Oppenheimer Time Fund
Semi-Annual Report December 31, 1993
(LOGO) OppenheimerFunds.
(Photograph of holding hands)
"I want long-term growth
from my investments.
"This Fund's focus on
companies with strong
potential is right for
me and my growing family."
<PAGE>
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Fund Facts
- --------------------------------------------------------------------------------
Five Facts Every Shareholder Should Know About Oppenheimer
Time Fund
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1 The Fund seeks capital appreciation from a well-diversified
portfolio of common stocks issued by successful medium-size
companies believed to possess strong growth potential.
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2 The Fund provided shareholders with a total return at net
asset value of 15.98% for the 6 months ended December 31,
1993. For the 12-month period ended on that date, total
return at net asset value was 19.63%.1
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3 The Fund ranks in the top 25% of all capital appreciation
funds tracked by Lipper in the latest 1-year period.2
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4 The Fund's top five stock holdings at December 31, 1993,
were:3
Brinker International, Inc. The parent of one of the
nation's fastest growing casual dining chains.
Sensormatic Electronics Corp. A leading provider of retail
security and anti-theft devices.
Singer Co. N.V. (The). Manufacturers of sewing machines and
electronic products.
AutoZone, Inc. A retailer of automotive parts.
Blockbuster Entertainment Corp. Operates or licenses nearly
3,600 videocassette retail stores.
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5 "The fundamentals for solid mid-cap company earnings growth
and market performance are still very much in place.
Investors are moving back to basics, with higher share
prices going to companies posting above-average sales and
earnings growth--the kind of companies in which we seek to
invest."
Portfolio Manager, Jay Tracey, December 31, 1993
- -----------------------
In this report:
Answers to three timely questions you should ask your Fund's managers.
# How has the Fund's recent repositioning to focus on the stocks
of mid-size companies paid off?
# What do you view as the most promising investment opportunities in
the current economic environment?
1. Based on the change in net asset value per share from 6/30/93 and
12/31/92 to 12/31/93. The Fund's average annual total returns, after
deducting the current maximum sales charge of 5.75%, for the 1-, 5-,
and 10-year periods ended 12/31/93 were 12.75%, 13.66%, and 12.92%
respectively. All performance figures assume reinvestment of dividends
and capital gains distributions. The Fund's maximum sales charge rate
was higher during a portion of the periods shown, and actual
investment results will be different as a result of that change.
2. Source of data: Lipper Analytical Services, an independent monitor
of mutual funds, 12/31/93. The Lipper total return averages for the
1-, 10-, and 15-year periods were for 129, 46, and 31 capital
appreciation funds, respectively, including reinvestment of dividends
and capital gains distributions. These averages are shown for
comparative purposes only. Oppenheimer Time Fund is characterized by
Lipper as a capital appreciation fund. Lipper performance does not
take sales charges into consideration.
3. The Fund's portfolio is subject to change.
Past performance is not indicative of future results. An investment in
the Fund will fluctuate in value so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
2 Oppenheimer Time Fund
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Report to Shareholders
- --------------------------------------------------------------------------------
The recent repositioning of Oppenheimer Time Fund to focus on
high-potential mid-size companies paid off in the six-month period
ended December 31, 1993. The Fund's total return at net asset value
for the 6 months ended on December 31 was 15.98%.4
After leading the market for much of 1993's third quarter,
mid-size stocks paused in the fourth quarter to rest and retrench. As
the U.S. economy continued to show signs of improvement, however, and
investors realized that there are no signs of a significant upturn in
either inflation or interest rates, mid-cap stocks resumed their
upward march. In our view, the fundamentals are in place for continued
strong performance.
Reflecting that view, our purchases and sales during the
period were aimed at fine-tuning rather than reworking the portfolio.
We took profits in several stocks whose prices seemed to be
stretched, such as International Game Technology, Blockbuster, and
several financial services and technology issues. We used the proceeds
from those sales to buy shares in companies whose earnings and stock
prices can benefit from the strengthening economy.
