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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 788959
<NAME> Oppenheimer Convertable Securities Fund - A
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<NUMBER> 1
<NAME> Convertible Securities Fund
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
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<INVESTMENTS-AT-VALUE> 1,054,103,068
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<OVERDISTRIBUTION-GAINS> 5,959,408
<ACCUM-APPREC-OR-DEPREC> 33,219,615
<NET-ASSETS> 221,692,547
<DIVIDEND-INCOME> 7,391,562
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<EXPENSES-NET> 15,453,854
<NET-INVESTMENT-INCOME> 42,466,713
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 788959
<NAME> Oppenheimer Convertable Securities Fund - B
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<NAME> Convertible Securities Fund
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<GROSS-EXPENSE> 15,453,854
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 788959
<NAME> Oppenheimer Convertable Securities Fund - C
<SERIES>
<NUMBER> 1
<NAME> Convertible Securities Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
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<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,012,954,123
<INVESTMENTS-AT-VALUE> 1,054,103,068
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<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.08)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 788959
<NAME> Oppenheimer Convertable Securities Fund - M
<SERIES>
<NUMBER> 1
<NAME> Convertible Securities Fund
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,012,954,123
<INVESTMENTS-AT-VALUE> 1,054,103,068
<RECEIVABLES> 9,571,463
<ASSETS-OTHER> 24,622
<OTHER-ITEMS-ASSETS> 122,731
<TOTAL-ASSETS> 1,063,821,884
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<ACCUMULATED-NET-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> 3,898,845
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<PER-SHARE-NAV-BEGIN> 15.32
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</TABLE>
<PAGE>
To the Board of Directors and Shareholders of
Oppenheimer Convertible Securities Fund
In planning and performing our audit of the financial statements of Oppenheimer
Convertible Securities Fund for the year ended December 31, 1998, we considered
its internal control, including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Oppenheimer Convertible Securities Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Board of Directors of Oppenheimer Convertible Securities Fund and the Securities
and Exchange Commission.
PricewaterhouseCoopers LLP
Denver, Colorado
January 25, 1999
<PAGE>
The Fund adjusts the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Accordingly, during the year ended
December 31, 1998, amounts have been reclassified to reflect a decrease in
paid-in capital of $2,037, a decrease in undistributed net investment income of
$14,718, and an increase in accumulated net realized gain on investments of
$16,755.
