OPPENHEIMER GLOBAL BIO TECH FUND
485BPOS, 1995-01-17
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                                                Registration No. 33-18285
                                                File No. 811-5381

                   SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C. 20549
                                FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933            / X /

     PRE-EFFECTIVE AMENDMENT NO. __                                /   /

     POST-EFFECTIVE AMENDMENT NO. 15                               / X /
    
                                 and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940    / X
/ 

     Amendment No. 17                                             / X /
    
                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND
           (formerly named "Oppenheimer Global Bio-Tech Fund")
- -----------------------------------------------------------------------
           (Exact Name of Registrant as Specified in Charter)

          Two World Trade Center, New York, New York 10048-0203
- -----------------------------------------------------------------------
                (Address of Principal Executive Offices)

                              212-323-0200
- -----------------------------------------------------------------------
                     (Registrant's Telephone Number)

                         ANDREW J. DONOHUE, ESQ.
                   Oppenheimer Management Corporation
          Two World Trade Center, New York, New York 10048-0203
- -----------------------------------------------------------------------
                 (Name and Address of Agent for Service)

It is proposed that this filing will become effective (check appropriate
box):

     /   / Immediately upon filing pursuant to paragraph (b)

     / X / On January 24, 1995, pursuant to paragraph (b)
    
     /   / 60 days after filing pursuant to paragraph (a)(1)

     /   / On __________, pursuant to paragraph (a)(1)

     /   / 75 days after filing pursuant to paragraph (a)(2)

     /   / On __________, pursuant to paragraph (a)(2)
    
           of Rule 485.
- -----------------------------------------------------------------------
   
The Registrant has registered an indefinite number of shares under the
Securities Act of 1933 pursuant to Rule 24f-2 promulgated under the
Investment Company Act of 1940.  A Rule 24f-2 Notice for the Registrant's
fiscal year ended September 30, 1994 was filed on November 29, 1994.
    

<PAGE>

                                FORM N-1A

                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND

                          Cross Reference Sheet

Part A of
Form N-1A
Item No.     Prospectus Heading
   
   1         Front Cover Page
   2         Expenses; A Brief Overview of the Fund
   3         Financial Highlights; Performance of the Fund
   4         Front Cover Page; Investment Objectives and Policies; How the
             Fund is Managed -- Organization and History
   5         How the Fund is Managed; Expenses; Back Cover
   5A        Performance of the Fund
   6         How the Fund is Managed -- Organization and History; The
             Transfer Agent; Dividends, Capital Gains and Taxes
   7         How to Buy Shares; How to Exchange Shares; Special Investor
             Services; Service Plan; How to Sell Shares; Shareholder
             Account Rules and Policies
   8         How to Sell Shares; Special Investor Services
   9         *
    

Part B of
Form N-1A
Item No.     Statement of Additional Information Heading
   
   10        Cover Page
   11        Cover Page
   12        *
   13        Investment Objective and Policies; Other Investment
             Techniques and Strategies; Additional Investment Restrictions
   14        How the Fund is Managed--Trustees and Officers of the Fund
   15        How the Fund is Managed--Major Shareholders
   16        How the Fund is Managed--Service Plan
   17        Brokerage Policies of the Fund
   18        Additional Information About the Fund
   19        About Your Account - How to Buy Shares, How to Sell Shares,
             How to Exchange Shares
   20        Dividends, Capital Gains and Taxes
   21        How the Fund is Managed; Brokerage Policies of the Fund
   22        Performance of the Fund
   23        Financial Statements
    
_____________

*Not applicable or negative answer.

<PAGE>

Oppenheimer
Global Emerging Growth Fund
   
Prospectus dated January 24, 1995     






Oppenheimer Global Emerging Growth Fund (the "Fund") is a mutual fund that
aggressively seeks capital appreciation as its investment objective. 
Current income is not an objective of the Fund.  

    In seeking its objective, the Fund emphasizes investments in emerging
growth companies worldwide that offer the potential for accelerated growth
of earnings or revenue.  In an uncertain investment environment, the Fund
may stress defensive investment methods.  The Fund also uses "hedging"
instruments to seek to reduce the risks of market fluctuations that affect
the value of the securities the Fund holds.    

     Some investment techniques the Fund uses may be considered to be
speculative investment methods that may increase the costs of investing
in the Fund and may also increase the Fund's operating costs.  The Fund
is designed for investors who are willing to accept greater risks of loss
in the hopes of greater gains, and is not intended for those who desire
assured income and conservation of capital.  Please refer to "Investment
Policies and Strategies" for more information about the types of
securities the Fund invests in and the risks of investing in the Fund.    

    This Prospectus explains concisely what you should know before
investing in the Fund. Please read this Prospectus carefully and keep it
for future reference. You can find more detailed information about the
Fund in the January 24, 1995, Statement of Additional Information. For a
free copy, call Oppenheimer Shareholder Services, the Fund's Transfer
Agent, at 1-800-525-7048, or write to the Transfer Agent at the address
on the back cover. The Statement of Additional Information has been filed
with the Securities and Exchange Commission and is incorporated into this
Prospectus by reference (which means that it is legally part of this
Prospectus).     

Because of the Fund's investment policies and practices, the Fund's shares
may be considered to be speculative.  

   Shares of the Fund are not deposits or obligations of any bank, are not
guaranteed by any bank, are not insured by the F.D.I.C. or any other
agency, and involve investment risks, including the possible loss of the
principal amount invested.    

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES
AND EXCHANGE COMMISSION  OR ANY STATE SECURITIES COMMISSION NOR HAS
THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION
PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.  ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.


<PAGE>

Contents

             A B O U T  T H E  F U N D

             Expenses

             Brief Overview of the Fund

             Financial Highlights

             Investment Objective and Policies

             How the Fund is Managed

             Performance of the Fund


             A B O U T  Y O U R  A C C O U N T

             How to Buy Shares

             Special Investor Services
             AccountLink
             Automatic Withdrawal and Exchange Plans
             Reinvestment Privilege
             Retirement Plans

             How to Sell Shares
             By Mail
             By Telephone

             How to Exchange Shares

             Shareholder Account Rules and Policies

             Dividends, Capital Gains and Taxes
             
             Appendix


<PAGE>

A B O U T  T H E  F U N D

Expenses

     The Fund pays a variety of expenses directly for management of its
assets, administration, distribution of its shares and other services, and
those expenses are subtracted from the Fund's assets to calculate the
Fund's net asset value per share. All shareholders therefore pay those
expenses indirectly.  Shareholders pay other expenses directly, such as
sales charges and account transaction charges. The following tables are
provided to help you understand your direct expenses of investing in the
Fund and your share of the Fund's operating expenses that you will bear
indirectly. The numbers below are based on the Fund's expenses during its
last fiscal year ended September 30, 1994.    

   -- Shareholder Transaction Expenses are charges you pay when you buy
or sell shares of the Fund.  Please refer to "About Your Account," from
pages ___ through ___ for an explanation of how and when these charges
apply.    

Maximum Sales Charge                        5.75%
on Purchases (as a %
of offering price)
- -----------------------------------------------------
Sales Charge on                             None
Reinvested Dividends
- -----------------------------------------------------
Deferred Sales Charge                       None(1)
(as a % of the lower of
the original purchase
price or redemption
proceeds)
- -----------------------------------------------------
Exchange Fee                                $5.00(2)
- -----------------------------------------------------

(1) If you invest more than $1 million in shares of the Fund, you may have
to pay a sales charge of up to 1% if you sell your shares within 18
calendar months from the end of the calendar month during which you
purchased those shares.  See "How to Buy Shares," below.

   (2) Fee is waived for automated exchanges, as described in "How to
Exchange Shares."    

     -- Annual Fund Operating Expenses are paid out of the Fund's assets
and represent the Fund's expenses in operating its business. For example,
the Fund pays management fees to its investment adviser, Oppenheimer
Management Corporation (which is referred to in this Prospectus as the
"Manager").  The rates of the Manager's fees are set forth in "How the
Fund is Managed," below.  The Fund has other regular expenses for
services, such as transfer agent fees, custodial fees paid to the bank
that holds its portfolio securities, audit fees and legal expenses. These
expenses are detailed in the Fund's Financial Statements included in the
Statement of Additional Information.    

     The numbers in the chart below are projections of the Fund's business
expenses based on the Fund's expenses in its last fiscal year.  These
amounts are shown as a percentage of the average net assets of the Fund
for that year. The "12b-1 Plan Fees" are the Service Plan Fees (which can
be up to a maximum of 0.25% of average annual net assets).      

     The actual expenses of the Fund in future years may be more or less,
depending on a number of factors, including changes in the actual value
of the Fund's assets on which some of these fees are based.    

     Management Fees                     0.81%
     -----------------------------------------
     12b-1 Service Plan Fees             0.24%
     -----------------------------------------
     Other Expenses                      0.72%
     -----------------------------------------
     Total Fund Operating Expenses       1.77%
     -----------------------------------------     

     -- Example. To try to show the effect of these expenses on an
investment over time, we have created the hypothetical example shown
below. Assume that you make a $1,000 investment in the Fund, and that the
Fund's annual return is 5%, and that its operating expenses are the ones
shown in the chart above.  If you were to redeem your shares at the end
of each period shown below, your investment would incur the following
expenses by the end of 1, 3, 5 and 10 years:    

          1 year    3 years    5 years   10 years
          ------    -------    -------   --------
          $ 74      $110       $148      $254      

     This example shows the effect of expenses on an investment, but is
not meant to state or predict actual or expected costs or investment
returns of the Fund, all of which will vary.    

<PAGE>

A Brief Overview of the Fund

     Some of the important facts about the Fund are summarized below, with
references to the section of this Prospectus where more complete
information can be found.  You should carefully read the entire Prospectus
before making a decision about investing in the Fund.  Keep the Prospectus
for reference after you invest, particularly for information about your
account, such as how to sell or exchange shares.    

     --  What Is The Fund's Investment Objective?  The Fund's investment
objective is to aggressively seek capital appreciation (that is, growth
in the value of its shares).  It does not invest to earn current income
to pay to shareholders.

     --  What Does the Fund Invest In?  The Fund emphasizes investment in
common stocks or other equity securities, including convertible
securities, of emerging growth companies located in the United States and
as few as three foreign countries.  The Fund may hold warrants and rights. 
The Fund may also use hedging instruments and some derivative investments
to try to manage investment risks.  These investments are more fully
explained in "Investment Objective and Policies," starting on page
___.    

     --  Who Manages the Fund?  The Fund's investment adviser is
Oppenheimer Management Corporation, which (including a subsidiary) advises
investment company portfolios having over $29 billion in assets at
December 31, 1994.  The Fund's portfolio manager, who is primarily
responsible for the selection of the Fund's securities, is James C, Ayer,
Jr.  The Manager is paid an advisory fee by the Fund, based on its net
assets.  The Fund's Board of Trustees, elected by shareholders, oversees
the investment adviser and the portfolio manager.  Please refer to "How
the Fund is Managed," starting on page ___ for more information about the
Manager and its fees.    

     --  How Risky is the Fund?  All investments carry risks to some
degree.  It is important to remember that the Fund is designed for long-
term investing.  The Fund's investments in stocks are subject to changes
in their value from a number of factors such as changes in general bond
and stock market movements, or the change in value of particular stocks
because of an event affecting the issuer.  The Fund's investments in
foreign securities are subject to additional risks associated with
investing abroad, such as the effect of currency rate changes on stock
values.  These changes affect the value of the Fund's investments and its
price per share.  In the OppenheimerFunds spectrum, the Fund is generally
more volatile than the other stock funds, the income and growth funds, and
the more conservative income funds.  While the Manager tries to reduce
risks by diversifying investments, by carefully researching securities
before they are purchased for the portfolio, and in some cases by using
hedging techniques, there is no guarantee of success in achieving the
Fund's objective and your shares may be worth more or less than their
original cost when you redeem them.  Please refer to "Investment Objective
and Policies" starting on page ___ for a more complete discussion.    

     --  How Can I Buy Shares?  You can buy shares through your dealer or
financial institution, or you can purchase shares directly through the
Distributor by completing an Application or by using an Automatic
Investment Plan under AccountLink.  Please refer to "How to Buy Shares"
on page ___ for more details.    

     --  Will I Pay a Sales Charge to Buy Shares?  The Fund's shares are
offered with a front-end sales charge, starting at 5.75%, and reduced for
larger purchases.  Please review "How to Buy Shares" starting on page ___
for more details.    

     --  How Can I Sell My Shares?  Shares can be redeemed by mail or by
telephone call to the Transfer Agent on any business day, or through your
dealer.  Please refer to "How to Sell Shares" on page ___.    

     --  How Has the Fund Performed?  The Fund measures its performance
by quoting its average annual total return and cumulative total return,
which measure historical performance.  Those returns can be compared to
the returns (over similar periods) of other funds.  Of course, other funds
may have different objectives, investments, and levels of risk.  The
Fund's performance can also be compared to broad market indices, which we
have done on page ___.  Please remember that past performance does not
guarantee future results.    

<PAGE>

Financial Highlights

     The table on this page presents selected financial information about
the Fund, including per share data and expense ratios and other data based
on the Fund's average net assets. This information has been audited by
KPMG Peat Marwick LLP, the Fund's independent auditors, whose report on
the Fund's Financial Statements for the fiscal year ended September 30,
1994, is included in the Statement of Additional Information.      

<TABLE>
<CAPTION>
                                                                  YEAR ENDED SEPTEMBER 30,
                                                                  1994     1993     1992     1991(2)  1990    
1989     1988(1)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
                                   <S>                            <C>      <C>      <C>      <C>  
   <C>      <C>     
<C>
                                   PER SHARE OPERATING DATA:
                                   Net asset value, beginning
                                   of period                      $21.64   $20.25   $26.90   $11.81   $12.09 
 $10.63   $10.00
                                   -------------------------------------------------------------------------------------------
                                   Income (loss) from
                                   investment operations:
                                   Net investment income (loss)     (.01)    (.10)    (.17)    (.03)    (.02) 
  (.10)     .14
                                   Net realized and unrealized
                                   gain (loss) on investments,
                                   options written and foreign
                                   currency transactions           (2.11)    1.69    (6.47)   15.12     (.26) 
  1.69      .49
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Total income (loss) from
                                   investment operations           (2.12)    1.59    (6.64)   15.09     (.28) 
  1.59      .63
                                   -------------------------------------------------------------------------------------------
                                   Dividends and distributions
                                   to shareholders:
                                   Dividends from net
                                   investment income                  --       --     (.01)      --       --     (.10)

    --
                                   Distributions in excess
                                   of net realized gain
                                   on investments,
                                   options written and foreign
                                   currency transactions            (.17)    (.20)      --       --       --     (.03)

    --
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Total dividends and
                                   distributions to shareholders    (.17)    (.20)    (.01)      --       --    
(.13)      --
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Net asset value, end of period $19.35   $21.64   $20.25   $26.90  
$11.81   $12.09   $10.63
                                                                  ------   ------   ------   ------   ------   ------   ------
                                                                  ------   ------   ------   ------   ------   ------   ------

                                   -------------------------------------------------------------------------------------------
                                   -------------------------------------------------------------------------------------------
                                   TOTAL RETURN, AT NET ASSET 
                                   VALUE(3)                        (9.91)%   7.79%  (24.70)% 127.78%  
(2.32)%  15.21%    6.30%

                                   -------------------------------------------------------------------------------------------
                                   -------------------------------------------------------------------------------------------
                                   RATIOS/SUPPLEMENTAL DATA:
                                   Net assets, end of period
                                   (in thousands)               $163,295 $199,697 $129,634 $103,352 
$16,217   $3,872   $1,921
                                   -------------------------------------------------------------------------------------------
                                   Average net assets 
                                   (in thousands)               $190,984 $194,184 $166,144  $50,989  
$8,716   $2,343   $1,394
                                   -------------------------------------------------------------------------------------------
                                   Number of shares 
                                   outstanding at end of 
                                   period (in thousands)           8,437    9,226    6,400    3,841    1,373 
    320      181
                                   -------------------------------------------------------------------------------------------
                                   Ratios to average net assets:
                                   Net investment income (loss)    (1.05)%   (.80)%   (.71)%   (.18)%  
(.37)%   (.70)%   1.41%(4)
                                   Expenses                         1.77%    1.59%    1.39%    1.50%   
1.78%    2.40%    2.06%(4)
                                   -------------------------------------------------------------------------------------------
                                   Portfolio turnover rate(5)       54.7%    41.0%     2.6%    11.2%    
16.6%   17.1%     1.7%

<FN>
                                   1. For the period from December 30, 1987 (commencement of
operations) to September 30, 1988.
Per
                                   share amounts calculated based on the weighted average number of
shares outstanding during the
                                   period. 
                                   2. Per share amounts calculated based on the weighted average number
of shares outstanding during
                                   the period.
                                   3. 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.
                                   4. Annualized.
                                   5. 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 year ended September 30, 1994 were $92,464,689 and
$140,116,746, respectively.
</TABLE>

<PAGE>

Investment Objective and Policies

Objective. The Fund invests its assets to aggressively seek capital
appreciation for shareholders. The Fund does not invest to seek current
income to pay to shareholders.

   Investment Policies and Strategies. The Fund seeks its investment
objective by emphasizing investment in common stocks or other equity
securities, including convertible securities, and may hold warrants and
rights. These may include securities of U.S. companies or foreign
companies, as discussed below.  These securities may be traded on
securities exchanges or in over-the-counter markets.    

     As a non-fundamental policy, the Fund, under normal market
conditions, invests at least 65% of its total assets in securities of
emerging growth companies located in the United States and at least three
foreign countries.  As a global emerging growth fund, the Fund looks for
the most promising areas, both in the U.S. and abroad, for accelerated
growth of earnings or revenues.  

     The Fund may also seek to take advantage of changes in the business
cycle by investing in companies that are sensitive to those changes, if
the Manager believes they present opportunities for accelerated growth.
For example, when the economy is expanding, companies in the financial
services and consumer products industries may be in a position to benefit
from changes in the business cycle and may present long-term growth
opportunities.

     When investing the Fund's assets, the Manager considers many factors,
including general economic conditions abroad relative to the U.S. and
trends in foreign and domestic stock markets. The Fund may try to hedge
against losses in the value of its portfolio securities by using hedging
strategies described below. When market conditions are unstable, the Fund
may invest substantial amounts of its assets in debt securities, such as
money market instruments or government securities, as described below. The
Fund's portfolio manager may employ special investment techniques in
selecting securities for the Fund.  These are also described below.
Additional information may be found about them under the same headings in
the Statement of Additional Information.

     Prior Investment Policy.  The Fund previously emphasized investments
in biotechnology companies, and was named "Oppenheimer Global Bio-Tech
Fund".  At a meeting held September 19, 1994, the Fund's shareholders
approved a proposal to expand the Fund's investment policies to emphasize
investments in emerging growth companies worldwide, and to eliminate the
policy that the Fund would generally invest at least 65% of its total
assets in biotechnology companies.  The Fund's fundamental investment
objective of aggressively seeking capital appreciation remained unchanged. 
The Fund's Board of Trustees simultaneously changed the Fund's name to
"Oppenheimer Global Emerging Growth Fund" to reflect its revised
investment policies.    

     Interim Concentration Policy.  The Fund reserves the freedom to
concentrate its investments (that is, to invest 25% or more of its total
assets) in securities of biotechnology companies for an interim transition
period to permit an orderly reduction in its biotechnology position. 
However, unanticipated market conditions affecting the Fund's current
portfolio holdings or unanticipated redemptions of Fund shares might make
it impracticable for the Fund to quickly reduce its biotechnology position
in an orderly manner to less than 25% of its total assets until
circumstances permit.  The Fund defines biotechnology companies as those
with a significant business or investment in biotechnology.  The Fund has
adopted the industry classifications set forth in the Appendix to this
Prospectus.  For purposes of its interim biotechnology concentration
policy, the Fund reserves the right to invest more than 25% of its assets
in the "health care/drugs" or "health care/supplies & service" industry
categories.    

     Recent Acquisition.  On November 18, 1994, the Fund acquired
substantially all of the assets of Oppenheimer Global Environment Fund
("Global Environment Fund"), following approval by shareholders of Global
Environment Fund.  The Fund anticipates that it will maintain, for at
least an interim period, a substantial portion of the assets of Global
Environment Fund that are invested in environmental securities, most of
which will qualify as emerging growth companies.    

     -- What Are "Emerging Growth" Companies?  The Manager will emphasize
investments in aggressive growth opportunities that offer the potential
for accelerated earnings or revenues growth. Emerging growth companies
tend to be smaller companies that are developing new products or services
or that are expanding into new markets for their products.  However,
emerging growth companies can be any size and can be in any industry.  
They normally retain a large part of their earnings for research,
development and investment in capital assets. Therefore, they tend not to
emphasize the payment of dividends.  The Manager intends to use a global
"theme oriented approach" in managing the Fund, thereby seeking to
capitalize on important global trends.  Examples of current themes
include special telecommunications, infrastructure spending,
efficiency enhancing technology, energy logistics, emerging consumer
markets, healthcare/biotechnology and the environment.    

     -- Can the Fund's Investment Objective and Policies Change?  The Fund
has an investment objective, which is described above, as well as
investment policies it follows to try to achieve its objective.
Additionally, the Fund uses certain investment techniques and strategies
in carrying out those investment policies. The Fund's investment policies
and techniques are not "fundamental" unless the Prospectus or Statement
of Additional Information says that a particular policy is "fundamental." 
The Fund's investment objective is a fundamental policy.    

     Fundamental policies are those that cannot be changed without the
approval of a "majority" of the Fund's outstanding voting shares.  The
term "majority" is defined in the Investment Company Act to be a
particular percentage of outstanding voting shares (and this term is
explained in the Statement of Additional Information). The Fund's Board
of Trustees may change non-fundamental policies without shareholder
approval, although significant changes will be described in amendments to
this Prospectus.    

     -- Investment Risks.  Expanding the Fund's investment policies to
   emphasize investments in emerging growth companies worldwide serves to
diversify the Fund's investments across a number of sectors, in addition
to the biotechnology sector.  In addition, the Fund would not hold a
substantial amount of stock of any one company and would not invest too
great a percentage of the Fund's assets in any one company. 
Diversification reduces some of the risk to a shareholder's principal,
while providing greater growth potential.      

     Because the Fund invests a substantial portion of its assets in
stocks, the value of the Fund's portfolio will be affected by changes in
the stock markets.  At times, the stock markets can be volatile, and stock
prices can change substantially.  This market risk will affect the Fund's
net asset value per share, which will fluctuate as the values of the
Fund's portfolio securities change.  Not all stock prices change uniformly
or at the same time, and other factors can affect a particular stock's
prices (for example, poor earnings reports by an issuer, loss of major
customers, major litigation against an issuer, or changes in government
regulations affecting an industry).  Not all of these factors can be
predicted.      

     Because of the types of companies the Fund invests in and the
investment techniques the Fund uses, some of which may be speculative, the
Fund is designed for investors who are investing for the long-term and who
are willing to accept greater risks of loss of their capital in the hope
of achieving greater capital appreciation. Investing for capital
appreciation entails the risk of loss of all or part of your principal. 
Because changes in securities market prices can occur at any time, there
is no assurance that the Fund will achieve its investment objective, and
when you redeem your shares, they may be worth more or less than what you
paid for them.    

     -- Special Risks - Borrowing for Leverage.  The Fund may borrow money
from banks in an amount up to 10% of the value of its assets to buy
securities.  The Fund will borrow only if it can do so without putting up
assets as security for a loan.  This is a speculative investment method
known as "leverage."  This investing technique may subject the Fund to
greater risks and costs than funds that do not borrow. These risks may
include the possibility that the Fund's net asset value per share will
fluctuate more than funds that don't borrow, since the Fund pays interest
on borrowings and interest expense affects the Fund's share price.     

     -- Foreign Securities. The Fund may purchase equity (and debt)
securities issued or guaranteed by foreign companies or foreign
governments or their agencies. The Fund may buy securities of companies
in any country, developed or underdeveloped. There is no limit on the
amount of the Fund's assets that may be invested in foreign securities.
The Fund will hold foreign currency only in connection with the purchase
or sale of foreign securities.  If the Fund's securities are held abroad,
the countries in which they are held and the sub-custodians holding them
must be approved by the Fund's Board of Trustees.    

     Foreign securities have special risks. For example, foreign issuers
are not subject to the same accounting and disclosure requirements that
U.S. companies are subject to. The value of foreign investments may be
affected by changes in foreign currency rates, exchange control
regulations, expropriation or nationalization of a company's assets,
foreign taxes, delays in settlement of transactions, changes in
governmental economic or monetary policy in the U.S. or abroad, or other
political and economic factors. More information about the risks and
potential rewards of investing in foreign securities is contained in the
Statement of Additional Information. 

     -- Warrants and Rights.  Warrants basically are options to purchase
stock at set prices that are valid for a limited period of time.  The Fund
may invest up to 5% of its total assets in warrants or rights.  That 5%
does not apply to warrants the Fund has acquired as part of units with
other securities or that were attached to other securities.  No more than
2% of the Fund's assets may be invested in warrants that are not listed
on the New York or American Stock Exchanges.  These percentage limitations
are fundamental policies.  For further details about these investments,
see "Warrants and Rights" in the Statement of Additional Information.    

     -- Portfolio Turnover. A change in the securities held by the Fund
is known as "portfolio turnover." The Fund may engage in short-term
trading to try to achieve its objective.  The "Financial Highlights,"
above, show the Fund's portfolio turnover rate during past fiscal years. 
High turnover and short-term trading may cause the Fund to have relatively
larger commission expenses and transaction costs than funds that do not
engage in short-term trading. Additionally, high portfolio turnover may
affect the ability of the Fund to qualify as a "regulated investment
company" under the Internal Revenue Code to enable the Fund to obtain tax
deductions for dividends and capital gain distributions paid to
shareholders.  The Fund qualified in its last fiscal year and intends to
do so in the coming year, although it reserves the right not to qualify.
    

   Other Investment Techniques and Strategies. The Fund may also use the
investment techniques and strategies described below.  These involve
certain risks. The Statement of Additional Information contains more
information about these practices, including limitations on their use that
are intended to reduce some of the risks.    

     -- Investing in Small, Unseasoned Companies. The Fund may invest in
securities of small, unseasoned companies. These are companies that have
been in operation for less than three years, counting the operations of
any predecessors.  Securities of these companies may have limited
liquidity (which means that the Fund may have difficulty selling them at
an acceptable price when it wants to) and the prices of these securities
may be volatile. The Fund currently intends to invest no more than 10% of
its total assets in securities of small, unseasoned issuers, while
reserving the right to invest up to 25% of its total assets in such
issuers.    

