<PAGE> 1
OPPENHEIMER TIME FUND
ANNUAL REPORT JUNE 30, 1994
(OPPENHEIMERFUNDS(R) LOGO)
[PHOTO #1 -- SEE EDGAR APPENDIX]
" COLLEGE AND RETIREMENT ARE FAR IN THE FUTURE FOR US. BUT I KNOW I NEED TO
START PLANNING TODAY.
"I CHOSE THIS FUND BECAUSE IT INVESTS IN THE KINDS OF STOCKS THAT OFFER STRONG
POTENTIAL FOR LONG-TERM GROWTH."
<PAGE> 2
FUND FACTS
IN THIS REPORT:
ANSWERS TO TWO
TIMELY QUESTIONS
YOU SHOULD ASK YOUR
FUND'S MANAGERS.
* DID THE FEDERAL RESERVE'S MOVES
TO RAISE SHORT-TERM INTEREST RATES AFFECT
THE FUND?
* WHAT'S THE NEAR-TERM OUTLOOK FOR THE STOCKS
OF MID-SIZE GROWTH COMPANIES?
FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER TIME FUND
- ------------------------------------------------------------------------------
1 The Fund seeks capital appreciation from a diversified
portfolio of growth-type companies. Its current
strategy focuses on successful medium-size growth
companies, special situations and cyclical industries.
- ------------------------------------------------------------------------------
2 Total return at net asset value for the 12-month period
ended June 30, 1994 was -3.40%.(1)
- ------------------------------------------------------------------------------
3 Average annual total returns for the 1-, 5-, and 10-year
periods ended June 30, 1994 were -8.95%, 5.68%,
and 12.54%, respectively.(2)
- ------------------------------------------------------------------------------
4 Top five stock holdings on June 30, 1994 were:(3)
ADVANTA CORP. CL. B.
LDDS COMMUNICATIONS, INC., CL. B.
CUC INTERNATIONAL, INC.
NIKE, INC., CI.B.
FEDERAL EXPRESS CORP.
- ------------------------------------------------------------------------------
5 "The stocks of growth companies like those in which Time
Fund invests have outperformed the stock market
as a whole by a wide margin over the long term. While these
stocks can be more volatile than those issued by bigger,
"blue-chip" companies, the potential rewards are greater as
well. Recognizing that, and despite recent short-term
setbacks, we have not changed our investment strategies or
approaches at all."
Portfolio Manager Paul LaRocco, June 30, 1994
(1) Based on the change in net asset value per share from 6/30/93 to 6/30/94,
without deducting any sales charges.
(2) Average annual total returns are based on a hypothetical investment held
until 6/30/94, after deducting the current maximum initial sales charge of
5.75% on 6/30/93, 6/30/89, 6/30/84, and 6/30/79, respectively. The Fund's
maximum sales charge rate was higher during a portion of some of the periods
shown, and performance will be affected by that change.
(3) The Fund's portfolio is subject to change.
All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment return and
principal value on 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.
2 Oppenheimer Time Fund
<PAGE> 3
REPORT TO SHAREHOLDERS
ABOVE-AVERAGE
LONG-TERM
PERFORMANCE
Average annual total returns
for the 15-year period ended
June 30, 1994
- ----------------------------
Oppenheimer 14.31%
Time Fund(4)
- ----------------------------
Lipper capital 13.66%
appreciation funds
average(5)
The past six months was one of the most challenging periods for mid-size
company stocks that we've seen in recent years.
Challenges stemmed almost entirely from the Federal Reserve's
preemptive strike against inflation in an economy poised for powerful
expansion. From early February through mid-May, the Fed raised short-term
interest rates four times, and as rates rose, they took a toll on growth
stocks.
In your managers' view, this setback is likely to prove temporary. The
Fed's moves seem to have had their hoped-for effects: inflation remains under
control, economic growth has slowed to a gradual, sustainable rate, and
interest rates are still low by historical standards.
In other words, the fundamentals for strong growth-stock performance
remain very much in place. And as a result of several steps taken over the past
several months, your Fund is well positioned to benefit when stocks resume
their advance.
Over the last six months, your managers took profits in a number of
companies whose stock prices seemed stretched in relation to their projected
earnings.
The proceeds from those sales were used to purchase shares of
companies posting strong sales and earnings growth today, and positioned to
benefit from the improving economy.
Many purchases focused on companies that are benefiting from pick-ups
in business spending, such as Birmingham Steel and Federal Express. Others
involved companies benefiting from stronger consumer confidence and spending,
including Nike, Brunswick Corporation, and fast-growing credit card companies
including Advanta and First USA.
All of these purchases reinforced rather than altered the Fund's basic
investment themes and strategies, and reflected your managers' continuing
emphasis on firms with established market positions, strong managements, and
the potential for above-average earnings growth.
Looking ahead, the prospects for the Fund remain promising. While
day-to-day market volatility may be greater than has been seen in the past, the
economy is growing at a gradual, low-inflation rate, and well-managed companies
are posting encouraging gains in market share and profits.
We appreciate the trust you have placed in Oppenheimer Time Fund, and
we look forward to helping you meet your investment goals in the future.