Many of our purchases represented investments in companies
positioned to benefit from upturns in consumer confidence and
spending, such as Acclaim Entertainment, Bombay Company, Carnival
Cruise Lines, and General Nutrition. Others, such as Elan, a
manufacturer of innovative drug-delivery systems based in Ireland, and
Cintas, a leader in consolidating the fragmented uniform-rental
business--were investments in enterprises poised to benefit from broad
industry changes.
Still other purchases, such as those we made in the
financial services field, were aimed at capitalizing on Americans'
growing concern with investing for retirement.
As we have noted before, however, your managers don't make
broad investment-sector bets. Instead, they search out individual
companies with strong market positions, seasoned managements, and
above-average earnings growth potential.
In our last report, we said that it might take time for your
Fund to begin to fully benefit from its focus on mid-size company
stocks. That time, it seems, has come. The economy is strengthening.
Interest rates and inflation should remain at low levels. And the
market is getting back to basics, rewarding strong earnings
performances with strong stock prices. All of those factors suggest
that the outlook for the Fund should remain bright.
We appreciate the confidence you have placed in Oppenheimer
Time Fund. We look forward to continuing to help you reach your
investment goals in the future.
(Donald W. Spiro signature)
Donald W. Spiro
President, Oppenheimer Time Fund
January 21, 1994
- ------------------------------
Performance
In Perspective
Total return for periods
ended December 31, 1993
6 Mos. 1 Year
- ------------------------------
Oppenheimer 15.98% 19.63%
Time Fund
(at NAV)4
- ------------------------------
Lipper capital 8.93% 15.07%
appreciation
funds average5
- ------------------------------
S&P 500 4.95% 10.06%
Stock Index6
4. See footnote 1, page 2.
5. See footnote 2, page 2.
6. The S&P 500 Index is an unmanaged index of common stocks that is
widely recognized as an indicator of overall market performance. The
S&P 500 Index includes dividend reinvestments but does not take
capital gains distributions into consideration.
3 Oppenheimer Time Fund
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<TABLE>
<CAPTION>
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Statement of Investments December 31, 1993 (Unaudited)
Face Market Value
Amount See Note 1
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Repurchase Agreements--8.1%
- ------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital
Markets, 3.13%, dated 12/31/93 and maturing
1/3/94, collateralized by U.S. Treasury Nts.,
6%-8.875%, 11/30/97-2/15/99, with a value of
$34,201,613 (Cost $33,500,000) $33,500,000 $33,500,000
- ------------------------------------------------------------------------------------------------------------------------------
Corporate Bonds and Notes--1.1%
- ------------------------------------------------------------------------------------------------------------------------------
Solectron Corp., 0% Liq. Yld. Opt. Sub. Nts., 5/5/12
(Cost $3,990,000) 8,000,000 4,680,000
Units
- ------------------------------------------------------------------------------------------------------------------------------
Rights, Warrants and Certificates--0.0%
- ------------------------------------------------------------------------------------------------------------------------------
Windmere Corp. Wts., Exp. 1/98(1) 4,727 --
-----------------------------------------------------------------------------------------------
XOMA Corp. Wts., Exp. 6/95(1) 5,511 2,756
-----------
Total Rights, Warrants and Certificates (Cost $1,378) 2,756
Shares
- ------------------------------------------------------------------------------------------------------------------------------
Preferred Stocks--1.1%
- ------------------------------------------------------------------------------------------------------------------------------
Sunamerica, Inc., Cv. Depositary Shares (Cost $3,380,000) 260,000 4,615,000
- ------------------------------------------------------------------------------------------------------------------------------
Common Stocks--89.8%
- ------------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--39.9%
- ------------------------------------------------------------------------------------------------------------------------------
Airlines--2.5% Atlantic Southeast Airlines, Inc. 140,000 4,795,000
-----------------------------------------------------------------------------------------------
Southwest Airlines Co. 150,000 5,625,000
-----------
10,420,000
- ------------------------------------------------------------------------------------------------------------------------------