     -- Hedging.  As described below, the Fund may purchase and sell
certain kinds of futures contracts, put and call options, forward
contracts, and options on futures and broadly-based stock indices.  These
are all referred to as "hedging instruments."  The Fund does not use
hedging instruments for speculative purposes, and has limits on the use
of them, described below.  The hedging instruments the Fund may use are
described below and in greater detail in "Other Investment Techniques and
Strategies" in the Statement of Additional Information.     

     The Fund may buy and sell options, futures and forward contracts for
a number of purposes.  It may do so to try to manage its exposure to the
possibility that the prices of its portfolio securities may decline, or
to establish a position in the securities market as a temporary substitute
for purchasing individual securities.  Some of these strategies, such as
selling futures, buying puts and writing covered calls, hedge the Fund's
portfolio against price fluctuations.      

     Other hedging strategies, such as buying futures and call options,
tend to increase the Fund's exposure to the securities market.  Forward
contracts are used to try to manage foreign currency risks on the Fund's
foreign investments.  Foreign currency options are used to try to protect
against declines in the dollar value of foreign securities the Fund owns,
or to protect against an increase in the dollar cost of buying foreign
securities.  Writing covered call options may also provide income to the
Fund for liquidity purposes.    

     Futures.  The Fund may buy and sell futures contracts that relate to
broadly-based stock indices (these are referred to as Stock Index
Futures).    

     Put and Call Options.  The Fund may buy and sell certain kinds of put
options (puts) and call options (calls).    

     The Fund may buy calls only on securities, broadly-based stock
indices, foreign currencies or Stock Index Futures, or to terminate its
obligation on a call the Fund previously wrote.  The Fund may write (that
is, sell) covered call options.  When the Fund writes a call, it receives
cash (called a premium).  The call gives the buyer the ability to buy the
investment on which the call was written from the Fund at the call price
during the period in which the call may be exercised.  If the value of the
investment does not rise above the call price, it is likely that the call
will lapse without being exercised, while the Fund keeps the cash premium
(and the investment).    

     The Fund may purchase put options.  Buying a put on an investment
gives the Fund the right to sell the investment at a set price to a seller
of a put on that investment.  The Fund can buy only those puts that relate
to (1) securities that the Fund owns, (2) broadly-based stock indices, (3)
foreign currencies or (4) Stock Index Futures.  The Fund can buy a put on
a Stock Index Future whether or not the Fund owns the particular Stock
Index Future in its portfolio.  

     The Fund may write puts on securities, broadly-based stock indices,
foreign currencies or Stock Index Futures in an amount up to 50% of its
total assets only if such puts are covered by segregated liquid assets. 
In writing puts, there is a risk that the Fund may be required to buy the
underlying security at a disadvantageous price.      

     The Fund may buy and sell puts and calls only if certain conditions
are met: (1) after the Fund writes a call, not more than 25% of the Fund's
total assets may be subject to calls; (2) calls the Fund buys or sells
must be listed on a securities or commodities exchange, or quoted on the
Automated Quotation System of the National Association of Securities
Dealers, Inc. (NASDAQ,) or traded in the over-the-counter market; (3) in
the case of puts and calls on foreign currency, they must be traded on a
securities or commodities exchange, or in the over-the-counter market, or
are quoted by recognized dealers in those options; (4) each call the Fund
writes must be "covered" while it is outstanding: that means the Fund must
own the investment on which the call was written or it must own other
securities that are acceptable for the escrow arrangements required for
calls; (5) the Fund may write calls on Futures contracts it owns, but
these calls must be covered by securities or other liquid assets the Fund
owns and segregates to enable it to satisfy its obligations if the call
is exercised; and (6) a call or put option  may not be purchased if the
value of all of the Fund's put and call options would exceed 5% of the
Fund's total assets.    

     Forward Contracts.  Forward contracts are foreign currency exchange
contracts.  They are used to buy or sell foreign currency for future
delivery at a fixed price.  The Fund uses them to try to "lock in" the
U.S. dollar price of a security denominated in a foreign currency that the
Fund has bought or sold, or to protect against possible losses from
changes in the relative values of the U.S. dollar and foreign
currency.    

     Hedging instruments can be volatile investments and may involve
special risks.  In the broadest sense, exchange-traded options and futures
contracts and other hedging instruments the Fund can use may be defined
as "derivative" investments.  In general, a derivative investment is a
specially-designed investment whose performance is linked to the
performance of another investment or security.  The use of hedging
instruments requires special skills and knowledge of investment techniques
that are different than what is required for normal portfolio management. 
If the Manager uses a hedging instrument at the wrong time or judges
market conditions incorrectly, hedging strategies may reduce the Fund's
return. The Fund could also experience losses if the prices of its futures
and options positions were not correlated with its other investments or
if it could not close out a position because the market for the future or
option was illiquid.    

     Options trading involves the payment of premiums and has special tax
effects on the Fund. There are also special risks in particular hedging
strategies.  If a covered call written by the Fund is exercised on an
investment that has increased in value, the Fund will be required to sell
the investment at the call price and will not be able to realize any
profit if the investment has increased in value above the call price.  The
use of forward contracts may reduce the gain that would otherwise result
from a change in the relationship between the U.S. dollar and a foreign
currency.  These risks are described in greater detail in the Statement
of Additional Information.    

     -- Illiquid and Restricted Securities. Under the policies and
procedures established by the Fund's Board of Trustees, the Manager
determines the liquidity of certain of the Fund's investments. Investments
may be illiquid because of the absence of an active trading market, making
it difficult to value them or dispose of them promptly at an acceptable
price. A restricted security is one that has a contractual restriction on
its resale or which cannot be sold publicly until it is registered under
the Securities Act of 1933.     

     The Fund will not invest more than 10% of its net assets in illiquid
or restricted securities (that limit may increase to 15% if certain state
laws are changed or the Fund's shares are no longer sold in those states).
The Fund's percentage limitation on these investments does not apply to
certain restricted securities that are eligible for resale to qualified
institutional purchasers.    

     -- Loans of Portfolio Investments. To raise cash for liquidity
purposes, the Fund may lend its portfolio investments to brokers, dealers
and other financial institutions approved by the Board of Trustees. Each
loan must be collateralized in accordance with applicable regulatory
requirements. As a fundamental policy, these loans are limited to not more
than 25% of the value of the Fund's total assets.  There are some risks
in connection with securities lending. The Fund might experience a delay
in receiving additional collateral to secure a loan, or a delay in
recovering loaned securities if the borrower defaults. The Fund presently
does not intend to engage in loans of investments that will exceed 5% of
the value of the Fund's total assets in the coming year.       

     -- Repurchase Agreements. The Fund may enter into repurchase
agreements. In a repurchase transaction, the Fund buys a security and
simultaneously sells it to the vendor for delivery at a future date. 
These are used primarily for cash liquidity purposes.  There is no limit
on the amount of the Fund's net assets that may be subject to repurchase
agreements of seven days or less.      

     Repurchase agreements must be fully collateralized. However, if the
vendor fails to pay the resale price on the delivery date, the Fund may
incur costs in disposing of the collateral and may experience losses if
there is any delay in its ability to do so. The Fund will not enter into
a repurchase agreement that causes more than 10% of its net assets to be
subject to repurchase agreements having a maturity beyond seven days. 
    

     -- Short Sales "Against-the-Box."  In a short sale, the seller does
not own the security that is sold, but normally borrows the security to
fulfill its delivery obligation.  The seller later buys the security to
repay the loan, in the expectation that the price of the security will be
lower when the purchase is made, resulting in a gain.  The Fund may not
sell securities short except in collateralized transactions referred to
as short sales "against-the-box," where the Fund owns an equivalent amount
of the securities sold short.  This technique is primarily used for tax
purposes.  No more than 15% of the Fund's net assets will be held as
collateral for short sales at any one time.      

     -- Temporary Defensive Investments. Under unusual economic, political
or business circumstances, the Fund may invest all or a portion of its
assets in defensive securities. Securities selected for defensive purposes
may include debt securities.  These may be rated or unrated bonds and
debentures, preferred stocks, cash or cash equivalents (such as U.S.
Treasury Bills and other short-term obligations of the U.S. Government,
its agencies or instrumentalities) or commercial paper rated "A-1" or
better by Standard & Poor's Corporation or "P-1" or better by Moody's
Investors Service, Inc.      

   Other Investment Restrictions.  The Fund has other investment
restrictions which are fundamental policies.  Under these fundamental
policies, the Fund cannot do any of the following: (1) invest in
securities of any one issuer (other than the U.S. Government or its
agencies or instrumentalities) if immediately thereafter more than 5% of
the Fund's assets would be invested in securities of that issuer; (2) with
respect to 75% of its assets, invest in securities of any one issuer
(other than the U.S. Government or its agencies or instrumentalities) if
the Fund would then own more than 10% of the voting securities or 10% of
any class of securities of that issuer (all debt and all preferred stock
of an issuer are respectively considered single classes for this purpose);
(3) borrow money in excess of 10% of the value of its net assets; (4)
invest in other open-end investment companies, except in a merger,
consolidation, reorganization or acquisition of assets, or invest more
than 10% of its net assets through open-market purchases in closed-end
investment companies, including small business investment companies, nor
make any such investments at commission rates that are not in excess of
normal brokerage commissions; or (5) deviate from the percentage
restrictions listed under "Borrowing," "Warrants and Rights," "Loans of
Portfolio Investments" and "Short Sales Against-the-Box" or from the
restrictions under "Foreign Securities" as to what foreign securities may
be purchased.      

     All of the percentage restrictions described above and elsewhere in
this Prospectus (other than the percentage limits that apply to borrowing,
described in the Statement of Additional Information) apply only at the
time the Fund purchases a security.  The Fund need not dispose of a
security merely because the size of the Fund's assets has changed or the
security has increased in value relative to the size of the Fund. There
are other fundamental policies discussed in the Statement of Additional
Information.

How the Fund is Managed

Organization and History.  The Fund was organized in 1987 as a
Massachusetts business trust. The Fund is an open-end, diversified
management investment company, with an unlimited number of authorized
shares of beneficial interest.

     The Fund is governed by a Board of Trustees, which is responsible for
protecting the interests of shareholders under Massachusetts law. The
Trustees meet periodically throughout the year to oversee the Fund's
activities, review its performance, and review the actions of the Manager. 
"Trustees and Officers of the Fund" in the Statement of Additional
Information names the Trustees and officers of the Fund and provides more
information about them.  Although the Fund is not required by law to hold
annual meetings, it may hold shareholder meetings from time to time on
important matters, and shareholders have the right to call a meeting to
remove a Trustee or to take other action described in the Fund's
Declaration of Trust.    

     Presently, the Fund has only one class of shares.  However, the Board
of Trustees has the power, without shareholder approval, to divide
unissued shares of the Fund into two or more classes.  These classes could
have different dividends and distributions and could be subject to
different expenses.  Shares of the Fund are freely transferrable.    

   The Manager and Its Affiliates. The Fund is managed by the Manager,
Oppenheimer Management Corporation, which is responsible for selecting the
Fund's investments and handles its day-to-day business.  The Manager
carries out its duties, subject to the policies established by the Board
of Trustees, under an Investment Advisory Agreement which states the
Manager's responsibilities.  The Agreement sets forth the fees paid by the
Fund to the Manager, and describes the expenses that the Fund is
responsible to pay to conduct its business.    

     The Manager has operated as an investment adviser since 1959.  The
Manager and its affiliates currently manage investment companies,
including other OppenheimerFunds, with assets of more than $29 billion as
of December 31, 1994, and with more than 1.8 million shareholder accounts. 
The Manager is owned by Oppenheimer Acquisition Corp., a holding company
that is owned in part by senior officers of the Manager and controlled by
Massachusetts Mutual Life Insurance Company, a mutual life insurance
company.    

     -- Portfolio Manager.  The Manager has designated a Portfolio Manager
as the person principally responsible for the day-to-day management of the
Fund's portfolio.  Since August, 1994, James C. Ayer, Jr., has been the
portfolio manager for the Fund.  In addition, since August, 1994, Mr. Ayer
has also been a Vice President of the Fund.  He is also an Assistant Vice
President of the Manager.  Prior to joining the Manager in 1992, Mr. Ayer
was an international equities investment officer with Brown Brothers
Harriman & Co.     

     -- Fees and Expenses. Under the Investment Advisory Agreement, the
Fund pays the Manager the following annual fees, which decline on
additional assets as the Fund grows: 1.0% of the first $50 million of
average annual net assets; 0.75% of the next $150 million; 0.72% of the
next $200 million; 0.69% of the next $200 million; 0.66% of the next $200
million; and 0.60% of net assets in excess of $800 million.  The Fund's
management fee for its last fiscal year ended September 30, 1994 was 0.81%
of average annual net assets of the Fund, which may be higher than the
rate paid by some other mutual funds.

     The Fund pays expenses related to its daily operations, such as
custodian fees, Trustees' fees, transfer agency fees, legal and auditing
costs.  Those expenses are paid out of the Fund's assets and are not paid
directly by shareholders.  However, those expenses reduce the net asset
value of shares, and therefore are indirectly borne by shareholders
through their investment. More information about the investment advisory
agreement and the other expenses paid by the Fund is contained in the
Statement of Additional Information.    

     There is also information about the Fund's brokerage policies and
practices in "Brokerage Policies of the Fund" in the Statement of
Additional Information. That section discusses how brokers and dealers are
selected for the Fund's portfolio transactions.  When deciding which
brokers to use, the Manager is permitted by the investment advisory
agreement to consider whether brokers have sold shares of the Fund or any
other funds for which the Manager serves as investment adviser. 

     -- The Distributor.  The Fund's shares are sold through dealers and
brokers that have a sales agreement with Oppenheimer Funds Distributor,
Inc., a subsidiary of the Manager that acts as the Fund's Distributor. 
The Distributor also distributes the shares of other mutual funds managed
by the Manager (the "OppenheimerFunds") and is sub-distributor for funds
managed by a subsidiary of the Manager.

     -- The Transfer Agent.  The Fund's transfer agent is Oppenheimer
Shareholder Services, a division of the Manager, which acts as the
shareholder servicing agent for the Fund and the other OppenheimerFunds
on an "at-cost" basis. Shareholders should direct inquiries about their
account to the Transfer Agent at the address and toll-free numbers shown
below in this Prospectus and on the back cover.

Performance of the Fund

   Explanation of Performance Terminology.  The Fund uses the terms 
"total return" and "average annual total return" to illustrate its
performance.  This performance information may be useful to help you see
how your investment has done and to compare it to other funds or market
indices, as we have done below.    

     It is important to understand that the Fund's total returns represent
past performance and should not be considered to be predictions of future
returns or performance.  This performance data is described below, but
more detailed information about how total returns are calculated is
contained in the Statement of Additional Information, which also contains
information about other ways to measure and compare the Fund's
performance. The Fund's investment performance will vary over time,
depending on market conditions, the composition of the portfolio and
expenses.    

     -- Total Returns. There are different types of total returns used to
measure the Fund's performance.  Total return is the change in value of
a hypothetical investment in the Fund over a given period, assuming that
all dividends and capital gains distributions are reinvested in additional
shares.  The cumulative total return measures the change in value over the
entire period (for example, ten years). An average annual total return
shows the average rate of return for each year in a period that would
produce the cumulative total return over the entire period.  However,
average annual total returns do not show the Fund's actual year-by-year
performance.

     When total returns are quoted for shares of the Fund, they reflect
the payment of the maximum initial sales charge.  Total returns may also
be quoted "at net asset value," without considering the effect of the
sales charge, and those returns would be reduced if sales charges were
deducted.      

   How Has the Fund Performed? Below is a discussion by the Manager of the
Fund's performance during its last fiscal year ended September 30, 1994,
followed by a graphical comparison of the Fund's performance to an
appropriate broad-based market index.    

     -- Management's Discussion of Performance.  Prior to the change in
investment policies approved by the Fund's shareholders on September 19,
1994, the Manager was building the Fund's cash position, selling smaller
positions and taking profits in stocks that appeared to have reached their
peak.  Following shareholder approval of the investment policy change, the
Fund began to use its cash position to begin to diversify the portfolio
by country, investing in both established and emerging markets in Europe,
Asia and Latin America.  The Fund seeks to capitalize on trends that it
believes offer promising opportunities for long-term growth.          

     -- Comparing the Fund's Performance to the Market. The chart below
shows the performance of a hypothetical $10,000 investment in shares of
the Fund held from the inception of the Fund (December 30, 1987) until
September 30, 1994, with all dividends and capital gains distributions
reinvested in additional shares.  The graph reflects the deduction of the
5.75% maximum current initial sales charge on shares of the Fund.    

     For the fiscal year ended September 30, 1994, the Fund has selected
a different index against which to compare its performance, the Morgan
Stanley World Index, an unmanaged index of issuers listed on the stock
exchanges of 20 foreign countries and the United States, which is widely
recognized as a measure of global stock market performance.   For the
fiscal year ended September 30, 1993, the Fund had compared its
performance to that of the S & P 500 Index, a broad-based index of equity
securities widely regarded as a general measurement of the performance of
the U.S. equity securities market.  The newly-selected index reflects
shareholder approval on September 19, 1994 of expansion of the Fund's
investment policies to emphasize investments in emerging growth companies
worldwide.  The performance graph below includes the S & P 500 Index for
comparison purposes.      

     Index performance reflects reinvestment of dividends but does not
consider the effect of capital gains or transaction costs, and none of the
data below shows the effect of taxes.  Also, the Fund's performance
reflects the effect of Fund business and operating expenses.  While index
comparisons may be useful to provide a benchmark for the Fund's
performance, it must be noted that the Fund's investments are not limited
to the securities in either the Morgan Stanley World Index or the S & P
500 Index, and that index data does not reflect any assessment of the risk
of the investments included in the index.    

   
Comparison of Change
in Value of $10,000                      [graph]
Hypothetical Investment in
Oppenheimer Global
Emerging Growth Fund1,
Morgan Stanley World Index 
and S&P 500 Index

Average Annual Total Return of the Fund at 9/30/94

1-Year         5-Year          Life2

<15.09>%       8.93%           9.79%

Past performance is not predictive of future performance.

1. Formerly named Oppenheimer Global Bio-Tech Fund
2. The Fund began operations on 12/30/87.
    

A B O U T  Y O U R  A C C O U N T

How to Buy Shares

     When you buy shares of the Fund, you pay an initial sales charge (on
investments up to $1 million).  If you purchase shares of the Fund as part
of an investment of at least $1 million in shares of one or more
OppenheimerFunds, you will not pay any initial sales charge, but if you
sell any of those shares within 18 months after your purchase, you may pay
a contingent deferred sales charge, which will vary depending on the
amount you invested.  Sales charges are described below.    

How Much Must You Invest?  You can open a Fund account with a minimum
initial investment of $1,000 and make additional investments at any time
with as little as $25. There are reduced minimum investments under special
investment plans.

     With Asset Builder Plans, Automatic Exchange Plans, 403(b)(7)
custodial plans and military allotment plans, you can make initial and
subsequent investments of as little as $25; and subsequent purchases of
at least $25 can be made by telephone through AccountLink.

          Under pension and profit-sharing plans and Individual Retirement
Accounts (IRAs), you can make an initial investment of as little as $250
(if your IRA is established under an Asset Builder Plan, the $25 minimum
applies), and subsequent investments may be as little as $25.

          There is no minimum investment requirement if you are buying
shares by reinvesting dividends from the Fund or other OppenheimerFunds
(a list of them appears in the Statement of Additional Information, or you
can ask your dealer or call the Transfer Agent), or by reinvesting
distributions from unit investment trusts that have made arrangements with
the Distributor.

     -- How Are Shares Purchased? You can buy shares several ways --
through any dealer, broker or financial institution that has a sales
agreement with the Distributor, or directly through the Distributor, or
automatically from your bank account through an Asset Builder Plan under
the OppenheimerFunds AccountLink service. 

     -- Buying Shares Through Your Dealer. Your dealer will place your
order with the Distributor on your behalf.

     -- Buying Shares Through the Distributor. Complete an
OppenheimerFunds New Account Application and return it with a check
payable to "Oppenheimer Funds Distributor, Inc." Mail it to P.O. Box 5270,
Denver, Colorado 80217.  If you don't list a dealer on the application,
the Distributor will act as your agent in buying the shares.  However, it
is recommended that you discuss your investment first with a financial
advisor, to be sure that it is appropriate for you.    

     -- Buying Shares Through OppenheimerFunds AccountLink.  You can use
AccountLink to link your Fund account with an account at a U.S. bank or
other financial institution that is an Automated Clearing House (ACH)
member.  You can then transmit funds electronically to purchase shares,
to send redemption proceeds, and to transmit dividends and distributions.
    

     Shares are purchased for your account on AccountLink on the regular
business day the Distributor is instructed by you to initiate the ACH
transfer to buy shares.  You can provide those instructions automatically,
under an Asset Builder Plan, described below, or by telephone instructions
using OppenheimerFunds PhoneLink, also described below. You should request
AccountLink privileges on the application or dealer settlement
instructions used to establish your account. Please refer to "AccountLink"
below for more details.    

     -- Asset Builder Plans. You may purchase shares of the Fund (and up
to four other OppenheimerFunds) automatically each month from your account
at a bank or other financial institution under an Asset Builder Plan with
AccountLink.  Details are on the Application and in the Statement of
Additional Information.

     -- At What Price Are Shares Sold? Shares are sold at the public
offering price based on the net asset value (and any initial sales charge
that applies) that is next determined after the Distributor receives the
purchase order in Denver, Colorado. In most cases, to enable you to
receive that day's offering price, the Distributor must receive your order
by the time of day The New York Stock Exchange closes, which is normally
4:00 P.M., New York time, but may be earlier on some days (all references
to time in this Prospectus mean "New York time").  The net asset value is
determined as of that time on each day The New York Stock Exchange is open
(which is a "regular business day"). If you buy shares through a dealer,
the dealer must receive your order by the close of The New York Stock
Exchange on a regular business day and transmit it to the Distributor so
that it is received before the Distributor's close of business that day,
which is normally 5:00 P.M.  The Distributor may reject any purchase order
for the Fund's shares, in its sole discretion.    

     The public offering price is normally net asset value plus an initial
sales charge.  However, in some cases, described below, purchases are not
subject to an initial sales charge, and the offering price will be the net
asset value. In some cases, reduced sales charges may be available, as
described below.  Out of the amount you invest, the Fund receives the net
asset value to invest for your account.  The sales charge varies depending
on the amount of your purchase.  A portion of the sales charge may be
retained by the Distributor and allocated to your dealer as commission.
The current sales charge rates and commissions paid to dealers and brokers
are as follows:    

- -------------------------------------------------------------------------
<TABLE>
<CAPTION>
                            Front-End Sales Charge        Commission as
                              As a Percentage of:         Percentage of
Amount of Purchase    Offering Price    Amount Invested   Offering Price
- ------------------------------------------------------------------------
<S>                        <C>               <C>              <C>
Less than $25,000         5.75%             6.10%             4.75%
- -------------------------------------------------------------------------
$25,000 or more           5.50%             5.82%             4.75%
but less than
$50,000
- -------------------------------------------------------------------------
$50,000 or more           4.75%             4.99%             4.00%
but less than
$100,000
- -------------------------------------------------------------------------
$100,000 or more          3.75%             3.90%             3.00%
but less than
$250,000
- -------------------------------------------------------------------------
$250,000 or more          2.50%             2.56%             2.00%
but less than
$500,000
- -------------------------------------------------------------------------
$500,000 or more          2.00%             2.04%             1.60%
but less than
$1 million
- -------------------------------------------------------------------------
</TABLE>

     The Distributor reserves the right to reallow the entire commission
to dealers.  If that occurs, the dealer may be considered an "underwriter"
under Federal securities laws.

     -- Contingent Deferred Sales Charge.  There is no initial sales
charge on purchases of Class A shares of any one or more OppenheimerFunds
aggregating $1 million or more (shares of the Fund and other
OppenheimerFunds that offer only one class of shares that has no class
designation are considered "Class A Shares" for this purpose).  However,
the Distributor pays dealers of record commissions on such purchases in
an amount equal to the sum of 1.0% of the first $2.5 million, plus 0.50%
of the next $2.5 million, plus 0.25% of share purchases over $5 million.
That commission will be paid only on the amount of those purchases in
excess of $1 million that were not previously subject to a front-end sales
charge and dealer commission.      

     If you redeem any of those shares within 18 months of the end of the
calendar month of their purchase, a contingent deferred sales charge may
be deducted from the redemption proceeds. That sales charge will be equal
to 1.0% of the aggregate net asset value of either (1) the redeemed shares
(not including shares purchased by reinvestment of dividends or capital
gain distributions) or (2) the original cost of the shares, whichever is
less.  However, the contingent deferred sales charge paid on such shares
will not exceed the aggregate commissions the Distributor paid to your
dealer on all Class A shares of all OppenheimerFunds you purchased subject
to the Class A contingent deferred sales charge.     

     In determining whether a contingent deferred sales charge is payable,
the Fund will first redeem shares that are not subject to  the sales
charge, including shares purchased by reinvestment of dividends and
capital gains, and then will redeem other shares in the order that you
purchased them.  The contingent deferred sales charge is waived in certain
cases described in "Waivers of Sales Charges" below.  

     No contingent deferred sales charge is charged on exchanges of shares
under the Fund's Exchange Privilege (described below).  However, if the
shares acquired by exchange are redeemed within 18 months of the end of
the calendar month of the purchase of the exchanged shares, the sales
charge will apply.

     -- Special Arrangements With Dealers.  The Distributor may advance
up to 13 months' commissions to dealers that have established special
arrangements with the Distributor for Asset Builder Plans for their
clients.  Dealers whose sales of Class A shares of OppenheimerFunds (other
than money market funds) under OppenheimerFunds-sponsored 403(b)(7)
custodial plans exceed $5 million per year (calculated per quarter), will
receive monthly one-half of the Distributor's retained commissions on
those sales, and if those sales exceed $10 million per year, those dealers
will receive the Distributor's entire retained commission on those sales.

Reduced Sales Charges.  You may be eligible to buy shares of the Fund at
reduced sales charge rates in one or more of the following ways:

     -- Right of Accumulation. To qualify for a lower sales charge rate,
you and your spouse can add together Fund shares you purchase for your
individual accounts, or jointly, or on behalf of your children who are
minors, under trust or custodial accounts. A fiduciary can count all
shares purchased for a trust, estate or other fiduciary account (including
one or more employee benefit plans of the same employer) that has multiple
accounts.     

     Additionally, you can add together current purchases of shares of the
Fund and Class A shares of other OppenheimerFunds.  You can also include
shares of the Fund and Class A shares of other OppenheimerFunds you
previously purchased subject to a sales charge, provided that you still
hold your investment in one of the OppenheimerFunds. The value of those
shares will be based on the greater of the amount you paid for the shares
or their current value (at offering price).  The OppenheimerFunds are
listed in "Reduced Sales Charges" in the Statement of Additional
Information, or a list can be obtained from the Distributor. The reduced
sales charge will apply only to current purchases and must be requested
when you buy your shares.    

