last year, we simply
haven't found enough good companies at good prices. In fact, we've found plenty
of companies with above-average growth, but, in our opinion, they've been
selling at unreasonably high prices. At the same time, many of the stocks in
our portfolio over the past few years have appreciated to the point where
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance would have been lower if sales charges were taken
into account.
6 Oppenheimer Growth Fund
<PAGE> 7
[PHOTO]
PORTFOLIO MANAGER
Bob Doll
their stock prices are not supported by our expectations for future earnings
growth, so we've sold them.
As a result, in 1997 our cash position has fluctuated from its low in
the midst of the first quarter's market correction when we were able to find
some reasonably priced growth companies, to its high when market valuations
later skyrocketed. When the market weakens, many stocks with good growth
potential should decline to more reasonable prices. At that point, we'll put
our cash to work. It's a matter of evaluating opportunities stock by stock, and
finding good growth at a reasonable price.
WHERE HAVE YOU FOUND THE MOST ATTRACTIVE INVESTMENTS?
Our emphasis on evaluating individual stocks rather than broader markets often
leads us to entire industries and economic sectors with good prospects. Over
the last 12 months, a relatively large number of stocks in the financial and
technology industries have done very well for us. In the financial industry, we
have owned strong performers in the so-called "asset gatherers," such as major
brokerage firms. In the technology sector, we have benefited from our positions
in personal-computer manufacturers and related stocks such as Gateway
Technology, Compaq Computer, Seagate and Western Digital.
WHAT INVESTMENTS WERE DISAPPOINTING?
In hindsight, we were disappointed that we did not hold certain stocks for a
longer time. Early in 1997, we reduced or eliminated our positions in some
large consumer-oriented growth companies as well as large drug companies. At
the time, our valuation measures indicated that these stocks
7 Oppenheimer Growth Fund
<PAGE> 8
"WE USE A 'BOTTOM-UP' APPROACH TO STOCK SELECTION, EVALUATING INDIVIDUAL
COMPANIES, ONE AT A TIME."
AN INTERVIEW WITH YOUR FUND'S MANAGER
- --------------------------------------------------------------------------------
had reached high price levels, so we sold them and took profits. However, the
blue-chip rally continued to drive these stocks higher. In addition, certain
credit card companies have not kept pace with the rest of the portfolio. Credit
and consumer delinquency rates have raised questions about future earnings, so
the valuations of the companies have come down.
WHAT IS YOUR OUTLOOK FOR THE FUTURE?
As our cash position indicates, we are cautious about stocks over the near
term. In our opinion, the sustained market rallies of the past two to three
years have inflated the prices of large growth stocks to unreasonable levels.
As a result, even minor earnings disappointments may have a negative effect on
their stocks, while there is little room for further gains in the event of
positive earnings surprises.
For this reason, we have kept cash available to take advantage of
buying opportunities as they emerge. We have already experienced two market
corrections in the 5% to 10% range, one in February/March and the other in
August. Both pull-backs provided limited opportunities to buy solid growth
companies at more reasonable prices. If more opportunities in individual stocks
arise over the next few months, we hope to put some of our reserves to work. A
period or two of relative weakness should allow us to put more cash to work and
stick with our investment discipline at the same time, which is important to
the long-term performance of the Fund.
8 Oppenheimer Growth Fund
<PAGE> 9
STATEMENT OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--54.1%
- ----------------------------------------------------------------------------------------------------
BASIC MATERIALS--2.2%
- ----------------------------------------------------------------------------------------------------
CHEMICALS--0.4%
Georgia Gulf Corp. 147,500 $ 4,240,625
- ----------------------------------------------------------------------------------------------------
Praxair, Inc. 30,000 1,603,125
- ----------------------------------------------------------------------------------------------------
Union Carbide Corp. 55,000 2,822,187
------------
8,665,937
- ----------------------------------------------------------------------------------------------------
METALS--0.8%
Bethlehem Steel Corp.(1) 320,500 3,846,000
- ----------------------------------------------------------------------------------------------------
LTV Corp. 717,500 9,327,500
- ----------------------------------------------------------------------------------------------------
USX-U.S. Steel Group, Inc. 92,500 3,249,062
------------
16,422,562
- ----------------------------------------------------------------------------------------------------
PAPER--1.0%
Bowater, Inc. 295,000 15,100,312
- ----------------------------------------------------------------------------------------------------
Stone Container Corp. 310,000 5,347,500
------------
20,447,812
- ----------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--5.5%
- ----------------------------------------------------------------------------------------------------
AUTOS & HOUSING--0.7%
Centex Corp. 26,100 1,419,187
- ----------------------------------------------------------------------------------------------------
Champion Enterprises, Inc.(1) 277,000 4,778,250
- ----------------------------------------------------------------------------------------------------
Ford Motor Co. 25,000 1,075,000
- ----------------------------------------------------------------------------------------------------
Magna International, Inc., Cl. A 20,000 1,325,000
- ----------------------------------------------------------------------------------------------------
Oakwood Homes Corp. 130,000 3,526,250
- ----------------------------------------------------------------------------------------------------
Toll Brothers, Inc.(1) 85,000 1,827,500
------------
13,951,187
- ----------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--1.8%
Alaska Air Group, Inc.(1) 65,000 1,783,437
- ----------------------------------------------------------------------------------------------------
AMR Corp.(1) 20,000 2,015,000
- ----------------------------------------------------------------------------------------------------
ASA Holdings, Inc. 210,000 6,247,500
- ----------------------------------------------------------------------------------------------------
British Airways plc, Sponsored ADR 15,000 1,549,687
- ----------------------------------------------------------------------------------------------------
Brunswick Corp. 250,000 7,625,000
- ----------------------------------------------------------------------------------------------------
Callaway Golf Co. 220,000 7,411,250
- ----------------------------------------------------------------------------------------------------
Lone Star Steakhouse & Saloon, Inc.(1) 50,000 859,375
- ----------------------------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A(1) 80,000 2,925,000
- ----------------------------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 130,000 3,136,250
- ----------------------------------------------------------------------------------------------------
Outboard Marine Corp. 90,000 1,608,750