/s/ DONALD W. SPIRO
- -------------------
Donald W. Spiro
President, Oppenheimer Time Fund
July 22, 1994
(4) See footnote 2, page 2.
(5) Source of data: Lipper Analytical Services, Inc., an independent mutual
fund monitoring service, 6/30/94. The Lipper total return average for the 15
years ended 6/30/94 was for 31 capital appreciation funds. The average is shown
for comparative purposes only. Lipper performance rankings do not take sales
charges into consideration.
3 Oppenheimer Time Fund
<PAGE> 4
STATEMENT OF INVESTMENTS June 30, 1994
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
================================================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENTS--19.2%
- --------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets, 4.22%,
dated 6/30/94, to be repurchased at $61,907,256 on 7/1/94,
collateralized by U.S. Treasury Nts., 3.875%-9.25%, 12/31/94-11/30/98,
with a value of $44,997,687 and U.S. Treasury Bills, 0%, 6/29/95,
with a value of $18,163,596 (Cost $61,900,000) $61,900,000 $61,900,000
================================================================================================================================
CORPORATE BONDS AND NOTES--1.3%
- --------------------------------------------------------------------------------------------------------------------------------
Solectron Corp., 0%, Liq. Yld. Opt. Sub. Nts., 5/5/12 (Cost $4,107,535) 8,000,000 4,340,000
UNITS
================================================================================================================================
INDEXED INSTRUMENTS--0.1%
- --------------------------------------------------------------------------------------------------------------------------------
Nikkei Index, Opts.(1) (Cost $585,000) 1,000 396,000
================================================================================================================================
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- --------------------------------------------------------------------------------------------------------------------------------
Windmere Corp. Wts., Exp. 1/98(1) 4,727
----------------------------------------------------------------------------------------------------
XOMA Corp. Wts., Exp. 6/95(1) 5,511 276
----------
Total Rights, Warrants and Certificates (Cost $1,378) 276
SHARES
================================================================================================================================
PREFERRED STOCKS--1.4%
- --------------------------------------------------------------------------------------------------------------------------------
Sunamerica, Inc., Cv Depositary Shares (Cost $3,380,000) 260,000 4,420,000
================================================================================================================================
COMMON STOCKS--79.6%
- --------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--2.4%
- --------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.2% Geon Co. (The) 70,000 1,820,000
----------------------------------------------------------------------------------------------------
Georgia Gulf Corp.(1) 55,000 1,883,750
----------
3,703,750
- --------------------------------------------------------------------------------------------------------------------------------
METALS: DIVERSIFIED--1.2% Birmingham Steel Corp. 145,000 3,915,000
- --------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--33.5%
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES--2.0% Atlantic Southeast Airlines, Inc. 140,000 3,395,000
----------------------------------------------------------------------------------------------------
Southwest Airlines Co. 120,000 3,135,000
----------
6,530,000
- --------------------------------------------------------------------------------------------------------------------------------
AUTO PARTS: AFTER
MARKET--2.4% AutoZone, Inc.(1) 240,000 5,850,000
----------------------------------------------------------------------------------------------------
Lear Seating Corp.(1) 100,000 1,837,500
----------
7,687,500
- --------------------------------------------------------------------------------------------------------------------------------
BROADCAST MEDIA--3.1% Comcast Corp., Cl. A Special 160,000 2,880,000
----------------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS(2) 75,000 3,806,250
----------------------------------------------------------------------------------------------------
IDB Communications Group, Inc.(1) 353,000 3,265,250
----------
9,951,500
- --------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT--1.7% Carnival Corp., Cl. A 58,000 2,566,500
----------------------------------------------------------------------------------------------------
Mirage Resorts, Inc.(1) 150,000 2,812,500
----------
5,379,000
</TABLE>
4 Oppenheimer Time Fund
<PAGE> 5
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HOTELS/MOTELS--1.3% Promus Cos., Inc. (The)(1) 137,000 $ 4,058,625
- -----------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD FURNISHINGS Heilig-Meyers Co. 80,000 2,170,000
AND APPLIANCES--2.7% -------------------------------------------------------------------------------------------------
Rhodes, Inc.(1) 85,000 1,360,000
-------------------------------------------------------------------------------------------------
Sunbeam-Oster Co., Inc. 260,000 5,200,000
-----------
8,730,000
- -----------------------------------------------------------------------------------------------------------------------------
LEISURE TIME--2.9% Brunswick Corp. 150,000 3,300,000
-------------------------------------------------------------------------------------------------
Caesar's World, Inc.(1) 90,000 3,262,500
-------------------------------------------------------------------------------------------------
International Game Technology 140,000 2,642,500
-----------
9,205,000
- -----------------------------------------------------------------------------------------------------------------------------
RESTAURANTS--1.3% Brinker International, Inc.(1) 98,000 2,058,000
-------------------------------------------------------------------------------------------------
Shoney's, Inc.(1) 145,000 2,211,250
-----------
4,269,250
- -----------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--7.3% AnnTaylor Stores, Inc.(1) 45,000 1,726,875
-------------------------------------------------------------------------------------------------
Blockbuster Entertainment Corp. 135,000 3,493,125
-------------------------------------------------------------------------------------------------
CML Group, Inc. 119,000 1,398,250
-------------------------------------------------------------------------------------------------
General Nutrition Cos., Inc.(1) 115,200 1,987,200
-------------------------------------------------------------------------------------------------
Intelligent Electronics, Inc. 65,000 983,125