     -- Letter of Intent.  Under a Letter of Intent, you may purchase
shares of the Fund and Class A shares of other OppenheimerFunds during a
13-month period at the reduced sales charge rate that applies to the total
amount of the intended purchases.  This can include purchases made up to
90 days before the date of the Letter.  More information is contained in
the Application and in "Reduced Sales Charges" in the Statement of
Additional Information.    

     -- Waivers of Sales Charges.  No sales charge is imposed on sales of
the Fund's shares to the following investors: (1) the Manager or its
affiliates; (2) present or former officers, directors, trustees and
employees (and their "immediate families" as defined in "Reduced Sales
Charges" in the Statement of Additional Information) of the Fund, the
Manager and its affiliates, and retirement plans established by them for
their employees; (3) registered management investment companies, or
separate accounts of insurance companies having an agreement with the
Manager or the Distributor for that purpose; (4) dealers or brokers that
have a sales agreement with the Distributor, if they purchase shares for
their own accounts or for retirement plans for their employees; (5)
employees and registered representatives (and their spouses) of dealers
or brokers described above or financial institutions that have entered
into sales arrangements with such dealers or brokers (and are identified
to the Distributor) or with the Distributor; the purchaser must certify
to the Distributor at the time of purchase that the purchase is for the
purchaser's own account (or for the benefit of such employee's spouse or
minor children); (6) dealers, brokers or registered investment advisers
that have entered into an agreement with the Distributor providing
specifically for the use of shares of the Fund in particular investment
products made available to their clients; or (7) dealers, brokers or
registered investment advisers that have entered into an agreement with
the Distributor to sell shares to defined contribution employee retirement
plans for which the dealer, broker or investment adviser provides
administrative services.    

     Additionally, no sales charge is imposed on shares  that are (a)
issued in plans of reorganization, such as mergers, asset acquisitions and
exchange offers, to which the Fund is a party, or (b) purchased by the
reinvestment of loan repayments by a participant in a retirement plan for
which the Manager or its affiliates acts as sponsor, or (c) purchased by
the reinvestment of dividends or other distributions reinvested from the
Fund or other OppenheimerFunds (other than Oppenheimer Cash Reserves) or
unit investment trusts for which reinvestment arrangements have been made
with the Distributor.  There is a further discussion of this policy in
"Reduced Sales Charges" in the Statement of Additional Information.

     The contingent deferred sales charge does not apply to purchases at
net asset value described above and is also waived if shares are redeemed
in the following cases: (1) retirement distributions or loans to
participants or beneficiaries from qualified retirement plans, deferred
compensation plans or other employee benefit plans ("Retirement Plans"),
(2) returns of excess contributions made to Retirement Plans, (3)
Automatic Withdrawal Plan payments that are limited to no more than 12%
of the original account value annually, (4) involuntary redemptions of
shares by operation of law or under the procedures set forth in the Fund's
Declaration of Trust or adopted by the Board of Trustees, and (5) if, at
the time an order is placed for Class A shares that would otherwise be
subject to the Class A contingent deferred sales charge, the dealer agrees
to accept the dealer's portion of the commission payable on the sale in
installments of 1/18th of the commission per month (with no further
commission payable if the shares are redeemed within 18 months of
purchase).    

     -- Service Plan.  The Fund has adopted a Service Plan to reimburse
the Distributor for a portion of its costs incurred in connection with the
personal service and maintenance of shareholder accounts that hold shares
of the Fund.  Reimbursement is made quarterly at an annual rate that may
not exceed 0.25% of the average annual net assets of the Fund.  The
Distributor uses all of those fees to compensate dealers, brokers, banks
and other financial institutions quarterly for providing personal service
and maintenance of accounts of their customers that hold shares of the
Fund and to reimburse itself (if the Fund's Board of Trustees authorizes
such reimbursements, which it has not yet done) for its other expenditures
under the Plan.    

     Services to be provided include, among others, answering customer
inquiries about the Fund, assisting in establishing and maintaining
accounts in the Fund, making the Fund's investment plans available and
providing other services at the request of the Fund or the Distributor.
Payments are made by the Distributor quarterly at an annual rate not to
exceed 0.25% of the average annual net assets of shares of the Fund held
in accounts of the dealer or its customers.  The payments under the Plan
increase the annual expenses of the Fund.  For more details, please refer
to "Service Plan" in the Statement of Additional Information.    

Special Investor Services

   AccountLink.  OppenheimerFunds AccountLink links your Fund account to
your account at your bank or other financial institution to enable you to
send money electronically between those accounts to perform a number of
types of account transactions.  These include purchases of shares by
telephone (either through a service representative or by PhoneLink,
described below), automatic investments under Asset Builder Plans, and
sending dividends and distributions or Automatic Withdrawal Plan payments
directly to your bank account. Please refer to the Application for details
or call the Transfer Agent for more information.    

     AccountLink privileges must be requested on the Application you use
to buy shares, or on your dealer's settlement instructions if you buy your
shares through your dealer. After your account is established, you can
request AccountLink privileges on signature-guaranteed instructions to the
Transfer Agent.  AccountLink privileges will apply to each shareholder
listed in the registration on your account as well as to your dealer
representative of record unless and until the Transfer Agent receives
written instructions terminating or changing those privileges. After you
establish AccountLink for your account, any change of bank account
information must be made by signature-guaranteed instructions to the
Transfer Agent signed by all shareholders who own the account.

     -- Using AccountLink to Buy Shares.  Purchases may be made by
telephone only after your account has been established. To purchase shares
in amounts up to $250,000 through a telephone representative, call the
Distributor at 1-800-852-8457.  The purchase payment will be debited from
your bank account.

     -- PhoneLink.  PhoneLink is the OppenheimerFunds automated telephone
system that enables shareholders to perform a number of account
transactions automatically using a touch-tone phone.  PhoneLink may be
used on already-established Fund accounts after you obtain a Personal
Identification Number (PIN), by calling the special PhoneLink number: 1-
800-533-3310.

     -- Purchasing Shares.  You may purchase shares in amounts up to
$100,000 by phone, by calling 1-800-533-3310.  You must have established
AccountLink privileges to link your bank account with the Fund, to pay for
these purchases.

     -- Exchanging Shares.  With the OppenheimerFunds Exchange Privilege,
described below, you can exchange shares automatically by phone from your
Fund account to another OppenheimerFunds account you have already
established by calling the special PhoneLink number. Please refer to "How
to Exchange Shares," below, for details.

     -- Selling Shares.  You can redeem shares by telephone automatically
by calling the PhoneLink number and the Fund will send the proceeds
directly to your AccountLink bank account.  Please refer to "How to Sell
Shares," below, for details.

Automatic Withdrawal and Exchange Plans.  The Fund has several plans that
enable you to sell shares automatically or exchange them to another
OppenheimerFunds account on a regular basis:
  
     -- Automatic Withdrawal Plans. If your Fund account is worth $5,000
or more, you can establish an Automatic Withdrawal Plan to receive
payments of at least $50 on a monthly, quarterly, semi-annual or annual
basis. The checks may be sent to you or sent automatically to your bank
account on AccountLink. You may even set up certain types of withdrawals
of up to $1,500 per month by telephone.  You should consult the
Application and Statement of Additional Information for more details.    

     -- Automatic Exchange Plans. You can authorize the Transfer Agent to
exchange an amount you establish in advance automatically for shares of
up to five other OppenheimerFunds on a monthly, quarterly, semi-annual or
annual basis under an Automatic Exchange Plan.  The minimum purchase for
each OppenheimerFunds account is $25.  These exchanges are subject to the
terms of the Exchange Privilege, described below.

   Reinvestment Privilege.  If you redeem some or all of your Fund shares,
you have up to 6 months to reinvest all or part of the redemption proceeds
in shares of the Fund or Class A shares of other OppenheimerFunds without
paying sales charge.  This privilege applies to Fund shares that you
purchased with an initial sales charge or on which you paid a contingent
deferred sales charge when you redeemed them.  You must be sure to ask the
Distributor for this privilege when you send your payment. Please consult
the Statement of Additional Information for more details.    

Retirement Plans.  Fund shares are available as an investment for
retirement plans. If you participate in a plan sponsored by your employer,
the plan trustee or administrator must make the purchase of shares for
your retirement plan account. The Distributor offers a number of different
retirement plans that can be used by individuals and employers:

     -- Individual Retirement Accounts including rollover IRAs, for
individuals and their spouses
     -- 403(b)(7) Custodial Plans for employees of eligible tax-exempt
organizations, such as schools, hospitals and charitable organizations
     -- SEP-IRAs (Simplified Employee Pension Plans) for small business
owners or people with income from self-employment, including SARSEP-IRAs
     -- Pension and Profit-Sharing Plans for self-employed persons and
other employers    
     Please call the Distributor for the OppenheimerFunds plan documents,
which contain important information and applications. 

How to Sell Shares

You can arrange to take money out of your account on any regular business
day by selling (redeeming) some or all of your shares.  Your shares will
be sold at the next net asset value calculated after your order is
received and accepted by the Transfer Agent.  The Fund offers you a number
of ways to sell your shares: in writing or by telephone.  You can also set
up Automatic Withdrawal Plans to redeem shares on a regular basis, as
described above. If you have questions about any of these procedures, and
especially if you are redeeming shares in a special situation, such as due
to the death of the owner, or from a retirement plan, please call the
Transfer Agent first, at 1-800-525-7048, for assistance.

     -- Retirement Accounts.  To sell shares in an OppenheimerFunds
retirement account in your name, call the Transfer Agent for a
distribution request form. There are special income tax withholding
requirements for distributions from retirement plans and you must submit
a withholding form with your request to avoid delay. If your retirement
plan account is held for you by your employer, you must arrange for the
distribution request to be sent by the plan administrator or trustee.
There are additional details in the Statement of Additional Information.

     -- Certain Requests Require a Signature Guarantee.  To protect you
and the Fund from fraud, certain redemption requests must be in writing
and must include a signature guarantee in the following situations (there
may be other situations also requiring a signature guarantee):

     -- You wish to redeem more than $50,000 worth of shares and receive
a check
     -- A redemption check is not payable to all shareholders listed on
the account statement
     -- A redemption check is not sent to the address of record on your
statement
     -- Shares are being transferred to a Fund account with a different
owner or name
     -- Shares are redeemed by someone other than the owners (such as an
Executor)
     
     -- Where Can I Have My Signature Guaranteed?  The Transfer Agent will
accept a guarantee of your signature by a number of financial
institutions, including: a U.S. bank, trust company, credit union or
savings association, or by a foreign bank that has a U.S. correspondent
bank, or by a U.S. registered dealer or broker in securities, municipal
securities or government securities, or by a U.S. national securities
exchange, a registered securities association or a clearing agency. If you
are signing on behalf of a corporation, partnership or other business, or
as a fiduciary, you must also include your title in the signature.    

Selling Shares by Mail.  Write a "letter of instructions" that includes:
     
     -- Your name
     -- The Fund's name
     -- Your Fund account number (from your account statement)
     -- The dollar amount or number of shares to be redeemed
     -- Any special payment instructions
     -- Any share certificates for the shares you are selling, and
     -- Any special requirements or documents requested by the Transfer
Agent to assure proper authorization of the person asking to sell shares.

Use the following address for requests by mail:
Oppenheimer Shareholder Services
P.O. Box 5270, Denver, Colorado 80217

Send courier or Express Mail requests to:
Oppenheimer Shareholder Services
10200 E. Girard Avenue, Building D
Denver, Colorado 80231

   Selling Shares by Telephone.  You and your dealer representative of
record may also sell your shares by telephone. To receive the redemption
price on a regular business day, your call must be received by the
Transfer Agent by the close of The New York Stock Exchange that day, which
is normally 4:00 P.M. but may be earlier on some days.  You may not redeem
shares held in an OppenheimerFunds retirement plan or under a share
certificate by telephone.    

     -- To redeem shares through a service representative, call
1-800-852-8457
     -- To redeem shares automatically on PhoneLink, call 1-800-533-3310

     Whichever method you use, you may have a check sent to the address
on the account statement, or, if you have linked your Fund account to your
bank account on AccountLink, you may have the proceeds wired to that
account.     

     -- Telephone Redemptions Paid by Check. Up to $50,000 may be redeemed
by telephone, in any 7-day period.  The check must be payable to all
owners of record of the shares and must be sent to the address on the
account.  This service is not available within 30 days of changing the
address on an account statement.    

     -- Telephone Redemptions Through AccountLink.  There are no dollar
limits on telephone redemption proceeds sent to a bank account designated
when you establish AccountLink. Normally the ACH wire to your bank is
initiated on the business day after the redemption.  You do not receive
dividends on the proceeds of the shares you redeemed while they are
waiting to be wired.

   Selling Shares Through Your Dealer.  The Distributor has made
arrangements to repurchase Fund shares from dealers and brokers on behalf
of their customers.  Brokers or dealers may charge for that service. 
Please refer to "Special Arrangements for Repurchase of Shares from
Dealers and Brokers" in the Statement of Additional Information for more
details.    

How to Exchange Shares

     Shares of the Fund may be exchanged for shares of certain
OppenheimerFunds at net asset value per share at the time of exchange,
without sales charge. A $5 service fee will be deducted from the fund
account you are exchanging into to help defray administrative costs. That
charge is waived for automated exchanges made by brokers on Fund/SERV and
for automated exchanges between already established accounts on PhoneLink,
described below. To exchange shares, you must meet several conditions:    

     -- Shares of the fund selected for exchange must be available for
sale in your state of residence
     -- The prospectuses of this Fund and the fund whose shares you want
to buy must offer the exchange privilege
     -- You must hold the shares you buy when you establish your account
for at least 7 days before you can exchange them; after the account is
open 7 days, you can exchange shares every regular business day
     -- You must meet the minimum purchase requirements for the fund you
purchase by exchange
     -- Before exchanging into a fund, you should obtain and read its
prospectus

     Shares of a particular class may be exchanged only for shares of the
same class in the other OppenheimerFunds.  For example, you can exchange
shares of this Fund only for Class A shares of another fund.  At present,
not all of the OppenheimerFunds offer the same classes of shares. If a
fund has only one class of shares that does not have a class designation,
they are "Class A" shares for exchange purposes. In some cases, sales
charges may be imposed on exchange transactions.  Certain OppenheimerFunds
offer Class A shares and either Class B or Class C shares, and a list can
be obtained by calling the Distributor at 1-800-525-7048.  Please refer
to "How to Exchange Shares" in the Statement of Additional Information for
more details.

     Exchanges may be requested in writing or by telephone:

     -- Written Exchange Requests. Submit an OppenheimerFunds Exchange
Request form, signed by all owners of the account.  Send it to the
Transfer Agent at the addresses listed in "How to Sell Shares."

     -- Telephone Exchange Requests. Telephone exchange requests may be
made either by calling a service representative at 1-800-852-8457 or by
using PhoneLink for automated exchanges, by calling 1-800-533-3310.
Telephone exchanges may be made only between accounts that are registered
with the same name(s) and address.  Shares held under certificates may not
be exchanged by telephone.

     You can find a list of OppenheimerFunds currently available for
exchanges in the Statement of Additional Information or by calling a
service representative at 1-800-525-7048.  That list can change from time
to time.    

     There are certain exchange policies you should be aware of:

     -- Shares are normally redeemed from one fund and purchased from the
other fund in the exchange transaction on the same regular business day
on which the Transfer Agent receives an exchange request that is in proper
form by the close of The New York Stock Exchange that day, which is
normally 4:00 P.M. but may be earlier on some days.  However, either fund
may delay the purchase of shares of the fund you are exchanging into if
it determines it would be disadvantaged by a same-day transfer of the
proceeds to buy shares. For example, the receipt of multiple exchange
requests from a dealer in a "market-timing" strategy might require the
sale of securities at a time or price disadvantageous to the Fund.

     -- Because excessive trading can hurt fund performance and harm
shareholders, the Fund reserves the right to refuse any exchange request
that will disadvantage it, or to refuse multiple exchange requests
submitted by a shareholder or dealer.

     -- The Fund may amend, suspend or terminate the exchange privilege
at any time.  Although the Fund will attempt to provide you notice
whenever it is reasonably able to do so, it may impose these changes at
any time.

     --   For tax purposes, exchanges of shares involve a redemption of
the shares of the fund you own and a purchase of shares of the other fund,
which may result in a capital gain or loss.  For more information about
taxes affecting exchanges, please refer to "How to Exchange Shares" in the
Statement of Additional Information.    

     -- If the Transfer Agent cannot exchange all the shares you request
because of a restriction cited above, only the shares eligible for
exchange will be exchanged.

Shareholder Account Rules and Policies

     -- Net Asset Value Per Share is determined as of the close of The New
York Stock Exchange on each regular business day by dividing the value of
the Fund's net assets by the number of shares that are outstanding.  The
Fund's Board of Trustees has established procedures to value the Fund's
securities to determine net asset value.  In general, securities values
are based on market value.  There are special procedures for valuing
illiquid and restricted securities, obligations for which market values
cannot be readily obtained, and call options and hedging instruments. 
These procedures are described more completely in the Statement of
Additional Information.    

     -- The offering of shares may be suspended during any period in which
the determination of net asset value is suspended, and the offering may
be suspended by the Board of Trustees at any time the Board believes it
is in the Fund's best interest to do so.

     -- Telephone Transaction Privileges for purchases, redemptions or
exchanges may be modified, suspended or terminated by the Fund at any
time.  If an account has more than one owner, the Fund and the Transfer
Agent may rely on the instructions of any one owner. Telephone privileges
apply to each owner of the account and the dealer representative of record
for the account unless and until the Transfer Agent receives cancellation
instructions from an owner of the account.

     -- The Transfer Agent will record any telephone calls to verify data
concerning transactions and has adopted other procedures  to confirm that
telephone instructions are genuine, by requiring callers to provide tax
identification numbers and other account data or by using PINs, and by
confirming such transactions in writing.  If the Transfer Agent does not
use reasonable procedures it may be liable for losses due to unauthorized
transactions, but otherwise neither it nor the Fund will be liable for
losses or expenses arising out of telephone instructions reasonably
believed to be genuine.  If you are unable to reach the Transfer Agent
during periods of unusual market activity, you may not be able to complete
a telephone transaction and should consider placing your order by
mail.    

     -- Redemption or transfer requests will not be honored until the
Transfer Agent receives all required documents in proper form. From time
to time, the Transfer Agent in its discretion may waive certain of the
requirements for redemptions stated in this Prospectus.

     -- Dealers that can perform account transactions for their clients
by participating in NETWORKING  through the National Securities Clearing
Corporation are responsible for obtaining their clients' permission to
perform those transactions and are responsible to their clients who are
shareholders of the Fund if the dealer performs any transaction
erroneously or improperly.

     -- The redemption price for shares will vary from day to day because
the value of the securities in the Fund's portfolio fluctuates. Therefore,
the redemption value of your shares may be more or less than their
original cost.

     -- Payment for redeemed shares is made ordinarily in cash and
forwarded by check or through AccountLink (as elected by the shareholder
under the redemption procedures described above) within 7 days after the
Transfer Agent receives redemption instructions in proper form, except
under unusual circumstances determined by the Securities and Exchange
Commission delaying or suspending such payments.  The Transfer Agent may
delay forwarding a check or processing a payment via AccountLink for
recently purchased shares, but only until the purchase payment has
cleared.  That delay may be as much as 10 days from the date the shares
were purchased.  That delay may be avoided if you purchase shares by
certified check or arrange to have your bank provide telephone or written
assurance to the Transfer Agent that your purchase payment has
cleared.    

     -- Involuntary redemptions of small accounts may be made by the Fund
if the account value has fallen below $200 for reasons other than the fact
that the market value of shares has dropped, and in some cases involuntary
redemptions may be made to repay the Distributor for losses from the
cancellation of share purchase orders.

     -- Under unusual circumstances, shares of the Fund may be redeemed
"in kind", which means that the redemption proceeds will be paid with
securities from the Fund's portfolio.  Please refer to "How to Sell
Shares" in the Statement of Additional Information for more details.    

     -- "Backup Withholding" of Federal income tax may be applied at the
rate of 31% from dividends, distributions and redemption proceeds
(including exchanges) if you fail to furnish the Fund a certified Social
Security or Employer Identification Number when you sign your application,
or if you violate Internal Revenue Service regulations on tax reporting
of income.    

     -- The Fund does not charge a redemption fee, but if your dealer or
broker handles your redemption, they may charge a fee.  That fee can be
avoided by redeeming your Fund shares directly through the Transfer Agent. 
Under the circumstances described in "How to Buy Shares," you may be
subject to a contingent deferred sales charge when redeeming certain
shares of the Fund.    

     -- To avoid sending duplicate copies of materials to households, the
Fund will mail only one copy of each annual and semi-annual report to
shareholders having the same last name and address on the Fund's records. 
However, each shareholder may call the Transfer Agent at 1-800-525-7048
to ask that copies of those materials be sent personally to that
shareholder.    

Dividends, Capital Gains and Taxes

   Dividends. The Fund declares dividends from net investment income on
an annual basis and normally pays those dividends to shareholders in
December, but the Board of Trustees can change that date.  The Board may
also cause the Fund to declare dividends after the close of the Fund's
fiscal year (which ends September 30th).  Because the Fund does not have
an objective of seeking current income, the amounts of dividends it pays,
if any, will likely be small.     

   Capital Gains. The Fund may make distributions annually in December out
of any net short-term or long-term capital gains and the Fund may make
supplemental distributions of capital gains following the end of its
fiscal year.  Long-term capital gains will be separately identified in the
tax information the Fund sends you after the end of the year.  Short-term
capital gains are treated as dividends for tax purposes. There can be no
assurances that the Fund will pay any capital gains distributions in a
particular year.    

Distribution Options.  When you open your account, specify on your
application how you want to receive your distributions. For
OppenheimerFunds retirement accounts, all distributions are reinvested. 
For other accounts, you have four options:

     -- Reinvest All Distributions in the Fund. You can elect to reinvest
all dividends and long-term capital gains distributions in additional
shares of the Fund.

     -- Reinvest Long-Term Capital Gains Only. You can elect to reinvest
long-term capital gains in the Fund while receiving dividends by check or
sent to your bank account on AccountLink.

     -- Receive All Distributions in Cash. You can elect to receive a
check for all dividends and long-term capital gains distributions or have
them sent to your bank on AccountLink.

     -- Reinvest Your Distributions in Another OppenheimerFunds Account.
You can reinvest all distributions in another OppenheimerFunds account you
have established.

   Taxes. If your account is not a tax-deferred retirement account, you
should be aware of the following tax implications of investing in the
Fund. Long-term capital gains are taxable as long-term capital gains when
distributed to shareholders.  It does not matter how long you held your
shares.  Dividends paid from short-term capital gains and net investment
income are taxable as ordinary income.  Distributions are subject to
federal income tax and may be subject to state or local taxes.  Your
distributions are taxable when paid, whether you reinvest them in
additional shares or take them in cash. Every year the Fund will send you
and the IRS a statement showing the amount of all taxable distributions
you received in the previous year.

     -- "Buying a Dividend".  When a fund goes ex-dividend, its share
price is reduced by the amount of the distribution.  If you buy shares on
or just before the ex-dividend date, or just before the Fund declares a
capital gains distribution, you will pay the full price for the shares and
then receive a portion of the price back as a taxable dividend or capital
gain.    

     -- Taxes on Transactions.  Share redemptions, including redemptions
for exchanges, are subject to capital gains tax.  Generally speaking, a
capital gain or loss is the difference between the price you paid for the
shares and the price you received when you sold them.    

     -- Returns of Capital.  In certain cases distributions made by the
Fund may be considered a non-taxable return of capital to shareholders. 
If that occurs, it will be identified in notices to shareholders.  A non-
taxable return of capital may reduce your tax basis in your Fund
shares.    

     This information is only a summary of certain federal tax information
about your investment.  More information is contained in the Statement of
Additional Information, and in addition you should consult with your tax
adviser about the effect of an investment in the Fund on your particular
tax situation.<PAGE>
                                Appendix

                        Industry Classifications


Aerospace/Defense
Air Transportation
Auto Parts Distribution
Automotive
Bank Holding Companies
Banks
Beverages
Broadcasting
Broker-Dealers
Building Materials
Cable Television
Chemicals
Commercial Finance
Computer Hardware
Computer Software
Conglomerates
Consumer Finance
Containers
Convenience Stores
Department Stores
Diversified Financial
Diversified Media
Drug Stores
Drug Wholesalers
Durable Household Goods
Education
Electric Utilities
Electrical Equipment
Electronics
Energy Services & Producers
Entertainment/Film
Environmental
Food
Gas Utilities
Gold
Health Care/Drugs
Health Care/Supplies & Services
Homebuilders/Real Estate
Hotel/Gaming
Industrial Services
Insurance
Leasing & Factoring
Leisure
Manufacturing
Metals/Mining
Nondurable Household Goods
Oil - Integrated
Paper
Publishing/Printing
Railroads
Restaurants
Savings & Loans
Shipping
Special Purpose Financial
Specialty Retailing
Steel
Supermarkets
Telecommunications - Technology
Telephone - Utility
Textile/Apparel
Tobacco
Toys
Trucking
    

<PAGE>

                       APPENDIX TO PROSPECTUS OF 
                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND

     Graphic material included in Prospectus of Oppenheimer Global
Emerging Growth Fund: "Comparison of Total Return of Oppenheimer Global
Emerging Growth Fund with the S&P 500 Index - Change in Value of a $10,000
Hypothetical Investment"

     A linear graph will be included in the Prospectus of Oppenheimer
Global Emerging Growth Fund (the "Fund") depicting the initial account
value and subsequent account value of a hypothetical $10,000 investment
in the Fund.  That graph will cover the period from 12/30/87 (inception
of the Fund) through 9/30/94.  The graph will compare such values with
hypothetical $10,000 investments over the same time periods in the Morgan
Stanley World Index and the S&P 500 Index.  Set forth below are the
relevant data points that will appear on the linear graph.  Additional
information with respect to the foregoing, including a description of the
Morgan Stanley World Index and the S&P 500 Index, is set forth in the
Prospectus under "Performance of the Fund - Comparing the Fund's
Performance to the Market."      
   