- ----------------------------------------------------------------------------------------------------
Pancho's Mexican Buffet, Inc. 100,000 162,500
------------
35,323,749
</TABLE>
9 Oppenheimer Growth Fund
<PAGE> 10
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
MEDIA--0.4%
Reuters Holdings plc, Sponsored ADR 115,000 $ 7,000,625
- ----------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.2%
Dayton Hudson Corp. 10,000 570,000
- ----------------------------------------------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 135,000 3,611,250
- ----------------------------------------------------------------------------------------------------
Jones Apparel Group, Inc.(1) 70,000 3,513,125
- ----------------------------------------------------------------------------------------------------
Nautica Enterprises, Inc.(1) 362,500 8,632,031
- ----------------------------------------------------------------------------------------------------
Neiman-Marcus Group, Inc. 20,000 617,500
- ----------------------------------------------------------------------------------------------------
Tommy Hilfiger Corp.(1) 177,500 7,743,437
------------
24,687,343
- ----------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--1.4%
Bed Bath & Beyond, Inc.(1) 335,000 10,385,000
- ----------------------------------------------------------------------------------------------------
Claire's Stores, Inc. 545,000 11,445,000
- ----------------------------------------------------------------------------------------------------
Hechinger Co., Cl. A(1) 60,000 123,750
- ----------------------------------------------------------------------------------------------------
Lands' End, Inc.(1) 30,000 789,375
- ----------------------------------------------------------------------------------------------------
Rocky Mountain Chocolate Factory, Inc.(1) 100,000 487,500
- ----------------------------------------------------------------------------------------------------
Ross Stores, Inc. 50,000 1,468,750
- ----------------------------------------------------------------------------------------------------
TJX Cos., Inc. 98,000 2,695,000
------------
27,394,375
- ----------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--6.6%
- ----------------------------------------------------------------------------------------------------
FOOD--1.0%
Fleming Companies, Inc. 149,700 2,825,587
- ----------------------------------------------------------------------------------------------------
IBP, Inc. 180,000 4,128,750
- ----------------------------------------------------------------------------------------------------
Richfood Holdings, Inc. 85,000 1,912,500
- ----------------------------------------------------------------------------------------------------
Safeway, Inc.(1) 150,000 7,640,625
- ----------------------------------------------------------------------------------------------------
Smith's Food & Drug Centers, Inc., Cl. B(1) 70,000 3,832,500
------------
20,339,962
- ----------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--1.9%
Biogen, Inc.(1) 15,000 590,625
- ----------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 98,200 7,463,200
- ----------------------------------------------------------------------------------------------------
Dura Pharmaceuticals, Inc.(1) 25,000 890,625
- ----------------------------------------------------------------------------------------------------
Johnson & Johnson 216,300 12,261,506
- ----------------------------------------------------------------------------------------------------
Merck & Co., Inc. 110,400 10,136,100
- ----------------------------------------------------------------------------------------------------
Pfizer, Inc. 15,000 830,625
- ----------------------------------------------------------------------------------------------------
Schering-Plough Corp. 140,000 6,720,000
------------
38,892,681
</TABLE>
10 Oppenheimer Growth Fund
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES--1.8%
Collagen Corp. 50,000 $962,500
- ----------------------------------------------------------------------------------------------------
HealthCare COMPARE Corp.(1) 300,000 16,725,000
- ----------------------------------------------------------------------------------------------------
HEALTHSOUTH Corp.(1) 280,000 6,982,500
- ----------------------------------------------------------------------------------------------------
Lincare Holdings, Inc.(1) 15,000 715,312
- ----------------------------------------------------------------------------------------------------
Oxford Health Plans, Inc.(1) 55,000 4,021,875
- ----------------------------------------------------------------------------------------------------
Sofamor Danek Group, Inc.(1) 125,000 5,992,187
- ----------------------------------------------------------------------------------------------------
Summit Technology, Inc.(1) 140,000 927,500
------------
36,326,874
- ----------------------------------------------------------------------------------------------------
TOBACCO--1.9%
Philip Morris Cos., Inc. 571,800 24,944,775
- ----------------------------------------------------------------------------------------------------
RJR Nabisco Holdings Corp. 112,300 3,909,444
- ----------------------------------------------------------------------------------------------------
UST, Inc. 300,000 8,662,500
37,516,719
- ----------------------------------------------------------------------------------------------------
ENERGY--2.7%
- ----------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS--1.4%
Global Marine, Inc.(1) 185,000 5,260,937
- ----------------------------------------------------------------------------------------------------
Oryx Energy Co.(1) 30,000 793,125
- ----------------------------------------------------------------------------------------------------
Petroleum Geo-Services ASA, Sponsored ADR(1) 45,000 2,730,938
- ----------------------------------------------------------------------------------------------------
Smith International, Inc.(1) 65,000 4,728,750
- ----------------------------------------------------------------------------------------------------
Tidewater, Inc. 150,000 7,875,000
- ----------------------------------------------------------------------------------------------------
Transocean Offshore, Inc. 20,000 1,901,250
- ----------------------------------------------------------------------------------------------------
Varco International, Inc.(1) 105,000 4,173,750
------------
27,463,750
- ----------------------------------------------------------------------------------------------------
OIL-INTEGRATED--1.3%
Pennzoil Co. 25,000 1,929,688
- ----------------------------------------------------------------------------------------------------
Union Texas Petroleum Holdings, Inc. 355,000 8,275,938
- ----------------------------------------------------------------------------------------------------
Unocal Corp. 195,200 7,625,000
- ----------------------------------------------------------------------------------------------------
USX-Marathon Group 8,140,625
------------
25,971,251
</TABLE>
11 Oppenheimer Growth Fund
<PAGE> 12
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL--14.1%
- ----------------------------------------------------------------------------------------------------
BANKS--4.1%
Banc One Corp. 490,000 $26,276,250
- ----------------------------------------------------------------------------------------------------
BankAmerica Corp. 30,000 1,974,375