-------------------------------------------------------------------------------------------------
Lowe's Cos., Inc. 82,000 2,808,500
-------------------------------------------------------------------------------------------------
Office Depot, Inc.(1) 150,000 3,000,000
-------------------------------------------------------------------------------------------------
Spiegel, Inc., Cl. A 140,000 2,660,000
-------------------------------------------------------------------------------------------------
Staples, Inc.(1) 70,000 1,890,000
-------------------------------------------------------------------------------------------------
Viking Office Products, Inc.(1) 140,000 3,500,000
-----------
23,447,075
- -----------------------------------------------------------------------------------------------------------------------------
RETAIL STORES: Dollar General Corp. 145,000 3,625,000
DEPARTMENT STORES--3.3% -------------------------------------------------------------------------------------------------
Kohl's Corp.(1) 42,000 1,974,000
-------------------------------------------------------------------------------------------------
Nordstrom, Inc. 120,000 5,100,000
-----------
10,699,000
- -----------------------------------------------------------------------------------------------------------------------------
SHOES--2.0% Nike, Inc., Cl. B 105,000 6,273,750
- -----------------------------------------------------------------------------------------------------------------------------
TEXTILES: APPAREL Cintas Corp. 140,000 4,585,000
MANUFACTURERS--3.5% -------------------------------------------------------------------------------------------------
Phillips-Van Heusen Corp. 80,000 2,010,000
-------------------------------------------------------------------------------------------------
Tommy Hilfiger Corp.(1) 118,200 4,698,450
-----------
11,293,450
- -----------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--6.6%
- -----------------------------------------------------------------------------------------------------------------------------
DRUGS--1.9% R.P. Scherer Corp.(1) 116,000 3,828,000
-------------------------------------------------------------------------------------------------
Roberts Pharmaceutical Corp.(1) 115,000 2,386,250
-----------
6,214,250
- -----------------------------------------------------------------------------------------------------------------------------
HEALTHCARE: Elan Corp. PLC(1) 100,000 3,475,000
MISCELLANEOUS--3.5% -------------------------------------------------------------------------------------------------
Genentech, Inc.(1) 75,000 3,693,750
-------------------------------------------------------------------------------------------------
Health Care and Retirement Corp.(1) 160,000 3,960,000
-----------
11,128,750
</TABLE>
5 Oppenheimer Time Fund
<PAGE> 6
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
HOSPITAL MANAGEMENT--1.2% Clinicorp, Inc.(1) 50,000 $ 7,815
--------------------------------------------------------------------------------------------------------
Clinicorp, Inc.(1)(2) 128,300 19,045
--------------------------------------------------------------------------------------------------------
Lincare Holdings, Inc.(1) 120,000 2,325,000
--------------------------------------------------------------------------------------------------------
Quorum Health Group, Inc.(1) 87,000 1,522,500
-----------
3,874,360
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--8.3%
- ------------------------------------------------------------------------------------------------------------------------------------
BROKERS/DEALERS--0.4% Partnerre Holdings Ltd. 58,000 1,174,500
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES: Advanta Corp., Cl. B 220,000 7,095,000
MISCELLANEOUS--5.0% --------------------------------------------------------------------------------------------------------
First USA, Inc. 155,000 5,948,125
--------------------------------------------------------------------------------------------------------
Green Tree Financial Corp. 55,000 3,080,000
-----------
16,123,125
- ------------------------------------------------------------------------------------------------------------------------------------
INSURANCE: LIFE--1.3% Bankers Life Holding Corp. 50,000 1,006,250
Equitable of Iowa Cos., Inc. 40,000 1,265,000
--------------------------------------------------------------------------------------------------------
Mid Atlantic Medical Services, Inc.(1) 43,000 1,913,500
-----------
4,184,750
- ------------------------------------------------------------------------------------------------------------------------------------
INSURANCE: PROPERTY AND Mid Ocean Ltd.(1) 90,500 2,273,812
CASUALTY--0.7%
- ------------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS:
REGIONAL--0.9% First Interstate Bancorp 40,000 3,080,000
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--8.5%
- ------------------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS
GROUP--0.3% Martin Marietta Materials, Inc.(1) 50,000 1,100,000
- ------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES--0.6% Manpower, Inc. 85,000 1,785,000
- ------------------------------------------------------------------------------------------------------------------------------------
CONGLOMERATES--1.8% Grupo Carso SA, ADS(1)(2) 315,000 5,681,843
- ------------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING: DIVERSIFIED Stewart & Stevenson Services, Inc. 100,000 4,150,000
INDUSTRIALS--2.9% --------------------------------------------------------------------------------------------------------
Trinity Industries, Inc. 147,500 5,180,937
-----------
9,330,937
- ------------------------------------------------------------------------------------------------------------------------------------
RAILROADS--1.0% Southern Pacific Rail Corp.(1) 168,000 3,297,000
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION: Federal Express Corp.(1) 80,000 5,970,000
MISCELLANEOUS--1.9%
- ------------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--19.8%
- ------------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE AND CUC International, Inc.(1) 240,000 6,420,000
SERVICES--10.3% --------------------------------------------------------------------------------------------------------
Cadence Design Systems, Inc.(1) 220,000 3,685,000
--------------------------------------------------------------------------------------------------------
Danka Business System PLC, Sponsored ADR 39,000 1,555,125
--------------------------------------------------------------------------------------------------------
EMC Corp.(1) 370,000 4,995,000
--------------------------------------------------------------------------------------------------------
First Financial Management Corp. 70,000 3,885,000
--------------------------------------------------------------------------------------------------------
