-----------------------------------
Semiannual Report February 28, 1998
-----------------------------------
OPPENHEIMER
Growth Fund
[GRAPHIC OMITTED]
[LOGO]
OppenheimerFunds(SM)
THE RIGHT WAY TO INVEST
<PAGE>
Contents
3 President's Letter
4 Fund Performance
6 An Interview
with the Fund's Manager
11 Statement of Investments
18 Statement of
Assets and
Liabilities
20 Statement of Operations
21 Statements of Changes in
Net Assets
22 Financial Highlights
26 Notes to Financial Statements
34 Officers and
Trustees
36 Information and Services
Report highlights
- --------------------------------------------------------------------------------
o Our strategy of seeking good companies at good prices led us to accumulate
cash, because valuations for such companies proved relatively high.
o Weakness in Asian markets caused the prices of some holdings to fall, but also
created opportunities for us to put the Fund's cash to work in technology,
energy services and basic materials.
o We achieved our strongest performance in the financial services sector, where
valuations remain reasonable.
- -------------------------
Cumulative Total Returns
- -------------------------
For the 6-Month Period
Ended 2/28/98
Class A
Without With
Sales Chgs.(1) Sales Chgs.(2)
- -------------------------
4.94% (1.09)%
- -------------------------
Class B
Without With
Sales Chgs.(1) Sales Chgs.(2)
- -------------------------
4.54% (0.09)%
- -------------------------
Class C
Without With
Sales Chgs.(1) Sales Chgs.(2)
- -------------------------
4.53% 3.61%
- -------------------------
Class Y
Without With
Sales Chgs.(1) Sales Chgs.(2)
- -------------------------
5.09% 5.09%
- -------------------------
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 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 B returns include the applicable contingent deferred sales charge of 5%.
Class C returns include the contingent deferred sales charge of 1%. Class Y
shares 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 0.25% service fee.
2 Oppenheimer Growth Fund
<PAGE>
Dear shareholder,
- --------------------------------------------------------------------------------
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Growth Fund
These have been very positive times for many American investors. The U.S.
economy has continued to grow at a moderate pace, unemployment has fallen to its
lowest level in 30 years and inflation has also fallen to a record low. In fact,
long-term interest rates have fallen to their lowest level since the government
began issuing 30-year Treasury bonds in 1977.
What benefits does this provide to the average American? First, when
unemployment levels are low, many individuals tend to feel a greater sense of
job security and can command higher wages because there are fewer unemployed
workers vying for their jobs. Second, many homeowners are opting to refinance
their existing home mortgage loans and take advantage of lower financing rates.
And third, because wages are increasing faster than the rate of inflation, a
paycheck may stretch farther and investors, as consumers, are able to enjoy a
higher level of disposable income. This extra income can be put to use in many
ways, including allocating more money to investment opportunities.
Some industry analysts have tempered such positive news by suggesting that
if the rate of inflation falls any lower, it might actually trigger a period of
deflation, where we see the prices of American goods and services decline. While
lower prices may sound like positive news, in reality it isn't: When prices fall
too low, it erodes the value of those goods to the producer. That is, when
economic conditions force a decrease in the price of goods, companies have to
sell more of those items in order to make the same amount of profit, which
translates into greater difficulties for corporations to improve their bottom
lines.
At OppenheimerFunds, we do not believe we will see a period of deflation in
the United States. The fundamental factors that have driven the U.S. market
still appear to be in place: an economy that's in its eighth year of expansion
with moderate growth, low unemployment, virtually no inflation and low interest
rates. However, because of economic uncertainties in other parts of the world,
particularly Asia, we expect to see slower growth for stocks in 1998 and a year
in which double-digit returns from the equity markets are unlikely. It's also
possible that we may see investors favor the fixed, more secure interest
payments offered from the bond markets.
In closing, we'd like to reassure you that as professional money managers,
we continue to keep a watchful eye on these situations and are closely
monitoring your fund's investments. In times like these, your financial advisor
can be of invaluable assistance to you in helping review your financial plan and
guide your investments accordingly.
Thank you for your confidence in OppenheimerFunds, The Right Way to Invest.
We look forward to helping you reach your investment goals in the future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill
March 20, 1998
3 Oppenheimer Growth Fund
<PAGE>
Performance update
- --------------------------------------------------------------------------------
- --------------------------
Avg Annual Total Returns
- --------------------------
For the Periods Ended 3/31/98(1)
Class A
1 year 5 year 10 year
- --------------------------
21.53% 16.49% 15.99%
- --------------------------
Class B
Since
1 year 5 year Inception
- --------------------------
22.90% N/A 18.60%
- --------------------------
Class C
Since
1 year 5 year Inception
- --------------------------
26.94% N/A 21.21%
- --------------------------
Class Y
Since
1 year 5 year Inception
- --------------------------
29.32% N/A 22.75%
- --------------------------
- --------------------------
Cumulative Total Return
- --------------------------
For the Period Ended 3/31/981
Class A
5 year
- --------------------------
114.52% $21,452(3)
- --------------------------
Oppenheimer Growth Fund's Class A shares delivered a cumulative total return,
without sales charges, of 4.94% for the six-month period ended February 28,
1998.2 The past six months have been a difficult period for the Fund because
turmoil in Asian markets negatively affected some of our holdings. However, our
large cash reserves acted as a buffer against volatility and gave us
opportunities to acquire positions in good companies at good prices.
[The following table was originally a mountain graph in the printed materials.]
<INSERT PLOT POINTS>
1. Total returns include changes in share price and reinvestment of dividends
and capital gains distributions in a hypothetical investment for the periods
shown. Class A returns include the current maximum initial sales charge of
5.75%. Class A shares were first publicly offered on 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 prior to 4/1/91. 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% (inception on 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 0.25% service fee.
4 Oppenheimer Growth Fund
<PAGE>
Portfolio review
- --------------------------------------------------------------------------------
Oppenheimer Growth Fund is for investors looking for long-term growth from a
diverse portfolio of stocks.
What We Look For
o Companies selling at below-average valuations with above-average earnings
growth.
o Well-known companies; names you know and trust.
o High-growth sectors that are currently market leaders.
Top 10 Stock Holdings4
................................................................................
Compaq Computer Corp. 1.7% EMC Corp. 1.1%
................................................................................
Gateway 2000, Inc. 1.7 Philip Morris Cos., Inc. 1.0
................................................................................
SunAmerica, Inc. 1.4 Money Store, Inc. 0.9
................................................................................
BMC Software, Inc. 1.2 Lehman Brothers Holdings, Inc. 0.9
................................................................................
Novellus Systems, Inc. 1.1 BancOne Corp. 0.9
................................................................................
Sector Weightings(4)
[PIE CHART OMITTED]
Cash Equivalents 43.5%
Technology 18.0
Financial 13.5
Consumer Cyclical 7.6
Energy 5.1
Consumer
Non-Cyclical 4.4
Industrial 4.2
Basic Materials 3.2
Utilities 0.5
2. Includes changes in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
3. Results of a hypothetical $10,000 investment in Class A shares on
March 31, 1993. 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 February 28, 1998 and
are based on total market value of investments.