- ----------------------------------------------------------------------------------------------------
BankBoston Corp. 280,000 23,275,000
- ----------------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 118,928 13,223,307
- ----------------------------------------------------------------------------------------------------
NationsBank Corp. 125,000 7,421,875
- ----------------------------------------------------------------------------------------------------
Northern Trust Corp. 50,000 2,656,250
- ----------------------------------------------------------------------------------------------------
SouthTrust Corp. 120,000 5,370,000
- ----------------------------------------------------------------------------------------------------
Washington Mutual, Inc. 20,000 1,197,500
------------
81,394,557
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--6.2%
Advanta Corp., Cl. A 345,000 11,428,125
- ----------------------------------------------------------------------------------------------------
Bear Stearns Cos., Inc. 185,000 7,319,063
- ----------------------------------------------------------------------------------------------------
Fannie Mae 175,000 7,700,000
- ----------------------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corp. 298,400 9,716,650
- ----------------------------------------------------------------------------------------------------
Green Tree Financial Corp. 640,000 28,120,000
- ----------------------------------------------------------------------------------------------------
Lehman Brothers Holdings, Inc. 315,000 13,820,625
- ----------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 40,000 2,460,000
- ----------------------------------------------------------------------------------------------------
MGIC Investment Corp. 30,000 1,509,375
- ----------------------------------------------------------------------------------------------------
Money Store, Inc. (The) 250,000 7,125,000
- ----------------------------------------------------------------------------------------------------
Price (T. Rowe) Associates, Inc. 95,000 5,225,000
- ----------------------------------------------------------------------------------------------------
Student Loan Marketing Assn. 100,000 13,550,000
- ----------------------------------------------------------------------------------------------------
Travelers Group, Inc. 255,000 16,192,500
------------
124,166,338
- ----------------------------------------------------------------------------------------------------
INSURANCE--3.8%
AFLAC, Inc. 210,000 11,563,125
- ----------------------------------------------------------------------------------------------------
American International Group, Inc. 22,500 2,123,438
- ----------------------------------------------------------------------------------------------------
Cigna Corp. 15,000 2,750,625
- ----------------------------------------------------------------------------------------------------
Conseco, Inc. 200,000 8,600,000
- ----------------------------------------------------------------------------------------------------
Equitable Cos., Inc. 145,000 6,307,500
- ----------------------------------------------------------------------------------------------------
Loews Corp. 95,000 9,684,063
- ----------------------------------------------------------------------------------------------------
Reliastar Financial Corp. 135,000 10,091,250
- ----------------------------------------------------------------------------------------------------
SunAmerica, Inc. 445,000 23,974,375
------------
75,094,376
</TABLE>
12 Oppenheimer Growth Fund
<PAGE> 13
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL--4.2%
- ----------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.0%
C-Cube Microsystems, Inc.(1) 85,000 $ 2,550,000
- ----------------------------------------------------------------------------------------------------
Kemet Corp.(1) 440,000 12,815,000
- ----------------------------------------------------------------------------------------------------
Vishay Intertechnology, Inc. 173,250 4,623,609
------------
19,988,609
- ----------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--0.3%
Owens-Illinois, Inc.(1) 55,000 1,914,688
- ----------------------------------------------------------------------------------------------------
USG Corp.(1) 105,000 4,501,875
------------
6,416,563
- ----------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.8%
Comdisco, Inc. 352,500 9,583,594
- ----------------------------------------------------------------------------------------------------
Corrections Corp. of America(1) 140,000 5,180,000
- ----------------------------------------------------------------------------------------------------
Growth Environmental, Inc.(1) 2,100 32
- ----------------------------------------------------------------------------------------------------
Mercury Air Group, Inc. 151,250 916,953
------------
15,680,579
- ----------------------------------------------------------------------------------------------------
MANUFACTURING--0.5%
Aeroquip-Vickers, Inc. 50,000 2,793,750
- ----------------------------------------------------------------------------------------------------
Mark IV Industries, Inc. 99,750 2,506,219
- ----------------------------------------------------------------------------------------------------
Sealed Air Corp.(1) 70,000 3,631,250
- ----------------------------------------------------------------------------------------------------
U.S. Filter Corp.(1) 30,000 1,080,000
------------
10,011,219
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION--1.6%
Canadian Pacific Ltd. (New) 400,000 11,675,000
- ----------------------------------------------------------------------------------------------------
CSX Corp. 82,600 4,723,688
- ----------------------------------------------------------------------------------------------------
Illinois Central Corp. 40,000 1,342,500
- ----------------------------------------------------------------------------------------------------
Navistar International Corp.(1) 555,000 13,770,938
------------
31,512,126
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY--18.3%
- ----------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--0.1%
Gencorp, Inc. 45,000 1,203,750
- ----------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--9.4%
Adaptec, Inc.(1) 110,000 5,280,000
- ----------------------------------------------------------------------------------------------------
Applied Magnetics Corp.(1) 365,000 13,482,188
- ----------------------------------------------------------------------------------------------------
Cabletron Systems, Inc.(1) 190,000 5,747,500
- ----------------------------------------------------------------------------------------------------
Compaq Computer Corp.(1) 437,500 28,656,250
- ----------------------------------------------------------------------------------------------------
Dell Computer Corp.(1) 100,000 8,206,250
- ----------------------------------------------------------------------------------------------------
EMC Corp.(1) 290,000 14,880,625
- ----------------------------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 1,000,000 39,125,000
</TABLE>
13 Oppenheimer Growth Fund
<PAGE> 14
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE (CONTINUED)
Intergraph Corp.(1) 10,000 $ 99,375
- ----------------------------------------------------------------------------------------------------
International Business Machines Corp. 120,000 12,105,000
- ----------------------------------------------------------------------------------------------------