Oracle Systems Corp.(1) 120,000 4,500,000
--------------------------------------------------------------------------------------------------------
Pyxis Corp.(1) 210,000 3,990,000
--------------------------------------------------------------------------------------------------------
Reynolds & Reynolds Co., Cl. A 75,000 1,734,375
--------------------------------------------------------------------------------------------------------
Sybase, Inc.(1) 49,000 2,401,000
-----------
33,165,500
</TABLE>
6 Oppenheimer Time Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SYSTEMS--3.7% Cabletron Systems, Inc.(1) 23,000 $ 2,222,375
-------------------------------------------------------------------------------------------------------
First Data Corp. 125,000 5,171,875
-------------------------------------------------------------------------------------------------------
Sensormatic Electronics Corp. 160,000 4,600,000
------------
11,994,250
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: American Power Conversion Corp.(1) 65,000 1,048,125
INSTRUMENTATION--3.0% -------------------------------------------------------------------------------------------------------
Analog Devices, Inc.(1) 32,000 920,000
-------------------------------------------------------------------------------------------------------
Linear Technology Corp. 45,500 2,002,000
-------------------------------------------------------------------------------------------------------
Molex, Inc., Cl. A 155,000 5,696,250
------------
9,666,375
- -----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Applied Materials, Inc.(1) 50,000 2,137,500
SEMICONDUCTORS--0.7%
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--2.1% LDDS Communications, Inc., Cl. A(1) 381,774 6,681,045
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES--0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
NATURAL GAS--0.5% Equitable Resources, Inc. 45,000 1,546,875
------------
Total Common Stocks (Cost $222,610,897) 255,552,772
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $292,584,810) 101.6% 326,609,048
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (1.6) (5,072,922)
NET ASSETS 100.0% $321,536,126
</TABLE>
(1) Non-income producing security.
(2) Restricted security--See Note 6 of Notes to
Financial Statements.
See accompanying Notes to Financial Statements.
7 Oppenheimer Time Fund
<PAGE> 8
STATEMENT OF ASSETS AND LIABILITIES June 30, 1994
<TABLE>
===================================================================================================================================
<S> <C>
ASSETS Investments, at value (cost $292,584,810)--see accompanying statement $326,609,048
-------------------------------------------------------------------------------------------------------
Cash 776,689
-------------------------------------------------------------------------------------------------------
Receivables:
Investments sold 3,127,502
Shares of beneficial interest sold 106,582
Dividends and interest 45,403
-------------------------------------------------------------------------------------------------------
Other 96,951
------------
Total assets 330,762,175
===================================================================================================================================
LIABILITIES Options written, at value (premiums received $206,111)--
see accompanying statement--Note 4 215,325
-------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 7,011,815
Shares of beneficial interest redeemed 1,768,741
Service plan fees--Note 5 57,084
Other 173,084
------------
Total liabilities 9,226,049
===================================================================================================================================
NET ASSETS $321,536,126
============
===================================================================================================================================
COMPOSITION OF Paid-in capital $256,898,698
NET ASSETS -------------------------------------------------------------------------------------------------------
Undistributed net investment loss (105,145)
-------------------------------------------------------------------------------------------------------
Accumulated net realized gain from investment and written option transactions 30,727,549
-------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and options written--Note 3 34,015,024
------------
Net assets--applicable to 20,814,080 shares of beneficial interest outstanding $321,536,126
============
===================================================================================================================================
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $15.45
===================================================================================================================================
MAXIMUM OFFERING PRICE PER SHARE (net asset value plus sales charge of 5.75% of offering price) $16.39
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Time Fund
<PAGE> 9
STATEMENT OF OPERATIONS For the Year Ended June 30, 1994
<TABLE>
===================================================================================================================================
<S> <C>
INVESTMENT INCOME Interest $ 1,554,492
-------------------------------------------------------------------------------------------------------
Dividends 1,273,807
------------
Total income 2,828,299
===================================================================================================================================
EXPENSES Management fees--Note 5 2,848,414
-------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 5 270,842
-------------------------------------------------------------------------------------------------------
Service plan fees--Note 5 241,045
-------------------------------------------------------------------------------------------------------
Shareholder reports 84,568
-------------------------------------------------------------------------------------------------------
Legal and auditing fees 59,469
-------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 53,169
-------------------------------------------------------------------------------------------------------
Custodian fees and expenses 30,053
-------------------------------------------------------------------------------------------------------
Other 68,737
------------
Total expenses 3,656,297
===================================================================================================================================
NET INVESTMENT LOSS (827,998)
===================================================================================================================================
REALIZED AND UNREALIZED Net realized gain (loss) from:
GAIN (LOSS) ON INVESTMENTS Investments 40,977,001
AND OPTIONS WRITTEN Closing of option contracts written--Note 4 (1,931,520)