<TABLE>
<CAPTION>
                Oppenheimer        Morgan
Fiscal Year     Global Emerging    Stanley        S&P
(Period Ended)  Growth Fund        World Index    500 Index
<S>             <C>                <C>            <C>
12/30/87        $ 9,425            $10,000        $10,000    
09/30/88        $10,019            $ 9,355        $11,308
09/30/89        $11,542            $11,709        $15,034
09/30/90        $11,275            $ 9,184        $13,645
09/30/91        $25,681            $11,437        $17,887
09/30/92        $19,339            $11,322        $19,862
09/30/93        $20,846            $13,613        $22,438
09/30/94        $18,780            $14,642        $23,264
    
<PAGE>

Oppenheimer Global Emerging Growth Fund
Two World Trade Center
New York, New York 10048-0203
1-800-525-7048

Investment Advisor
Oppenheimer Management Corporation
Two World Trade Center
New York, New York 10048-0203

Distributor
Oppenheimer Funds Distributor, Inc.
Two World Trade Center
New York, New York 10048-0203

Transfer Agent                     O P E N  H E I M E R
Oppenheimer Shareholder Services   Global
P.O. Box 5270                      Emerging
Denver, Colorado 80217             Growth
1-800-525-7048                     Fund
                                   
Custodian of Portfolio Securities  
The Bank of New York
One Wall Street                    Prospectus
New York, New York 10015           Effective January 24, 1995

Independent Auditors
KPMG Peat Marwick LLP
707 Seventeenth Street
Denver, Colorado 80202

Legal Counsel
Gordon Altman Butowsky Weitzen
  Shalov & Wein
114 West 47th Street               
New York, New York  10036


   No dealer, broker, salesperson or any other
person has been authorized to give any information
or to make any representations other than those
contained in this Prospectus or the Statement of
Additional Information and, if given or made, such
information and representations must not be relied
upon as having been authorized by the Fund,
Oppenheimer Management Corporation, Oppenheimer
Funds Distributor, Inc. or any affiliate thereof. 
This Prospectus does not constitute an offer to
sell or a solicitation of an offer to buy any of
the securities offered hereby in any state to any
person to whom it is unlawful to make such an
offer in such state.
                                   OppenheimerFunds    
PR751.0195.N

<PAGE>

Oppenheimer Global Emerging Growth Fund
Two World Trade Center
New York, New York 10048-0203
1-800-525-7048

Investment Advisor
Oppenheimer Management Corporation
Two World Trade Center
New York, New York 10048-0203

Distributor
Oppenheimer Funds Distributor, Inc.
Two World Trade Center
New York, New York 10048-0203

Transfer Agent                     O P P E N H E I M E R
Oppenheimer Shareholder Services   Global
P.O. Box 5270                      Emerging
Denver, Colorado 80217             Growth
1-800-525-7048                     Fund
                                   
Custodian of Portfolio Securities  
The Bank of New York               
One Wall Street                    Prospectus and
New York, New York 10015           New Account Application
                                   Effective January 24, 1995
Independent Auditors
KPMG Peat Marwick LLP
707 Seventeenth Street
Denver, Colorado 80202

Legal Counsel
Gordon Altman Butowsky Weitzen
  Shalov & Wein
114 West 47th Street               
New York, New York  10036


   No dealer, broker, salesperson or any other
person has been authorized to give any information
or to make any representations other than those
contained in this Prospectus or the Statement of
Additional Information and, if given or made, such
information and representations must not be relied
upon as having been authorized by the Fund,
Oppenheimer Management Corporation, Oppenheimer
Funds Distributor, Inc. or any affiliate thereof. 
This Prospectus does not constitute an offer to
sell or a solicitation of an offer to buy any of
the securities offered hereby in any state to any
person to whom it is unlawful to make such an
offer in such state.    
                                   OppenheimerFunds
PR750.0195.N

<PAGE>

Oppenheimer Global Emerging Growth Fund

Two World Trade Center, New York, New York 10048-0203
1-800-525-7048
   
Statement of Additional Information dated January 24, 1995     


         This Statement of Additional Information of Oppenheimer Global
Emerging Growth Fund is not a Prospectus.  This document contains
additional information about the Fund and supplements information in the
Prospectus dated January 24, 1995.  It should be read together with the
Prospectus, which may be obtained by writing to the Fund's Transfer Agent,
Oppenheimer Shareholder Services, at P.O. Box 5270, Denver, Colorado 80217
or by calling the Transfer Agent at the toll-free number shown above.     

Contents

</TABLE>
<TABLE>
<C>                                                           <S>
                                                              Page
About the Fund
Investment Objective and Policies. . . . . . . . . . . . . .2
     Investment Policies and Strategies. . . . . . . . . . .2
     Other Investment Techniques and Strategies. . . . . . .2
     Other Investment Restrictions . . . . . . . . . . . . 14
How the Fund is Managed  . . . . . . . . . . . . . . . . . 15
     Organization and History. . . . . . . . . . . . . . . 15
     Trustees and Officers of the Fund . . . . . . . . . . 15
     The Manager and Its Affiliates. . . . . . . . . . . . 20
Brokerage Policies of the Fund . . . . . . . . . . . . . . 21
Performance of the Fund. . . . . . . . . . . . . . . . . . 23
Service Plan . . . . . . . . . . . . . . . . . . . . . . . 25
About Your Account
How To Buy Shares. . . . . . . . . . . . . . . . . . . . . 26
How To Sell Shares . . . . . . . . . . . . . . . . . . . . 31
How To Exchange Shares . . . . . . . . . . . . . . . . . . 35
Dividends, Capital Gains and Taxes . . . . . . . . . . . . 36
Additional Information About the Fund. . . . . . . . . . . 37
Financial Information About the Fund
Independent Auditors' Report . . . . . . . . . . . . . . . 39
Financial Statements . . . . . . . . . . . . . . . . . . . 40
</TABLE>

<PAGE>

ABOUT THE FUND

Investment Objective and Policies

Investment Policies and Strategies.  The investment objective and policies
of the Fund are described in the Prospectus.  Set forth below is
supplemental information about those policies and the types of securities
in which the Fund invests, as well as the strategies the Fund may use to
try to achieve its objective.  Capitalized terms used in this Statement
of Additional Information have the same meaning as those terms have in the
Prospectus. 

     In selecting securities for the Fund's portfolio, the Fund's
investment advisor, Oppenheimer Management Corporation (the "Manager"),
evaluates the merits of securities primarily through the exercise of its
own investment analysis. This may include, among other things, evaluation
of the history of the issuer's operations, prospects for the industry of
which the issuer is part, the issuer's financial condition, the issuer's
pending product developments and developments by competitors, the effect
of general market and economic conditions on the issuer's business, and
legislative proposals or new laws that might affect the issuer. Current
income is not a consideration in the selection of portfolio securities for
the Fund, whether for appreciation, defensive or liquidity purposes.  The
fact that a security has a low yield or does not pay current income will
not be an adverse factor in selecting securities to try to achieve the
Fund's investment objective of capital appreciation unless the Manager
believes that the lack of yield might adversely affect appreciation
possibilities.  

     The portion of the Fund's assets allocated to securities selected for
capital appreciation and the investment techniques used will depend upon
the judgment of the Fund's Manager as to the future movement of the equity
securities markets.  If the Manager believes that economic conditions
favor a rising market, the Fund will emphasize securities and investment
methods selected for high capital growth.  If the Manager believes that
a market decline is likely, defensive securities and investment methods
may be emphasized (See "Temporary Defensive Investments," below).    

     -- Emerging Growth Companies. The Manager uses a global "theme
oriented approach" in managing the Fund.  This "theme oriented approach"
seeks to capitalize on important global trends that the Manager believes
offers the most promising areas for long-term growth.  Examples currently
include, among others, telecommunications, developing capital markets,
emerging consumer markets, the environment and biotechnology.  These
sectors may change from time to time as the Manager reviews important
global trends.  The Manager also considers performance and growth rates
of foreign companies relative to domestic companies in selecting
investments for the Fund's portfolio. 

     -- Warrants and Rights.  The prices of warrants do not necessarily
move in a manner parallel to the prices of the underlying securities.  The
price the Fund pays for a warrant will be lost unless the warrant is
exercised prior to its expiration.  Rights are similar to warrants, but
normally have a short duration and are distributed directly by the issuer
to its shareholders.  Rights and warrants have no voting rights, receive
no dividends and have no rights with respect to the assets of the issuer.
    

Other Investment Techniques and Strategies

     -- Hedging With Options and Futures Contracts. The Fund may use
hedging instruments for the purposes described in the Prospectus. When
hedging to attempt to protect against declines in the market value of the
Fund's portfolio, or to permit the Fund to retain unrealized gains in the
value of portfolio securities which have appreciated, or to facilitate
selling securities for investment reasons, the Fund may: (i) sell Stock
Index Futures, (ii) buy puts, or (iii) write covered calls on securities
held by it or on Stock Index Futures (as described in the Prospectus). 
When hedging to establish a position in the equity securities markets as
a temporary substitute for the purchase of individual equity securities
the Fund may: (i) buy Stock Index Futures, or (ii) buy calls on Stock
Index Futures or securities.  Normally, the Fund would then purchase the
equity securities and terminate the hedging portion.     

     The Fund's strategy of hedging with Futures and options on Futures
will be incidental to the Fund's investment activities in the underlying
cash market.  In the future, the Fund may employ hedging instruments and
strategies that are not presently contemplated but which may be
subsequently developed, to the extent such investment methods are
consistent with the Fund's investment objective, and are legally
permissible and disclosed in the Prospectus.  Additional information about
the hedging instruments the Fund may use is provided below.     

     -- Writing Covered Calls.  As described in the Prospectus, the Fund
may write covered calls. When the Fund writes a call on an investment, it
receives a premium and agrees to sell the callable investment to a
purchaser of a corresponding call during the call period (usually not more
than 9 months) at a fixed exercise price (which may differ from the market
price of the underlying investment) regardless of market price changes
during the call period.  To terminate its obligation on a call it has
written, the Fund may purchase a  corresponding call in a "closing
purchase transaction." A profit or loss will be realized, depending upon
whether the net of the amount of option transaction costs and the premium
received on the call the Fund has written is more or less than the price
of the call the Fund subsequently purchased.  A profit may also be
realized if the call lapses unexercised because the Fund retains the
underlying investment and the premium received.  Those profits are
considered short-term capital gains for Federal income tax purposes, as
are premiums on lapsed calls, and when distributed by the Fund are taxable
as ordinary income.  If the Fund could not effect a closing purchase
transaction due to the lack of a market, it would have to hold the
callable investment until the call lapsed or was exercised. 

     The Fund may also write calls on Futures without owning a futures
contract or deliverable securities, provided that at the time the call is
written, the Fund covers the call by segregating in escrow an equivalent
dollar value of deliverable securities or liquid assets. The Fund will
segregate additional liquid assets if the value of the escrowed assets
drops below 100% of the current value of the Future.  In no circumstances
would an exercise notice as to a Future put the Fund in a short futures
position.    

     The Fund's Custodian, or a securities depository acting for the
Custodian, will act as the Fund's escrow agent, through the facilities of
the Options Clearing Corporation ("OCC"), as to the investments on which
the Fund has written options that are traded on exchanges, or as to other
acceptable escrow securities, so that no margin will be required from the
Fund for such option transactions. OCC will release the securities
covering a call on the expiration of the call or when the Fund enters into
a closing purchase transaction.  Call writing affects the Fund's turnover
rate and the brokerage commissions it pays.  Commissions, normally higher
than on general securities transactions, are payable on writing or
purchasing  a call. 

     -- Stock Index Futures.  As described in the Prospectus, the Fund may
invest in Stock Index Futures only if they relate to broadly-based stock
indices. A stock index is considered to be broadly-based if it includes
stocks that are not limited to issuers in any particular industry or group
of industries.  A stock index assigns relative values to the common stocks
included in the index and fluctuates with the changes in the market value
of those stocks.  Stock indices cannot be purchased or sold directly.    

     Stock index futures are contracts based on the future value of the
basket of securities that comprise the underlying stock index.  The
contracts obligate the seller to deliver, and the purchaser to take, cash
to settle the futures transaction or to enter into an offsetting contract.
No physical delivery of the securities underlying the index is made on
settling the futures obligation. No monetary amount is paid or received
by the Fund on the purchase or sale of a Stock Index Future.  Upon
entering into a Futures transaction, the Fund will be required to deposit
an initial margin payment, in cash or U.S. Treasury bills, with the
futures commission merchant (the "futures broker").  Initial margin
payments will be deposited with the Fund's Custodian in an account
registered in the futures broker's name; however, the futures broker can
gain access to that account only under certain specified conditions.  As
the Future is marked to market (that is, its value on the Fund's books is
changed) to reflect changes in its market value, subsequent margin
payments, called variation margin, will be paid to or by the futures
broker on a daily basis.     

     At any time prior to the expiration of the Future, the Fund may elect
to close out its position by taking an opposite position, at which time
a final determination of variation margin is made and additional cash is
required to be paid by or released to the Fund.  Any gain or loss is then
realized by the Fund on the Future for tax purposes.  Although Stock Index
Futures by their terms call for settlement by the delivery of cash, in
most cases the settlement obligation is fulfilled without such delivery
by entering into an offsetting transaction.  All futures transactions are
effected through a clearing house associated with the exchange on which
the contracts are traded. 

     -- Writing Put Options.  A put option on securities gives the
purchaser the right to sell, and the writer the obligation to buy, the
underlying investment at the exercise price during the option period. 
Writing a put covered by segregated liquid assets equal to the exercise
price of the put has the same economic effect to the Fund as writing a
covered call.  The premium the Fund receives from writing a put option
represents a profit, as long as the price of the underlying investment
remains above the exercise price.  However, the Fund has also assumed the
obligation during the option period to buy the underlying investment from
the buyer of the put at the exercise price, even though the value of the
investment may fall below the exercise price.  If the put expires
unexercised, the Fund (as the writer of the put) realizes a gain in the
amount of the premium less transaction costs.  If the put is exercised,
the Fund must fulfill its obligation to purchase the underlying investment
at the exercise price, which will usually exceed the market value of the
investment at that time.  In that case, the Fund may incur a loss, equal
to the sum of the sale price of the underlying investment and the premium
received minus the sum of the exercise price and any transaction costs
incurred.

     When writing put options on securities or on foreign currencies, to
secure its obligation to pay for the underlying security, the Fund will
deposit in escrow liquid assets with a value equal to or greater than the
exercise price of the underlying securities.  The Fund therefore forgoes
the opportunity of investing the segregated assets or writing calls
against those assets.  As long as the obligation of the Fund as the put
writer continues, it may be assigned an exercise notice by the exchange
or broker-dealer through whom such option was sold, requiring the Fund to
exchange currency at the specified rate of exchange or to take delivery
of the underlying security against payment of the exercise price.  The
Fund may have no control over when it may be required to purchase the
underlying security, since it may be assigned an exercise notice at any
time prior to the termination of its obligation as the writer of the put. 
This obligation terminates upon expiration of the put, or such earlier
time at which the Fund effects a closing purchase transaction by
purchasing a put of the same series as that previously sold.  Once the
Fund has been assigned an exercise notice, it is thereafter not allowed
to effect a closing purchase transaction. 

     The Fund may effect a closing purchase transaction to realize a
profit on an outstanding put option it has written or to prevent an
underlying security from being put.  Furthermore, effecting such a closing
purchase transaction will permit the Fund to write another put option to
the extent that the exercise price thereof is secured by the deposited
assets, or to utilize the proceeds from the sale of such assets for other
investments by the Fund.  The Fund will realize a profit or loss from a
closing purchase transaction if the cost of the transaction is less or
more than the premium received from writing the option.  As above for
writing covered calls, any and all such profits described herein from
writing puts are considered short-term capital gains for Federal tax
purposes, and when distributed by the Fund, are taxable as ordinary
income.

     -- Purchasing Puts and Calls.  The Fund may purchase calls to protect
against the possibility that the Fund's portfolio will not participate in
an anticipated rise in the securities market. When the Fund purchases a
call (other than in a closing purchase transaction), it pays a premium
and, except as to calls on stock indices, has the right to buy the
underlying investment from a seller of a corresponding call on the same
investment during the call period at a fixed exercise price.  In
purchasing a call, the Fund benefits only if the call is sold at a profit
or if, during the call period, the market price of the underlying
investment is above the sum of the exercise price, transaction costs, and
the premium paid, and the call is exercised.  If the call is not exercised
or sold (whether or not at a profit), it will become worthless at its
expiration date and the Fund will lose its premium payment and the right
to purchase the underlying investment.  When the Fund purchases a call on
a stock index, it pays a premium, but settlement is in cash rather than
by delivery of the underlying investment to the Fund.     

     When the Fund purchases a put, it pays a premium and, except as to
puts on stock indices, has the right to sell the underlying investment to
a seller of a corresponding put on the same investment during the put
period at a fixed exercise price.  Buying a put on an investment the Fund
owns (a "protective put") enables the Fund to attempt to protect itself
during the put period against a decline in the value of the underlying
investment below the exercise price by selling the underlying investment
at the exercise price to a seller of a corresponding put.  If the market
price of the underlying investment is equal to or above the exercise price
and as a result the put is not exercised or resold, the put will become
worthless at its expiration and the Fund will lose the premium payment and
the right to sell the underlying investment.  However, the put may be sold
prior to expiration (whether or not at a profit).  

     Puts and calls on broadly-based stock indices or Stock Index Futures
are similar to puts and calls on securities or futures contracts except
that all settlements are in cash and gain or loss depends on changes in
the index in question (and thus on price movements in the stock market
generally) rather than on price movements of individual securities or
futures contracts.  When the Fund buys a call on a stock index or Stock
Index Future, it pays a premium.  If the Fund exercises the call during
the call period, a seller of a corresponding call on the same investment
will pay the Fund an amount of cash to settle the call if the closing
level of the stock index or Future upon which the call is based is greater
than the exercise price of the call.  That cash payment is equal to the
difference between the closing price of the call and the exercise price
of the call times a specified multiple (the "multiplier") which determines
the total dollar value for each point of difference.  When the Fund buys
a put on a stock index or Stock Index Future, it pays a premium and has
the right during the put period to require a seller of a corresponding
put, upon the Fund's exercise of its put, to deliver cash to the Fund to
settle the put if the closing level of the stock index or Stock Index
Future upon which the put is based is less than the exercise price of the
put.  That cash payment is determined by the multiplier, in the same
manner as described above as to calls. 

     When the Fund purchases a put on a stock index, or on a Stock Index
Future not owned by it, the put protects the Fund to the extent that the
index moves in a similar pattern to the securities the Fund holds.  The
Fund can either resell the put or, in the case of a put on a Stock Index
Future, buy the underlying investment and sell it at the exercise price. 
The resale price of the put will vary inversely with the price of the
underlying investment.  If the market price of the underlying investment
is above the exercise price, and as a result the put is not exercised, the
put will become worthless on the expiration date.  In the event of a
decline in price of the underlying investment, the Fund could exercise or
sell the put at a profit to attempt to offset some or all of its loss on
its portfolio securities.    

     The Fund's option activities may affect its portfolio turnover rate
and brokerage commissions.  The exercise of calls written by the Fund may
cause the Fund to sell related portfolio securities, thus increasing its
turnover rate.  The exercise by the Fund of puts on securities will cause
the sale of underlying investments, increasing portfolio turnover. 
Although the decision whether to exercise a put it holds is within the
Fund's control, holding a put might cause the Fund to sell the related
investments for reasons that would not exist in the absence of the put. 
The Fund will pay a brokerage commission each time it buys or sells a
call, put or an underlying investment in connection with the exercise of
a put or call.  Those commissions may be higher than the commissions for
direct purchases or sales of the underlying investments. 

     Premiums paid for options are small in relation to the market value
of the underlying investments and, consequently, put and call options
offer large amounts of leverage.  The leverage offered by trading in
options could result in the Fund's net asset value being more sensitive
to changes in the value of the underlying investments. 

     -- Options on Foreign Currency.  The Fund may write and purchase puts
and calls on foreign currencies that are traded on a securities or
commodities exchange or over-the-counter markets or are quoted by major
recognized dealers in such options.  It does so to protect against
declines in the dollar value of foreign securities and against increases
in the dollar cost of foreign securities to be acquired.  If the Manager
anticipates a rise in the dollar value of a foreign currency in which
securities to be acquired are denominated, the increased cost of such
securities may be partially offset by purchasing calls or writing puts on
that foreign currency.  If a decline in the dollar value of a foreign
currency is anticipated, the decline in value of portfolio securities
denominated in that currency may be partially offset by writing calls or
purchasing puts on that foreign currency.  However, in the event of
currency rate fluctuations adverse to the Fund's position, it would lose
the premium it paid and transactions costs.    

     A call written on a foreign currency by the Fund is covered if the
Fund owns the underlying foreign currency covered by the call or has an
absolute and immediate right to acquire that foreign currency without
additional cash consideration (or for additional cash consideration held
in a segregated account by its custodian) upon conversion or exchange of
other foreign currency held in its portfolio.  A call may be written by
the Fund on a foreign currency to provide a hedge against a decline due
to an expected adverse change in the exchange rate in the U.S. dollar
value of a security which the Fund owns or has the right to acquire and
which is denominated in the currency underlying the option.  This is a
cross-hedging strategy.  In such circumstances, the Fund collateralizes
the option by maintaining in a segregated account with the Fund's
custodian, cash or U.S. Government Securities in an amount not less than
the value of the underlying foreign currency in U.S. dollars marked-to-
market daily.    

     -- Forward Contracts.  A Forward Contract involves bilateral
obligations of one party to purchase, and another party to sell, a
specific currency at a future date (which may be any fixed number of days
from the date of the contract agreed upon by the parties), at a price set
at the time the contract is entered into.  These contracts are generally
traded in the interbank market conducted directly between currency traders
(usually large commercial banks) and their customers.  Some forward
contracts are standardized foreign currency futures contracts that are
traded on exchanges and are subject to procedures and regulations
applicable to other Futures.      

     The Fund may use Forward Contracts to protect against uncertainty in
the level of future exchange rates.  The use of Forward Contracts does not
eliminate fluctuations in the prices of the underlying securities the Fund
owns or intends to acquire, but it does fix a rate of exchange in advance. 
In addition, although Forward Contracts limit the risk of loss due to a
decline in the value of the hedged currencies, at the same time they limit
any potential gain that might result should the value of the currencies
increase.  To attempt to limit its exposure to loss under forward
contracts in a particular foreign currency, the Fund's assets denominated
in that currency or denominated in a closely-denominated foreign currency
will at least equal the difference between the market value and the cost
of the forward contracts in that particular foreign currency.    

     The Fund may enter into Forward Contracts with respect to specific
transactions.  For example, when the Fund enters into a contract for the
purchase or sale of a security denominated in a foreign currency, or when
the Fund anticipates receipt of dividend payments in a foreign currency,
the Fund may desire to "lock-in" the U.S. dollar price of the security or
the U.S. dollar equivalent of such payment by entering into a Forward
Contract, for a fixed amount of U.S. dollars per unit of foreign currency,
for the purchase or sale of the amount of foreign currency involved in the
underlying transaction (this is called a "transaction hedge").  The Fund
will thereby be able to protect itself against a possible loss resulting
from an adverse change in the relationship between the currency exchange
rates during the period between the date on which the security is
purchased or sold, or on which the payment is declared, and the date on
which such payments are made or received.     

     The Fund may also use Forward Contracts to lock in the U.S. dollar
value of portfolio positions (this is called a "position hedge").  In a
position hedge, for  example, when the Fund believes that foreign currency
may suffer a substantial decline against the U.S. dollar, it may enter
into a forward sale contract to sell an amount of that foreign currency
approximating the value of some or all of the Fund's portfolio securities
denominated in that foreign currency, or when the Fund believes that the
U.S. dollar may suffer a substantial decline against a foreign currency,
it may enter into a forward purchase contract to buy that foreign currency
for a fixed dollar amount.  The Fund may also enter into a forward
contract to sell a different foreign currency for a fixed U.S. dollar
amount if the Fund believes that the U.S. dollar value of the currency to
be sold pursuant to the forward contract will fall whenever there is a
decline in the U.S. dollar value of the currency in which portfolio
securities of the Fund are denominated (this is known as a "cross-hedge"). 
The Fund will not enter into a "cross-hedge" unless it is denominated in
a currency or currencies that the Manager believes will have price
movements that tend to correlate closely with the currency in which the
investment being hedged is denominated.  The success of cross hedging
depends on many factors, including the ability of the Manager to correctly
identify and monitor the correlation between foreign currencies and the
U.S. dollar.  To the extent that the correlation is not identical, the
Fund may experience losses or gains on both the underlying security and
the cross-hedge.    

     The Fund will not enter into Forward Contracts or maintain a net
exposure in such contracts to the extent that the Fund would be obligated
to deliver an amount of foreign currency in excess of the value of the
Fund's portfolio securities denominated in that currency or in a closely-
correlated currency, unless such net exposure is covered by segregated
liquid assets.  The Fund's Custodian will place cash or U.S. Government
securities or other liquid high-quality debt securities in a separate
account having a value equal to the net exposure.  If the value of the
securities placed in the separate account declines, additional cash or
securities will be placed in the account on a daily basis so that the
account value will equal the Fund's net exposure.  As an alternative, the
Fund may purchase a call option permitting the Fund to purchase the amount
of foreign currency being hedged by a forward sale contract at a price no
higher than the Forward Contract price, or the Fund may purchase a put
option permitting the Fund to sell the amount of foreign currency subject
to a forward purchase contract at a price as high or higher than the
Forward Contract price.  Unanticipated changes in currency prices may
result in poorer overall performance for the Fund than if it had not
entered into such contracts.     

     At or before the maturity of a Forward Contract requiring the Fund
to sell a currency, the Fund may either sell a portfolio security and use
the sale proceeds to make delivery of the currency or retain the security
and offset its contractual obligation to deliver the currency by
purchasing a second contract pursuant to which the Fund will obtain, on
the same maturity date, the same amount of the currency that it is
obligated to deliver.  Similarly, the Fund  may close out a Forward
Contract requiring it to purchase a specified currency by entering into
a second contract entitling it to sell the same amount of the same
currency on the maturity date of the first contract.  The Fund would
realize a gain or loss as a result of entering into such an offsetting
Forward Contract under either circumstance to the extent the exchange rate
or rates between the currencies involved moved between the execution dates
of the first contract and offsetting contract.

     The cost to the Fund of engaging in Forward Contracts varies with
factors such as the currencies involved, the length of the contract period
and the market conditions then prevailing.  Because Forward Contracts are
usually entered into on a principal basis, no fees or commissions are
involved.  Because such contracts are not traded on an exchange, the Fund
must evaluate the credit and performance risk of the counterparty under
a Forward Contract.    

     Although the Fund values its assets daily in terms of U.S. dollars,
it does not intend to convert its holdings of foreign currency deposits
into U.S. dollars on a daily basis.  The Fund may convert foreign currency
from time to time, and there are costs to the Fund of currency conversion. 
Foreign exchange dealers do not charge a fee for conversion, but they do
seek to realize a profit based on the difference between the prices at
which they buy and sell various currencies.  Thus, a dealer may offer to
sell a foreign currency to the Fund at one rate, while offering a lesser
rate of exchange should the Fund desire to resell that currency to the
dealer.     