Quantum Corp.(1) 140,000 4,908,750
- ----------------------------------------------------------------------------------------------------
Seagate Technology, Inc.(1) 535,000 20,430,313
- ----------------------------------------------------------------------------------------------------
Sun Microsystems, Inc.(1) 60,000 2,880,000
- ----------------------------------------------------------------------------------------------------
Tandem Computers, Inc(1) 180,000 6,120,000
- ----------------------------------------------------------------------------------------------------
Western Digital Corp.(1) 540,000 25,987,500
------------
187,908,751
- ----------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--4.1%
Adobe Systems, Inc. 120,000 4,725,000
- ----------------------------------------------------------------------------------------------------
BMC Software, Inc.(1) 425,000 26,615,625
- ----------------------------------------------------------------------------------------------------
Computer Associates International, Inc. 210,000 14,043,750
- ----------------------------------------------------------------------------------------------------
GTech Holdings Corp.(1) 253,700 7,626,856
- ----------------------------------------------------------------------------------------------------
HBO & Co. 40,000 2,865,000
- ----------------------------------------------------------------------------------------------------
McAfee Associates, Inc.(1) 35,000 1,981,875
- ----------------------------------------------------------------------------------------------------
Microsoft Corp.(1) 150,000 19,828,125
- ----------------------------------------------------------------------------------------------------
Netscape Communications Corp.(1) 1,200 47,775
- ----------------------------------------------------------------------------------------------------
Peoplesoft, Inc.(1) 70,000 3,937,500
------------
81,671,506
- ----------------------------------------------------------------------------------------------------
ELECTRONICS--3.9%
Advanced Micro Devices, Inc.(1) 95,000 3,556,563
- ----------------------------------------------------------------------------------------------------
Arrow Electronics, Inc.(1) 200,000 12,287,500
- ----------------------------------------------------------------------------------------------------
Cypress Semiconductor Corp.(1) 512,500 9,096,875
- ----------------------------------------------------------------------------------------------------
Dynatech Corp.(1) 115,000 4,398,750
- ----------------------------------------------------------------------------------------------------
Intel Corp. 200,000 18,425,000
- ----------------------------------------------------------------------------------------------------
Novellus Systems, Inc.(1) 250,000 28,656,250
- ----------------------------------------------------------------------------------------------------
SCI Systems, Inc.(1) 60,000 2,358,750
------------
78,779,688
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY--0.8%
Ascend Communications, Inc.(1) 255,500 10,842,781
- ----------------------------------------------------------------------------------------------------
Pairgain Technologies, Inc.(1) 130,000 3,347,500
- ----------------------------------------------------------------------------------------------------
Sterling Commerce, Inc.(1) 45,000 1,487,813
------------
15,678,094
- ----------------------------------------------------------------------------------------------------
UTILITIES--0.5%
- ----------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.2%
PacifiCorp 75,000 1,556,250
- ----------------------------------------------------------------------------------------------------
Tucson Electric Power Co.(1) 40,000 637,500
- ----------------------------------------------------------------------------------------------------
Unicom Corp. 110,000 2,598,750
------------
4,792,500
</TABLE>
14 Oppenheimer Growth Fund
<PAGE> 15
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------
<S> <C>
TELEPHONE UTILITIES--0.3%
Telefonos de Mexico SA, Sponsored ADR 140,000 $ 6,422,500
==============
Total Common Stocks (Cost $515,070,459) 1,081,125,983
FACE
AMOUNT
====================================================================================================
SHORT-TERM NOTES--32.3%
- ----------------------------------------------------------------------------------------------------
American Express Credit Corp., 5.50%, 10/9/97(2) $ 50,000,000 49,709,722
- ----------------------------------------------------------------------------------------------------
Associates Corp. of North America, 5.51%, 9/16/97(2) 50,000,000 49,885,209
- ----------------------------------------------------------------------------------------------------
Beneficial Corp., 5.50%, 9/10/97(2) 50,000,000 49,931,250
- ----------------------------------------------------------------------------------------------------
BMW US Capital Corp., 5.50%, 9/18/97(2) 41,055,000 40,948,371
- ----------------------------------------------------------------------------------------------------
CIESCO, L.P., 5.50%, 9/29/97(2) 50,000,000 49,786,111
- ----------------------------------------------------------------------------------------------------
CIT Group Holdings, Inc., 5.50%, 9/2/97(2) 50,000,000 49,992,361
- ----------------------------------------------------------------------------------------------------
Countrywide Funding Corp., 5.55%, 10/6/97(2) 50,000,000 49,730,208
- ----------------------------------------------------------------------------------------------------
General Electric Capital Services, Inc., 5.48%, 9/8/97(2) 50,000,000 49,946,528
- ----------------------------------------------------------------------------------------------------
Goldman Sachs Group, L.P., 5.51%, 9/11/97(2) 50,000,000 49,923,472
- ----------------------------------------------------------------------------------------------------
Hertz Corp. (The), 5.51%, 10/2/97(2) 50,000,000 49,762,764
- ----------------------------------------------------------------------------------------------------
Household Finance Corp., 5.50%, 9/4/97(2) 50,000,000 49,977,083
- ----------------------------------------------------------------------------------------------------
International Lease Finance Corp., 5.50%, 10/8/97(2) 30,000,000 29,830,417
- ----------------------------------------------------------------------------------------------------
Prudential Funding Corp., 5.50%, 9/11/97(2) 50,000,000 49,923,611
- ----------------------------------------------------------------------------------------------------
Xerox Corp., 5.49%, 10/1/97(2) 27,445,000 27,319,439
--------------
Total Short-Term Notes (Cost $646,666,546) 646,666,546
====================================================================================================
REPURCHASE AGREEMENTS--13.9%
- ----------------------------------------------------------------------------------------------------
Repurchase agreement with J.P. Morgan Securities, Inc., 5.55%,
dated 8/29/97, to be repurchased at $278,371,557 on 9/2/97,
collateralized by U.S. Treasury Bonds, 7.25%-11.25%,
2/15/03-8/15/19, with a value of $265,435,787 and U.S. Treasury
Nts., 5.875%, 10/31/98, with a value of $18,599,397
(Cost $278,200,000) 278,200,000 278,200,000
- ----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,439,937,005) 100.3% 2,005,992,529
- ----------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.3) (6,014,127)