5 Oppenheimer Growth Fund
<PAGE>
An interview with your Fund's manager
- --------------------------------------------------------------------------------
How has the Fund performed during the last six months?
Oppenheimer Growth Fund's Class A shares delivered a cumulative total return,
without sales charges, of 4.94% for the six-month period ended February 28,
1998.1 Performance suffered in the fourth quarter of 1997 as the turmoil in Asia
negatively affected some of our largest holdings. However, the Fund's large cash
position acted as a buffer against volatility in the market. Our cash position
also enabled us to take advantage of bargains that emerged, consistent with our
philosophy of investing in good growth stocks at reasonable prices. As a result,
despite a disappointing six months overall, the Fund rebounded in the first
months of 1998.
What investments had the greatest impact on performance?
On the positive side, our holdings in the financial services sector have
performed very well. Low interest rates have kept fundamentals for this sector
intact, while valuations have remained reasonable in relation to the overall
market.
On the negative side, events in Asia caused the Fund's technology holdings
to underperform the market as a whole. Our biggest disappointments were among
leading makers of personal computer hardware and disk drives. However, cyclical
downturns are typical of technology, and provide the Fund with opportunities to
acquire positions in good companies at a good price.
"Our holdings in the financial services sector have performed very well."
1. Includes changes in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
6 Oppenheimer Growth Fund
<PAGE>
[PHOTO]
Portfolio Management
Team (l to r)
Bob Doll
(Portfolio Manager)
Jane Putnam
How did the Fund take advantage of these opportunities?
At the beginning of the six-month period, we saw few companies that met our
criteria for above-average growth at below-average prices. Accordingly, we
allowed our cash reserves to accumulate while we waited for more attractive
investment opportunities.
The turmoil in Asia changed that picture. As Asian markets fell and local
currencies were devalued, concerns of slower demand for products in the region
affected a wide range of companies that do business there. Along with
technology, the oil services and basic materials sectors slumped during the last
months of 1997.
These events created opportunities for us to put the Fund's cash to work.
In the technology area, for example, we were able to add to our holdings of
strong growth companies like Compaq Computer and Gateway 2000. In spite of the
turmoil that impacted the technology sector as a whole, both companies took a
hit with the Asian concerns in the fourth quarter of 1997, but quickly bounced
back in the first quarter of this year, and have continued to gain market share
in the personal computer business.
7 Oppenheimer Growth Fund
<PAGE>
An interview with your Fund's manager
- --------------------------------------------------------------------------------
We saw a similar situation in the energy services area, where stock prices fell
sharply over concerns about lower energy usage. We were able to acquire
significant positions in several oil drilling companies at prices we consider
attractive, considering the industry's fundamentals. This is an industry in
which 100% of capacity is already in use, and no new supply will be available
until new rigs are built. We believe, therefore, that prices are likely to
climb, as should the earnings for these companies and the prices of their
stocks.
We also found opportunities in the basic materials area among reasonably
priced stocks of paper, chemicals and metals companies that meet our investment
criteria.
Did these acquisitions reduce the Fund's cash position?
The cash position of the Oppenheimer Growth Fund is determined by the
availability of individual investments that meet our criteria for growth and
value. When the market fell in October 1997, we were able to identify a number
of companies that met our standards and were able to put a substantial
percentage of the Fund's cash to work. Then the market recovered, with the Dow
Jones Industrial Average setting a series of new records in February.
Consequently, a number of the Fund's holdings rose to levels that were not
supported by our expectations for future earnings growth. We sold them and the
Fund's cash position once again increased.
"We stand by our disciplined approach of identifying one investment at a time."
8 Oppenheimer Growth Fund
<PAGE>
We continually seek new opportunities to put the Fund's cash to work. However,
we stand by our disciplined approach of identifying one investment at a time,
buying only above-average growth companies at below-average prices.
What is your outlook for the future?
As was the case six months ago, we remain cautious about the market's prospects
over the coming months. We believe that the prices of many growth stocks are
based on earnings expectations that may well prove to be overly optimistic.
Earnings disappointments are likely to create new opportunities for us to put
the Fund's cash to work.
Over the longer term, we remain committed to our strategy of investing only
in well-known companies and market leaders selling at below-average valuations
with above-average earnings growth. It's a strategy that in the past has
generally served our shareholders well...one that we believe continues to make
Oppenheimer Growth Fund part of The Right Way to Invest.
"Earnings disappointments are likely to create new opportunities for us to put
the Fund's cash to work."
9 Oppenheimer Growth Fund
<PAGE>
Financials
- --------------------------------------------------------------------------------
10 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments February 28, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
================================================================================
Common Stocks--56.2%
- --------------------------------------------------------------------------------
Basic Materials--3.2%
- --------------------------------------------------------------------------------
Chemicals--0.7%
Crompton & Knowles Corp. 60,000 $ 1,807,500
- --------------------------------------------------------------------------------
Lubrizol Corp. (The) 15,000 578,437
- --------------------------------------------------------------------------------
Praxair, Inc. 65,000 3,107,812
- --------------------------------------------------------------------------------
Union Carbide Corp. 230,000 10,680,625
-------------
16,174,374
- --------------------------------------------------------------------------------
Metals--1.5%
Armco, Inc.(1) 481,900 2,560,094
- --------------------------------------------------------------------------------
Bethlehem Steel Corp.(1) 395,000 4,196,875
- --------------------------------------------------------------------------------
Inland Steel Industries, Inc. 190,000 3,918,750
- --------------------------------------------------------------------------------
LTV Corp. 645,000 7,780,312
- --------------------------------------------------------------------------------
USX--U.S. Steel Group, Inc. 415,000 14,576,875
-------------
33,032,906
- --------------------------------------------------------------------------------
Paper--1.0%
Bowater, Inc. 295,000 14,602,500
- --------------------------------------------------------------------------------
Champion International Corp. 70,000 3,574,375
- --------------------------------------------------------------------------------
Stone Container Corp. 310,000 3,487,500
-------------
21,664,375
- --------------------------------------------------------------------------------
Consumer Cyclicals--7.6%
- --------------------------------------------------------------------------------
Autos & Housing--0.8%
Arvin Industries, Inc. 30,000 1,188,750
- --------------------------------------------------------------------------------
Centex Corp. 26,100 1,906,931
- --------------------------------------------------------------------------------
Champion Enterprises, Inc.(1) 277,000 6,959,625
- --------------------------------------------------------------------------------
Ford Motor Co. 25,000 1,414,062
- --------------------------------------------------------------------------------
Magna International, Inc., Cl. A 35,000 2,117,500
- --------------------------------------------------------------------------------
Oakwood Homes Corp. 130,000 5,151,250
-------------
18,738,118
- --------------------------------------------------------------------------------