Auto Parts: After Market--2.3% AutoZone, Inc.(1) 170,000 9,732,500
- ------------------------------------------------------------------------------------------------------------------------------
Broadcast Media--5.1% Comcast Corp., Cl. A Special 175,000 6,300,000
-----------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS(1)(2) 75,000 5,250,000
-----------------------------------------------------------------------------------------------
IDB Communications Group, Inc.(1) 120,000 6,600,000
-----------------------------------------------------------------------------------------------
Infinity Broadcasting Corp., Cl. A 95,000 2,873,750
-----------
21,023,750
- ------------------------------------------------------------------------------------------------------------------------------
Entertainment--1.3% Carnival Cruise Lines, Inc., Cl. A 20,000 947,500
-----------------------------------------------------------------------------------------------
Mirage Resorts, Inc.(1) 150,000 3,581,250
-----------------------------------------------------------------------------------------------
Royal Caribbean Cruises Ltd. 35,000 936,250
-----------
5,465,000
- ------------------------------------------------------------------------------------------------------------------------------
Hotels/Motels--2.3% Circus Circus(1) 90,000 3,330,000
-----------------------------------------------------------------------------------------------
Promus Cos., Inc. (The)(1) 132,000 6,039,000
-----------
9,369,000
- ------------------------------------------------------------------------------------------------------------------------------
Household Furnishings Heilig-Meyers Co. 130,000 5,070,000
And Appliances--5.7% -----------------------------------------------------------------------------------------------
Rhodes, Inc.(1) 133,000 2,227,750
-----------------------------------------------------------------------------------------------
Singer Co. NV (The) 300,000 11,212,500
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Sunbeam-Oster Co., Inc. 220,000 4,840,000
-----------
23,350,250
</TABLE>
4 Oppenheimer Time Fund
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<TABLE>
<CAPTION>
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Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Leisure Time--2.6% Caesar's World, Inc.(1) 90,000 $ 4,803,750
-----------------------------------------------------------------------------------------------
International Game Technology 200,000 5,900,000
-----------
10,703,750
- ------------------------------------------------------------------------------------------------------------------------------
Restaurants--5.0% Brinker International, Inc.(1) 300,000 13,800,000
-----------------------------------------------------------------------------------------------
Shoney's, Inc.(1) 300,000 6,937,500
-----------
20,737,500
- ------------------------------------------------------------------------------------------------------------------------------
Retail: Specialty--7.9% Blockbuster Entertainment Corp. 300,000 9,187,500
-----------------------------------------------------------------------------------------------
Bombay Co., Inc. (The)(1) 100,000 4,500,000
-----------------------------------------------------------------------------------------------
CML Group, Inc. 270,000 6,378,750
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General Nutrition Cos., Inc.(1) 164,000 4,674,000
-----------------------------------------------------------------------------------------------
Michaels Stores, Inc.(1) 39,400 1,408,550
-----------------------------------------------------------------------------------------------
Office Depot, Inc.(1) 130,000 4,371,250
-----------------------------------------------------------------------------------------------
Spiegel, Inc., Cl. A 100,000 2,250,000
-----------
32,770,050
- ------------------------------------------------------------------------------------------------------------------------------
Retail Stores: Kohl's Corp.(1) 130,000 6,532,500
Department Stores--1.6%
- ------------------------------------------------------------------------------------------------------------------------------
Retail Stores: General Mac Frugal's Bargains--Close-Outs, Inc. 100,000 1,962,500
Merchandise Chains--0.5%
- ------------------------------------------------------------------------------------------------------------------------------
Textiles: Apparel Cintas Corp. 140,000 4,760,000
Manufacturers--3.1% -----------------------------------------------------------------------------------------------
Phillips-Van Heusen Corp. 100,000 3,750,000
-----------------------------------------------------------------------------------------------