----------- --------------
NET ASSETS 100.0% $1,999,978,402
=========== ==============
</TABLE>
1. Non-income producing security.
2. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate at the time of purchase.
See accompanying Notes to Financial Statements.
15 Oppenheimer Growth Fund
<PAGE> 16
STATEMENT OF ASSETS AND LIABILITIES August 31, 1997
<TABLE>
<S> <C>
====================================================================================================
ASSETS
Investments, at value (including repurchase agreement of $278,200,000)
(cost $1,439,937,005)--see accompanying statement $2,005,992,529
- ----------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 3,707,700
Interest and dividends 721,554
Investments sold 537,532
- ----------------------------------------------------------------------------------------------------
Other 13,384
--------------
Total assets 2,010,972,699
====================================================================================================
LIABILITIES
Bank overdraft 612,167
- ----------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 9,135,216
Distribution and service plan fees 591,728
Trustees' fees--Note 1 210,643
Transfer and shareholder servicing agent fees 72,929
Other 371,614
--------------
Total liabilities 10,994,297
====================================================================================================
NET ASSETS $1,999,978,402
==============
====================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $1,235,455,207
- ----------------------------------------------------------------------------------------------------
Undistributed net investment income 19,430,107
- ----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 179,037,564
- ----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 566,055,524
--------------
Net assets $1,999,978,402
==============
</TABLE>
16 Oppenheimer Growth Fund
<PAGE> 17
<TABLE>
<S> <C>
====================================================================================================
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$1,590,926,859 and 39,363,513 shares of beneficial interest outstanding) $40.42
Maximum offering price per share (net asset value plus sales charge of 5.75%
of offering price) $42.89
- ----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $284,227,458 and
7,225,050 shares of beneficial interest outstanding) $39.34
- ----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $28,145,301 and
705,980 shares of beneficial interest outstanding) $39.87
- ----------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $96,678,784 and 2,391,491 shares of beneficial interest outstanding) $40.43
</TABLE>
See accompanying Notes to Financial Statements.
17 Oppenheimer Growth Fund
<PAGE> 18
STATEMENT OF OPERATIONS For the Year Ended August 31, 1997
<TABLE>
<S> <C>
====================================================================================================
INVESTMENT INCOME
Interest $ 35,618,247
- ----------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $13,477) 9,767,297
------------
Total income 45,385,544
====================================================================================================
EXPENSES
Management fees--Note 4 10,710,424
- ----------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 2,431,503
Class B 2,030,245
Class C 136,351
- ----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4:
Class A 1,888,151
Class B 281,183
Class C 16,751
Class Y 23,223
- ----------------------------------------------------------------------------------------------------
Shareholder reports 551,820
- ----------------------------------------------------------------------------------------------------
Legal and auditing fees 75,300
- ----------------------------------------------------------------------------------------------------
Custodian fees and expenses 73,221
- ----------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 12,136
Class B 23,006
Class C 3,634
Class Y 17,063
- ----------------------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 8,275
- ----------------------------------------------------------------------------------------------------
Other 80,194
------------
Total expenses 18,362,480
Less reimbursement and assumption of expenses by OppenheimerFunds, Inc.--Note 4 (42,131)
------------
Net expenses 18,320,349
====================================================================================================
NET INVESTMENT INCOME 27,065,195
====================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments 218,882,361
Foreign currency transactions (742)
------------
Net realized gain 218,881,619
- ----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 238,043,222
------------
Net realized and unrealized gain 456,924,841
====================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $483,990,036
============
</TABLE>
See accompanying Notes to Financial Statements.