------------
Net realized gain 39,045,481
-------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments and options written (45,046,554)
------------
Net realized and unrealized loss on investments and options written (6,001,073)
===================================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(6,829,071)
============
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Time Fund
<PAGE> 10
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
1994 1993
===================================================================================================================================
<S> <C> <C> <C>
OPERATIONS Net investment income (loss) $ (827,998) $ 48,866
-------------------------------------------------------------------------------------------------------
Net realized gain on investments and options written 39,045,481 17,485,143
-------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or
depreciation on investments and options written (45,046,554) 49,454,166
------------ ------------
Net increase (decrease) in net assets resulting from operations (6,829,071) 66,988,175
===================================================================================================================================
DIVIDENDS AND Dividends from net investment income ($.054 per share) -- (1,210,998)
DISTRIBUTIONS TO -------------------------------------------------------------------------------------------------------
SHAREHOLDERS Dividends in excess of net investment income ($.002 per share) (47,909) --
-------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments and
options written ($1.226 and $.792 per share, respectively) (25,770,289) (17,728,325)
===================================================================================================================================
BENEFICIAL INTEREST Net decrease in net assets resulting from beneficial
TRANSACTIONS interest transactions (16,255,516) (7,584,627)
===================================================================================================================================
NET ASSETS Total increase (decrease) (48,902,785) 40,464,225
-------------------------------------------------------------------------------------------------------
Beginning of year 370,438,911 329,974,686
------------- -------------
End of year (including (accumulated net investment loss)
undistributed net investment income of ($105,145) and
$336,671, respectively) $321,536,126 $370,438,911
============= =============
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Time Fund
<PAGE> 11
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
1994 1993 1992 1991 1990
==================================================================================================
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of year $17.06 $14.84 $14.37 $16.71 $17.38
- --------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income --(1) --(1) .14 .40 .54
Net realized and unrealized
gain(loss) on investments and
options written (.38) 3.06 1.24 (.25) .62
------ ------ ------ ------ ------
Total income (loss) from
investment operations (.38) 3.06 1.38 .15 1.16
- --------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment income -- (.05) (.22) (.52) (.51)
Dividends in excess of net
investment income --(1) -- -- -- --
Distributions from net realized
gain on investments and options
written (1.23) (.79) (.69) (1.97) (1.32)
------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (1.23) (.84) (.91) (2.49) (1.83)
- --------------------------------------------------------------------------------------------------
Net asset value, end of year $15.45 $17.06 $14.84 $14.37 $16.71
====== ====== ====== ====== ======
==================================================================================================
TOTAL RETURN, AT NET ASSET
VALUE(2) (3.40)% 20.95% 9.28% 2.46% 6.91%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of
year (in thousands) $321,536 $370,439 $329,975 $309,390 $335,026
- --------------------------------------------------------------------------------------------------
Average net assets (in
thousands) $387,363 $358,834 $358,097 $310,040 $328,266
- --------------------------------------------------------------------------------------------------
Number of shares outstanding
at end of year (in thousands) 20,814 21,710 22,242 21,526 20,050
- --------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (.21)% .01% .80% 2.48% 3.12%
Expenses .94% 1.00% .96% .96% .94%
- --------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 62.7% 61.7% 86.3% 107.5% 115.7%
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
1989 1988 1987 1986 1985
==================================================================================================
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of year $15.50 $20.59 $20.15 $14.17 $12.00
- --------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income .48 .30 .15 .22 .33
Net realized and unrealized
gain(loss) on investments and
options written 2.35 (.99) 2.60 6.17 2.50
------ ------ ------ ------ ------
Total income (loss) from
investment operations 2.83 (.69) 2.75 6.39 2.83
- --------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment income (.42) (.27) (.23) (.31) (.21)
Dividends in excess of net
investment income -- -- -- -- --
Distributions from net realized
gain on investments and options
written (.53) (4.13) (2.08) (.10) (.45)
------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (.95) (4.40) (2.31) (.41) (.66)
- --------------------------------------------------------------------------------------------------
Net asset value, end of year $17.38 $15.50 $20.59 $20.15 $14.17
====== ====== ====== ====== ======
==================================================================================================
TOTAL RETURN, AT NET ASSET
VALUE(2) 19.48% (2.79)% 16.31% 46.39% 25.01%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of
year (in thousands) $319,789 $318,293 $347,503 $301,887 $222,423
- --------------------------------------------------------------------------------------------------
Average net assets (in
thousands) $294,079 $311,729 $292,151 $239,231 $194,346
- --------------------------------------------------------------------------------------------------
Number of shares outstanding
at end of year (in thousands) 18,401 20,539 16,877 14,981 15,693
- --------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 2.74% 1.83% .85% 1.42% 2.60%
Expenses 1.00% .97% .94% .96% .95%
- --------------------------------------------------------------------------------------------------
Portfolio turnover rate(3) 67.4% 102.6% 47.0% 106.7% 175.8%
</TABLE>
1. Less than $.005 per share.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal year, 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 year. Sales charges are
not reflected in the total returns.