Tommy Hilfiger Corp.(1) 135,000 4,218,750
-----------
12,728,750
- ------------------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--9.8%
- ------------------------------------------------------------------------------------------------------------------------------
Beverages: Soft Drinks--1.4% Cott Corp. 120,000 2,925,000
-----------------------------------------------------------------------------------------------
Snapple Beverage Corp. 110,000 2,887,500
-----------
5,812,500
- ------------------------------------------------------------------------------------------------------------------------------
Drugs--3.4% Perrigo Co.(1) 140,000 4,795,000
-----------------------------------------------------------------------------------------------
R.P. Scherer Corp.(1) 116,000 4,379,000
-----------------------------------------------------------------------------------------------
Roberts Pharmaceutical Corp.(1) 115,000 4,571,250
-----------
13,745,250
- ------------------------------------------------------------------------------------------------------------------------------
Healthcare: Diversified--1.0% IVAX Corp. 150,000 4,312,500
- ------------------------------------------------------------------------------------------------------------------------------
Healthcare: Elan Corp. PLC(1) 50,000 2,118,750
Miscellaneous--3.1% -----------------------------------------------------------------------------------------------
Genentech, Inc.(1) 100,000 5,050,000
-----------------------------------------------------------------------------------------------
Health Care and Retirement Corp.(1) 260,000 5,785,000
-----------
12,953,750
- ------------------------------------------------------------------------------------------------------------------------------
Hospital Management--0.2% Clinicorp, Inc. (1)(2) 350,000 606,155
-----------------------------------------------------------------------------------------------
Clinicorp, Inc.(1) 50,000 106,250
-----------
712,405
- ------------------------------------------------------------------------------------------------------------------------------
Medical Products--0.7% Ventritex, Inc.(1) 75,000 2,943,750
</TABLE>
5 Oppenheimer Time Fund
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<TABLE>
<CAPTION>
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Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Financial--10.3%
- ------------------------------------------------------------------------------------------------------------------------------
Brokers/Dealers--0.4% Partnerre Holdings Ltd. 68,000 $ 1,479,000
- ------------------------------------------------------------------------------------------------------------------------------
Financial Services: Advanta Corp., Cl. B 210,000 6,090,000
Miscellaneous--5.5% -----------------------------------------------------------------------------------------------
Countrywide Credit Industries, Inc. 170,000 4,271,250
-----------------------------------------------------------------------------------------------
First USA, Inc. 180,000 6,435,000
-----------------------------------------------------------------------------------------------
MBIA, Inc. 60,000 3,772,500
-----------------------------------------------------------------------------------------------
Salomon, Inc. 50,000 2,381,250
-----------
22,950,000
- ------------------------------------------------------------------------------------------------------------------------------
Insurance Brokers--1.7% MGIC Investment Corp. 240,000 7,020,000
- ------------------------------------------------------------------------------------------------------------------------------
Insurance: Life--2.0% Bankers Life Holding Corp. 160,000 3,440,000
-----------------------------------------------------------------------------------------------
Equitable of Iowa Cos., Inc. 60,000 2,032,500
-----------------------------------------------------------------------------------------------
Life Partners Group, Inc. 150,000 3,018,750
-----------
8,491,250
- ------------------------------------------------------------------------------------------------------------------------------
Insurance: Property and Mid Ocean Ltd.(1) 100,500 2,839,125
Casualty--0.7%
- ------------------------------------------------------------------------------------------------------------------------------
Industrial--4.9%
- ------------------------------------------------------------------------------------------------------------------------------
Conglomerates--1.7% Grupo Carso SA, ADS(1) 315,000 6,890,625
- ------------------------------------------------------------------------------------------------------------------------------
Manufacturing: Diversified Mark IV Industries, Inc. 187,425 3,373,650