18 Oppenheimer Growth Fund
<PAGE> 19
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED AUGUST 31, YEAR ENDED
1997 1996(1) JUNE 30, 1996
===========================================================================================================================
<S> <C> <C> <C>
OPERATIONS
Net investment income $ 27,065,195 $ 2,985,556 $ 15,202,596
- ---------------------------------------------------------------------------------------------------------------------------
Net realized gain 218,881,619 21,616,200 123,112,424
- ---------------------------------------------------------------------------------------------------------------------------
Net change in unrealized
appreciation or depreciation 238,043,222 (16,129,626) 65,683,680
-------------- -------------- --------------
Net increase in net assets resulting
from operations 483,990,036 8,472,130 203,998,700
===========================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (16,725,563) -- (12,145,385)
Class B (1,279,324) -- (763,600)
Class C (81,820) -- (8,006)
Class Y (744,288) -- (111,943)
- ---------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (127,576,926) -- (92,881,153)
Class B (17,787,734) -- (8,596,317)
Class C (841,346) -- (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 202,853,918 307,757 176,397,622
Class B 108,268,225 7,152,701 81,183,295
Class C 20,188,749 1,404,159 3,526,653
Class Y 65,819,922 2,233,988 12,281,833
===========================================================================================================================
NET ASSETS
Total increase 711,174,134 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 $19,430,107,
$11,195,907 and $8,210,351, respectively) $1,999,978,402 $1,288,804,268 $1,269,233,533
============== ============== ==============
</TABLE>
1. For the two months ended August 31, 1996. The Fund changed its fiscal year
end from June 30 to August 31.
See accompanying Notes to Financial Statements.
19 Oppenheimer Growth Fund
<PAGE> 20
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------
YEAR ENDED AUGUST 31, YEAR ENDED JUNE 30,
1997 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) .62 .08 .44 .36
Net realized and unrealized
gain (loss) 10.37 .18 5.70 6.83
---------- ---------- ---------- ----------
Total income (loss) from
investment operations 10.99 .26 6.14 7.19
- ------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.49) -- (.41) (.24)
Distributions from net realized gain (3.77) -- (3.10) (2.80)
---------- ---------- ---------- ----------
Total dividends and distributions
to shareholders (4.26) -- (3.51) (3.04)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $40.42 $33.69 $33.43 $30.80
========== ========== ========== ==========
==================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 35.03% 0.78% 21.00% 29.45%
==================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $1,590,927 $1,127,836 $1,120,046 $860,736
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,369,406 $1,101,233 $1,018,022 $727,102
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 1.74% 1.50%(6) 1.43% 1.31%
Expenses 1.01% 1.03%(6) 1.06% 1.05%
- ------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 25.3% 6.3% 38.0% 35.4%
Average brokerage commission rate(8) $0.0592 $0.0595 $0.0583 --
</TABLE>
1. For the period from June 1, 1994 (inception of offering) to June 30, 1994.
2. For the two months ended August 31, 1996. 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.
20 Oppenheimer Growth Fund
<PAGE> 21
<TABLE>
<CAPTION>
CLASS B
- -------------------------- ------------------------------------------------------------------------------
YEAR ENDED AUGUST 31, YEAR ENDED JUNE 30,
1994 1993 1997 1996(2) 1996 1995 1994(4)
====================================================================================================================
<C> <C> <C> <C> <C> <C> <C>
$27.34 $24.94 $32.94 $32.74 $30.36 $26.44 $27.02
- --------------------------------------------------------------------------------------------------------------------
.16 .19 .36 .04 .23 .20 (.04)
(.05) 4.03 10.08 .16 5.53 6.65 .21
- -------- -------- -------- -------- -------- -------- --------
.11 4.22 10.44 .20 5.76 6.85 .17
- --------------------------------------------------------------------------------------------------------------------
(.16) (.25) (.27) -- (.28) (.13) (.11)
(.64) (1.57) (3.77) -- (3.10) (2.80) (.64)
- -------- -------- -------- -------- -------- -------- --------
(.80) (1.82) (4.04) -- (3.38) (2.93) (.75)
- --------------------------------------------------------------------------------------------------------------------
$26.65 $27.34 $39.34 $32.94 $32.74 $30.36 $26.44
======== ======== ======== ======== ======== ======== ========
====================================================================================================================
0.27% 16.88% 33.93% 0.61% 19.95% 28.22% (0.20)%
====================================================================================================================
$656,934 $743,830 $284,227 $137,437 $129,484 $43,267 $8,747
- --------------------------------------------------------------------------------------------------------------------
$720,765 $710,391 $203,518 $131,142 $ 90,501 $18,722 $5,119
- --------------------------------------------------------------------------------------------------------------------
0.56% 0.72% 0.92% 0.61%(6) 0.60% 0.44% (0.22)%(6)
1.07% 0.93% 1.84% 1.92%(6) 1.89% 2.02% 1.98%(6)
- --------------------------------------------------------------------------------------------------------------------
19.8% 23.2% 25.3% 6.3% 38.0% 35.4% 19.8%
-- -- $0.0592 $0.0595 $0.0583 -- --
</TABLE>
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.
21 Oppenheimer Growth Fund
<PAGE> 22
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
CLASS C
------------------------------------------------------
YEAR ENDED AUGUST 31, PERIOD ENDED
1997 1996(2) JUNE 30, 1996(3)
===============================================================================================================
<S> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $33.42 $33.22 $33.44
- ---------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .42 .02 .40
Net realized and unrealized
gain (loss) 10.17 .18 2.88
------- ------- -------
Total income (loss) from
investment operations 10.59 .20 3.28
- ---------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.37) -- (.40)
Distributions from net realized gain (3.77) -- (3.10)
------- ------- -------
Total dividends and distributions
to shareholders (4.14) -- (3.50)
- ---------------------------------------------------------------------------------------------------------------
Net asset value, end of period $39.87 $33.42 $33.22
======= ======= =======
===============================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(5) 33.93% 0.60% 10.07%
===============================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $28,145 $5,034 $3,593
- ---------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $13,705 $4,105 $1,804
- ---------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.95% 0.44%(6) 0.65%(6)
Expenses 1.84% 2.10%(6) 1.81%(6)
- ---------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 25.3% 6.3% 38.0%
Average brokerage commission rate(8) $0.0592 $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 August 31, 1997 were $249,853,081 and $549,224,265,
respectively.