3. The lesser of purchases or sales of portfolio securities for a year, divided
by the monthly average of the market value of portfolio securities owned during
the year. 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
year ended June 30, 1994 were $214,351,214 and $270,797,541, respectively.
See accompanying Notes to Financial Statements.
11 Oppenheimer Time Fund
<PAGE> 12
NOTES TO FINANCIAL STATEMENTS
<TABLE>
====================================================================================================================================
<S> <C>
1. SIGNIFICANT Oppenheimer Time Fund (the Fund) is registered under the Investment Company Act of 1940, as
ACCOUNTING POLICIES amended, as a diversified, open-end management investment company. The Fund's investment
advisor is Oppenheimer Management Corporation (the Manager). The following is a summary of
significant accounting policies consistently followed by the Fund.
--------------------------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at 4:00 p.m. (New York time) on each
trading day. Listed and unlisted securities for which such information is regularly reported are
valued at the last sale price of the day or, in the absence of sales, at values based on the
closing bid or asked price or the last sale price on the prior trading day. Long-term debt
securities are valued by a portfolio pricing service approved by the Board of Trustees. Long-term
debt securities which cannot be valued by the approved portfolio pricing service are valued by
averaging the mean between the bid and asked prices obtained from two active market makers in such
securities. Short-term 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. Securities for which market quotes are not readily available are valued under procedures
established by the Board of Trustees to determine fair value in good faith. An option is valued
based upon the last sales price on the principal exchange on which the option is traded or, in the
absence of any transactions that day, the value is based upon the last sale on the prior trading
date if it is within the spread between the closing bid and asked prices. If the last sale price
is outside the spread, the closing bid or asked price closest to the last reported sale price is
used.
--------------------------------------------------------------------------------------------------
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. 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.
--------------------------------------------------------------------------------------------------
OPTIONS WRITTEN. The Fund may write covered call and put options. When an option is written,
the Fund receives a premium and becomes obligated to sell the underlying security at a fixed
price, upon exercise of the option. In writing an option, the Fund bears the market risk of an
unfavorable change in the price of the security underlying the written option. Exercise of an
option written by the Fund could result in the Fund selling or purchasing a security at a price
different from the current market value. All securities covering call options written are held in
escrow by the custodian bank and the Fund maintains liquid assets sufficient to cover written put
options in the event of exercise by the holder.
--------------------------------------------------------------------------------------------------
FEDERAL INCOME 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 tax provision is required.
--------------------------------------------------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement plan for the Fund's
independent trustees. Benefits are based on years of service and fees paid to each trustee during
the years of service. During the year ended June 30, 1994, a provision of $18,391 was made for the
Fund's projected benefit obligations, resulting in an accumulated liability of $117,741 at June
30, 1994. No payments have been made under the plan.
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are recorded on
the ex-dividend date.
--------------------------------------------------------------------------------------------------
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective July 1, 1993, the Fund
adopted Statement of Position 93-2: Determination, Disclosure, and Financial Statement
Presentation of Income, Capital Gain, and Return of Capital Distributions by Investment Companies.
As a result, the Fund changed the classification of distributions to shareholders to better
disclose the differences between financial statement amounts and distributions determined in
accordance with income tax regulations. Accordingly, subsequent to June 30, 1993, amounts have
been reclassified to reflect a decrease in paid-in capital of $35,773, a decrease in undistributed
net investment loss of $390,026, and an increase in undistributed capital gain on investments of
$425,799. During the year ended June 30, 1994, Time Fund generated a net operating loss. As a
result, in accordance with Statement of Position 93-2, paid-in capital was reduced by $809,607,
and undistributed net investment loss was increased by the same amount.
</TABLE>
12 Oppenheimer Time Fund
<PAGE> 13
<TABLE>
====================================================================================================================================
<S> <C>
1. SIGNIFICANT ACCOUNTING OTHER. Investment transactions are accounted for on the date the investments are purchased or
POLICIES (CONTINUED) sold (trade date) and dividend income is recorded on the ex-dividend date. Discount on
securities purchased is amortized over the life of the respective securities, in accordance with
federal income tax requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
====================================================================================================================================
2. SHARES OF The Fund has authorized an unlimited number of no par value shares of beneficial interest.
BENEFICIAL INTEREST Transactions in shares of beneficial interest were as follows:
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30, 1994 YEAR ENDED JUNE 30, 1993
---------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 3,714,136 $ 65,700,854 3,409,926 $55,175,337
Dividends and distributions
reinvested 1,329,264 24,485,036 1,111,804 18,044,576
Redeemed (5,939,332) (106,441,406) (5,053,807) (80,804,540)
---------- ------------ ---------- -----------
Net increase (decrease) (895,932) $(16,255,516) (532,077) $(7,584,627)
========== ============ ========== ===========
</TABLE>
<TABLE>
====================================================================================================================================
<S> <C>
3. UNREALIZED GAINS AND At June 30, 1994, net unrealized appreciation on investments of $34,015,024 was composed of gross
LOSSES ON INVESTMENTS appreciation of $46,435,098, and gross depreciation of $12,420,074.