Leisure & Entertainment--2.2%
AMR Corp.(1) 20,000 2,531,250
- --------------------------------------------------------------------------------
Applebee's International, Inc. 20,000 460,000
- --------------------------------------------------------------------------------
ASA Holdings, Inc. 175,000 7,043,750
- --------------------------------------------------------------------------------
British Airways plc, Sponsored ADR 17,400 1,653,000
- --------------------------------------------------------------------------------
Brunswick Corp. 250,000 7,937,500
- --------------------------------------------------------------------------------
Callaway Golf Co. 510,000 16,447,500
- --------------------------------------------------------------------------------
KLM Royal Dutch Airlines NV 10,000 366,250
11 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Leisure & Entertainment(continued)
Lone Star Steakhouse & Saloon, Inc.(1) 50,000 $ 1,053,125
- --------------------------------------------------------------------------------
Northwest Airlines Corp., Cl. A(1) 125,000 7,359,375
- --------------------------------------------------------------------------------
Outback Steakhouse, Inc.(1) 130,000 4,647,500
- --------------------------------------------------------------------------------
Pancho's Mexican Buffet, Inc. 100,000 212,500
-------------
49,711,750
- --------------------------------------------------------------------------------
Retail: General--2.5%
Dayton Hudson Corp. 10,000 773,125
- --------------------------------------------------------------------------------
Federated Department Stores, Inc.(1) 50,000 2,343,750
- --------------------------------------------------------------------------------
Fruit of the Loom, Inc., Cl. A(1) 35,000 1,124,375
- --------------------------------------------------------------------------------
Jones Apparel Group, Inc.(1) 301,000 16,555,000
- --------------------------------------------------------------------------------
Nautica Enterprises, Inc.(1) 550,000 15,846,875
- --------------------------------------------------------------------------------
Tommy Hilfiger Corp.(1) 320,000 17,140,000
- --------------------------------------------------------------------------------
Wolverine World Wide, Inc. 30,000 843,750
-------------
54,626,875
- --------------------------------------------------------------------------------
Retail: Specialty--2.1%
Bed Bath & Beyond, Inc.(1) 340,000 14,683,750
- --------------------------------------------------------------------------------
Claire's Stores, Inc. 825,000 14,850,000
- --------------------------------------------------------------------------------
Ethan Allen Interiors, Inc. 10,000 557,500
- --------------------------------------------------------------------------------
Rocky Mountain Chocolate Factory, Inc.(1) 100,000 475,000
- --------------------------------------------------------------------------------
Ross Stores, Inc. 165,000 6,496,875
- --------------------------------------------------------------------------------
Shopko Stores, Inc. 29,000 763,062
- --------------------------------------------------------------------------------
TJX Cos., Inc. 133,000 5,137,125
- --------------------------------------------------------------------------------
Woolworth Corp.(1) 141,500 3,360,625
-------------
46,323,937
- --------------------------------------------------------------------------------
Consumer Non-Cyclicals--4.4%
- --------------------------------------------------------------------------------
Food--0.7%
Fleming Cos., Inc. 255,000 4,542,187
- --------------------------------------------------------------------------------
IBP, Inc. 30,000 669,375
- --------------------------------------------------------------------------------
Safeway, Inc.(1) 300,000 10,462,500
-------------
15,674,062
- --------------------------------------------------------------------------------
Healthcare/Drugs--0.5%
ICN Pharmaceuticals, Inc. 15,000 866,250
- --------------------------------------------------------------------------------
Schering-Plough Corp. 140,000 10,648,750
-------------
11,515,000
- --------------------------------------------------------------------------------
Healthcare/Supplies & Services--1.8%
First Health Group Corp.(1) 315,000 15,690,937
- --------------------------------------------------------------------------------
HEALTHSOUTH Corp.(1) 310,000 8,370,000
- --------------------------------------------------------------------------------
Lincare Holdings, Inc.(1) 15,000 973,594
12 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Healthcare/Supplies & Services(continued)
Oxford Health Plans, Inc.(1) 115,000 $ 1,976,562
- --------------------------------------------------------------------------------
Sofamor Danek Group, Inc.(1) 160,000 12,040,000
- --------------------------------------------------------------------------------
Summit Technology, Inc.(1) 20,000 108,750
-------------
39,159,843
- --------------------------------------------------------------------------------
Tobacco--1.4%
Philip Morris Cos., Inc. 505,000 21,935,937
- --------------------------------------------------------------------------------
RJR Nabisco Holdings Corp. 112,300 3,881,369
- --------------------------------------------------------------------------------
UST, Inc. 155,000 5,492,812
-------------
31,310,118
- --------------------------------------------------------------------------------
Energy--5.1%
- --------------------------------------------------------------------------------
Energy Services & Producers--3.6%
ENSCO International, Inc. 242,600 7,065,725
- --------------------------------------------------------------------------------
Global Marine, Inc.(1) 445,000 10,318,437
- --------------------------------------------------------------------------------
Nabors Industries, Inc.(1) 275,000 6,290,625
- --------------------------------------------------------------------------------
Oryx Energy Co.(1) 210,000 5,341,875
- --------------------------------------------------------------------------------
Petroleum Geo-Services ASA, Sponsored ADR(1) 125,000 7,093,750
- --------------------------------------------------------------------------------
Smith International, Inc. 275,000 14,643,750
- --------------------------------------------------------------------------------
Tidewater, Inc. 400,000 17,800,000
- --------------------------------------------------------------------------------
Transocean Offshore, Inc. 140,000 6,020,000
- --------------------------------------------------------------------------------
Varco International, Inc.(1) 210,000 5,223,750
-------------
79,797,912
- --------------------------------------------------------------------------------
Oil-Integrated--1.5%
Camco International, Inc. 90,000 5,265,000
- --------------------------------------------------------------------------------
Sun Co., Inc. 45,000 1,797,187
- --------------------------------------------------------------------------------
Union Texas Petroleum Holdings, Inc. 355,000 7,166,562
- --------------------------------------------------------------------------------
Unocal Corp. 280,000 10,552,500
- --------------------------------------------------------------------------------
USX-Marathon Group 250,000 8,640,625
-------------
33,421,874
- --------------------------------------------------------------------------------
Financial--13.5%
- --------------------------------------------------------------------------------
Banks--3.5%
Banc One Corp. 346,500 19,577,250
- --------------------------------------------------------------------------------
BankAmerica Corp. 90,000 6,975,000
- --------------------------------------------------------------------------------
BankBoston Corp. 145,000 14,454,687
- --------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 118,928 14,754,505
- --------------------------------------------------------------------------------
NationsBank Corp. 125,000 8,562,500
- --------------------------------------------------------------------------------
Northern Trust Corp. 50,000 3,803,125
- --------------------------------------------------------------------------------
SouthTrust Corp. 180,000 7,357,500
13 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Banks(continued)
State Street Corp. 30,000 $ 1,854,375
- --------------------------------------------------------------------------------
Washington Mutual, Inc. 20,000 1,342,500
-------------
78,681,442
- --------------------------------------------------------------------------------