22 Oppenheimer Growth Fund
<PAGE> 23
<TABLE>
<CAPTION>
CLASS Y
- ----------------------------------------------------------------------------
YEAR ENDED AUGUST 31, YEAR ENDED JUNE 30,
1997 1996(2) 1996 1995 1994(1)
============================================================================
<C> <C> <C> <C> <C>
$33.69 $33.42 $30.80 $26.64 $28.08
- ----------------------------------------------------------------------------
.66 .08 .46 .30 .02
10.42 .19 5.70 6.92 (1.46)
- ------- ------- ------- ------- -------
11.08 .27 6.16 7.22 (1.44)
- ----------------------------------------------------------------------------
(.57) -- (.44) (.26) --
(3.77) -- (3.10) (2.80) --
- ------- ------- ------- ------- -------
(4.34) -- (3.54) (3.06) --
- ----------------------------------------------------------------------------
$40.43 $33.69 $33.42 $30.80 $26.64
======= ======= ======= ======= =======
============================================================================
35.36% 0.81% 21.10% 29.59% (5.13)
============================================================================
$96,679 $18,497 $16,110 $3,189 $ 9
- ----------------------------------------------------------------------------
$62,619 $16,792 $ 9,384 $ 536 $10
- ----------------------------------------------------------------------------
2.00% 1.67%(6) 1.56% 1.54% 1.09%(6)
0.77% 0.87%(6) 0.94% 1.04% 1.25%(6)
- ----------------------------------------------------------------------------
25.3% 6.3% 38.0% 35.4% 19.8%
$0.0592 $0.0595 $0.0583 -- --
</TABLE>
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. Generally, non-U.S. commissions are lower than U.S.
commissions when expressed as cents per share but higher when expressed as a
percentage of transactions because of the lower per-share prices of many
non-U.S. securities.
See accompanying Notes to Financial Statements.
23 Oppenheimer Growth Fund
<PAGE> 24
NOTES TO FINANCIAL STATEMENTS
================================================================================
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 Oppenheimer Funds, 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 that class and exclusive voting rights with
respect to matters affecting that 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 an
approved portfolio pricing service are valued using dealer-supplied valuations
provided the Manager is satisfied that the firm rendering the quotes is
reliable and that the quotes reflect current market value, or are valued under
consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Short-term "money market type" debt
securities having a remaining maturity of 60 days or less are valued at cost
(or last determined market value) adjusted for amortization to maturity of any
premium or discount.
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on
investments is separately identified from fluctuations arising from changes in
market values of securities held and reported with all other foreign currency
gains and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is
required to be at least 102% of
24 Oppenheimer Growth Fund
<PAGE> 25
================================================================================
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 year ended
August 31, 1997, a credit of $32,162 was made for the Fund's projected benefit
obligations and payments of $11,314 were made to retired trustees, resulting in
an accumulated liability of $204,733 at August 31, 1997.
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded
by the Fund.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. 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.
25 Oppenheimer Growth Fund
<PAGE> 26
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
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>
YEAR ENDED PERIOD ENDED YEAR ENDED
AUGUST 31, 1997 AUGUST 31, 1996(2) JUNE 30, 1996(1)
-------------------------------- ------------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A:
Sold 7,438,778 $ 270,007,705 1,266,269 $ 42,270,466 8,407,775 $ 275,835,781
Dividends and
distributions
reinvested 4,120,561 140,121,073 -- -- 3,323,811 101,576,179
Issued in
conjunction with
the acquisition of
Jefferson-Pilot
Capital Appreciation
Fund, Inc.--Note 5 1,196,229 40,529,263 -- -- -- --
Redeemed (6,871,542) (247,804,123) (1,295,165) (41,962,709) (6,169,610) (201,014,338)
------------- ------------- ------------- ------------ ----------- -------------
Net increase
(decrease) 5,884,026 $ 202,853,918 (28,896) $ 307,757 5,561,976 $ 176,397,622
============= ============= ============= ============ =========== =============
- ---------------------------------------------------------------------------------------------------------------------------------
Class B:
Sold 3,854,380 $ 137,203,025 439,943 $ 14,333,878 3,119,546 $ 100,609,679
Dividends and
distributions
reinvested 542,057 18,050,580 -- -- 288,253 8,664,821
Redeemed (1,343,411) (46,985,380) (223,354) (7,181,177) (877,701) (28,091,205)
------------- ------------- ------------- ------------ ----------- -------------
Net increase 3,053,026 $ 108,268,225 216,589 $ 7,152,701 2,530,098 $ 81,183,295
============= ============= ============= ============ =========== =============
- ---------------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 621,652 $ 22,634,387 45,312 $ 1,497,092 111,265 $ 3,624,375
Dividends and
distributions
reinvested 26,886 907,142 -- -- 2,287 69,761
Redeemed (93,205) (3,352,780) (2,825) (92,933) (5,392) (167,483)
------------- ------------- ------------- ------------ ----------- -------------
Net increase 555,333 $ 20,188,749 42,487 $ 1,404,159 108,160 $ 3,526,653
============= ============= ============= ============ =========== =============
- ---------------------------------------------------------------------------------------------------------------------------------
Class Y:
Sold 2,052,812 $ 73,903,563 101,673 $ 3,383,454 439,359 $ 14,330,346
Dividends and
distributions
reinvested 166,588 5,654,002 -- -- 29,328 895,658
Redeemed (376,914) (13,737,643) (34,706) (1,149,466) (90,199) (2,944,171)
------------- ------------- ------------- ------------ ----------- -------------
Net increase 1,842,486 $ 65,819,922 66,967 $ 2,233,988 378,488 $ 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.