Industrials--3.2% -----------------------------------------------------------------------------------------------
Stewart & Stevenson Services, Inc. 100,000 5,125,000
-----------------------------------------------------------------------------------------------
Trinity Industries, Inc. 112,500 4,851,563
-----------
13,350,213
- ------------------------------------------------------------------------------------------------------------------------------
Technology--24.0%
- ------------------------------------------------------------------------------------------------------------------------------
Communication: Equipment/ Newbridge Networks Corp.(1) 40,000 2,190,000
Manufacturers--0.5%
- ------------------------------------------------------------------------------------------------------------------------------
Computer Software and Acclaim Entertainment, Inc.(1) 195,000 4,143,750
Services--14.1% -----------------------------------------------------------------------------------------------
Cheyenne Software, Inc.(1) 60,400 1,668,550
-----------------------------------------------------------------------------------------------
CUC International, Inc.(1) 240,000 8,640,000
-----------------------------------------------------------------------------------------------
Danka Business System PLC, Sponsored ADR 39,000 1,560,000
-----------------------------------------------------------------------------------------------
Electronic Arts, Inc.(1) 100,000 3,000,000
-----------------------------------------------------------------------------------------------
EMC Corp.(1) 420,000 6,930,000
-----------------------------------------------------------------------------------------------
First Financial Management Corp. 70,000 3,972,500
-----------------------------------------------------------------------------------------------
GTECH Holdings Corp.(1) 60,000 1,965,000
-----------------------------------------------------------------------------------------------
Information Resources, Inc.(1) 150,000 5,775,000
-----------------------------------------------------------------------------------------------
Lotus Development Corp.(1) 120,000 6,600,000
-----------------------------------------------------------------------------------------------
Oracle Systems Corp.(1) 150,000 4,312,500
-----------------------------------------------------------------------------------------------
Pyxis Corp.(1) 75,000 5,606,250
-----------------------------------------------------------------------------------------------
SPS Transaction Services, Inc.(1) 36,000 2,169,000
-----------------------------------------------------------------------------------------------
Sybase, Inc. 50,000 2,100,000
-----------
58,442,550
</TABLE>
6 Oppenheimer Time Fund
<PAGE>
<TABLE>
<CAPTION>
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Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Computer Systems--5.6% Cabletron Systems, Inc.(1) 28,000 $ 3,150,000
-----------------------------------------------------------------------------------------------
Cisco Systems, Inc.(1) 45,000 2,908,125
-----------------------------------------------------------------------------------------------
First Data Corp. 125,000 5,093,750
-----------------------------------------------------------------------------------------------
Sensormatic Electronics Corp. 345,000 12,031,875
------------
23,183,750
- ------------------------------------------------------------------------------------------------------------------------------
Electronics: American Power Conversion Corp.(1) 150,000 3,562,500
Instrumentation--1.9% -----------------------------------------------------------------------------------------------
Molex, Inc., Cl. A 125,000 4,218,750
-----------
7,781,250
- ------------------------------------------------------------------------------------------------------------------------------
Telecommunications--1.9% LDDS Communications, Inc., Cl. A(1) 165,887 8,004,046
- ------------------------------------------------------------------------------------------------------------------------------
Utilities--0.9%
- ------------------------------------------------------------------------------------------------------------------------------
Natural Gas--0.9% Equitable Resources, Inc. 100,000 3,662,500
------------
Total Common Stocks (Cost $252,144,928) 371,560,014
- ------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $293,016,306) 100.1% 414,357,770
- ------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets ( .1) (77,346)
-------- ------------
Net Assets 100.0% $414,280,424
======== ============
</TABLE>
1. Non-income producing security.
2. Restricted security--See Note 5 of Notes to Financial Statements.
See accompanying Notes to Financial Statements.