Diversified Financial--6.5%
Advanta Corp., Cl. A 340,000 8,011,250
- --------------------------------------------------------------------------------
Bear Stearns Cos., Inc. 135,000 6,294,375
- --------------------------------------------------------------------------------
Fannie Mae 140,000 8,933,750
- --------------------------------------------------------------------------------
Freddie Mac 298,400 14,099,400
- --------------------------------------------------------------------------------
Green Tree Financial Corp. 725,000 16,629,687
- --------------------------------------------------------------------------------
Lehman Brothers Holdings, Inc. 315,000 19,864,687
- --------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 65,000 4,651,562
- --------------------------------------------------------------------------------
MGIC Investment Corp. 30,000 2,210,625
- --------------------------------------------------------------------------------
Money Store, Inc. (The) 831,800 20,743,012
- --------------------------------------------------------------------------------
Price (T. Rowe) Associates, Inc. 143,500 9,524,812
- --------------------------------------------------------------------------------
SLM Holding Corp. 350,000 14,459,375
- --------------------------------------------------------------------------------
Travelers Group, Inc. 337,500 18,815,625
-------------
144,238,160
- --------------------------------------------------------------------------------
Insurance--3.5%
ACE Ltd. 1,800 177,975
- --------------------------------------------------------------------------------
AFLAC, Inc. 150,000 9,215,625
- --------------------------------------------------------------------------------
Cigna Corp. 15,000 2,865,000
- --------------------------------------------------------------------------------
Conseco, Inc. 285,000 13,377,188
- --------------------------------------------------------------------------------
Equitable Cos., Inc. 145,000 7,585,313
- --------------------------------------------------------------------------------
Loews Corp. 60,000 6,018,750
- --------------------------------------------------------------------------------
Reliastar Financial Corp. 160,000 7,610,000
- --------------------------------------------------------------------------------
SunAmerica, Inc. 667,500 30,246,094
-------------
77,095,945
- --------------------------------------------------------------------------------
Industrial--4.2%
- --------------------------------------------------------------------------------
Electrical Equipment--0.6%
C-Cube Microsystems, Inc.(1) 65,000 1,348,750
- --------------------------------------------------------------------------------
Kemet Corp.(1) 450,000 9,562,500
- --------------------------------------------------------------------------------
Vishay Intertechnology, Inc.(1) 173,250 3,529,969
-------------
14,441,219
- --------------------------------------------------------------------------------
Industrial Materials--0.4%
Owens-Illinois, Inc.(1) 55,000 2,110,625
- --------------------------------------------------------------------------------
USG Corp.(1) 105,000 5,735,625
-------------
7,846,250
14 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Industrial Services--0.7%
Comdisco, Inc. 172,100 $ 7,174,419
- --------------------------------------------------------------------------------
Corrections Corp. of America(1) 140,000 5,355,000
- --------------------------------------------------------------------------------
Danka Business Systems plc, Sponsored ADR 120,000 2,145,000
- --------------------------------------------------------------------------------
Growth Environmental, Inc.(1) 2,100 32
- --------------------------------------------------------------------------------
Mercury Air Group, Inc. 151,250 1,153,281
-------------
15,827,732
- --------------------------------------------------------------------------------
Manufacturing--0.7%
Aeroquip-Vickers, Inc. 240,000 13,935,000
- --------------------------------------------------------------------------------
Cognex Corp.(1) 15,000 360,938
- --------------------------------------------------------------------------------
MascoTech, Inc. 82,000 1,701,500
-------------
15,997,438
- --------------------------------------------------------------------------------
Transportation--1.8%
Arkansas Best Corp.(1) 25,000 281,250
- --------------------------------------------------------------------------------
Canadian Pacific Ltd. (New) 495,000 14,138,438
- --------------------------------------------------------------------------------
CSX Corp. 82,600 4,620,438
- --------------------------------------------------------------------------------
FDX Corp.(1) 60,000 3,821,250
- --------------------------------------------------------------------------------
Navistar International Corp.(1) 555,000 16,858,125
-------------
39,719,501
- --------------------------------------------------------------------------------
Technology--17.8%
- --------------------------------------------------------------------------------
Aerospace/Defense--0.1%
Gencorp, Inc. 75,000 2,043,750
- --------------------------------------------------------------------------------
Watkins-Johnson Co. 12,700 343,694
-------------
2,387,444
- --------------------------------------------------------------------------------
Computer Hardware--9.2%
Adaptec, Inc.(1) 155,000 4,097,813
- --------------------------------------------------------------------------------
Applied Magnetics Corp.(1) 525,000 6,267,188
- --------------------------------------------------------------------------------
Cabletron Systems, Inc.(1) 190,000 2,945,000
- --------------------------------------------------------------------------------
Compaq Computer Corp. 1,184,000 37,962,000
- --------------------------------------------------------------------------------
Data General Corp.(1) 318,500 6,569,063
- --------------------------------------------------------------------------------
Dell Computer Corp.(1) 110,000 15,386,250
- --------------------------------------------------------------------------------
Digital Equipment Corp.(1) 45,000 2,562,188
- --------------------------------------------------------------------------------
EMC Corp.(1) 610,000 23,332,500
- --------------------------------------------------------------------------------
Gateway 2000, Inc.(1) 845,000 37,180,000
- --------------------------------------------------------------------------------
International Business Machines Corp. 155,000 16,187,813
- --------------------------------------------------------------------------------
Iomega Corp.(1) 145,000 1,323,125
- --------------------------------------------------------------------------------
Quantum Corp.(1) 370,000 9,296,250
- --------------------------------------------------------------------------------
Seagate Technology, Inc.(1) 535,000 13,007,188
15 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Computer Hardware(continued)
Silicon Graphics, Inc.(1) 585,000 $ 8,811,563
- --------------------------------------------------------------------------------
Sun Microsystems, Inc.(1) 100,000 4,762,500
- --------------------------------------------------------------------------------
Western Digital Corp.(1) 900,000 16,425,000
-------------
206,115,441
- --------------------------------------------------------------------------------
Computer Software/Services--3.9%
Adobe Systems, Inc. 120,000 5,302,500
- --------------------------------------------------------------------------------
BMC Software, Inc.(1) 355,000 27,157,500
- --------------------------------------------------------------------------------
Computer Associates International, Inc. 315,000 14,844,375
- --------------------------------------------------------------------------------
GTech Holdings Corp.(1) 450,000 15,890,625
- --------------------------------------------------------------------------------
HBO & Co. 80,000 4,330,000
- --------------------------------------------------------------------------------
Microsoft Corp.(1) 125,000 10,593,750
- --------------------------------------------------------------------------------
Network Associates, Inc.(1) 50,000 3,231,250
- --------------------------------------------------------------------------------
Peoplesoft, Inc.(1) 140,000 6,256,250
- --------------------------------------------------------------------------------
System Software Associates, Inc.(1) 55,000 409,063
-------------
88,015,313
- --------------------------------------------------------------------------------
Electronics--4.0%