====================================================================================================================================
4. CALL OPTION ACTIVITY Call option activity for the year ended June 30, 1994 was as follows:
</TABLE>
<TABLE>
<CAPTION>
NUMBER AMOUNT OF
OF OPTIONS PREMIUMS
---------------------------------------------------------------------------------------------
<S> <C> <C>
Options outstanding at June 30, 1993 -- $ --
Options written 594 206,111
Options cancelled in closing
purchase transactions -- --
---------- -----------
Options outstanding at June 30, 1994 594 $206,111
========== ===========
</TABLE>
<TABLE>
====================================================================================================================================
<S> <C>
5. MANAGEMENT FEES Management fees paid to the Manager were in accordance with the investment advisory agreement
AND OTHER TRANSACTIONS with the Fund which provides for an annual fee of .75% on the first $200 million of net
WITH AFFILIATES assets with a reduction of .03% on each $200 million thereafter to $800 million, and .60% on net
assets in excess of $800 million. The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most stringent applicable regulatory limit on Fund
expenses.
For the year ended June 30, 1994, commissions (sales charges paid by investors) on
sales of Fund shares totaled $629,755, of which $168,109 was retained by Oppenheimer Funds
Distributor, Inc. (OFDI), a subsidiary of the Manager, as general distributor, and by an
affiliated broker-dealer.
Oppenheimer Shareholder Services (OSS), a division of the Manager, is the transfer and
shareholder servicing agent for the Fund, and for other registered investment companies.
OSS's total costs of providing such services are allocated ratably to these companies.
Under an approved service plan, the Fund may expend up to .25% of its net assets
annually to reimburse OFDI for costs incurred in connection with the personal service and
maintenance of accounts that hold shares of the Fund (prior to July 1, 1994, reimbursements were
made with respect to shares sold subsequent to April 1, 1991), including amounts paid to brokers,
dealers, banks and other institutions. During the year ended June 30, 1994, OFDI paid $4,498 to an
affiliated broker/dealer as reimbursement for personal service and maintenance expenses.
</TABLE>
13 Oppenheimer Time Fund
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS (Continued)
<TABLE>
====================================================================================================================================
<S> <C>
6. RESTRICTED SECURITIES The Fund owns securities purchased in private placement transactions, without registration under
the Securities Act of 1993 (the Act). The securities are valued under methods approved by
the Board of Trustees as reflecting fair value. The Fund intends to invest no more than 10% of its
net assets (determined at the time of purchase) in restricted and illiquid securities, excluding
securities eligible for resale pursuant to Rule 144A of the Act that are determined to be liquid
by the Board of Trustees or by the Manager under Board-approved guidelines. Restricted and
illiquid securities amount to $19,045, or 0% of the Fund's net assets, at June 30, 1994.
</TABLE>
<TABLE>
<CAPTION>
VALUATION
PER UNIT AS OF
SECURITY ACQUISITION DATE COST PER UNIT JUNE 30, 1994
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinicorp, Inc. 3/23/93 $ 5.50 $ 0.15
----------------------------------------------------------------------------------------------
Grupo Carso SA, ADS 9/24/91-1/26/93 $ 9.48 $18.04
----------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS 12/9/91-12/11/91 $26.45 $50.75
</TABLE>
14 Oppenheimer Time Fund
<PAGE> 15
INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Shareholders of Oppenheimer Time Fund:
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Time Fund as of June 30, 1994, and the related
statement of operations for the year then ended, the statements of changes in
net assets for each of the years in the two-year period then ended and the
financial highlights for each of the years in the ten-year period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of June 30, 1994, by correspondence with the custodian and
brokers; and where confirmations were not received from brokers, we performed
other auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Oppenheimer Time Fund as of June 30, 1994, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the ten-year period then ended, in conformity with
generally accepted accounting principles.
KPMG PEAT MARWICK LLP
Denver, Colorado
July 22, 1994
15 Oppenheimer Time Fund
<PAGE> 16
FEDERAL INCOME TAX INFORMATION (Unaudited)
In early 1995, shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 1994.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
A distribution of $1.228 per share was paid on December 30, 1993, of
which $1.226 was designated as a "capital gain distribution" for federal income
tax purposes. Whether received in stock or cash, the capital gain distribution
should be treated by shareholders as a gain from the sale of capital assets
held for more than one year (long-term capital gains).
None of the dividends paid by the Fund during the fiscal year ended
June 30, 1994 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in
reporting distributions received from the Fund to the Internal Revenue Service.
Because of the complexity of the federal regulations which may affect your
individual tax return and the many variations in state and local tax
regulations, we recommend that you consult your tax advisor for specific
guidance.
16 Oppenheimer Time Fund
<PAGE> 17
OPPENHEIMER TIME FUND
<TABLE>
====================================================================================================================================
<S> <C>
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Edmund T. Delaney, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Paul LaRocco, Assistant Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
====================================================================================================================================
INVESTMENT ADVISOR Oppenheimer Management Corporation
====================================================================================================================================
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
====================================================================================================================================
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
====================================================================================================================================
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
====================================================================================================================================
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
====================================================================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of Oppenheimer Time Fund. This report must be
preceded or accompanied by a Prospectus of Oppenheimer Time Fund. For material information
concerning the Fund, see the Prospectus.