     -- Regulatory Aspects of Hedging Instruments.  The Fund is required
to operate within certain guidelines and restrictions with respect to its
use of futures and options thereon as established by the Commodities
Futures Trading Commission ("CFTC").  In particular, the Fund is excluded
from registration as a "commodity pool operator" if it complies with the
requirements of Rule 4.5 adopted by the CFCT.  Under this Rule, the Fund
is not limited regarding the percentage of its assets committed to futures
margins and related options premiums subject to a hedge position. 
However, aggregate initial futures margins and related options premiums
are limited to 5% or less of the Fund's net asset value for other than
bona fide hedging strategies employed by the Fund within the meaning and
intent of applicable provisions of the Commodity Exchange Act and CFCT
regulations thereunder.    

     Transactions in options by the Fund are subject to limitations
established by option exchanges governing the maximum number of options
that may be written or held by a single investor or group of investors
acting in concert, regardless of whether the options were written or
purchased on the same or different exchanges or are held in one or more
accounts or through one or more different exchanges or through one or more
brokers.  Thus the number of options which the Fund may write or hold may
be affected by options written or held by other entities, including other
investment companies having the same adviser as the Fund (or an adviser
that is an affiliate of the Fund's adviser).  The exchanges also impose
position limits on Futures transactions.  An exchange may order the
liquidation of positions found to be in violation of those limits and may
impose certain other sanctions.

     Due to requirements under the Investment Company Act, when the Fund
purchases a Stock Index Future, the Fund will maintain, in a segregated
account or accounts with its Custodian, cash or readily-marketable, short-
term (maturing in one year or less) debt instruments in an amount equal
to the market value of the securities underlying such Future, less the
margin deposit applicable to it. 

     When the Fund writes an over-the-counter("OTC") option, it intends
to enter into an arrangement with a primary U.S. Government securities
dealer, which would establish a formula price at which the Fund would have
the absolute right to repurchase that OTC option.  This formula price
would generally be based on a multiple of the premium received for the
option, plus the amount by which the option is exercisable below the
market price of the underlying security ("in-the-money").  For any OTC
option the Fund writes, it will treat as illiquid (for purposes of its
restriction on illiquid securities, stated in the Prospectus) the mark-to-
market value of any OTC option held by it.  The Securities and Exchange
Commission is evaluating the general issue of whether or not OTC options
should be considered as liquid securities, and the procedure described
above could be affected by the outcome of that evaluation.     

     -- Tax Aspects of Covered Calls and Hedging Instruments.  The Fund
intends to qualify as a "regulated investment company" under the Internal
Revenue Code (although it reserves the right not to qualify).  That
qualification enables the Fund to "pass through" its income and realized
capital gains to shareholders without having to pay tax on them.  This
avoids a "double tax" on that income and capital gains, since shareholders
normally will be taxed on the dividends and capital gains they receive
from the Fund (unless the Fund's shares are held in a retirement account
or the shareholder is otherwise exempt from tax).  One of the tests for
the Fund's qualification as a regulated investment company is that less
than 30% of its gross income must be derived from gains realized on the
sale of securities held for less than three months.  To comply with this
30% cap, the Fund will limit the extent to which it engages in the
following activities, but will not be precluded from them: (i) selling
investments, including Stock Index Futures, held for less than three
months, whether or not they were purchased on the exercise of a call held
by the Fund; (ii) purchasing options which expire in less than three
months; (iii) effecting closing transactions with respect to calls or puts
written or purchased less than three months previously; (iv) exercising
puts or calls held by the Fund for less than three months; or (v) writing
calls on investments held less than three months. 

     Certain foreign currency exchange contracts (Forward Contracts) in
which the Fund may invest are treated as "section 1256 contracts."  Gains
or losses relating to section 1256 contracts generally are characterized
under the Internal Revenue Code as 60% long-term and 40% short-term
capital gains or losses.  However, foreign currency gains or losses
arising from certain section 1256 contracts (including Forward Contracts)
generally are treated as ordinary income or loss.  In addition, section
1256 contracts held by the Fund at the end of each taxable year are
"marked-to-market" with the result that unrealized gains or losses are
treated as thought they were realized.  These contracts also may be
marked-to-market for purposes of the excise tax applicable to investment
company distributions and for other purposes under rules prescribed
pursuant to the Internal Revenue Code.  An election can be made by the
Fund to exempt these transactions from this marked-to-market
treatment.    

     Certain Forward Contracts entered into by the Fund may result in
"straddles" for federal income tax purposes.  The straddle rules may
affect the character of gains (or losses) realized by the Fund on straddle
positions.  Generally, a loss sustained on the disposition of a
position(s) making up a straddle is allowed only to the extent such loss
exceeds any unrecognized gain in the offsetting positions making up the
straddle.  Disallowed loss is generally allowed at the point where there
is no unrecognized gain in the offsetting positions making up the
straddle, or the offsetting position is disposed of.    

     Under the Internal Revenue Code, gains or losses attributable to
fluctuations in exchange rates which occur between the time the Fund
accrues interest or other receivables or accrues expenses or other
liabilities denominated in a foreign currency and the time the Fund
actually collects such receivables or pays such liabilities generally are
treated as ordinary income or ordinary loss.  Similarly, on disposition
of debt securities denominated in a foreign currency  and on disposition
foreign currency forward contracts, gains or losses attributable to
fluctuations in the value of a foreign currency between the date of
acquisition of the security or contract and the date of the disposition
also are treated as an ordinary gain or loss.  Currency gains and losses
are offset against market gains and losses on each trade before
determining a net "section 988" gain or loss under the Internal Revenue
Code, which may ultimately increase or decrease the amount of the Fund's
investment company income available for distribution to its
shareholders.    

     -- Risks of Hedging With Options and Futures.  An option position may
be closed out only on a market that provides secondary trading for options
of the same series, and there is no assurance that a liquid secondary
market will exist for any particular option.  In addition to the risks
associated with hedging that are discussed in the Prospectus and above,
there is a risk in using short hedging by (i) selling Stock Index Futures
or (ii) purchasing puts on stock indices or Stock Index Futures to attempt
to protect against declines in the value of the Fund's equity securities.
The risk is that the prices of Stock Index Futures will correlate
imperfectly with the behavior of the cash (i.e., market value) prices of
the Fund's equity securities.  The ordinary spreads between prices in the
cash and futures markets are subject to distortions, due to differences
in the natures of those markets.  First, all participants in the futures
markets are subject to margin deposit and maintenance requirements. 
Rather than meeting additional margin deposit requirements, investors may
close out futures contracts through offsetting transactions which could
distort the normal relationship between the cash and futures markets. 
Second, the liquidity of the futures markets depends on participants
entering into offsetting transactions rather than making or taking
delivery. To the extent participants decide to make or take delivery,
liquidity in the futures markets could be reduced, thus producing
distortion.  Third, from the point of view of speculators, the deposit
requirements in the futures markets are less onerous than margin
requirements in the securities markets.  Therefore, increased
participation by speculators in the futures markets may cause temporary
price distortions. 

     The risk of imperfect correlation increases as the composition of the
Fund's portfolio diverges from the securities included in the applicable
index.  To compensate for the imperfect correlation of movements in the
price of the equity securities being hedged and movements in the price of
the hedging instruments, the Fund may use hedging instruments in a greater
dollar amount than the dollar amount of equity securities being hedged if
the historical volatility of the prices of the equity securities being
hedged is more than the historical volatility of the applicable index. 
It is also possible that if the Fund has used hedging instruments in a
short hedge, the market may advance and the value of equity securities
held in the Fund's portfolio may decline. If that occurred, the Fund would
lose money on the hedging instruments and also experience a decline in
value in its portfolio securities.  However, while this could occur for
a very brief period or to a very small degree, over time the value of a
diversified portfolio of equity securities will tend to move in the same
direction as the indices upon which the hedging instruments are based.  

     If the Fund uses hedging instruments to establish a position in the
equities markets as a temporary substitute for the purchase of individual
equity securities (long hedging) by buying Stock Index Futures and/or
calls on such Futures, on securities or on stock indices, it is possible
that the market may decline.  If the Fund then concludes not to invest in
equity securities at that time because of concerns as to a possible
further market decline or for other reasons, the Fund will realize a loss
on the hedging instruments that is not offset by a reduction in the price
of the equity securities purchased. 

     -- Investing in Small, Unseasoned Companies.  The securities of
small, unseasoned companies may have a limited trading market, which may
adversely affect the Fund's ability to sell them and can reduce the price
the Fund might be able to obtain for them.  If other investors trade the
same securities when the Fund attempts to dispose of its holdings, the
Fund may receive lower prices than might otherwise be obtained, because
of the thinner market for such securities.     

     -- Foreign Securities. "Foreign securities" include equity and debt
securities of companies organized under the laws of countries other than
the United States and debt securities of foreign governments that are
traded on foreign securities exchanges or in the foreign over-the-counter
markets.  Securities of foreign issuers that are represented by American
Depository Receipts or that are listed on a U.S. securities exchange or
traded in the U.S. over-the-counter markets are not considered "foreign
securities" for the purpose of the Fund's investment allocations, because
they are not subject to many of the special considerations and risks,
discussed below, that apply to foreign securities traded and held abroad. 

     Investing in foreign securities offer potential benefits not
available from investing solely in securities of domestic issuers,
including the opportunity to invest in foreign issuers that appear to
offer growth potential, or in foreign countries with economic policies or
business cycles different from those of the U.S., or to reduce
fluctuations in portfolio value by taking advantage of foreign stock
markets that do not move in a manner parallel to U.S. markets. If the
Fund's portfolio securities are held abroad, the countries in which they
may be held and the sub-custodians holding them must be approved by the
Fund's Board of Trustees under applicable rules of the Securities and
Exchange Commission.

     -- Risks of Foreign Investing.  Investments in foreign securities
present special additional risks and considerations not typically
associated with investments in domestic securities: reduction of income
by foreign taxes; fluctuation in value of foreign portfolio investments
due to changes in currency rates and control regulations (e.g., currency
blockage); transaction charges for currency exchange; lack of public
information about foreign issuers; lack of uniform accounting, auditing
and financial reporting standards comparable to those applicable to
domestic issuers; less volume on foreign exchanges than on U.S. exchanges;
greater volatility and less liquidity on foreign markets than in the U.S.;
less regulation of foreign issuers, stock exchanges and brokers than in
the U.S.; greater difficulties in commencing lawsuits; higher brokerage
commission rates than in the U.S.; increased risks of delays in settlement
of portfolio transactions or loss of certificates for portfolio
securities; possibilities in some countries of expropriation, confiscatory
taxation, political, financial or social instability or adverse diplomatic
developments; and unfavorable differences between the U.S. economy and
foreign economies.  In the past, U.S.  Government policies have
discouraged certain investments abroad by U.S.  investors, through
taxation or other restrictions, and it is possible that such restrictions
could be re-imposed. 

     -- Restricted and Illiquid Securities.  To enable the Fund to sell
restricted securities not registered under the Securities Act of 1933, the
Fund may have to cause those securities to be registered.  The expenses
of registration of restricted securities may be negotiated by the Fund
with the issuer at the time such securities are purchased by the Fund, 
if such registration is required before such securities may be sold
publicly. When registration must be arranged because the Fund wishes to
sell the security, a considerable period may elapse between the time the
decision is made to sell the securities and the time the Fund would be
permitted to sell them. The Fund would bear the risks of any downward
price fluctuation during that period. The Fund may also acquire, through
private placements, securities having contractual restrictions on their
resale, which might limit the Fund's ability to dispose of such securities
and might lower the amount realizable upon the sale of such securities. 

     The Fund has percentage limitations that apply to purchases of
restricted securities, as stated in the Prospectus. Those percentage
restrictions do not limit purchases of restricted securities that are
eligible for sale to qualified institutional purchasers pursuant to Rule
144A under the Securities Act of 1933, provided that those securities have
been determined to be liquid by the Board of Trustees of the Fund or by
the Manager under Board-approved guidelines. Those guidelines take into
account the trading activity for such securities and the availability of
reliable pricing information, among other factors.  If there is a lack of
trading interest in a particular Rule 144A security, the Fund's holding
of that security may be deemed to be illiquid.

     -- Loans of Portfolio Investments.  The Fund may lend its portfolio
investments subject to the restrictions stated in the Prospectus. 
Repurchase transactions are not considered "loans" for the purpose of the
Fund's limit on the percentage of its assets that can be loaned.  Under
applicable regulatory requirements (which are subject to change), the loan
collateral on each business day must at least equal the value of the
loaned securities and must consist of cash, bank letters of credit or
securities of the U.S.  Government (or its agencies or instrumentalities). 
To be acceptable as collateral, letters of credit must obligate a bank to
pay amounts demanded by the Fund if the demand meets the terms of the
letter.  Such terms and the issuing bank must be satisfactory to the Fund. 
When it lends securities, the Fund receives amounts equal to the dividends
or interest on loaned securities and also receives one or more of (a)
negotiated loan fees, (b) interest on securities used as collateral, and
(c) interest on short-term debt securities purchased with such loan
collateral.  Either type of interest may be shared with the borrower.  The
Fund may also pay reasonable finder's, custodian and administrative fees. 
The terms of the Fund's loans must meet applicable tests under the
Internal Revenue Code and must permit the Fund to reacquire loaned
securities on five days' notice or in time to vote on any important
matter.     

     -- Repurchase Agreements. The Fund may acquire securities subject to
repurchase agreements for liquidity purposes to meet anticipated
redemptions, or pending the investment of the proceeds from sales of Fund
shares, or pending the settlement of purchases of portfolio securities. 

     In a repurchase transaction, the Fund acquires a security from, and
simultaneously resells it to, an approved vendor.  An "approved vendor"
is a U.S. commercial bank or the U.S. branch of a foreign bank or a
broker-dealer which has been designated a primary dealer in government
securities, which must meet credit requirements set by the Fund's Board
of Trustees from time to time.  The resale price exceeds the purchase
price by an amount that reflects an agreed-upon interest rate effective
for the period during which the repurchase agreement is in effect.  The
majority of these transactions run from day to day, and delivery pursuant
to the resale typically will occur within one to five days of the
purchase.  Repurchase agreements are considered "loans" under the
Investment Company Act, collateralized by the underlying security.  The
Fund's repurchase agreements require that at all times while the
repurchase agreement is in effect, the value of the collateral must equal
or exceed the repurchase price to fully collateralize the repayment
obligation.  Additionally, the Manager will impose creditworthiness
requirements to confirm that the vendor is financially sound and will
continuously monitor the collateral's value.

     -- Short Sales Against-the-Box.  In this type of short sale, while
the short position is open, the Fund must own an equal amount of the
securities sold short, or by virtue of ownership of other securities have
the right, without payment of further consideration, to obtain an equal
amount of the securities sold short.  Short sales against-the-box may be
made to defer, for Federal income tax purposes, recognition of gain or
loss on the sale of securities "in the box" until the short position is
closed out.  They may also be used to protect a gain on the security "in-
the-box" when the Fund does not want to sell it and recognize a capital
gain.  No more than 15% of the Fund's net assets may be held as collateral
for these short sales.    

     -- Temporary Defensive Investments.  When the equity markets in
general are declining, the Fund may commit an increasing portion of its
assets to defensive securities.  These may include the types of securities
described in the Prospectus. When investing for defensive purposes, the
Fund will normally emphasize investment in short-term debt securities
(that is, securities maturing in one year or less from the date of
purchase), since those types of securities are generally more liquid and
usually may be disposed of quickly without significant gains or losses so
that the Manager may have liquid assets when it wishes to make investments
in securities for appreciation possibilities.

Other Investment Restrictions

     The Fund's most significant investment restrictions are set forth in
the Prospectus.  There are additional investment restrictions that the
Fund must follow that are also fundamental policies.  Fundamental policies
and the Fund's investment objective cannot be changed without the vote of
a "majority" of the Fund's outstanding voting securities.  Under the
Investment Company Act, such "majority" vote is defined as the vote of the
holders of the lesser of: (1) 67% or more of the shares present or
represented by proxy at a shareholder meeting, if the holders of more than
50% of the outstanding shares are present, or (2) more than 50% of the
outstanding shares of the Fund.      

     Under these additional restrictions, the Fund cannot: (1) invest in
companies for the primary purpose of acquiring control or management
thereof; (2) invest in commodities or commodity contracts; however, the
Fund may buy and sell any of the Hedging Instruments permitted by any of
its other non-fundamental policies, whether or not any such Hedging
Instrument is considered to be a commodity or a commodity contract; (3)
invest in real estate or in interests in real estate, but may purchase
readily marketable securities of companies holding real estate or
interests therein; (4) purchase securities on margin, except that the Fund
may make margin deposits in connection with any of the Hedging Instruments
permitted by any of its other non-fundamental policies; (5) mortgage or
pledge any of its assets; however, this does not prohibit the escrow
arrangements contemplated in the use of Hedging Instruments; (6)
underwrite securities of any issuer, except insofar as it might be deemed
an underwriter under the Securities Act of 1933 in the resale of any
securities held in its own portfolio;  (7) invest or hold securities of
any issuer if those officers and Trustees or directors of the Fund or the
Manager owning individually more than 0.5% of the securities of such
issuer together own more than 5% of the securities of such issuer; (8)
invest in oil or gas exploration or development programs or in mineral-
related programs or leases; or (9) lend money, but the Fund may purchase
all or a portion of an issue of bonds, debentures, commercial paper, or
other similar corporate obligations of the types that are usually
purchased by institutions, whether or not publicly distributed.

How the Fund Is Managed

Organization and History.  As a Massachusetts business trust, the Fund is
not required to hold, and does not plan to hold, regular annual meetings
of shareholders. The Fund will hold meetings when required to do so by the
Investment Company Act or other applicable law, or when a shareholder
meeting is called by the Trustees or upon proper request of the
shareholders.  Shareholders have the right, upon the declaration in
writing or vote of two-thirds of the outstanding shares of the Fund, to
remove a Trustee.  The Trustees will call a meeting of shareholders to
vote on the removal of a Trustee upon the written request of the record
holders of 10% of its outstanding shares.  In addition, if the Trustees
receive a request from at least 10 shareholders (who have been
shareholders for at least six months) holding shares of the Fund valued
at $25,000 or more or holding at least 1% of the Fund's outstanding
shares, whichever is less, stating that they wish to communicate with
other shareholders to request a meeting to remove a Trustee, the Trustees
will then either make the Fund's shareholder list available to the
applicants or mail their communication to all other shareholders at the
applicants' expense, or the Trustees may take such other action as set
forth under Section 16(c) of the Investment Company Act. 

     The Fund's Declaration of Trust contains an express disclaimer of
shareholder or Trustee liability for the Fund's obligations, and provides
for indemnification and reimbursement of expenses out of its property for
any shareholder held personally liable for its obligations.  The
Declaration of Trust also provides that the Fund shall, upon request,
assume the defense of any claim made against any shareholder for any act
or obligation of the Fund and satisfy any judgment thereon.  Thus, while
Massachusetts law permits a shareholder of a business trust (such as the
Fund) to be held personally liable as a "partner" under certain
circumstances, the risk of a Fund shareholder incurring financial loss on 
account of shareholder liability is limited to the relatively remote
circumstances in which the Fund would be unable to meet its obligations
described above.  Any person doing business with the Trust, and any
shareholder of the Trust, agrees under the Trust's Declaration of Trust
to look solely to the assets of the Trust for satisfaction of any claim
or demand which may arise out of any dealings with the Trust, and the
Trustees shall have no personal liability to any such person, to the
extent permitted by law. 

   Trustees and Officers of the Fund. The Fund's Trustees and officers and
their principal occupations and business affiliations during the past five
years are listed below.  The address of each Trustee and officer is Two
World Trade Center, New York, New York 10048-0203, unless another address
is listed below.  All of the Trustees are also trustees of Oppenheimer
Money Market Fund, Inc., Oppenheimer Fund, Oppenheimer Global Fund,
Oppenheimer Time Fund, Oppenheimer Growth Fund, Oppenheimer Discovery
Fund, Oppenheimer Target Fund, Oppenheimer Global Growth & Income Fund,
Oppenheimer Gold & Special Minerals Fund, Oppenheimer Tax-Free Bond Fund,
Oppenheimer New York Tax-Exempt Fund, Oppenheimer California Tax-Exempt
Fund, Oppenheimer Multi-State Tax-Exempt Trust, Oppenheimer Asset
Allocation Fund, Oppenheimer Mortgage Income Fund, Oppenheimer U.S.
Government Trust, Oppenheimer Multi-Sector Income Trust and Oppenheimer
Multi-Government Trust (the "New York-based OppenheimerFunds"). Messrs.
Spiro, Bishop, Bowen, Donohue, Farrar and Zack respectively hold the same
offices with the other New York-based OppenheimerFunds as with the Fund. 
As of December 31, 1994, the Trustees and officers of the Fund as a group
owned less than 1% of the outstanding shares of the Fund.  The foregoing
does not include shares held of record by an employee benefit plan for
employees of the Manager (for which plan one of the officers listed below,
Mr. Donohue, is a trustee), other than the shares beneficially owned under
that plan by officers of the Fund listed below.     

     Leon Levy, Chairman of the Board of Trustees; Age: 69
     General Partner of Odyssey Partners, L.P. (investment partnership)
     and Chairman of Avatar Holdings, Inc. (real estate development).    

     Leo Cherne, Trustee; Age: 82
     386 Park Avenue South, New York, New York 10016
     Chairman Emeritus of the International Rescue Committee
     (philanthropic organization); formerly Executive Director of The
     Research Institute of America.     

     Robert G. Galli, Trustee*; Age: 61
     Vice Chairman of the Manager and Vice President and Counsel of
     Oppenheimer Acquisition Corp., the Manager's parent holding company;
     formerly he held the following positions: a director of the Manager
     and Oppenheimer Funds Distributor, Inc. (the "Distributor"), Vice
     President and a director of HarbourView Asset Management Corporation
     ("HarbourView") and Centennial Asset Management Corporation
     ("Centennial"), investment advisory subsidiaries of the Manager, a
     director of Shareholder Financial Services, Inc. ("SFSI") and
     Shareholder Services, Inc. ("SSI"), transfer agent subsidiaries of
     the Manager, an officer of other OppenheimerFunds and Executive Vice
     President and General Counsel of the Manager and the Distributor.    

     Benjamin Lipstein, Trustee; Age: 71
     591 Breezy Hill Road, Hillsdale, New York 12529
     Professor Emeritus of Marketing, Stern Graduate School of Business
     Administration, New York University; Director of Sussex Publishers,
     Inc. (Publishers of Psychology Today and Mother Earth News) and a 
     Director of Spy Magazine, L.P.    

     Elizabeth B. Moynihan, Trustee; Age: 65
     801 Pennsylvania Avenue, N.W., Washington, DC 20004
     Author and architectural historian; a trustee of the Freer Gallery
     of Art (Smithsonian Institute), the Institute of Fine Arts (New York
     University) and the National Building Museum; a member of the
     Trustees Council, Preservation League of New York State; a member of
     the Indo-U.S. Sub-Commission on Education and Culture.    

     Kenneth A. Randall, Trustee; Age: 67
     6 Whittaker's Mill, Williamsburg, Virginia 23185
     A director of Dominion Resources, Inc. (electric utility holding
     company), Dominion Energy, Inc. (electric power and oil & gas
     producer), Enron-Dominion Cogen Corp. (cogeneration company), Kemper
     Corporation (insurance and financial services company), and Fidelity
     Life Association (mutual life insurance company); formerly Chairman
     of the Board of ICL, Inc. (information systems) and President and
     Chief Executive Officer of The Conference Board, Inc. (international
     economic and business research).     

     Edward V. Regan, Trustee; Age: 64
     40 Park Avenue, New York, New York 10016
     President of Jerome Levy Economics Institute; a member of the U.S.
     Competitiveness Policy Council; a director of GranCare, Inc.
     (healthcare provider); formerly New York State Comptroller and a
     trustee, New York State and Local Retirement Fund.     

     Russell S. Reynolds, Jr., Trustee; Age: 63
     200 Park Avenue, New York, New York 10166
     Founder and Chairman of Russell Reynolds Associates, Inc. (executive
     recruiting); Chairman of Directors Publication, Inc. (consulting and
     publishing); a trustee of Mystic Seaport Museum, International House,
     Greenwich Hospital and the Greenwich Historical Society.     

     Sidney M. Robbins, Trustee; Age: 82
     50 Overlook Road, Ossining, New York 10562
     Chase Manhattan Professor Emeritus of Financial Institutions,
     Graduate School of Business, Columbia University; Visiting Professor
     of Finance, University of Hawaii; a director of The Korea Fund, Inc.
     and The Malaysia Fund, Inc. (closed-end investment companies); a
     member of the Board of Advisors, Olympus Private Placement Fund,
     L.P.; Professor Emeritus of Finance, Adelphi University.     

     Donald W. Spiro, President and Trustee*; Age: 69
     Chairman Emeritus and a director of the Manager; formerly Chairman
     of the Manager and the Distributor.     

     Pauline Trigere, Trustee; Age: 82
     498 Seventh Avenue, New York, New York 10018
     Chairman and Chief Executive Officer of Trigere, Inc. (design and
     sale of women's fashions).     

     Clayton K. Yeutter, Trustee; Age: 64
     1325 Merrie Ridge Road, McLean, Virginia 22101
     Of Counsel, Hogan & Hartson (a law firm); a director of B.A.T.
     Industries, Ltd. (tobacco and financial services), Caterpillar, Inc.
     (machinery), ConAgra, Inc. (food and agricultural products), Farmers
     Insurance Company (insurance), FMC Corp. (chemicals and machinery),
     Lindsay Manufacturing Co. (irrigation equipment), Texas Instruments,
     Inc. (electronics) and The Vigoro Corporation (fertilizer
     manufacturer); formerly (in descending chronological order)
     Counsellor to the President (Bush) for Domestic Policy, Chairman of
     the Republican National Committee, Secretary of the U.S. Department
     of Agriculture, and U.S. Trade Representative.     

     Andrew J. Donohue, Secretary; Age: 44
     Executive Vice President and General Counsel of the Manager and the
     Distributor; an officer of other OppenheimerFunds; formerly Senior
     Vice President and Associate General Counsel of the Manager and the
     Distributor, prior to which he was a partner in Kraft & McManimon (a
     law firm), an officer of First Investors Corporation (a broker-
     dealer) and First Investors Management Company, Inc. (broker-dealer
     and investment adviser), and a director and an officer of First
     Investors Family of Funds and First Investors Life Insurance
     Company.    

     James C. Ayer, Jr., Vice President and Portfolio Manager; Age: 31
     Assistant Vice President of the Manager; an officer of other
     OppenheimerFunds; formerly an international equities investment
     officer with Brown Brothers Harriman & Company, a bank.     