Advanced Micro Devices, Inc.(1) 170,000 3,984,375
- --------------------------------------------------------------------------------
Arrow Electronics, Inc.(1) 300,000 9,993,750
- --------------------------------------------------------------------------------
Cypress Semiconductor Corp.(1) 512,500 4,836,719
- --------------------------------------------------------------------------------
Dynatech Corp.(1) 120,000 5,745,000
- --------------------------------------------------------------------------------
Intel Corp. 135,000 12,107,813
- --------------------------------------------------------------------------------
National Semiconductor Corp.(1) 100,000 2,387,500
- --------------------------------------------------------------------------------
Novellus Systems, Inc.(1) 525,000 25,167,188
- --------------------------------------------------------------------------------
SCI Systems, Inc.(1) 60,000 2,700,000
- --------------------------------------------------------------------------------
Solectron Corp.(1) 85,000 4,111,875
- --------------------------------------------------------------------------------
Tektronix, Inc. 70,000 3,123,750
- --------------------------------------------------------------------------------
Teradyne, Inc.(1) 107,500 5,072,656
- --------------------------------------------------------------------------------
Unitrode Corp.(1) 111,100 2,090,069
- --------------------------------------------------------------------------------
Vitesse Semiconductor Corp.(1) 75,000 3,808,594
- --------------------------------------------------------------------------------
VLSI Technology, Inc.(1) 220,000 4,248,750
-------------
89,378,039
- --------------------------------------------------------------------------------
Telecommunications-Technology--0.6%
Ascend Communications, Inc.(1) 150,000 5,615,625
- --------------------------------------------------------------------------------
Pairgain Technologies, Inc.(1) 400,000 8,050,000
-------------
13,665,625
16 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Utilities--0.4%
- --------------------------------------------------------------------------------
Telephone Utilities--0.4%
Cia de Telecommunicaciones de Chile SA,
Sponsored ADR 85,000 $ 2,326,875
- --------------------------------------------------------------------------------
Telefonos de Mexico SA, Sponsored ADR 150,000 7,603,125
--------------
9,930,000
--------------
Total Common Stocks (Cost $717,175,976) 1,254,490,693
Face
Amount
================================================================================
Short-Term Notes--31.8%(2)
- --------------------------------------------------------------------------------
American Express Credit Corp., 5.47%, 3/20/98 $50,000,000 49,855,653
- --------------------------------------------------------------------------------
Associates Corp. of North America, 5.48%, 3/12/98 50,000,000 49,916,278
- --------------------------------------------------------------------------------
BMW US Capital Corp., 5.50%, 3/17/98 50,000,000 49,877,778
- --------------------------------------------------------------------------------
CIESCO, LP, 5.48%, 3/13/98 40,000,000 39,926,933
- --------------------------------------------------------------------------------
CIT Group Holdings, Inc., 5.47%, 3/3/98 50,000,000 49,984,805
- --------------------------------------------------------------------------------
Countrywide Funding Corp., 5.50%, 3/18/98 50,000,000 49,870,139
- --------------------------------------------------------------------------------
General Electric Capital Services, Inc.,
5.52%, 4/3/98 30,000,000 29,847,925
- --------------------------------------------------------------------------------
General Electric Capital Services, Inc.,
5.55%, 3/2/98 50,000,000 49,992,417
- --------------------------------------------------------------------------------
General Motors Acceptance Corp., 5.50%, 3/10/98 50,000,000 49,931,250
- --------------------------------------------------------------------------------
Goldman Sachs Group, LP, 5.53%, 3/26/98 50,000,000 49,807,986
- --------------------------------------------------------------------------------
Household Finance Corp., 5.50%, 3/24/98 50,000,000 49,824,305
- --------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 5.50%, 3/19/98 40,000,000 39,890,000
- --------------------------------------------------------------------------------
Morgan (J.P.) & Co., Inc., 5.48%, 3/13/98 50,000,000 49,908,667
- --------------------------------------------------------------------------------
Prudential Funding Corp., 5.48%, 3/4/98 50,000,000 49,977,167
- --------------------------------------------------------------------------------
Texaco, Inc., 5.48%, 3/9/98 50,000,000 49,939,111
-------------
Total Short-Term Notes (Cost $708,550,414) 708,550,414
================================================================================
Repurchase Agreements--11.5%
- --------------------------------------------------------------------------------
Repurchase agreement with Salomon Smith Barney
Holdings, Inc., 5.64%, dated 2/27/98, to be
repurchased at $256,020,273 on 3/2/98,
collateralized by U.S. Treasury Bonds,
9.875%-10.625%, 8/15/15-11/15/15, with a value of
$195,341,613 and U.S. Treasury Nts., 4.75%-6%,
10/31/98-8/15/00, with a value of $66,215,432
(Cost $255,900,000) 255,900,000 255,900,000
- --------------------------------------------------------------------------------
Total Investments, at Value (Cost $1,681,626,390) 99.5% 2,218,941,107
- --------------------------------------------------------------------------------
Other Assets Net of Liabilities 0.5 10,613,288
----------- --------------
Net Assets 100.0% $2,229,554,395
=========== ==============
1. Non-income producing security.
2. Short-term notes are generally traded on a discount basis; the interest rate
is the discount rate received by the Fund at the time of purchase.
See accompanying Notes to Financial Statements.
17 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities February 28, 1998 (Unaudited)
- --------------------------------------------------------------------------------
================================================================================
Assets
Investments, at value (including repurchase agreement of
$255,900,000) (cost $1,681,626,390)--see accompanying statement $2,218,941,107
- --------------------------------------------------------------------------------
Receivables:
Investments sold 9,871,889
Shares of beneficial interest sold 3,675,902
Interest and dividends 947,728
- --------------------------------------------------------------------------------
Other 24,163
- --------------------------------------------------------------------------------
Total assets 2,233,460,789
================================================================================
Liabilities
Bank overdraft 1,024,780
- --------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 1,774,484
Distribution and service plan fees 629,245
Trustees' fees--Note 1 236,447
Transfer and shareholder servicing agent fees 122,452
Other 118,986
- --------------------------------------------------------------------------------
Total liabilities 3,906,394
================================================================================
Net Assets $2,229,554,395
==============
================================================================================
Composition of Net Assets
Paid-in capital $1,597,315,587
- --------------------------------------------------------------------------------
Undistributed net investment income 6,484,873
- --------------------------------------------------------------------------------
Accumulated net realized gain on investments and
foreign currency transactions 88,439,218
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 537,314,717
--------------
Net assets $2,229,554,395
==============
18 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on
net assets of $1,667,877,881 and 44,536,851 shares of beneficial
interest outstanding) $37.45
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $39.73
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $363,641,290 and 9,987,940 shares of beneficial interest
outstanding) $36.41
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent
deferred sales charge) and offering price per share (based on net
assets of $46,117,438 and 1,250,431 shares of beneficial interest
outstanding) $36.88
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $151,917,786 and 4,061,806 shares of
beneficial interest outstanding) $37.40
See accompanying Notes to Financial Statements.