</TABLE>
17 Oppenheimer Time Fund
<PAGE> 18
THE FAMILY OF OPPENHEIMERFUNDS
<TABLE>
====================================================================================================================================
<S> <C>
OppenheimerFunds offers over 30 mutual funds designed to fit virtually every investment
goal. Whether you're investing for retirement, your children's education, or tax-free income, we
have the mutual funds to help you seek your objective.
When you invest with OppenheimerFunds, you can feel comfortable knowing that you are
investing with a respected financial institution with over 30 years of experience in helping
people just like you reach their financial goals. And you're investing with a leader in global,
growth stock, and flexible fixed income investments--with over 1.8 million shareholder accounts
and more than $26 billion under Oppenheimer's management and that of our affiliates.
As an OppenheimerFunds shareholder, you can easily exchange shares of eligible funds of
the same class by mail or by telephone for a small administrative fee.(1) For more
information on OppenheimerFunds, please contact your financial advisor or call us at
1-800-525-7048 for a prospectus. You may also write us at the address shown on the back cover. As
always, please read the prospectus carefully before you invest.
====================================================================================================================================
SPECIALTY STOCK FUND Gold & Special Minerals Fund
====================================================================================================================================
STOCK FUNDS Discovery Fund Global Fund
Time Fund Oppenheimer Fund
Target Fund Value Stock Fund
Special Fund
====================================================================================================================================
STOCK AND BOND FUNDS Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth & Income Fund
====================================================================================================================================
BOND FUNDS High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income & Growth Fund Mortgage Income Fund
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Limited-Term Government Fund(2)
Strategic Investment Grade Bond Fund
====================================================================================================================================
TAX-EXEMPT FUNDS New York Tax-Exempt Fund(3) New Jersey Tax-Exempt Fund(3)
California Tax-Exempt Fund(3) Tax-Free Bond Fund
Pennsylvania Tax-Exempt Fund(3) Insured Tax-Exempt Bond Fund
Florida Tax-Exempt Fund(3) Intermediate Tax-Exempt Bond Fund
====================================================================================================================================
MONEY MARKET FUNDS Money Market Fund Cash Reserves
</TABLE>
(1) The fee is waived for PhoneLink exchanges
between existing accounts. Exchange
privileges are subject to change or
termination.
(2) Formerly Government Securities Fund.
(3) Available only to residents of those
states.
OppenheimerFunds are distributed by
Oppenheimer Funds Distributor, Inc.,
Two World Trade Center, New York, NY 1004
8-0203. (C) Copyright 1994 Oppenheimer
Management Corporation. All rights
reserved.
18 Oppenheimer Time Fund
<PAGE> 19
"HOW MAY I HELP YOU?"
[PHOTO #2 -- SEE EDGAR APPENDIX]
"Just as OppenheimerFunds offers over 30 different mutual funds designed to
help meet virtually every investment need, Oppenheimer Shareholder Services
offers a variety of services to satisfy your individual needs. Whenever you
require help, we're only a toll- free phone call away.
"For personalized assistance and account information, call
our General Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
"When you want to make account transactions, it's easy for
you to redeem shares, exchange shares, or conduct AccountLink transactions,
simply by calling our Telephone Transactions number.
"And for added convenience, OppenheimerFunds' PhoneLink,
an automated voice response system is available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. You can even make purchases, exchanges and redemptions using your
touch-tone phone. Of course, PhoneLink will always give you the option to speak
with a Customer Service Representative during the hours shown to the left.
"When you invest in OppenheimerFunds, you know you'll
receive a high level of customer service. The International Customer Service
Association knows it, too, as it awarded Oppenheimer Shareholder Services a
1993 Award of Excellence for consistently demonstrating superior customer
service.
"Whatever your needs, we're ready to assist you."
(1993 AWARD OF EXCELLENCE INTERNATIONAL CUSTOMER SERVICE ASSOCIATION LOGO)
GENERAL INFORMATION
1-800-525-7048
Talk to a Customer Service
Representative.
Monday through Friday from
8:30 a.m. to 8:00 p.m., and
Saturday from 10:00 a.m.
to 2:00 p.m. ET.
TELEPHONE TRANSACTIONS
1-800-852-8457
Make account transactions with a
Customer Service Representative.
Monday through Friday from
8:30 a.m. to 8:00 p.m. ET.
PHONELINK
1-800-533-3310
Get automated information or
make automated transactions.
24 hours a day, 7 days a week.
TELECOMMUNICATION
DEVICE FOR THE DEAF
1-800-843-4461
Service for the hearing impaired.
Monday through Friday from
8:30 a.m. to 8:00 p.m. ET.
OPPENHEIMERFUNDS
INFORMATION HOTLINE
1-800-835-3104
Hear timely and insightful
messages on the economy and
issues that affect your finances.
24 hours a day, 7 days a week.
RA220.0794.N
(OPPENHEIMERFUNDS(R) LOGO)
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- ---------------
Bulk Rate
U.S. Postage
PAID
Permit No. 314
Farmingdale, NY
- ---------------
<PAGE> 20
APPENDIX TO ELECTRONIC FORMAT DOCUMENT
The front cover of the report in the printed version contains a photo
(photo # 1) of a man and boy playing.
The back cover of the report in the printed version contains a photo
(photo #2) of Barbara Hennigar, Chief Executive Officer, Oppenheimer
Shareholder Services.