     George C. Bowen, Treasurer; Age: 58
     3410 South Galena Street, Denver, Colorado 80231
     Senior Vice President and Treasurer of the Manager; Vice President
     and Treasurer of the Distributor and HarbourView; Senior Vice
     President, Treasurer, Assistant Secretary and a director of
     Centennial; Vice President, Treasurer and Secretary of SSI and SFSI;
     an officer of other OppenheimerFunds.     

     Robert G. Zack, Assistant Secretary; Age: 46
     Senior Vice President and Associate General Counsel of the Manager;
     Assistant Secretary of SSI and SFSI; an officer of other
     OppenheimerFunds.     

     Robert J. Bishop, Assistant Treasurer; Age: 36
     3410 South Galena Street, Denver, Colorado 80231   
     Assistant Vice President of the Manager/Mutual Fund Accounting; an
     officer of other OppenheimerFunds; previously a Fund Controller for
     the Manager, prior to which he was an Accountant Yale & Seffinger,
     P.C., an accounting firm, and previously an Accountant and
     Commissions Supervisor for Stuart James Company Inc., a broker-
     dealer.     

     Scott Farrar, Assistant Treasurer; Age: 29
     3410 South Galena Street, Denver, Colorado 80231
     Assistant Vice President of the Manager/Mutual Fund Accounting; an
     officer of other OppenheimerFunds; previously a Fund Controller for
     the Manager, prior to which he was an International Mutual Fund
     Supervisor for Brown Brothers Harriman Co., a bank, and previously
     a Senior Fund Accountant for State Street Bank & Trust Company.    

[FN]
- --------------------
*A Trustee who is an "interested person" of the Fund as defined in the
Investment Company Act.

     -- Remuneration of Trustees.  The officers of the Fund are affiliated
with the Manager; they and the Trustees of the Fund who are affiliated
with the Manager (Messrs. Galli and Spiro; Mr. Spiro is also an officer)
receive no salary or fee from the Fund.  The Trustees of the Fund
(including Mr. Delaney, a former Trustee, but excluding Messrs. Galli and
Spiro) received the total amounts shown below from all 19 of the New York-
based OppenheimerFunds (including the Fund) listed in the first paragraph
of this section (and from Oppenheimer Global Environment Fund, a former
New York-based OppenheimerFund), for services in the positions shown:     

   
<TABLE>
<CAPTION>
                                         Total Compensation From All
Name                 Position            New York-based OppenheimerFunds1
<S>                  <C>                      <C>
Leon Levy            Chairman and Trustee     $141,000.00
Leo Cherne           Audit Committee Member and$ 68,800.00
                     Trustee
Edmund T. Delaney    Study Committee Member and$ 86,200.00
                     Trustee2
Benjamin Lipstein    Study Committee Member and$ 86,200.00
                     Trustee
Elizabeth B. MoynihanStudy Committee Member3 and$ 60,625.00
                     Trustee
Kenneth A. Randall   Audit Committee Member and$ 78,400.00
                     Trustee
Edward V. Regan      Audit Committee Member3 and$ 56,275.00
                     Trustee
Russell S. Reynolds, Jr.Trustee               $ 52,100.00
Sidney M. Robbins    Study Committee Chairman,     $122,100.00
                     Audit Committee Vice-Chairman 
                     and Trustee
Pauline Trigere      Trustee                  $ 52,100.00
Clayton K. Yuetter   Trustee                  $ 52,100.00

<FN>
- ---------------------
1For the 1994 calendar year.
2Board and committee positions held during a portion of the period shown.
3Committee position held during a portion of the period shown.
</TABLE>
    
     The Fund has adopted a retirement plan that provides for payment to
a retired Trustee of up to 80% of the average compensation paid during
that Trustee's five years of service in which the highest compensation was
received.  A Trustee must serve in that capacity for any of the New York-
based OppenheimerFunds for at least 15 years to be eligible for the
maximum payment. No payments have been made by the Fund under the plan as
of September 30, 1994.  The accumulated liability for the Fund's projected
benefit obligations under the plan was $62,948 as of that date.    


     -- Major Shareholders.  As of December 31, 1994, the only person who
owned of record or was known by the Fund to own beneficially 5% or more
of the Fund's outstanding shares was Merrill Lynch Pierce Fenner & Smith,
4800 Deer Lake Drive East, 3rd Floor, Jacksonville, Florida 32246, who
owned of record 689,742.399 shares (approximately 7.34% of the Fund's
outstanding shares).     

The Manager and Its Affiliates.     The Manager is wholly-owned by
Oppenheimer Acquisition Corp. ("OAC"), a holding company controlled by
Massachusetts Mutual Life Insurance Company.  OAC is also owned in part
by certain of the Manager's directors and officers, some of whom also
serve as officers of the Fund, and two of whom (Messrs. Galli and Spiro)
serve as Trustees of the Fund. 

     -- The Investment Advisory Agreement.  The investment advisory
agreement between the Manager and the Fund requires the Manager, at its
expense, to provide the Fund with adequate office space, facilities and
equipment, and to provide and supervise the activities of all
administrative and clerical personnel required to provide effective
corporate administration for the Fund, including the compilation and
maintenance of records with respect to its operations, the preparation and
filing of specified reports, and composition of proxy materials and
registration statements for continuous public sale of shares of the Fund. 

     Expenses not expressly assumed by the Manager under the advisory
agreement or by the Distributor under the General Distributors Agreement
are paid by the Fund.  The advisory agreement lists examples of expenses
paid by the Fund, the major categories of which relate to interest, taxes,
brokerage commissions, fees to certain Trustees, legal and audit expenses,
custodian and transfer agent expenses, share issuance costs, certain
printing and registration costs and non-recurring expenses, including
litigation costs.  For the Fund's fiscal years ended September 30, 1992,
1993 and 1994, the management fees paid by the Fund to the Manager were
$1,371,488, $1,580,012, and $1,555,894,  respectively.     

     The advisory agreement contains no provision limiting the Fund's
expenses. However, independently of the advisory agreement, the Manager
has undertaken that the total expenses of the Fund in any fiscal year
(including the management fee but excluding taxes, interest, brokerage
commissions, distribution assistance payments and extraordinary expenses
such as litigation costs) shall not exceed the most stringent expense
limitation imposed under state law applicable to the Fund. Pursuant to the
undertaking, the Manager's fee will be reduced at the end of a month so
that there will not be any accrued but unpaid liability under this
undertaking. Currently, the most stringent state expense limitation is
imposed by California, and limits the Fund's expenses (with specified
exclusions) to 2.5% of the first $30 million of average annual net assets,
2% of the next $70 million of average annual net assets, and 1.5% of
average annual net assets in excess of $100 million.  The Manager reserves
the right to terminate or amend the undertaking at any time.  Any
assumption of the Fund's expenses under this limitation would lower the
Fund's overall expense ratio and increase its total return during any
period in which expenses are limited. 

     The advisory agreement provides that in the absence of willful
misfeasance, bad faith or gross negligence in the performance of its
duties, or reckless disregard for its obligations and duties under the
advisory agreement, the Manager is not liable for any loss resulting from
a good faith error or omission on its part with respect to any of its
duties thereunder.  The advisory agreement permits the Manager to act as
investment adviser for any other person, firm or corporation and to use
the name "Oppenheimer" in connection with other investment companies for
which it may act as investment adviser or general distributor.  If the
Manager shall no longer act as investment adviser to the Fund, the right
of the Fund to use the name "Oppenheimer" as part of its name may be
withdrawn. 

     -- The Distributor.  Under its General Distributor's Agreement with
the Fund, the Distributor acts as the Fund's principal underwriter in the
continuous public offering of the Fund's shares but is not obligated to
sell a specific number of shares.  Expenses normally attributable to sales
(other than those expenses paid under the Service Plan, but including
advertising and the cost of printing and mailing prospectuses other than
those furnished to existing shareholders), are borne by the Distributor. 
During the Fund's fiscal years ended September 30, 1992, 1993 and 1994,
the aggregate sales charges on sales of the Fund's shares were $3,810,637,
$4,353,366, and $1,033,737, respectively, of which the Distributor and an
affiliated broker-dealer retained in the aggregate $999,505, $960,768 and
$262,284,  in those respective years.  For additional information about
distribution of the Fund's shares and the expenses connected with such
activities, please refer to "Service Plan," below.    

     -- The Transfer Agent. Oppenheimer Shareholder Services, the Fund's
Transfer Agent, is responsible for maintaining the Fund's shareholder
registry and shareholder accounting records, and for shareholder servicing
and administrative functions.

Brokerage Policies of the Fund

Brokerage Provisions of the Investment Advisory Agreement.  One of the
duties of the Manager under the advisory agreement is to arrange the
portfolio transactions for the Fund.  The advisory agreement contains
provisions relating to the employment of broker-dealers ("brokers") to
effect the Fund's portfolio transactions.  In doing so, the Manager is
authorized by the advisory agreement to employ broker-dealers, including
"affiliated" brokers, as that term is defined in the Investment Company
Act,  as may, in its best judgment based on all relevant factors,
implement the policy of the Fund to obtain, at reasonable expense, the
"best execution" (prompt and reliable execution at the most favorable
price obtainable) of such transactions.  The Manager need not seek
competitive commission bidding but is expected to minimize the commissions
paid to the extent consistent with the interest and policies of the Fund
as established by its Board of Trustees. 

     Under the advisory agreement, the Manager is authorized to select
brokers that provide brokerage and/or research services for the Fund
and/or the other accounts over which the Manager or its affiliates have
investment discretion.  The commissions paid to such brokers may be higher
than another qualified broker would have charged if a good faith
determination is made by the Manager that the commission is fair and
reasonable in relation to the services provided.  Subject to the foregoing
considerations, the Manager may also consider sales of shares of the Fund
and other investment companies managed by the Manager or its affiliates
as a factor in the selection of brokers for the Fund's portfolio
transactions. 

   Description of Brokerage Practices Followed by the Manager.  Subject
to the provisions of the advisory agreement, the procedures and rules
described above, allocations of brokerage are generally made by the
Manager's portfolio traders based upon recommendations from the Manager's
portfolio managers.  In certain instances, portfolio managers may directly
place trades and allocate brokerage, also subject to the provisions of the
advisory agreement and the procedures and rules described above.  In all
cases, brokerage is allocated under the supervision of the Manager's
executive officers.  Transactions in securities other than those for which
an exchange is the primary market are generally done with principals or
market makers.  Brokerage commissions are paid primarily for effecting 
transactions in listed securities and are otherwise paid only if it
appears likely that a better price or execution can be obtained.  When the
Fund engages in an option transaction, ordinarily the same broker will be
used for the purchase or sale of the option and any transaction in the
securities to which the option relates.  When possible, concurrent orders
to purchase or sell the same security by more than one of the accounts
managed by the Manager or its affiliates are combined.  The transactions
effected pursuant to such combined orders are averaged as to price and
allocated in accordance with the purchase or sale orders actually placed
for each account.     

     The research services provided by a particular broker may be useful
only to one or more of the advisory accounts of the Manager and its
affiliates, and investment research received for the commissions of those
other accounts may be useful both to the Fund and one or more of such
other accounts.  Such research, which may be supplied by a third party at
the instance of a broker, includes information and analyses on particular
companies and industries as well as market or economic trends and
portfolio strategy, receipt of market quotations for portfolio
evaluations, information systems, computer hardware and similar products
and services.  If a research service also assists the Manager in a non-
research capacity (such as bookkeeping or other administrative functions),
then only the percentage or component that provides assistance to the
Manager in the investment decision-making process may be paid in
commission dollars.  The Board of Trustees has permitted the Manager to
use concessions on fixed-price offerings to obtain research, in the same
manner as is permitted for agency transactions.    

     The research services provided by brokers broaden the scope and
supplement the research activities of the Manager, by making available
additional views for consideration and comparisons, and by enabling the
Manager to obtain market information for the valuation of securities held
in the Fund's portfolio or being considered for purchase.  The Board of
Trustees, including the "independent" Trustees of the Fund (those Trustees
of the Fund who are not "interested persons" as defined in the Investment
Company Act, and who have no direct or indirect financial interest in the
operation of the advisory agreement or the Service Plan described below)
annually reviews information furnished by the Manager as to the
commissions paid to brokers furnishing such services so that the Board may
ascertain whether the amount of such commissions was reasonably related
to the value or benefit of such services.     

     During the Fund's fiscal years ended September 30, 1992, 1993 and
1994,  total brokerage commissions paid by the Fund (not including spreads
or concessions on principal transactions on a net trade basis) were
$19,803, $414,002, and $858,996, respectively.  During the fiscal year
ended September 30, 1994, $168,079 was paid to brokers as commissions in
return for research services; the aggregate dollar amount of those
transactions was $42,204,115.  The transactions giving rise to those
commissions were allocated in accordance with the Manager's internal
allocation procedures.    

Performance of the Fund

   Total Return Information.  As described in the Prospectus, from time
to time the "average annual total return," "cumulative total return,"
"average annual total return at net asset value" and "total return at net
asset value" of an investment in shares of the Fund may be advertised. 
An explanation of how these total returns are calculated and the
components of those calculations is set forth below.      

     The Fund's advertisements of its performance data must, under
applicable rules of the Securities and Exchange Commission, include the
average annual total returns for shares of the Fund for the 1, 5, and 10-
year periods (or the life of the Fund, if less) ending as of the most
recently-ended calendar quarter prior to the publication of the
advertisement. This enables an investor to compare the Fund's performance
to the performance of other funds for the same periods. However, a number
of factors should be considered before using such information as a basis
for comparison with other investments. An investment in the Fund is not
insured; its returns and share prices are not guaranteed and normally will
fluctuate on a daily basis. When redeemed, an investor's shares may be
worth more or less than their original cost. Returns for any given past
period are not a prediction or representation by the Fund of future
returns.  The returns of shares of the Fund are affected by portfolio
quality, the type of investments the Fund holds and its operating
expenses.    

     -- Average Annual Total Returns. The Fund's "average annual total
return" is an average annual compounded rate of return for each year in
a specified number of years.  It is the rate of return based on the change
in value of a hypothetical initial investment of $1,000 ("P" in the
formula below) held for a number of years ("n") to achieve an Ending
Redeemable Value ("ERV") of that investment, according to the following
formula:     

               1/n
          (ERV)
          (---)   -1 = Average Annual Total Return
          ( P )

     -- Cumulative Total Returns. The cumulative "total return"
calculation measures the change in value of a hypothetical investment of
$1,000 over an entire period of years. Its calculation uses some of the
same factors as average annual total return, but it does not average the
rate of return on an annual basis. Cumulative total return is determined
as follows:

          ERV - P
          ------- = Total Return
             P

     In calculating total returns for shares of the Fund, the current
maximum sales charge of 5.75% (as a percentage of the offering price) is
deducted from the initial investment ("P") (unless the return is shown at
net asset value, as described below).  Total returns also assume that all
dividends and capital gains distributions during the period are reinvested
to buy additional shares at net asset value per share, and that the
investment is redeemed at the end of the period.  The "average annual
total returns" on an investment in shares of the Fund for the one and five
year periods ended September 30, 1994 and for the period December 30, 1987
(commencement of operations) to September 30, 1994 were <15.09>%, 8.93%
and 9.79%, respectively.  The cumulative "total return" for the period
December 30, 1987 (commencement of operations) to September 30, 1994 was
87.80%.      

     -- Total Returns at Net Asset Value. From time to time the Fund may
also quote an average annual total return at net asset value or a
cumulative total return at net asset value.  Each is based on the
difference in net asset value per share at the beginning and the end of
the period for a hypothetical investment in shares of the Fund (without
considering front-end or contingent deferred sales charges) and takes into
consideration the reinvestment of dividends and capital gains
distributions.  The cumulative total return at net asset value for the one
year period ended September 30, 1994 was <9.91>%.      

     Total return information may be useful to investors in reviewing the
performance of the Fund.  However, when comparing total return of an
investment in shares of the Fund with that of other alternatives,
investors should understand that as the Fund is an aggressive equity fund
seeking capital appreciation, its shares are subject to greater market
risks and volatility than shares of funds having other investment
objectives and that the Fund is designed for investors who are willing to
accept greater risk of loss in the hopes of realizing greater gains.      

   Other Performance Comparisons. From time to time the Fund may publish
the ranking of its  shares by Lipper Analytical Services, Inc. ("Lipper"),
a widely-recognized independent mutual fund monitoring service. Lipper
monitors the performance of regulated investment companies, including the
Fund, and ranks their performance for various periods based on categories
relating to investment objectives.  The performance of the Fund is ranked
against (i) all other funds (excluding money market funds), and (ii) all
other emerging growth funds.  The Lipper performance rankings are based
on total returns that include the reinvestment of capital gain
distributions and income dividends but do not take sales charges or taxes
into consideration.     

     From time to time the Fund may publish the ranking of its performance
by Morningstar, Inc., an independent mutual fund monitoring service that
ranks mutual funds, including the Fund, monthly in broad investment
categories (equity, taxable bond, municipal bond and hybrid) based on
risk-adjusted investment return.  Investment return measures a fund's
three, five and ten-year average annual total returns (when available) in
excess of 90-day U.S. Treasury bill returns after considering sales
charges and expenses.  Risk reflects fund performance below 90-day U.S.
Treasury bill returns.  Risk and return are combined to produce star
rankings reflecting performance relative to the average fund in a fund's
category.  Five stars is the "highest" ranking (top 10%), four stars is
"above average" (next 22.5%), three stars is "average" (next 35%), two
stars is "below average" (next 22.5%) and one star is "lowest" (bottom
10%).  Morningstar ranks the Fund in relation to other equity funds. 
Rankings are subject to change.    

     From time to time, the Fund's Manager may publish rankings or ratings
of the Manager (or the Transfer Agent), by independent third-parties, on
the investor services provided by them to shareholders of the
OppenheimerFunds, other than the performance rankings of the
OppenheimerFunds themselves.  These ratings or rankings of
shareholder/investor services may compare the OppenheimerFunds services
to those of other mutual fund families selected by the rating or ranking
services, and may be based upon the opinions of the rating or ranking
service itself, using its own research or judgment, or based upon surveys
of investors, brokers, shareholders or others. in relation to other equity
funds.    

Service Plan

     The Fund has adopted a Service Plan under Rule 12b-1 of the
Investment Company Act pursuant to which the Fund will reimburse the
Distributor quarterly for all or a portion of its costs incurred in
connection with the servicing of the shares of the Fund, as described in
the Prospectus.  The Plan has been approved by a vote of (i) the Board of
Trustees of the Fund, including a majority of the Independent Trustees,
cast in person at a meeting called for the purpose of voting on that Plan,
and (ii) the holders of a "majority" (as defined in the Investment Company
Act) of the Fund's shares.      

     In addition, under the Plan the Manager and the Distributor, in their
sole discretion, from time to time may use their own resources (which, in
the case of the Manager, may include profits from the advisory fee it
receives from the Fund) to make payments to brokers, dealers or other
financial institutions (each is referred to as a "Recipient" under the
Plan) for distribution and administrative services they perform.  The
Distributor and the Manager may, in their sole discretion, increase or
decrease the amount of payments they make from their own resources to
Recipients.

     Unless terminated as described below, the Plan continues in effect
from year to year but only as long as its continuance is specifically
approved at least annually by the Fund's Board of Trustees and its
Independent Trustees by a vote cast in person at a meeting called for the
purpose of voting on such continuance.  The Plan may be terminated at any
time by the vote of a majority of the Independent Trustees or by the vote
of the holders of a "majority" (as defined in the Investment Company Act)
of the outstanding shares of the Fund.  The Plan may not be amended to
increase materially the amount of payments to be made unless such
amendment is approved by shareholders of the Fund.  All material
amendments must be approved by the Independent Trustees.      

     While the Plan is in effect, the Treasurer of the Fund shall provide
a written report to the Fund's Board of Trustees at least quarterly on the
amount of all payments made pursuant to the Plan, the purpose for which
each payment was made and the identity of each Recipient that received any
payment.  The report, including the allocations on which it is based, will
be subject to the review and approval of the Independent Trustees in the
exercise of their fiduciary duty.  The Plan further provides that while
it is in effect, the selection and nomination of those Trustees of the
Fund who are not "interested persons" of the Fund is committed to the
discretion of the Independent Trustees.  This does not prevent the
involvement of others in such selection and nomination if the final
decision on selection or nomination is approved by a majority of the
Independent Trustees.    

     Under the Plan, no payment will be made to any Recipient in any
quarter if the aggregate net asset value of all Fund shares held by the
Recipient for itself and its customers, does not exceed a minimum amount,
if any, that may be determined from time to time by a majority of the
Fund's Independent Trustees.  The Board of Trustees currently has set no
minimum amount of assets.  For the fiscal year ended September 30, 1994,
payments under the Plan totalled $479,894, all of which was paid by the
Distributor to Recipients, including $17,768 paid to MML Investor
Services, Inc., an affiliate of the Distributor.      

     Any unreimbursed expenses incurred by the Distributor with respect
to shares for any fiscal year may not be recovered in subsequent years. 
Payments received by the Distributor under the Plan will not be used to
pay any interest expense, carrying charge, or other financial costs, or
allocation of overhead by the Distributor.  

ABOUT YOUR ACCOUNT

How To Buy Shares

   Determination of Net Asset Values Per Share.  The net asset value per
share of the Fund is determined as of the close of business of The New
York Stock Exchange (the "NYSE") on each regular business day the NYSE is
open by dividing the Fund's net assets by the number of shares
outstanding.  The NYSE normally closes at 4:00 P.M., New York time, but
may close earlier on some days (for example, in case of weather
emergencies or on days falling before a holiday).  The NYSE's most recent
annual announcement (which is subject to change) states that it will close
on New Year's Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas Day.  It may
also close on other days.  The Fund may invest a substantial portion of
its assets in foreign securities primarily listed on foreign exchanges
which may trade on Saturdays or customary U.S. business holidays on which
the NYSE is closed.  Because the Fund's net asset value will not be
calculated on those days, the Fund's net asset value per share may be
significantly affected on such days when shareholders may not purchase or
redeem shares.     

     The Fund's Board of Trustees has established procedures for the
valuation of the Fund's securities, generally as follows: (i) equity
securities traded on a securities exchange or on NASDAQ for which last
sale information is regularly reported are valued at the last reported
sale price on their primary exchange or NASDAQ that day (or, in the
absence of sales that day, at values based on the last sales prices of the
preceding trading day, or closing bid and asked prices); (ii) securities
traded on NASDAQ and other unlisted equity securities for which last sale
prices are not regularly reported but for which over-the-counter market
quotations are readily available are valued at the highest closing bid
price at the time of valuation, or, if no closing bid price is reported,
on the basis of a closing bid price obtained from a dealer who maintains
an active market in that security; (iii) debt securities having a maturity
in excess of 60 days are valued at the mean between the bid and asked
prices determined by a portfolio pricing service approved by the Board or
obtained from active market makers on the basis of reasonable inquiry;
(iv) short-term debt securities having a remaining maturity of 60 days or
less are valued at cost, adjusted for amortization of premiums and
accretion of discounts; (v) securities (including restricted securities)
not having readily-available market quotations are valued at fair value
under the Board's procedures; and (vi) securities traded on foreign
exchanges are valued at the closing or last sales prices reported on a
principal exchange, or, if none, at the mean between closing bid and asked
prices and reflect prevailing rates of exchange taken from the closing
price on the London foreign exchange market that day.

     Trading in securities on European and Asian exchanges and over-the-
counter markets is normally completed before the close of the NYSE. 
Events affecting the values of foreign securities traded in stock markets
that occur between the time their prices are determined and the close of
the NYSE will not be reflected in the Fund's calculation of net asset
value unless the Board of Trustees or the Manager, under procedures
established by the Board of Trustees, determines that the particular event
would materially affect the Fund's net asset value, in which case an
adjustment would be made.      

     Puts, calls and Futures held by the Fund are valued at the last sales
price on the principal exchange on which they are traded, or on NASDAQ,
as applicable, or, if there are no sales that day, in accordance with (i),
above.  Forward currency contracts are valued at the closing price on the
London foreign exchange market.  When the Fund writes an option, an amount
equal to the premium received by the Fund is included in the Fund's
Statement of Assets and Liabilities as an asset, and an equivalent
deferred credit is included in the liability section.  The deferred credit
is "marked-to-market" to reflect the current market value of the option. 
In determining the Fund's gain on investments, if a call written by the
Fund is exercised, the proceeds are increased by the premium received. 
If a call or put written by the Fund expires, the Fund has a gain in the
amount of the premium; if the Fund enters into a closing purchase
transaction, it will have a gain or loss depending on whether the premium
was more or less  than the cost of the closing transaction.  If the Fund
exercises a put it holds, the amount the Fund receives on its sale of the
underlying investment is reduced by the amount of premium paid by the
Fund. 

   AccountLink. When shares are purchased through AccountLink, each
purchase must be at least $25.00.  Shares will be purchased on the regular
business day the Distributor is instructed to initiate the Automated
Clearing House transfer to buy the shares.  Dividends will begin to accrue
on such shares on the day the Fund receives Federal Funds for such
purchase through the ACH system before the close of the NYSE that day,
which is normally three days after the ACH transfer is initiated.  The
Distributor and the Fund are not responsible for any delays.  If the
Federal Funds are received after the close of the NYSE, dividends will
begin to accrue on the next regular business day after such Federal Funds
are received.    

Reduced Sales Charges.  As discussed in the Prospectus, a reduced sales
charge rate may be obtained under Right of Accumulation and Letters of
Intent because of the economies of sales efforts and reduction in expenses
realized by the Distributor, dealers and brokers making such sales.  No
sales charge is imposed in certain other circumstances described in the
Prospectus because the Distributor incurs little or no selling expenses. 
The term "immediate family" refers to one's spouse, children,
grandchildren, grandparents, parents, parents-in-law, brothers and
sisters, sons- and daughters-in-law, a sibling's spouse and a spouse's
siblings. 

     -- The OppenheimerFunds.  The OppenheimerFunds are those mutual funds
for which the Distributor acts as the distributor or the sub-distributor
and include the following: 
   
Oppenheimer Tax-Free Bond Fund
Oppenheimer New York Tax-Exempt Fund
Oppenheimer California Tax-Exempt Fund
Oppenheimer Intermediate Tax-Exempt Bond Fund
Oppenheimer Insured Tax-Exempt Bond Fund
Oppenheimer Main Street California Tax-Exempt Fund
Oppenheimer Florida Tax-Exempt Fund
Oppenheimer Pennsylvania Tax-Exempt Fund
Oppenheimer New Jersey Tax-Exempt Fund
Oppenheimer Fund
Oppenheimer Discovery Fund
Oppenheimer Time Fund
Oppenheimer Target Fund 
Oppenheimer Growth Fund
Oppenheimer Equity Income Fund
Oppenheimer Value Stock Fund
Oppenheimer Asset Allocation Fund
Oppenheimer Total Return Fund, Inc.
Oppenheimer Main Street Income & Growth Fund
Oppenheimer High Yield Fund
Oppenheimer Champion High Yield Fund
Oppenheimer Investment Grade Bond Fund
Oppenheimer U.S. Government Trust
Oppenheimer Limited-Term Government Fund
Oppenheimer Mortgage Income Fund
Oppenheimer Global Emerging Growth
Oppenheimer Global Fund
Oppenheimer Global Growth & Income Fund
Oppenheimer Gold & Special Minerals Fund
Oppenheimer Strategic Income Fund
Oppenheimer Strategic Investment Grade Bond Fund
Oppenheimer Strategic Short-Term Income Fund 
Oppenheimer Strategic Income & Growth Fund
Oppenheimer Strategic Diversified Income Fund
Oppenheimer Target Fund
    

and the following "Money Market Funds": 

Oppenheimer Money Market Fund, Inc.
Oppenheimer Cash Reserves
Centennial Money Market Trust
Centennial Tax Exempt Trust
Centennial Government Trust
Centennial New York Tax Exempt Trust
Centennial California Tax Exempt Trust
Centennial America Fund, L.P.
Daily Cash Accumulation Fund, Inc.