19 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Six Months Ended February 28, 1998 (Unaudited)
- --------------------------------------------------------------------------------
===============================================================================
Investment Income
Interest $ 26,784,667
- -------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $22,159) 4,689,511
-------------
Total income 31,474,178
===============================================================================
Expenses
Management fees--Note 4 6,544,224
- -------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 1,478,056
Class B 1,566,694
Class C 177,354
- -------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4:
Class A 1,102,441
Class B 190,805
Class C 21,956
Class Y 16,522
- -------------------------------------------------------------------------------
Shareholder reports 226,787
- --------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 68,725
- --------------------------------------------------------------------------------
Custodian fees and expenses 59,419
- --------------------------------------------------------------------------------
Legal and auditing fees 51,249
- --------------------------------------------------------------------------------
Other 38,327
-------------
Total expenses 11,542,559
===============================================================================
Net Investment Income 19,931,619
================================================================================
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments 112,723,015
Foreign currency transactions (40,306)
-------------
Net realized gain 112,682,709
- -------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (28,741,549)
Translation of assets and liabilities denominated in foreign
currencies 742
-------------
Net change (28,740,807)
-------------
Net realized and unrealized gain 83,941,902
===============================================================================
Net Increase in Net Assets Resulting from Operations $ 103,873,521
=============
See accompanying Notes to Financial Statements.
20 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended
February 28, 1998 Year Ended
(Unaudited) August 31, 1997
========================================================================================
<S> <C> <C>
Operations
Net investment income $ 19,931,619 $ 27,065,195
- ----------------------------------------------------------------------------------------
Net realized gain 112,682,709 218,881,619
Net change in unrealized appreciation or depreciation (28,740,807) 238,043,222
--------------- ---------------
Net increase in net assets resulting from operations 103,873,521 483,990,036
========================================================================================
Dividends and Distributions to Shareholders
Dividends from net investment income:
Class A (26,712,742) (16,725,563)
Class B (3,632,461) (1,279,324)
Class C (482,024) (81,820)
Class Y (2,049,626) (744,288)
- ----------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (156,962,919) (127,576,926)
Class B (32,300,007) (17,787,734)
Class C (3,658,198) (841,346)
Class Y (10,359,931) (4,909,715)
========================================================================================
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions--Note 2:
Class A 182,208,861 202,853,918
Class B 99,777,265 108,268,225
Class C 20,117,306 20,188,749
Class Y 59,756,948 65,819,922
========================================================================================
Net Assets
Total increase 229,575,993 711,174,134
- ----------------------------------------------------------------------------------------
Beginning of period 1,999,978,402 1,288,804,268
--------------- ---------------
End of period (including undistributed net investment
income of $6,484,873 and $19,430,107, respectively) $ 2,229,554,395 $ 1,999,978,402
=============== ===============
</TABLE>
See accompanying Notes to Financial Statements.
21 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A
-----------------------------------------------------------------------
Six Months
Ended
February 28,
1998 Year Ended August 31, Year Ended June 30,
(Unaudited) 1997 1996(2) 1996 1995
=====================================================================================================================
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $40.42 $33.69 $33.43 $30.80 $26.65
- ---------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .38 .62 .08 .44 .36
Net realized and
unrealized gain (loss) 1.21 10.37 .18 5.70 6.83
------ ------ ------ ------ ------
Total income (loss) from
investment operations 1.59 10.99 .26 6.14 7.19
- ---------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.66) (.49) -- (.41) (.24)
Distributions from net
realized gain (3.90) (3.77) -- (3.10) (2.80)
------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (4.56) (4.26) -- (3.51) (3.04)
- ---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $37.45 $40.42 $33.69 $33.43 $30.80
====== ====== ====== ====== ======
=====================================================================================================================
Total Return, at Net Asset Value(5) 4.94% 35.03% 0.78% 21.00% 29.45%
=====================================================================================================================
Ratios/Supplemental Data
Net assets, end of period
(in thousands) $1,667,878 $1,590,927 $1,127,836 $1,120,046 $860,736
- ---------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1,613,175 $1,369,406 $1,101,233 $1,018,022 $727,102
Ratios to average net assets:
Net investment income (loss) 2.05%(6) 1.74% 1.50%(6) 1.43% 1.31%
Expenses 1.00%(6) 1.01% 1.03%(6) 1.06% 1.05%
- ---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 18.0% 25.3% 6.3% 38.0% 35.4%
Average brokerage commission rate(8) $0.0595 $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.
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.
6. Annualized.
22 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class B
- ---------------------- ---------------------------------------------------------------------------------
Six Months
Ended
February 28,
1998 Year Ended August 31, Year Ended June 30,
1994 1993 (Unaudited) 1997 1996(2) 1996 1995 1994(4)
=============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
$27.34 $24.94 $39.34 $32.94 $32.74 $30.36 $26.44 $27.02
- -------------------------------------------------------------------------------------------------------------
.16 .19 .25 .36 .04 .23 .20 (.04)
(.05) 4.03 1.16 10.08 .16 5.53 6.65 .21
------ ------ ------ ------ ------ ------ ------ ------
.11 4.22 1.41 10.44 .20 5.76 6.85 .17
- -------------------------------------------------------------------------------------------------------------
(.16) (.25) (.44) (.27) -- (.28) (.13) (.11)
(.64) (1.57) (3.90) (3.77) -- (3.10) (2.80) (.64)
------ ------ ------ ------ ------ ------ ------ ------
(.80) (1.82) (4.34) (4.04) -- (3.38) (2.93) (.75)
- -------------------------------------------------------------------------------------------------------------
$26.65 $27.34 $36.41 $39.34 $32.94 $32.74 $30.36 $26.44
====== ====== ====== ====== ====== ====== ====== ======
=============================================================================================================
0.27% 16.88% 4.54% 33.93% 0.61% 19.95% 28.22% (0.20)%
=============================================================================================================
$656,934 $743,830 $363,641 $284,227 $137,437 $129,484 $43,267 $8,747
- -------------------------------------------------------------------------------------------------------------
$720,765 $710,391 $316,874 $203,518 $131,142 $90,501 $18,722 $5,119
0.56% 0.72% 1.25%(6) 0.92% 0.61%(6) 0.60% 0.44% (0.22)%(6)
1.07% 0.93% 1.80%(6) 1.84% 1.92%(6) 1.89% 2.02% 1.98%(6)
- -------------------------------------------------------------------------------------------------------------
19.8% 23.2% 18.0% 25.3% 6.3% 38.0% 35.4% 19.8%
-- -- $0.0595 $0.0592 $0.0595 $0.0583 -- --
</TABLE>
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, 1998 were $301,390,718 and $203,795,696,
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. 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.