26 Oppenheimer Growth Fund
<PAGE> 27
================================================================================
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At August 31, 1997, net unrealized appreciation on investments of $566,055,524
was composed of gross appreciation of $573,225,386, and gross depreciation of
$7,169,862.
================================================================================
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
average annual 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 average annual net
assets in excess of $1.5 billion.
For the year ended August 31, 1997, commissions (sales charges
paid by investors) on sales of Class A shares totaled $3,942,208, of which
$1,118,329 was retained by OppenheimerFunds Distributor, Inc. (OFDI), a
subsidiary of the Manager, as general distributor, and by an affiliated
broker/dealer. Sales charges advanced to broker/dealers by OFDI on sales of the
Fund's Class B and Class C shares totaled $4,099,347 and $189,986,
respectively, of which $292,631 and $3,941, respectively, was paid to an
affiliated broker/dealer. During the year ended August 31, 1997, OFDI received
contingent deferred sales charges of $378,950 and $6,169, respectively, upon
redemption of Class B and Class C shares as reimbursement for sales commissions
advanced by OFDI at the time of sale of such shares.
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 shareholder accounts that hold Class A
shares. Reimbursement is made quarterly at an annual rate that may not exceed
0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses
the service fee to reimburse brokers, dealers, banks and other financial
institutions quarterly for providing personal service and maintenance of
accounts of their customers that hold Class A shares. During the year ended
August 31, 1997, OFDI paid $82,960 to an affiliated broker/dealer as
reimbursement for Class A personal service and maintenance expenses.
27 Oppenheimer Growth Fund
<PAGE> 28
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (CONTINUED)
The Fund has adopted a 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 year ended August 31, 1997, OFDI paid $16,174 to an
affiliated broker/dealer as reimbursement for Class B personal service and
maintenance expenses and retained $1,720,803 and 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 distributing
shares before the Plan was terminated. As of August 31, 1997, OFDI had incurred
unreimbursed expenses of $6,440,567 for Class B.
The Fund has adopted a 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. 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 year ended August 31, 1997, OFDI
retained $102,938 as compensation for Class C 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 distributing shares before the Plan was
terminated. As of August 31, 1997, OFDI had incurred unreimbursed expenses of
$262,813 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. (J-P Capital) 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 of J-P Capital, 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. The exchange qualified as a tax-free
reorganization for federal income tax purposes.
28 Oppenheimer Growth Fund
<PAGE> 29
INDEPENDENT AUDITORS' REPORT
================================================================================
The Board of Trustees and Shareholders of
Oppenheimer Growth Fund:
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Growth Fund as of August 31, 1997, and the related
statement of operations for the year then ended, the statements of changes in
net assets for the year then ended, the two-month period ended August 31, 1996
and the year ended June 30, 1996, and the financial highlights for the year
ended August 31, 1997, the two-month period ended August 31, 1996 and each of
the years in the four-year period ended June 30, 1996. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of August 31, 1997 by correspondence with
the custodian and brokers; and where confirmations were not received from
brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material respects, the
financial position of Oppenheimer Growth Fund as of August 31, 1997, the
results of its operations for the year then ended, the changes in its net
assets for the year then ended, the two-month period ended August 31, 1996 and
the year ended June 30, 1996, and the financial highlights for the year ended
August 31, 1997, the two-month period ended August 31, 1996, and each of the
years in the four-year period ended June 30, 1996, in conformity with generally
accepted accounting principles.
KPMG PEAT MARWICK LLP
Denver, Colorado
September 22, 1997
29 Oppenheimer Growth Fund
<PAGE> 30
FEDERAL INCOME TAX INFORMATION (Unaudited)
================================================================================
In early 1998, shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 1997.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
Distributions of $4.2657, $4.0426, $4.1389 and $4.3432 per
share were paid to Class A, Class B, Class C and Class Y shareholders,
respectively, on December 2, 1996, of which, for each class of shares, $3.3551
was designated as a "capital gain distribution" for federal income tax
purposes. Whether received in stock or in cash, the capital gain distribution
should be treated by shareholders as a gain from the sale of capital assets
held for more than one year (long-term capital gain).
Dividends paid by the Fund during the year ended August 31,
1997 which are not designated as capital gain distributions should be
multiplied by 21.33% to arrive at the net amount eligible for the corporate
dividend-received deduction.
The foregoing information is presented to assist shareholders
in reporting distributions received from the Fund to the Internal Revenue
Service. Because of the complexity of the federal regulations which may affect
your individual tax return and the many variations in state and local tax
regulations, we recommend that you consult your tax adviser for specific
guidance.
30 Oppenheimer Growth Fund
<PAGE> 31
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 OppenheimerFunds Services
SERVICING AGENT
================================================================================
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
================================================================================
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
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 OppenheimerFunds are not deposits
or obligations of any bank, are not guaranteed
by any bank, and are not insured by the FDIC
or any other agency, and involve investment
risks, including possible loss of the
principal amount invested.
31 Oppenheimer Growth Fund
<PAGE> 32
INTERNET
24-hr access to account
information
WWW.OPPENHEIMERFUNDS.COM
GENERAL INFORMATION
Mon-Fri 8:30am-9pm ET
Sat 10am-4pm ET
1-800-525-7048
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PHONELINK
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INFORMATION AND SERVICES
- --------------------------------------------------------------------------------
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, or visit us at our website at
www.oppenheimerfunds.com--we're here to help.
[OPPENHEIMERFUNDS LOGO]
RA0270.001.0897 October 30, 1997