     There is an initial sales charge on the purchase of Class A shares
of each of the OppenheimerFunds except Money Market Funds (under certain
circumstances described herein, redemption proceeds of Money Market Fund
shares may be  subject to a contingent deferred sales charge).

     -- Letters of Intent.  A Letter of Intent ("Letter") is the
investor's statement of intention to purchase shares of the Fund (and
Class A shares of other eligible OppenheimerFunds) sold with a front-end
sales charge during the 13-month period from the investor's first purchase
pursuant to the Letter (the "Letter of Intent period"), which may, at the
investor's request, include purchases made up to 90 days prior to the date
of the Letter.  The Letter states the investor's intention to make the
aggregate amount of purchases (excluding any purchases made by
reinvestments of dividends or distributions or purchases made at net asset
value without sales charge), which together with the investor's holdings
of such funds (calculated at their respective public offering prices
calculated on the date of the Letter) will equal or exceed the amount
specified in the Letter.  This enables the investor to obtain the reduced
sales charge rate (as set forth in the Prospectus) applicable to purchases
of shares in that amount (the "intended purchase amount").  Each purchase
under the Letter will be made at the public offering price applicable to
a single lump-sum purchase of shares in the intended purchase amount, as
described in the Prospectus.

     In submitting a Letter, the investor makes no commitment to purchase
shares, but if the investor's purchases of shares within the Letter of
Intent period, when added to the value (at offering price) of the
investor's holdings of shares on the last day of that period, do not equal
or exceed the intended purchase amount, the investor agrees to pay the
additional amount of sales charge applicable to such purchases, as set
forth in "Terms of Escrow," below (as those terms may be amended from time
to time).  The investor agrees that shares equal in value to 5% of the
intended purchase amount will be held in escrow by the Transfer Agent
subject to the Terms of Escrow.  Also, the investor agrees to be bound by
the terms of the Prospectus, this Statement of Additional Information and
the Application used for such Letter of Intent, and if such terms are
amended, as they may be from time to time by the Fund, that those
amendments will apply automatically to existing Letters of Intent.

     If the total eligible purchases made during the Letter of Intent
period do not equal or exceed the intended purchase amount, the
commissions previously paid to the dealer of record for the account and
the amount of sales charge retained by the Distributor will be adjusted
to the rates applicable to actual purchases.  If total eligible purchases
during the Letter of Intent period exceed the intended purchase amount and
exceed the amount needed to qualify for the next sales charge rate
reduction set forth in the applicable prospectus, the sales charges paid
will be adjusted to the lower rate, but only if and when the dealer
returns to the Distributor the excess of the amount of commissions allowed
or paid to the dealer over the amount of commissions that apply to the
actual amount of purchases.  The excess commissions returned to the
Distributor will be used to purchase additional shares for the investor's
account at the net asset value per share in effect on the date of such
purchase, promptly after the Distributor's receipt thereof.

     In determining the total amount of purchases made under a Letter,
shares redeemed by the investor prior to the termination of the Letter of
Intent period will be deducted.  It is the responsibility of the dealer
of record and/or the investor to advise the Distributor about the Letter
in placing any purchase orders for the investor  during the Letter of
Intent period.  All of such purchases must be made through the
Distributor.

     -- Terms of Escrow That Apply to Letters of Intent.

     1.   Out of the initial purchase (or subsequent purchases if
necessary) made pursuant to a Letter, shares of the Fund equal in value
to 5% of the intended purchase amount specified in the Letter shall be
held in escrow by the Transfer Agent.  For example, if the intended
purchase amount is $50,000, the escrow shall be shares valued in the
amount of $2,500 (computed at the public offering price adjusted for a
$50,000 purchase).  Any dividends and capital gains distributions on the
escrowed shares will be credited to the investor's account.

     2.   If the intended purchase amount specified under the Letter is
completed within the thirteen-month Letter of Intent period, the escrowed
shares will be promptly released to the investor.

     3.   If, at the end of the thirteen-month Letter of Intent period the
total purchases pursuant to the Letter are less than the intended purchase
amount specified in the Letter, the investor must remit to the Distributor
an amount equal to the difference between the dollar amount of sales
charges actually paid and the amount of sales charges which would have
been paid if the total amount purchased had been made at a single time. 
Such sales charge adjustment will apply to any shares redeemed prior to
the completion of the Letter.  If such difference in sales charges is not
paid within twenty days after a request from the Distributor or the
dealer, the Distributor will, within sixty days of the expiration of the
Letter, redeem the number of escrowed shares necessary to realize such
difference in sales charges.  Full and fractional shares remaining after
such redemption will be released from escrow.  If a request is received
to redeem escrowed shares prior to the payment of such additional sales
charge, the sales charge will be withheld from the redemption proceeds.

     4.   By signing the Letter, the investor irrevocably constitutes and
appoints the Transfer Agent as attorney-in-fact to surrender for
redemption any or all escrowed shares.

     5.   The shares eligible for purchase under the Letter (or the
holding of which may be counted toward completion of the Letter) do not
include any shares sold without a front-end sales charge or without being
subject to a contingent deferred sales charge unless (for the purpose of
determining completion of the obligation to purchase shares under the
Letter) the shares were acquired in exchange for shares of one of the
OppenheimerFunds whose shares were acquired by payment of a sales charge.

     6.   Shares held in escrow hereunder will automatically be exchanged
for shares of another fund to which an exchange is requested, as described
in the section of the Prospectus entitled "Exchange Privilege," and the
escrow will be transferred to that other fund.

   Asset Builder Plans.  To establish an Asset Builder Plan from a bank
account, a check (minimum $25) for the initial purchase must accompany the 
application.  Shares purchased by Asset Builder Plan payments from bank
accounts are subject to the redemption restrictions for recent purchases
described in "How To Sell Shares," in the Prospectus.  Asset Builder Plans
also enable shareholders of Oppenheimer Cash Reserves to use those
accounts for monthly automatic purchases of shares of up to four other
OppenheimerFunds.      

     There is a front-end sales charge on the purchase of certain
OppenheimerFunds, or a contingent deferred sales charge may apply to
shares purchased by Asset Builder payments.  An application should be
obtained from the Distributor, completed and returned, and a prospectus
of the selected fund(s) should be obtained from the Distributor or your
financial advisor before initiating Asset Builder payments.  The amount
of the Asset Builder investment may be changed or the automatic
investments may be terminated at any time by writing to the Transfer
Agent.  A reasonable period (approximately 15 days) is required after the
Transfer Agent's receipt of such instructions to implement them.  The Fund
reserves the right to amend, suspend, or discontinue offering such plans
at any time without prior notice.

Cancellation of Purchase Orders.  Cancellation of purchase orders for the
Fund's shares (for example, when a purchase check is returned to the Fund
unpaid) causes a loss to be incurred when the net asset value of the
Fund's shares on the cancellation date is less than on the purchase date. 
That loss is equal to the amount of the decline in the net asset value per
share multiplied by the number of shares in the purchase order.  The
investor is responsible for that loss.  If the investor fails to
compensate the Fund for the loss, the Distributor will do so.  The Fund
may reimburse the Distributor for that amount by redeeming shares from any
account registered in that investor's name, or the Fund or the Distributor
may seek other redress. 

How to Sell Shares 

     Information on how to sell shares of the Fund is stated in the
Prospectus. The information below supplements the terms and conditions for
redemptions set forth in the Prospectus. 

     -- Payments "In Kind". The Prospectus states that payment for shares
tendered for redemption is ordinarily made in cash. However, the Board of
Trustees of the Fund may determine that it would be detrimental to the
best interests of the remaining shareholders of the Fund to make payment
of a redemption order wholly or partly in cash.  In that case the Fund may
pay the redemption proceeds in whole or in part by a distribution "in
kind" of securities from the portfolio of the Fund, in lieu of cash, in
conformity with applicable rules of the Securities and Exchange
Commission.  The Fund has elected to be governed by Rule 18f-1 under the
Investment Company Act, pursuant to which the Fund is obligated to redeem
shares solely in cash up to the lesser of $250,000 or 1% of the net assets
of the Fund during any 90-day period for any one shareholder.  If shares
are redeemed in kind, the redeeming shareholder might incur brokerage or
other costs in selling the securities for cash. The method of valuing
securities used to make redemptions in kind will be the same as the method
the Fund uses to value it portfolio securities described above under
"Determination of Net Asset Values Per Share" and that valuation will be
made as of the time the redemption price is determined.    

     -- Involuntary Redemptions. The Fund's Board of Trustees has the
right to cause the involuntary redemption of the shares held in any
account if the aggregate net asset value of those shares is less than $200
or such lesser amount as the Board may fix.  The Board of Trustees will
not cause the involuntary redemption of shares in an account if the
aggregate net asset value of the shares has fallen below the stated
minimum solely as a result of market fluctuations.  Should the Board elect
to exercise this right, it may also fix, in accordance with the Investment
Company Act, the requirements for any notice to be given to the
shareholders in question (not less than 30 days), or the Board may set
requirements for granting permission to the Shareholder to increase the
investment, and set other terms and conditions so that the shares would
not be involuntarily redeemed.

   Reinvestment Privilege. Within six months of a redemption, a
shareholder may reinvest all or part of the redemption proceeds of shares
of the Fund.  The reinvestment may be made without sales charge only in
shares of the Fund or any of the Class A shares of other OppenheimerFunds
into which shares of the Fund are exchangeable as described below, at the
net asset value next computed after the Transfer Agent receives the
reinvestment order.  The shareholder must ask the Distributor for that
privilege at the time of reinvestment.  Any capital gain that was realized
when the shares were redeemed is taxable, and reinvestment will not alter
any capital gains tax payable on that gain.  If there has been a capital
loss on the redemption, some or all of the loss may not be tax deductible,
depending on the timing and amount of the reinvestment.  Under the
Internal Revenue Code, if the redemption proceeds of Fund shares on which
a sales charge was paid are reinvested in shares of the Fund or another
of the OppenheimerFunds within 90 days of payment of the sales charge, the
shareholder's basis in the shares of the Fund that were redeemed may not
include the amount of the sales charge paid.  That would reduce the loss
or increase the gain recognized from the redemption.  However, in that
case the sales charge would be added to the basis of the shares acquired
by the reinvestment of the redemption proceeds.  The Fund may amend,
suspend or cease offering this reinvestment privilege at any time as to
shares redeemed after the date of such amendment, suspension or cessation.
    

   Transfers of Shares.  Shares are not subject to the payment of a
contingent deferred sales charge at the time of transfer to the name of
another person or entity (whether the transfer occurs by absolute
assignment, gift or bequest, not involving, directly or indirectly, a
public sale).  The transferred shares will remain subject to the
contingent deferred sales charge, calculated as if the transferee
shareholder had acquired the transferred shares in the same manner and at
the same time as the transferring shareholder.  If less than all shares
held in an account are transferred, and some but not all shares in the
account would be subject to a contingent deferred sales charge if redeemed
at the time of transfer, then each account shall be allocated a
proportionate number of shares that are not subject to the contingent
deferred sales charge, determined by the ratio of the number of shares
held in the account immediately prior to the transfer.    

Distributions From Retirement Plans.  Requests for distributions from
OppenheimerFunds-sponsored IRAs, 403(b)(7) custodial plans, or pension or
profit-sharing plans should be addressed to "Trustee, OppenheimerFunds
Retirement Plans," c/o the Transfer Agent at its address listed in "How
To Sell Shares" in the Prospectus or on the back cover of this Statement
of Additional Information.  The request must: (i) state the reason for the
distribution; (ii) state the owner's awareness of tax penalties if the
distribution is premature; and (iii) conform to the requirements of the
plan and the Fund's other redemption requirements.  Participants (other
than self-employed persons) in OppenheimerFunds-sponsored pension or
profit-sharing plans may not directly request redemption of their
accounts.  The employer or plan administrator must sign the request. 
Distributions from pension and profit sharing plans are subject to special
requirements under the Internal Revenue Code and certain documents
(available from the Transfer Agent) must be completed before the
distribution may be made.  Distributions from retirement plans are subject
to withholding requirements under the Internal Revenue Code, and IRS Form
W-4P (available from the Transfer Agent) must be submitted to the Transfer
Agent with the distribution request, or the distribution may be delayed. 
Unless the shareholder has provided the Transfer Agent with a certified
tax identification number, the Internal Revenue Code requires that tax be
withheld from any distribution even if the shareholder elects not to have
tax withheld.  The Fund, the Manager, the Distributor, the Trustee and the
Transfer Agent assume no responsibility to determine whether a
distribution satisfies the conditions of applicable tax laws and will not
be responsible for any tax penalties assessed in connection with a
distribution.

   Special Arrangements for Repurchase of Shares from Dealers and Brokers. 
The Distributor is the Fund's agent to repurchase its shares from
authorized dealers or brokers.  The repurchase price will be the net asset
value next computed after the receipt of an order placed by such dealer
or broker, except that if the Distributor receives a repurchase order from
a dealer or broker after the close of the NYSE on a regular business day,
it will be processed at that day's net asset value if the order was
received by the dealer or broker from its customers prior to the time the
NYSE closes (normally that is 4:00 P.M., but may be earlier on some days)
and the order was transmitted to and received by the Distributor prior to
its close of business that day (normally 5:00 P.M.).  Payment ordinarily
will be made within seven days after the Distributor's receipt of the
required redemption documents, with signature(s) guaranteed as described
in the Prospectus.     

Automatic Withdrawal and Exchange Plans.  Investors owning shares of the
Fund valued at $5,000 or more can authorize the Transfer Agent to redeem
shares (minimum $50) automatically on a monthly, quarterly, semi-annual
or annual basis under an Automatic Withdrawal Plan.  Shares will be
redeemed three business days prior to the date requested by the
shareholder for receipt of the payment.  Automatic withdrawals of up to
$1,500 per month may be requested by telephone if payments are to be made
by check payable to all shareholders of record and sent to the address of
record for the account (and if the address has not been changed within the
prior 30 days).  Required minimum distributions from OppenheimerFunds-
sponsored retirement plans may not be arranged on this basis.  Payments
are normally made by check, but shareholders having AccountLink privileges
(see "How To Buy Shares") may arrange to have Automatic Withdrawal Plan
payments transferred to the bank account designated on the
OppenheimerFunds New Account Application or signature-guaranteed
instructions.  The Fund cannot guarantee receipt of a payment on the date
requested and reserves the right to amend, suspend or discontinue offering
such plans at any time without prior notice.  Because of the sales charge
assessed on share purchases, shareholders should not make regular
additional share purchases while participating in an Automatic Withdrawal
Plan.  

     By requesting an Automatic Withdrawal or Exchange Plan, the
shareholder agrees to the terms and conditions applicable to such plans,
as stated below and in the provisions of the OppenheimerFunds Application
relating to such Plans, as well as the Prospectus.  These provisions may
be amended from time to time by the Fund and/or the Distributor.  When
adopted, such amendments will automatically apply to existing Plans. 

     -- Automatic Exchange Plans.  Shareholders can authorize the Transfer
Agent (on the OppenheimerFunds Application or signature-guaranteed
instructions) to exchange a pre-determined amount of shares of the Fund
for shares (of the same class) of other OppenheimerFunds automatically on
a monthly, quarterly, semi-annual or annual basis under an Automatic
Exchange Plan.  The minimum amount that may be exchanged to each other
fund account is $25.  Exchanges made under these plans are subject to the
restrictions that apply to exchanges as set forth in "How to Exchange
Shares" in the Prospectus and below in this Statement of Additional
Information.  

     -- Automatic Withdrawal Plans.  Fund shares will be redeemed as
necessary to meet withdrawal payments.  Shares acquired without a sales
charge will be redeemed first and shares acquired with reinvested
dividends and capital gains distributions will be redeemed next, followed
by shares acquired with a sales charge, to the extent necessary to make
withdrawal payments.  Depending upon the amount withdrawn, the investor's
principal may be depleted.  Payments made under withdrawal plans should
not be considered as a yield or income on your investment.  

     The Transfer Agent will administer the investor's Automatic
Withdrawal Plan (the "Plan") as agent for the investor (the "Planholder")
who executed the Plan authorization and application submitted to the
Transfer Agent.  The Transfer Agent shall incur no liability to the
Planholder for any action taken or omitted by the Transfer Agent in good
faith to administer the Plan.  Certificates will not be issued for shares
of the Fund purchased for and held under the Plan, but the Transfer Agent
will credit all such shares to the account of the Planholder on the
records of the Fund.  Any share certificates held by a Planholder may be
surrendered unendorsed to the Transfer Agent with the Plan application so
that the shares represented by the certificate may be held under the Plan.

     For accounts subject to Automatic Withdrawal Plans, distributions of
capital gains must be reinvested in shares of the Fund, which will be done
at net asset value without a sales charge.  Dividends on shares held in
the account may be paid in cash or reinvested. 

     Redemptions of shares needed to make withdrawal payments will be made
at the net asset value per share determined on the redemption date. 
Checks or AccountLink payments of the proceeds of Plan withdrawals will
normally be transmitted three business days prior to the date selected for
receipt of the payment (receipt of payment on the date selected cannot be
guaranteed), according to the choice specified in writing by the
Planholder. 

     The amount and the interval of disbursement payments and the address
to which checks are to be mailed or AccountLink payments are to be sent
may be changed at any time by the Planholder by writing to the Transfer
Agent.  The Planholder should allow at least two weeks' time in mailing
such notification for the requested change to be put in effect.  The
Planholder may, at any time, instruct the Transfer Agent by written notice
(in proper form in accordance with the requirements of the then-current
Prospectus of the Fund) to redeem all, or any part of, the shares held
under the Plan.  In that case, the Transfer Agent will redeem the number
of shares requested at the net asset value per share in effect in
accordance with the Fund's usual redemption procedures and will mail a
check for the proceeds to the Planholder. 

     The Plan may be terminated at any time by the Planholder by writing
to the Transfer Agent.  A Plan may also be terminated at any time by the
Transfer Agent upon receiving directions to that effect from the Fund. 
The Transfer Agent will also terminate a Plan upon receipt of evidence
satisfactory to it of the death or legal incapacity of the Planholder. 
Upon termination of a Plan by the Transfer Agent or the Fund, shares that
have not been redeemed from the account will be held in uncertificated
form in the name of the Planholder, and the account will continue as a
dividend-reinvestment, uncertificated account unless and until proper
instructions are received from the Planholder or his or her executor or
guardian, or other authorized person. 

     To use shares held under the Plan as collateral for a debt, the
Planholder may request issuance of a portion of the shares in certificated
form.  Upon written request from the Planholder, the Transfer Agent will
determine the number of shares for which a certificate may be issued
without causing the withdrawal checks to stop because of exhaustion of
uncertificated shares needed to continue payments.  However, should such
uncertificated shares become exhausted, Plan withdrawals will terminate. 

     If the Transfer Agent ceases to act as transfer agent for the Fund,
the Planholder will be deemed to have appointed any successor transfer
agent to act as agent in administering the Plan. 

How To Exchange Shares

     As stated in the Prospectus, shares of a particular class of
OppenheimerFunds having more than one class of shares may be exchanged
only for shares of the same class of other OppenheimerFunds.  Shares of
OppenheimerFunds that have a single class without a designation are
considered "Class A" shares for this purpose, and all OppenheimerFunds
offer Class A shares (except for Oppenheimer Strategic Diversified Income
Fund).    

     Class A shares of OppenheimerFunds may be exchanged at net asset
value for shares of any Money Market Fund.  Shares of any Money Market
Fund purchased without a sales charge may be exchanged for shares of
OppenheimerFunds offered with a sales charge upon payment of the sales
charge (or, if applicable, may be used to purchase shares of
OppenheimerFunds subject to a contingent deferred sales charge).  Shares
of this Fund acquired by reinvestment of dividends or distributions from
any other of the OppenheimerFunds or from any unit investment trust for
which reinvestment arrangements have been made with the Distributor may
be exchanged at net asset value for Class A shares of any of the
OppenheimerFunds.  No contingent deferred sales charge is imposed on
exchanges of shares purchased subject to a contingent deferred sales
charge.  However, when Class A shares acquired by exchange of Class A
shares of other OppenheimerFunds purchased subject to a contingent
deferred sales charge are redeemed within 18 months of the end of the
calendar month of the initial purchase of the exchanged Class A shares,
the contingent deferred sales charge is imposed on the redeemed shares
(see "Contingent Deferred Sales Charge" in the Prospectus).  Shareholders
should take into account the effect of any exchange on the applicability
and rate of any contingent deferred sales charge that might be imposed in
the subsequent redemption of remaining shares.    

     The Fund reserves the right to reject telephone or written exchange
requests submitted in bulk by anyone on behalf of 10 or more accounts. The
Fund may accept requests for exchanges of up to 50 accounts per day from
representatives of authorized dealers that qualify for this privilege. In
connection with any exchange request, the number of shares exchanged may
be less than the number requested if the exchange or the number requested
would include shares subject to a restriction cited in the Prospectus or
this Statement of Additional Information or would include shares covered
by a share certificate that is not tendered with the request.  In those
cases, only the shares available for exchange without restriction will be
exchanged.  

     When exchanging shares by telephone, a shareholder must either have
an existing account in, or obtain and acknowledge receipt of a prospectus
of, the fund to which the exchange is to be made.  For full or partial
exchanges of an account made by telephone, any special account features
such as Asset Builder Plans, Automatic Withdrawal Plans and retirement
plan contributions will be switched to the new account unless the Transfer
Agent is instructed otherwise.  If all telephone lines are busy (which
might occur, for example, during periods of substantial market
fluctuations), shareholders might not be able to request exchanges by
telephone and would have to submit written exchange requests.

     Shares to be exchanged are redeemed on the regular business day the
Transfer Agent receives an exchange request in proper form (the
"Redemption Date").  Normally, shares of the fund to be acquired are
purchased on the Redemption Date, but such purchases may be delayed by
either fund up to five business days if it determines that it would be
disadvantaged by an immediate transfer of the redemption proceeds.  The
Fund reserves the right, in its discretion, to refuse any exchange request
that may disadvantage it (for example, if the receipt of multiple exchange
requests from a dealer might require the disposition of portfolio
securities at a time or at a price that might be disadvantageous to the
Fund).

     The different OppenheimerFunds available for exchange have different
investment objectives, policies and risks, and a shareholder should assure
that the Fund selected is appropriate for his or her investment and should
be aware of the tax consequences of an exchange.  For federal income tax
purposes, an exchange transaction is treated as a redemption of shares of
one fund and a purchase of shares of another. "Reinvestment Privilege,"
above, discusses some of the tax consequences of reinvestment of
redemption proceeds in such cases. The Fund, the Distributor, and the
Transfer Agent are unable to provide investment, tax or legal advice to
a shareholder in connection with an exchange request or any other
investment transaction.

Dividends, Capital Gains and Taxes

Tax Status of the Fund's Dividends and Distributions.  The Federal tax
treatment of the Fund's dividends and capital gains distributions is
explained in the Prospectus under the caption "Dividends, Capital Gains
and Taxes."  Special provisions of the Internal Revenue Code govern the
eligibility of the Fund's dividends for the dividends-received deduction
for corporate shareholders.  Long-term capital gains distributions are not
eligible for the deduction.  In addition, the amount of dividends paid by
the Fund which may qualify for the deduction is limited to the aggregate
amount of qualifying dividends that the Fund derives from its portfolio
investments that the Fund has held for a minimum period, usually 46 days.
A corporate shareholder will not be eligible for the deduction on
dividends paid on Fund shares held for 45 days or less.  To the extent the
Fund's dividends are derived from gross income from option premiums,
interest income or short-term gains from the sale of securities or
dividends from foreign corporations, those dividends will not qualify for
the deduction.

     Dividends, distributions and the proceeds of the redemption of Fund
shares represented by checks returned to the Transfer Agent by the Postal
Service as undeliverable will be invested in shares of Oppenheimer Money
Market Fund, Inc., as promptly as possible after the return of such checks
to the Transfer Agent, to enable the investor to earn a return on
otherwise idle funds.    

     Under the Internal Revenue Code, by December 31 each year, the Fund
must distribute 98% of its taxable investment income earned from January
1 through December 31 of that year and 98% of its capital gains realized
in the period from November 1 of the prior year through October 31 of the
current year, or else the Fund must pay an excise tax on the amounts not
distributed.  While it is presently anticipated that the Fund will meet
those requirements, the Fund's Board of Trustees and the Manager might
determine in a particular year that it would be in the best interest of
shareholders for the Fund not to make such distributions at the required
levels and to pay the excise tax on the undistributed amounts. That would
reduce the amount of income or capital gains available for distribution
to shareholders. 

     If the Fund has more than 50% of its total assets invested in foreign
securities at the end of its fiscal year, it may elect the application of
Section 853 of the Internal Revenue Code to permit shareholders to take
a credit (or, at their option, a deduction) for foreign taxes paid by the
Fund.  Under Section 853, shareholders would be entitled to treat the
foreign taxes withheld from interest and dividends paid to the Fund from
its foreign investments as a credit on their federal income taxes.  As an
alternative, shareholders could, if to their advantage, treat the foreign
tax withheld as a deduction from gross income in computing taxable income
rather than as a tax credit.  In substance, the Fund's election would
enable shareholders to benefit from the same foreign tax credit or
deduction that would be received if they had been the record owners of the
Fund's foreign securities and had paid foreign taxes on the income
received.      

     If the Fund qualifies as a "regulated investment company" under the
Internal Revenue Code, it will not be liable for Federal income taxes on
amounts paid by it as dividends and distributions.  The Fund qualified
during its last fiscal year, and intends to qualify in current and future
years, but reserves the right not to do so.  The Internal Revenue Code
contains a number of complex tests relating to such qualification to
determine whether the Fund will qualify, and the Fund might not meet those
tests in a particular year.  For example, the Fund derives 30% or more of
its gross income from the sale of securities held less than three months,
it may fail to qualify (see "Investment Objective and Policies-Tax Aspects
of Hedging Instruments" in the Statement of Additional Information).  If
it did not so qualify, the Fund would be treated for tax purposes as an
ordinary corporation and receive no tax deduction for payments made to
shareholders.    
     