7 Oppenheimer Time Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1993 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Assets Investments, at value (cost $293,016,306)--see accompanying statement $414,357,770
-----------------------------------------------------------------------------------------------
Cash 1,130,365
-----------------------------------------------------------------------------------------------
Receivables:
Investments sold 2,412,531
Shares of beneficial interest sold 425,345
Dividends and interest 91,120
-----------------------------------------------------------------------------------------------
Other 84,028
------------
Total assets 418,501,159
- ------------------------------------------------------------------------------------------------------------------------------
Liabilities Payables and other liabilities:
Investments purchased 2,204,475
Dividends and distributions 1,299,055
Shares of beneficial interest redeemed 429,906
Distribution assistance--Note 4 55,445
Other 231,854
------------
Total liabilities 4,220,735
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets $414,280,424
============
- ------------------------------------------------------------------------------------------------------------------------------
Composition of Paid-in capital $285,356,121
Net Assets -----------------------------------------------------------------------------------------------
Accumulated net investment loss (357,602)
-----------------------------------------------------------------------------------------------
Accumulated net realized gain from investment and written option transactions 7,940,441
-----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 121,341,464
------------
Net assets--applicable to 22,337,958 shares of beneficial interest outstanding $414,280,424
============
- ------------------------------------------------------------------------------------------------------------------------------
Net Asset Value and Redemption Price Per Share $18.55
- ------------------------------------------------------------------------------------------------------------------------------
Maximum Offering Price Per Share (net asset value plus sales charge of 5.75% of offering price) $19.68
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Time Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Statement of Operations For the Six Months Ended December 31, 1993 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
Investment Income Interest $ 655,750
-----------------------------------------------------------------------------------------------
Dividends 607,392
-----------
Total income 1,263,142
- ------------------------------------------------------------------------------------------------------------------------------
Expenses Management fees--Note 4 1,477,249
-----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 170,571
-----------------------------------------------------------------------------------------------
Distribution assistance--Note 4 122,929
-----------------------------------------------------------------------------------------------
Shareholder reports 48,272
-----------------------------------------------------------------------------------------------
Legal and auditing fees 29,170
-----------------------------------------------------------------------------------------------
Trustees' fees and expenses 23,568
-----------------------------------------------------------------------------------------------
Custodian fees and expenses 14,424
-----------------------------------------------------------------------------------------------
Other 22,903
-----------
Total expenses 1,909,086
- ------------------------------------------------------------------------------------------------------------------------------
Net Investment Loss (645,944)
- ------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Net realized gain on investments 16,657,291
Gain (Loss) on Investments -----------------------------------------------------------------------------------------------
And Options Written Net change in unrealized appreciation on investments 42,279,886
-----------
Net realized and unrealized gain on investments and options written 58,937,177
- ------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations $58,291,233
===========
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Time Fund
<PAGE>
<TABLE>
<CAPTION>
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Statements of Changes in Net Assets
Six Months Ended
Dec. 31, 1993 Year Ended
(Unaudited) June 30, 1993
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Operations Net investment income (loss) $ (645,944) $ 48,866
-----------------------------------------------------------------------------------------------
Net realized gain on investments and options written 16,657,291 17,485,143
-----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on
investments and options written 42,279,886 49,454,166
------------ ------------
Net increase in net assets resulting from operations 58,291,233 66,988,175
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and Dividends from net investment income ($.0023 and $.054
Distributions to per share, respectively) (48,329) (1,210,998)
Shareholders -----------------------------------------------------------------------------------------------
Distributions from net realized gain on investments and
options written ($1.2257 and $.792 per share, respectively) (25,757,919) (17,728,325)
- ------------------------------------------------------------------------------------------------------------------------------
Beneficial Interest Net increase (decrease) in net assets resulting from beneficial
Transactions interest transactions--Note 2 11,356,528 (7,584,627)
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets Total increase 43,841,513 40,464,225
-----------------------------------------------------------------------------------------------