23 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class C
----------------------------------------------
Six Months
Ended Period
February 28, Ended
1998 Year Ended August 31, June 30,
(Unaudited) 1997 1996(2) 1996(3)
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $39.87 $33.42 $33.22 $33.44
- -------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .27 .42 .02 .40
Net realized and
unrealized gain (loss) 1.15 10.17 .18 2.88
------ ------ ------ ------
Total income (loss) from
investment operations 1.42 10.59 .20 3.28
- -------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income (.51) (.37) -- (.40)
Distributions from net
realized gain (3.90) (3.77) -- (3.10)
------ ------ ------ ------
Total dividends and distributions
to shareholders (4.41) (4.14) -- (3.50)
- -------------------------------------------------------------------------------------------
Net asset value, end of period $36.88 $39.87 $33.42 $33.22
====== ====== ====== ======
===========================================================================================
Total Return, at Net Asset Value(5) 4.53% 33.93% 0.60% 10.07%
===========================================================================================
Ratios/Supplemental Data
Net assets, end of period
(in thousands) $46,117 $28,145 $5,034 $3,593
- -------------------------------------------------------------------------------------------
Average net assets (in thousands) $35,865 $13,705 $4,105 $1,804
Ratios to average net assets:
Net investment income (loss) 1.25%(6) 0.95% 0.44%(6) 0.65%(6)
Expenses 1.81%(6) 1.84% 2.10%(6) 1.81%(6)
- -------------------------------------------------------------------------------------------
Portfolio turnover rate(7) 18.0% 25.3% 6.3% 38.0%
Average brokerage commission rate(8) $0.0595 $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.
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.
6. Annualized.
24 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Class Y
- -----------------------------------------------------------------
Six Months
Ended
February 28,
1998 Year Ended August 31, Year Ended June 30,
(Unaudited) 1997 1996(2) 1996 1995 1994(1)
- ------------------------------------------------------------------
$40.43 $33.69 $33.42 $30.80 $26.64 $28.08
- ------------------------------------------------------------------
.49 .66 .08 .46 .30 .02
1.15 10.42 .19 5.70 6.92 (1.46)
------ ------ ------ ------ ------ ------
1.64 11.08 .27 6.16 7.22 (1.44)
- ------------------------------------------------------------------
(.77) (.57) -- (.44) (.26) --
(3.90) (3.77) -- (3.10) (2.80) --
------ ------ ------ ------ ------ ------
(4.67) (4.34) -- (3.54) (3.06) --
- ------------------------------------------------------------------
$37.40 $40.43 $33.69 $33.42 $30.80 $26.64
====== ====== ====== ====== ====== ======
==================================================================
5.09% 35.36% 0.81% 21.10% 29.59% (5.13)%
==================================================================
$151,918 $96,679 $18,497 $16,110 $3,189 $9
- ------------------------------------------------------------------
$114,660 $62,619 $16,792 $9,384 $536 $10
2.33%(6) 2.00% 1.67%(6) 1.56% 1.54% 1.09%(6)
0.71%(6) 0.77% 0.87%(6) 0.94% 1.04% 1.25%(6)
- ------------------------------------------------------------------
18.0% 25.3% 6.3% 38.0% 35.4% 19.8%
$0.0595 $0.0592 $0.0595 $0.0583 -- --
- ------------------------------------------------------------------
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, 1998 were $301,390,718 and $203,795,696, 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. 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.
25 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
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. The
Fund's investment advisor 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 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. Forward foreign currency exchange contracts are valued
based on the closing prices of the forward currency contract rates in the London
foreign exchange markets on a daily basis as provided by a reliable bank or
dealer.
26 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
Foreign Currency Translation. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
The effect of changes in foreign currency exchange rates on
investments is separately identified from fluctuations arising from changes in
market values of securities held and reported with all other foreign currency
gains and losses in the Fund's Statement of Operations.
- --------------------------------------------------------------------------------
Repurchase Agreements. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. If the seller
of the agreement defaults and the value of the collateral declines, or if the
seller enters an insolvency proceeding, realization of the value of the
collateral by the Fund may be delayed or limited.
- --------------------------------------------------------------------------------
Allocation of Income, Expenses, and Gains and Losses. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
Federal Taxes. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
27 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
================================================================================
1. Significant Accounting Policies (continued)
Trustees' Fees and Expenses. The Fund has adopted a nonfunded retirement plan
for the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended February 28, 1998, a provision of $30,254 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 $223,673 at February 28,
1998.
- --------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from its ultimate characterization for federal income tax purposes. Also, due to
timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the fiscal year in which the income or realized gain
was recorded by the Fund.
- --------------------------------------------------------------------------------
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. 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.
28 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
2. Shares of Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest. Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
February 28, 1998 August 31, 1997
-------------------------- --------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 3,955,864 $153,655,462 7,438,778 $270,007,705
Dividends and
distributions reinvested 5,167,572 177,816,119 4,120,561 140,121,073
Issued in conjunction with the
acquisition of Jefferson-Pilot
Capital Appreciation
Fund, Inc.--Note 6 -- -- 1,196,229 40,529,263
Redeemed (3,950,098) (149,262,720) (6,871,542) (247,804,123)
---------- ------------- ---------- -------------
Net increase 5,173,338 $182,208,861 5,884,026 $202,853,918
========== ============= ========== =============
- ---------------------------------------------------------------------------------------
Class B:
Sold 2,557,660 $95,769,376 3,854,380 $137,203,025
Dividends and
distributions reinvested 1,028,023 34,449,063 542,057 18,050,580
Redeemed (822,793) (30,441,174) (1,343,411) (46,985,380)
---------- ------------- ---------- -------------
Net increase 2,762,890 $99,777,265 3,053,026 $108,268,225
========== ============= ========== =============
- ---------------------------------------------------------------------------------------
Class C:
Sold 517,094 $19,517,760 621,652 $22,634,387
Dividends and
distributions reinvested 118,205 4,011,886 26,886 907,142
Redeemed (90,848) (3,412,340) (93,205) (3,352,780)
---------- ------------- ---------- -------------
Net increase 544,451 $20,117,306 555,333 $20,188,749
========== ============= ========== =============
- ---------------------------------------------------------------------------------------
Class Y:
Sold 1,580,513 $57,649,555 2,052,812 $73,903,563
Dividends and
distributions reinvested 361,268 12,409,557 166,588 5,654,002
Redeemed (271,466) (10,302,164) (376,914) (13,737,643)
---------- ------------- ---------- -------------
Net increase 1,670,315 $59,756,948 1,842,486 $65,819,922
========== ============= ========== =============
</TABLE>
================================================================================
3. Unrealized Gains and Losses on Investments
At February 28, 1998, net unrealized appreciation on investments of $537,314,717
was composed of gross appreciation of $557,075,102, and gross depreciation of
$19,760,385.
29 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
================================================================================
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% of 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, 0.60% of the next $700
million, 0.58% of the next $1 billion, and 0.56% of average annual net assets in
excess of $2.5 billion.
For the six months ended February 28, 1998, commissions (sales
charges paid by investors) on sales of Class A shares totaled $2,613,028, of
which $779,873 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 $3,143,371 and $155,603, respectively,
of which $239,219 and $4,219, respectively, was paid to an affiliated
broker/dealer. During the six months ended February 28, 1998, OFDI received
contingent deferred sales charges of $251,635 and $6,473, 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.
OppenheimerFunds Services (OFS), a division of the Manager, is
the transfer and shareholder servicing agent for the Fund and for other
registered investment companies. OFS's total costs of providing such services
are allocated ratably to these companies.
The Fund has adopted a Service Plan for Class A shares to
reimburse OFDI for a portion of its costs incurred in connection with the
personal service and maintenance of shareholder accounts that hold Class A
shares. Reimbursement is made quarterly at an annual rate that may not exceed
0.25% of the average annual net assets of Class A shares of the Fund. OFDI uses
the service fee to reimburse brokers, dealers, banks and other financial
institutions quarterly for providing personal service and maintenance of
accounts of their customers that hold Class A shares. During the six months
ended February 28, 1998, OFDI paid $61,258 to an affiliated broker/dealer as
reimbursement for Class A personal service and maintenance expenses.
30 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
The Fund has adopted a Distribution and Service Plan for Class B shares to
reimburse OFDI for its 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 for its services rendered in distributing
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.
Each fee is 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, 1998, OFDI paid $13,763 to an affiliated broker/dealer as
reimbursement for Class B personal service and maintenance expenses and retained
$1,328,580 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 February 28, 1998, OFDI had incurred excess distribution and servicing costs
of $8,941,380 for Class B.
The Fund has adopted a Distribution and Service Plan for Class C
shares to compensate OFDI for its 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 for its services rendered in
distributing 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. Each fee is 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, 1998, OFDI retained $128,396 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 February 28, 1998, OFDI had
incurred excess distribution and servicing costs of $436,205 for Class C.
31 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- --------------------------------------------------------------------------------
================================================================================
5. Forward Contracts
A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.
The Fund uses forward contracts to seek to manage foreign
currency risks. They may also be used to tactically shift portfolio currency
risk. The Fund generally enters into forward contracts as a hedge upon the
purchase or sale of a security denominated in a foreign currency. In addition,
the Fund may enter into such contracts as a hedge against changes in foreign
currency exchange rates on portfolio positions.
Forward contracts are valued based on the closing prices of the
forward currency contract rates in the London foreign exchange markets on a
daily basis as provided by a reliable bank or dealer. The Fund will realize a
gain or loss upon the closing or settlement of the forward transaction.
Securities held in segregated accounts to cover net exposure on
outstanding forward contracts are noted in the Statement of Investments where
applicable. Unrealized appreciation or depreciation on forward contracts is
reported in the Statement of Assets and Liabilities. Realized gains and losses
are reported with all other foreign currency gains and losses in the Fund's
Statement of Operations.
Risks include the potential inability of the counter party to
meet the terms of the contract and unanticipated movements in the value of a
foreign currency relative to the U.S. dollar.
================================================================================
6. 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.
32 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.35%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.0575% per annum.
The Fund had no borrowings outstanding during the six months
ended February 28, 1998.
33 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
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 Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and Shareholder OppenheimerFunds Services
Servicing Agent
================================================================================
Custodian of The Bank of New York
Portfolio Securities
================================================================================
Independent Auditors KPMG Peat Marwick LLP
================================================================================
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been
taken from the records of the Fund without examination
of the independent auditors.
This is a copy of a report to shareholders of
Oppenheimer 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, and are not insured by the FDIC or any other
agency, and involve investment risks, including
possible loss of the principal amount invested.
34 Oppenheimer Growth Fund
<PAGE>
- --------------------------------------------------------------------------------
OppenheimerFunds Family
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
==============================================================================================
Real Asset Funds
- ----------------------------------------------------------------------------------------------
Real Asset Fund Gold & Special Minerals Fund
==============================================================================================
Global Stock Funds
- ----------------------------------------------------------------------------------------------
Developing Markets Fund International Growth Fund Quest Global Value Fund
International Small Global Fund Global Growth &Income Fund
Company Fund
==============================================================================================
Stock Funds
- ----------------------------------------------------------------------------------------------
Enterprise Fund MidCap Fund Growth Fund
Discovery Fund Capital Appreciation Fund Disciplined Value Fund
Quest Small Cap Value Fund Quest Capital Value Fund Quest Value Fund
==============================================================================================
Stock & Bond Funds
- ----------------------------------------------------------------------------------------------
Main Street Income & Total Return Fund Disciplined Allocation Fund
Growth Fund Quest Growth & Income Multiple Strategies Fund
Quest Opportunity MValue Fund Convertible Securities Fund(1)
Value Fund Equity Income Fund
==============================================================================================
Taxable Bond Funds
- ----------------------------------------------------------------------------------------------
International Bond Fund Champion Income Fund U.S. Government Trust
World Bond Fund Strategic Income Fund Limited-Term Government Fund
High Yield Fund Bond Fund
==============================================================================================
Municipal Funds
- ----------------------------------------------------------------------------------------------
California Municipal Fund(2) Pennsylvania Municipal Fund(2) Rochester Division:
Florida Municipal Fund(2) Municipal Bond Fund Rochester Fund Municipals
New Jersey Municipal Fund(2) Insured Municipal Fund Limited Term New York
New York Municipal Fund(2) Intermediate Municipal Fund Municipal Fund
==============================================================================================
Money Market Funds(3)
- ----------------------------------------------------------------------------------------------
Money Market Fund Cash Reserves
</TABLE>
1. On 4/28/98, the Fund's name was changed from "Bond Fund for Growth."
2. Available only to investors in certain states.
3. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds seek to preserve the value of your investment at $1.00 per share, it
is possible to lose money by investing in these funds. Oppenheimer funds are
distributed by OppenheimerFunds Distributor, Inc., Two World Trade Center, New
York, NY 10048-0203.
(C) Copyright 1998 OppenheimerFunds, Inc. All rights reserved.
35 Oppenheimer Growth Fund
<PAGE>
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 or by visiting our website. 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 or website 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.
Internet
24-hr access to account information. Online
transactions now available
- --------------------------
www.oppenheimerfunds.com
- --------------------------
General Information
Mon-Fri 8:30am-9pm ET
Sat 10am-4pm ET
- --------------------------
1-800-525-7048
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Account Transactions
Mon-Fri 8:30am-8pm ET
- --------------------------
1-800-852-8457
- --------------------------
PhoneLink
24-hr automated information
and automated transactions
- --------------------------
1-800-533-3310
- --------------------------
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for the Deaf (TDD)
Mon-Fri 8:30am-2pm 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
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RS0270.001.0298 April 29, 1998