Beginning of period 370,438,911 329,974,686
------------ ------------
End of period (including (accumulated net investment loss)
undistributed net investment income of ($357,602) and $336,671,
respectively) $414,280,424 $370,438,911
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Time Fund
<PAGE>
<TABLE>
<CAPTION>
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Financial Highlights
Six Months Ended Year Ended
December 31, June 30,
1993 (Unaudited) 1993 1992 1991 1990 1989
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value,
beginning of period $17.06 $14.84 $14.37 $16.71 $17.38 $15.50
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income (loss) (.03) --(1) .14 .40 .54 .48
Net realized and unrealized
gain (loss) on investments and
options written 2.75 3.06 1.24 (.25) .62 2.35
-------- -------- -------- -------- -------- --------
Total income from
investment operations 2.72 3.06 1.38 .15 1.16 2.83
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net
investment income --(1) (.05) (.22) (.52) (.51) (.42)
Distributions from net realized
gain on investments and
options written (1.23) (.79) (.69) (1.97) (1.32) (.53)
-------- -------- -------- -------- -------- --------
Total dividends and distributions
to shareholders (1.23) (.84) (.91) (2.49) (1.83) (.95)
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $18.55 $17.06 $14.84 $14.37 $16.71 $17.38
======== ======== ======== ======== ======== ========
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) 15.98% 20.95% 9.28% 2.46% 6.91% 19.48%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $414,280 $370,439 $329,975 $309,390 $335,026 $319,789
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands) $399,183 $358,834 $358,097 $310,040 $328,266 $294,079
- -----------------------------------------------------------------------------------------------------------------------------------
Number of shares
outstanding at end of
period (in thousands) 22,338 21,710 22,242 21,526 20,050 18,401
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (.32)%(3) .01% .80% 2.48% 3.12% 2.74%
Expenses .95%(3) 1.00% .96% .96% .94% 1.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 27.5% 61.7% 86.3% 107.5% 115.7% 67.4%
</TABLE>
1. Less than $.005 per share.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns.
3. Annualized.
4. 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 six
months ended December 31, 1993 were $99,245,787 and $103,637,655 respectively.
See accompanying Notes to Financial Statements.
11 Oppenheimer Time Fund
<PAGE>
-------------------------------------------------------
Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
1. Significant Oppenheimer Time Fund (the Fund) is registered under
Accounting Policies the Investment Company Act of 1940, as 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.
-------------------------------------------------------
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 six months ended December 31, 1993, a
provision of $18,391 was made for the Fund's projected
benefit obligations, resulting in an accumulated
liability of $117,741 at December 31, 1993. No payments
have been made under the plan.
-------------------------------------------------------
Distributions to Shareholders. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
-------------------------------------------------------
Other. Investment transactions are accounted for on the
date the investments are purchased or sold (trade date)
and dividend income is recorded on the ex-dividend
date. Discount on securities purchased is amortized
over the life of the respective securities, in
accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an
identified cost basis, which is the same basis used for
federal income tax purposes.
- --------------------------------------------------------------------------------
2. Shares of The Fund has authorized an unlimited number of no par
Beneficial Interest value shares of beneficial interest. Transactions in
shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1993 Year Ended June 30, 1993
------------------------- ---------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 1,397,881 $25,952,305 3,409,926 $55,175,337
Dividends and distributions reinvested 1,328,595 24,467,211 1,111,804 18,044,576
Redeemed (2,098,530) (39,062,988) (5,053,807) (80,804,540)
---------- ----------- ---------- -----------
Net increase (decrease) 627,946 $11,356,528 (532,077) $(7,584,627)
========== =========== ========== ===========
</TABLE>
12 Oppenheimer Time Fund
<PAGE>
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3. Unrealized Gains and At December 31, 1993, net unrealized appreciation on
Losses on Investments investments of $121,341,464 was composed of gross
appreciation of $125,257,730, and gross depreciation of
$3,916,266.
- --------------------------------------------------------------------------------
4. Management Fees Management fees paid to the Manager were in accordance
And Other with the investment advisory agreement with the Fund
Transactions which provides for an annual fee of .75% on the first
With Affiliates $200 million of net assets with a reduction of .03% on
each $200 million thereafter to $800 million, and .60%
on net assets in excess of $800 million. The Manager
has agreed to reimburse the Fund if aggregate expenses
(with specified exceptions) exceed the most stringent
applicable regulatory limit on Fund expenses.
For the six months ended December 31, 1993,
commissions (sales charges paid by investors) on sales
of Fund shares totaled $279,872, of which $76,926 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 plan of distribution, the
Fund reimburses OFDI for costs incurred in distributing
shares of the Fund, including amounts paid to brokers,
dealers, banks and other institutions. Reimbursements
are not to exceed .25% annually of the net asset value
of Fund shares sold subsequent to March 31, 1991.
During the six months ended December 31, 1993, OFDI
paid $2,198 to an affiliated broker/dealer as
reimbursement for distribution-related expenses.
- --------------------------------------------------------------------------------
5. Restricted Securities The Fund owns securities purchased in private placement
transactions, without registration under the Securities
Act of 1933 (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 $606,155, or .15% of the Fund's net assets, at
December 31, 1993.
<TABLE>
<CAPTION>
Valuation
Per Unit as of
Security Acquisition Date Cost Per Unit December 31, 1993
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinicorp, Inc. 3/23/93 $ 6 $2,125
-----------------------------------------------------------------------------------------------------------
Grupo Televisa SA, ADS(1) 12/9/91-12/11/91 $26 $ 70
</TABLE>
1. Transferable under Rule 144A of the Act.
13 Oppenheimer Time Fund
<PAGE>
-------------------------------------------------------
Oppenheimer Time Fund
- --------------------------------------------------------------------------------
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
Jay W. Tracey, Vice President
George C. Bowen, Treasurer
Lynn M. Coluccy, 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
- --------------------------------------------------------------------------------
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the records of the
Fund without examination by the independent auditors.
This is a copy of a report to shareholders of Oppenheimer 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.
14 Oppenheimer Time Fund
<PAGE>
-------------------------------------------------------
The Family of OppenheimerFunds
- --------------------------------------------------------------------------------
OppenheimerFunds offers over 30 funds designed to fit
virtually every investment goal. Whether you're
investing for retirement, your children's education, or
tax-free income, we have the funds to help you seek
your objective.
When you invest with OppenheimerFunds, you
can feel comfortable knowing that you are investing
with a respected financial institution with over 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 1.7 million shareholder
accounts and more than $25 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.
<TABLE>
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
Specialty Stock Funds Global Bio-Tech Fund Gold & Special Minerals Fund
Global Environment 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 Fund3
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Government Securities Fund
Strategic Investment Grade Bond Fund
- -------------------------------------------------------------------------------------------------------
Tax-Exempt Funds New York Tax-Exempt Fund2 Tax-Free Bond Fund
California Tax-Exempt Fund2 Insured Tax-Exempt Bond Fund
Pennsylvania Tax-Exempt Fund2 Intermediate Tax-Exempt Bond Fund
Florida Tax-Exempt Fund2
- -------------------------------------------------------------------------------------------------------
Money Market Funds Money Market Fund Tax-Exempt Cash Reserves
Cash Reserves
</TABLE>
1. The fee is waived for PhoneLink exchanges between
existing accounts. Exchange privileges are subject to
change or termination.
2. Available only to residents of those states.
3. Formerly GNMA Fund.
OppenheimerFunds are distributed by Oppenheimer Funds
Distributor, Inc., Two World Trade Center, New York, NY
10048-0203. (C) Copyright 1994 Oppenheimer Management
Corporation. All rights reserved.
15 Oppenheimer Time Fund
<PAGE>
-------------------------------------------------------
"How may I help you?"
- --------------------------------------------------------------------------------
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.
TelephoneTransactions
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.
(Photograph of Barbara Hennigar)
Barbara Hennigar
President
Oppenheimer Shareholder Services
"Just as OppenheimerFunds offers over 30 different 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.
"We also make it 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 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 regular business hours.
1 9 9 3
AWARD of
EXCELLENCE
INTERNATIONAL
CUSTOMER SERVICE
ASSOCIATION
"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 recently awarded Oppenheimer
Shareholder Services a 1993 Award of Excellence for consistently
demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
RS380.0294.R
- --------------------------------------------------------------------------------
---------------------
(Logo) OppenheimerFunds(R) Bulk Rate
Oppenheimer Funds Distributor, Inc. U.S. Postage
P.O. Box 5270 PAID
Denver, CO 80217-5270 Permit No. 469
Denver, CO
---------------------