   Dividend Reinvestment in Another Fund.  Shareholders of the Fund may
elect to reinvest all dividends and/or capital gains distributions in
shares of the Fund or in Class A shares of any of the other
OppenheimerFunds listed in "Reduced Sales Charges," above, at net asset
value without sales charge.  To elect this option, a shareholder must
notify the Transfer Agent in  writing and either have an existing account
in the fund selected for reinvestment or must obtain a prospectus for that
fund and an application from the Distributor to establish an account.  The
investment will be made at the net asset value per share in effect at the
close of business on the payable date of the dividend or distribution. 
Dividends and/or distributions from shares of other OppenheimerFunds may
be invested in shares of this Fund on the same basis.     

Additional Information About the Fund

The Custodian.  The Bank of New York is the Custodian of the Fund's
assets.  The Custodian's responsibilities include safeguarding and
controlling the Fund's portfolio securities, collecting income on the
portfolio securities and handling the delivery of such securities to and
from the Fund.  The Manager has represented to the Fund that the banking
relationships between the Manager and the Custodian have been and will
continue to be unrelated to and unaffected by the relationship between 
the Fund and the Custodian.  It will be the practice of the Fund to deal
with the Custodian in a manner uninfluenced by any banking relationship
the Custodian may have with the Manager and its affiliates. 

Independent Auditors.  The independent auditors of the Fund audit the
Fund's financial statements and perform other related audit services. 
They also act as auditors for certain other funds advised by the Manager
and its affiliates. 


<PAGE>

The Board of Trustees and Shareholders of Oppenheimer
Global Emerging Growth Fund:

We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Global Emerging Growth Fund (formerly
Oppenheimer Global Bio-Tech Fund) as of September 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 six-year
period then ended and the period from December 30, 1987 (commencement of
operations) to September 30, 1988. 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 September
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 Global Emerging Growth Fund as of September 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 six-year period
then ended and the period from December 30, 1987 (commencement of
operations) to September 30, 1988, in conformity with generally accepted
accounting principles.

KPMG PEAT MARWICK LLP

/s/ KPMG Peat Marwick LLP

Denver, Colorado
October 21, 1994

<PAGE>

<TABLE>
<CAPTION>
                                  
- -----------------------------------------------------------------------------------------------
                                   STATEMENT OF INVESTMENTS  September 30, 1994

                                                                                                   FACE              
MARKET VALUE
                                                                                                   AMOUNT          
  SEE NOTE 1  
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
<S>                                                                                                <C>           
    <C>         
REPURCHASE AGREEMENTS--34.5%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
                                   Repurchase agreement with The First Boston Corp., 4.70%,
                                   dated 9/30/94, to be repurchased at $30,011,750 on 10/3/94,
                                   collateralized by U.S. Treasury Bills., 0%, 6/29/95, with a
                                   value of $30,637,890 (Cost $30,000,000)                        
$30,000,000        $ 30,000,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Repurchase agreement with First Chicago Capital Markets,
                                   4.95%, dated 9/30/94, to be repurchased at $26,410,890 on
                                   10/3/94, collateralized by U.S. Treasury Nts., 4.25%-8.50%,
                                   4/15/95-7/15/98, with a value of $14,928,312 and U.S. Treasury
                                   Bills, 0%, 3/16/95-3/23/95, with a value of $12,024,182
                                   (Cost $26,400,000)                                               26,400,000  
       26,400,000
                                                                                                                     
- ------------
                                   Total Repurchase Agreements (Cost $56,400,000)                         
             56,400,000

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
CORPORATE BONDS AND NOTES--0.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
                                   Glycomed, Inc., 7.50% Cv.Sub.Debs., 1/1/03 (Cost $2,000,000)     
2,000,000           1,070,000

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------


                                                                                                   UNITS      
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
RIGHTS AND WARRANTS--0.4%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
                                   Genzyme Corp. Wts., Exp. 12/96                                       50,000 
           425,000
                                  
- -----------------------------------------------------------------------------------------------
                                   PerSeptive Biosystems, Inc. Wts., Exp. 12/97                         40,110

           145,599
                                  
- -----------------------------------------------------------------------------------------------
                                   Protein Polymer Technologies, Inc. Wts., Exp.1/97                  
100,000              21,875
                                                                                                                     
- ------------
                                   Total Rights and Warrants (Cost $1,351,476)                               
             592,474

                                                                                                   SHARES     
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
PREFERRED STOCKS--2.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
                                   Cambridge Antibody Technology Ltd., Cv.(1)(2)(3)                   
100,000           2,695,769
                                  
- -----------------------------------------------------------------------------------------------
                                   Synaptic Pharmaceutical Corp., Cv. Series 3(1)(2)(3)               
500,000           1,679,476
                                                                                                                     
- ------------
                                   Total Preferred Stocks (Cost $5,300,000)                                    
         4,375,245

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
COMMON STOCKS--69.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
BASIC MATERIALS--1.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
CHEMICALS--1.0%                    PT Tri Polyta Indonesia ADR(1)                                   
   10,000             271,250
                                  
- -----------------------------------------------------------------------------------------------
                                   Tianjin Bohai Chemical Industry Co.(1)                            7,000,000 
         1,272,776
                                                                                                                     
- ------------
                                                                                                                        
1,544,026

- -------------------------------------------------------------------------------------------------------------------------
- ---------
STEEL--0.7%                        NTS Steel Group Co. Ltd.                                           
500,000           1,121,120
- -------------------------------------------------------------------------------------------------------------------------
- ---------
CONSUMER CYCLICALS--1.4%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
BROADCAST MEDIA--0.6%              Sistem Televisyen Malaysia Berhad                           
       350,000            
914,502
- -------------------------------------------------------------------------------------------------------------------------
- ---------
PUBLISHING--0.8%                   Sing Tao Holdings                                                
1,500,000           1,286,041
- -------------------------------------------------------------------------------------------------------------------------
- ---------
CONSUMER NON-CYCLICALS--53.1%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
BEVERAGES--0.4%                    Noble China, Inc.(1)                                               
146,600             710,407
- -------------------------------------------------------------------------------------------------------------------------
- ---------
DRUGS--0.8%                        Watson Pharmaceutical, Inc.(1)                                      
50,000           1,262,500
- -------------------------------------------------------------------------------------------------------------------------
- ---------
FOOD PROCESSING--0.4%              United Foods Co. Ltd.                                            
  525,000             725,225


<PAGE>

                                                                                                                     
MARKET VALUE
                                                                                                   SHARES            
SEE NOTE 1  
- -------------------------------------------------------------------------------------------------------------------------
- ---------
HEALTHCARE: MISCELLANEOUS--50.1%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
AGRICULTURAL BIOTECHNOLOGY--4.2%   biosys(1)                                                 
          60,000        $   
240,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Dekalb Genetics Corp., C1. B                                         60,000 
         1,740,000
                                  
- -----------------------------------------------------------------------------------------------
                                   DNA Plant Technology Corp.(1)                                       300,000 
         1,246,890
                                  
- -----------------------------------------------------------------------------------------------
                                   Pioneer Hi-Bred International, Inc.                                  50,000 
         1,575,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Plant Genetics Systems International NV(1)(3)                       213,944 
         1,995,183
                                                                                                                     
- ------------
                                                                                                                        
6,797,073

- -------------------------------------------------------------------------------------------------------------------------
- ---------
ANIMAL HEALTHCARE--2.1%            Idexx Laboratories, Inc.(1)                                   
      80,000           2,360,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Syntro Corp.(1)                                                     400,000     
     1,000,000
                                                                                                                     
- ------------
                                                                                                                        
3,360,000

- -------------------------------------------------------------------------------------------------------------------------
- ---------
DRUGS/BIOPHARMACEUTICALS--8.6%     Amylin Pharmaceuticals, Inc.(1)                       
             200,000          
1,550,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Biochem Pharmaceuticals, Inc.(1)                                    170,000 
         1,763,750
                                  
- -----------------------------------------------------------------------------------------------
                                   Biota Holdings Ltd.(1)                                              500,000   
       3,403,971
                                  
- -----------------------------------------------------------------------------------------------
                                   Celtrix Pharmaceuticals, Inc.(1)                                    275,000  
        1,905,938
                                  
- -----------------------------------------------------------------------------------------------
                                   ImmuLogic Pharmaceutical Corp.(1)                                   147,500 
         1,511,875
                                  
- -----------------------------------------------------------------------------------------------
                                   Protein Design Labs, Inc.(1)                                         50,000  
          975,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Sangstat Medical Corp.(1)                                           120,000  
          855,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Schering AG                                                              20      
       12,297
                                  
- -----------------------------------------------------------------------------------------------
                                   Vertex Pharmaceuticals, Inc.(1)                                     150,000 
         2,137,500
                                                                                                                     
- ------------
                                                                                                                       
14,115,331

- -------------------------------------------------------------------------------------------------------------------------
- ---------
HUMAN HEALTHCARE--35.2%            Advanced Tissue Sciences, Inc., Cl.A(1)                 
           300,000          
2,109,390
                                  
- -----------------------------------------------------------------------------------------------
                                   Amgen, Inc.(1)                                                      100,000    
      5,325,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Applied Immune Sciences, Inc.(1)                                    200,000 
         1,400,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Ares-Serono Group, Cl.B                                               2,885  
        1,541,265
                                  
- -----------------------------------------------------------------------------------------------
                                   Athena Neurosciences, Inc.(1)                                       300,000 
         2,100,000
                                  
- -----------------------------------------------------------------------------------------------
                                   AutoImmune, Inc.(1)                                                 170,000  
          850,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Cephalon, Inc.(1)                                                   150,000     
     1,603,125
                                  
- -----------------------------------------------------------------------------------------------
                                   Chiron Corp.(1)(4)                                                   40,000    
      2,660,000
                                  
- -----------------------------------------------------------------------------------------------
                                   COR Therapeutics, Inc.(1)                                           200,000 
         3,050,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Creative BioMolecules, Inc.(1)                                      300,000 
         1,012,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Cygnus Therapeutic Systems(1)                                       150,000 
         1,087,500
                                  
- -----------------------------------------------------------------------------------------------
                                   DNX Corp.(1)                                                        200,000   
       1,000,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Elan Corp. PLC, ADR(1)                                               50,000 
         1,962,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Elan Corp. PLC, ADR, Units(1)                                        13,108 
           378,494
                                  
- -----------------------------------------------------------------------------------------------
                                   Genentech, Inc.(1)                                                   50,000     
     2,625,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Genetic Therapy, Inc.(1)                                             68,800   
         533,200
                                  
- -----------------------------------------------------------------------------------------------
                                   Genetics Institute, Inc.(1)                                         100,000     
     4,537,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Genzyme Corp.(1)                                                    100,435  
        3,439,899
                                  
- -----------------------------------------------------------------------------------------------
                                   Gilead Sciences, Inc.(1)                                            200,000    
      2,350,000
                                  
- -----------------------------------------------------------------------------------------------
                                   IG Laboratories, Inc.(1)                                            325,000   
       1,137,500



<PAGE>

                                                                                                                     
MARKET VALUE
                                                                                                   SHARES            
SEE NOTE 1  
- -------------------------------------------------------------------------------------------------------------------------
- ---------
HUMAN HEALTHCARE                   InSite Vision, Inc.(1)                                            
  57,500        $    330,625
(CONTINUED)                       
- -----------------------------------------------------------------------------------------------
                                   Liposome Technology, Inc.(1)                                        225,000 
         1,462,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Magainin Pharmaceuticals, Inc.(1)                                   250,000 
           781,250
                                  
- -----------------------------------------------------------------------------------------------
                                   Martek Biosciences Corp.(1)                                         135,000 
         1,316,250
                                  
- -----------------------------------------------------------------------------------------------
                                   Matrix Pharmaceutical, Inc.(1)                                      290,000 
         4,132,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Penederm, Inc.(1)                                                   100,000    
        637,500
                                  
- -----------------------------------------------------------------------------------------------
                                   PerSeptive Biosystems, Inc.(1)                                      154,080 
         2,186,010
                                  
- -----------------------------------------------------------------------------------------------
                                   PerSeptive Technology II Corp., Units(1)                            100,000 
         1,300,000
                                  
- -----------------------------------------------------------------------------------------------
                                   Quintiles Transnational Corp.(1)(3)                                  28,950 
           700,228
                                  
- -----------------------------------------------------------------------------------------------
                                   Quintiles Transnational Corp.(1)                                     45,000  
        1,209,375
                                  
- -----------------------------------------------------------------------------------------------
                                   Shaman Pharmaceuticals, Inc.(1)                                     115,000 
           819,375
                                  
- -----------------------------------------------------------------------------------------------
                                   T Cell Sciences, Inc.(1)                                            218,500    
        655,500
                                  
- -----------------------------------------------------------------------------------------------
                                   T Cell Sciences, Inc.(1)(3)                                         120,000   
         342,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Univax Biologics, Inc.(1)                                           150,000   
         900,000
                                                                                                                     
- ------------
                                                                                                                       
57,475,986

- -------------------------------------------------------------------------------------------------------------------------
- ---------
HOSPITAL MANAGEMENT--0.9%          Quantum Health Resources, Inc.(1)                      
             35,000          
1,476,563
- -------------------------------------------------------------------------------------------------------------------------
- ---------
RETAIL STORES--0.5%                PT Fast Food Indonesia                                             
410,000             791,342
- -------------------------------------------------------------------------------------------------------------------------
- ---------
ENERGY--1.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
OIL--0.8%                          Elf Gabon SA                                                          7,000 
         1,361,844
- -------------------------------------------------------------------------------------------------------------------------
- ---------
OIL AND GAS DRILLING--0.9%         Petroleum Geo-Services AS(1)                                
        10,000            
195,937
                                  
- -----------------------------------------------------------------------------------------------
                                   Transocean Drilling AS(1)                                           200,000 
         1,296,427
                                                                                                                     
- ------------
                                                                                                                        
1,492,364

- -------------------------------------------------------------------------------------------------------------------------
- ---------
INDUSTRIAL--5.9%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
BUILDING MATERIALS GROUP--0.6%     Thai-German Ceramic Industry Company Ltd.       
                   200,000    
      1,009,008
- -------------------------------------------------------------------------------------------------------------------------
- ---------
CONTAINERS--0.5%                   M C Packaging Corp. Ltd.                                         
1,614,000             751,941
- -------------------------------------------------------------------------------------------------------------------------
- ---------
Engineering                        Babcock International Group PLC(1)                                 
800,000             403,712
And Construction--0.2%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
MACHINERY--0.9%                    Beiren Printing Machinery Holdings Ltd.                        
    604,000             302,500
                                  
- -----------------------------------------------------------------------------------------------
                                   Powerscreen International PLC                                        48,000 
           238,821
                                  
- -----------------------------------------------------------------------------------------------
                                   Schweizerische Industrie GmbH                                           500 
           986,159
                                                                                                                     
- ------------
                                                                                                                        
1,527,480

- -------------------------------------------------------------------------------------------------------------------------
- ---------
TRANSPORTATION--3.2%               Lisnave-Estaleiros Navais de Lisbona SA(1)                 
        200,000            
964,601
                                  
- -----------------------------------------------------------------------------------------------
                                   Pacific Basin Bulk Shipping Ltd.(1)                                  51,500 
           785,375
                                  
- -----------------------------------------------------------------------------------------------
                                   Pacific Carriers, Ltd.                                            1,236,000    
      1,150,545
                                  
- -----------------------------------------------------------------------------------------------
                                   Singmarine Industries Ltd.                                          500,000  
        1,295,111
                                  
- -----------------------------------------------------------------------------------------------
                                   Vard AS(1)                                                          244,000     
     1,006,499
                                                                                                                     
- ------------
                                                                                                                        
5,202,131

- -------------------------------------------------------------------------------------------------------------------------
- ---------
Truckers--0.5%                     Koninklijke Frans Maas Groep NV(1)                                  
25,000             812,813



<PAGE>

                                                                                                                     
MARKET VALUE
                                                                                                   SHARES            
SEE NOTE 1  
- -------------------------------------------------------------------------------------------------------------------------
- ---------
TECHNOLOGY--5.2%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
COMPUTER SOFTWARE                  Cerner Corp.(1)                                                  
   45,000        $  1,839,375
AND SERVICES--2.6%                
- -----------------------------------------------------------------------------------------------
                                   Pyxis Corp.(1)                                                      100,000     
     2,450,000
                                                                                                                     
- ------------
                                                                                                                        
4,289,375

- -------------------------------------------------------------------------------------------------------------------------
- ---------
ELECTRONICS:                       Molecular Dynamics, Inc.(1)                                        
200,000           1,100,000
INSTRUMENTATION--1.4%             
- -----------------------------------------------------------------------------------------------
                                   Oxford GlycoSystems Group PLC(1)(3)                                
515,132           1,130,447
                                                                                                                     
- ------------
                                                                                                                        
2,230,447

- -------------------------------------------------------------------------------------------------------------------------
- ---------
TELECOMMUNICATIONS--0.8%           Loxley Company Ltd.                                        
         80,000          
1,370,970
- -------------------------------------------------------------------------------------------------------------------------
- ---------
ELECTRONICS--0.4%                  Cray Electronics Hldgs.                                            
250,000             703,736
- -------------------------------------------------------------------------------------------------------------------------
- ---------
UTILITIES--0.7%
- -------------------------------------------------------------------------------------------------------------------------
- ---------
ELECTRIC COMPANIES--0.7%           Wing Shan International Ltd.                                 
    4,000,000          
1,061,186
                                                                                                                     
- ------------
                                   Total Common Stocks (Cost $122,586,155)                                 
           113,797,123

- -------------------------------------------------------------------------------------------------------------------------
- ---------
TOTAL INVESTMENTS, AT VALUE (COST $187,637,631)                                            
             108.0%       
176,234,842
- -------------------------------------------------------------------------------------------------------------------------
- ---------
LIABILITIES IN EXCESS OF OTHER ASSETS                                                             
       (8.0)        (12,940,058)
                                                                                                   -----------       
- ------------
NET ASSETS                                                                                              100.0% 
      $163,294,784
                                                                                                   -----------       
- ------------
                                                                                                   -----------       
- ------------
<FN>
                                   1. Non-income producing security.
                                   2. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer
                                   and is or was an affiliate, as defined in the Investment Company Act of
1940, at or during the
                                   year ended September 30, 1994. The aggregate fair value of all securities
of affiliated companies
                                   as of September 30, 1994 amounted to $4,375,245. Transactions during
the period in which the
                                   issuer was an affiliate were as follows:


                                       BALANCE                                                                
BALANCE            
                                       SEPTEMBER 30, 1993       GROSS ADDITIONS         GROSS
REDUCTIONS      
SEPTEMBER 30, 1994 
                                       -------------------      ------------------      ------------------    
- -------------------
                                       SHARES   COST            SHARES   COST           SHARES  
COST          SHARES   COST 
    
- -------------------------------------------------------------------------------------------------------------------------
- ---------
Cambridge Antibody
Technology Ltd., Cv.                   100,000  $3,300,000          --   $      --          --   $      -- 
   100,000  $3,300,000
- -------------------------------------------------------------------------------------------------------------------------
- ---------
Synaptic Pharmaceutical
Corp., Cv. Series 3                    500,000   2,000,000          --          --          --          --    
500,000   2,000,000
                                                ----------               ---------               ---------             
- ----------
                                                $5,300,000               $      --               $      --           
  $5,300,000
                                                ----------               ---------               ---------             
- ----------
                                                ----------               ---------               ---------             
- ----------


                                   3. Restricted security--See Note 6 of Notes to Financial Statements.
                                   4. Securities with an aggregate market value of $1,662,500 are held in
escrow to cover
                                   outstanding call options, as follows:

                                   SHARES SUBJECT           EXPIRATION            EXERCISE       
    PREMIUM        
MARKET VALUE
                                   CALL                     DATE                  PRICE              
RECEIVED        SEE NOTE 1  
- -------------------------------------------------------------------------------------------------------------------------
- ---------
Chiron Corp.                       25,000                   10/94                 $70.00              $57,843 
       $56,250     
</TABLE>

See accompanying Notes to Financial Statements.


<PAGE>

<TABLE>
<CAPTION>
                                  
- -----------------------------------------------------------------------------------------------
                                   STATEMENT OF ASSETS AND LIABILITIES  September 30, 1994
<S>                                                                                                                  
<C>         
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
ASSETS                             Investments, at value (including repurchase agreements
                                   of $56,400,000)(cost $187,637,631)--see accompanying statement      
              $176,234,842
                                  
- -----------------------------------------------------------------------------------------------
                                   Receivables:
                                   Investments sold                                                                   
  2,368,856
                                   Shares of beneficial interest sold                                               
      169,927
                                   Dividends and interest                                                            
      61,076
                                  
- -----------------------------------------------------------------------------------------------
                                   Other                                                                                
   14,657
                                                                                                                     
- ------------
                                   Total assets                                                                       
178,849,358

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
LIABILITIES                        Bank overdraft                                                               
            1,420
                                  
- -----------------------------------------------------------------------------------------------
                                   Options written, at value (premiums received $57,843)--see
accompanying
                                   statement--Note 4                                                                  
     56,250
                                  
- -----------------------------------------------------------------------------------------------
                                   Payables and other liabilities:
                                   Investments purchased                                                            
   14,183,456
                                   Shares of beneficial interest redeemed                                        
         738,414
                                   Service plan fees--Note 5                                                        
       96,849
                                   Other                                                                                
  478,185
                                                                                                                     
- ------------
                                   Total liabilities                                                                   
15,554,574


- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
NET ASSETS                                                                                                         
  $163,294,784

                                                                                                                     
- ------------
                                                                                                                     
- ------------

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
COMPOSITION OF                     Paid-in capital                                                          
         $175,519,111
NET ASSETS                        
- -----------------------------------------------------------------------------------------------
                                   Accumulated net investment loss                                               
        (172,940)
                                  
- -----------------------------------------------------------------------------------------------
                                   Accumulated net realized loss from investment, written option and
foreign
                                   currency transactions                                                             
    (661,567)
                                  
- -----------------------------------------------------------------------------------------------
                                   Net unrealized depreciation on investments, options written and
translation
                                   of assets and liabilities denominated in foreign currencies                
        (11,389,820)
                                                                                                                     
- ------------
                                   Net assets--applicable to 8,437,407 shares of beneficial interest
outstanding      $163,294,784
                                                                                                                     
- ------------
                                                                                                                     
- ------------

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE                                       
                                  
   $19.35

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
MAXIMUM OFFERING PRICE PER SHARE (NET ASSET VALUE PLUS SALES CHARGE OF
5.75% OF OFFERING
PRICE)                             $20.53
</TABLE>

See accompanying Notes to Financial Statements.


<PAGE>

<TABLE>
<CAPTION>
                                  
- -----------------------------------------------------------------------------------------------
                                   STATEMENT OF OPERATIONS  For the Year Ended September 30,
1994
<S>                                                                                                                  
<C>         
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
INVESTMENT INCOME                  Interest                                                               
           $  1,102,813
                                  
- -----------------------------------------------------------------------------------------------
                                   Dividends (net of withholding taxes of $50,970)                            
            275,054
                                                                                                                     
- ------------
                                   Total income                                                                       
  1,377,867

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
EXPENSES                           Management fees--Note 5                                                 
             1,555,894
                                  
- -----------------------------------------------------------------------------------------------
                                   Transfer and shareholder servicing agent fees--Note 5                     
             918,113
                                  
- -----------------------------------------------------------------------------------------------
                                   Service plan fees--Note 5                                                        
      479,894
                                  
- -----------------------------------------------------------------------------------------------
                                   Shareholder reports                                                               
     175,057
                                  
- -----------------------------------------------------------------------------------------------
                                   Custodian fees and expenses                                                    
         51,187
                                  
- -----------------------------------------------------------------------------------------------
                                   Trustees' fees and expenses                                                     
        35,677
                                  
- -----------------------------------------------------------------------------------------------
                                   Legal and auditing fees                                                           
      31,406
                                  
- -----------------------------------------------------------------------------------------------
                                   Other                                                                                
  132,189
                                                                                                                     
- ------------
                                   Total expenses                                                                     
  3,379,417

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
NET INVESTMENT LOSS                                                                                        
            (2,001,550)

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
REALIZED AND UNREALIZED            Net realized gain (loss) from:
GAIN (LOSS) ON INVESTMENTS,        Investments                                                      
                    3,957,091
OPTIONS WRITTEN AND FOREIGN        Closing of option contracts written                      
                            
(545,904)
CURRENCY TRANSACTIONS              Foreign currency transactions                               
                           114,520
                                                                                                                     
- ------------
                                   Net realized gain                                                                  
  3,525,707

                                  
- -----------------------------------------------------------------------------------------------
                                   Net change in unrealized appreciation or depreciation on:
                                   Investments                                                                        
(21,026,354)
                                   Translation of assets and liabilities denominated
                                   in foreign currencies                                                              
     11,971
                                                                                                                     
- ------------
                                   Net change                                                                         
(21,014,383)
                                   Net realized and unrealized loss on investments, options written
                                   and foreign currency transactions                                              
    (17,488,676)

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS                             
                                  
 $(19,490,226)
                                                                                                                     
- ------------
                                                                                                                     
- ------------
</TABLE>

See accompanying Notes to Financial Statements.


<PAGE>

<TABLE>
<CAPTION>
                                  
- -----------------------------------------------------------------------------------------------
                                   Statements of Changes in Net Assets
                                                                                                  Year Ended September
30,        
                                                                                                  1994                1993

      
<S>                                                                                               <C>            
    <C>         
- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
OPERATIONS                         Net investment loss                                            $
(2,001,550)       $ (1,538,653)
                                  
- -----------------------------------------------------------------------------------------------
                                   Net realized gain (loss) on investments, options written
                                   and foreign currency transactions                                 3,525,707 
          (680,679)
                                  
- -----------------------------------------------------------------------------------------------
                                   Net change in unrealized appreciation or depreciation on
                                   investments, options written and translation of assets and
                                   liabilities denominated in foreign currencies                   (21,014,383) 
       13,448,220
                                                                                                  ------------       
- ------------
                                   Net increase (decrease) in net assets resulting from
                                   operations                                                      (19,490,226)     
   11,228,888

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
DIVIDENDS AND                      Distributions in excess of net realized gain on investments,
DISTRIBUTIONS TO                   options written and foreign currency transactions ($.169 and
SHAREHOLDERS                       $.202 per share, respectively)                                  
(1,561,312)         (1,873,746)

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
BENEFICIAL INTEREST                Net increase (decrease) in net assets resulting from
TRANSACTIONS                       beneficial interest transactions--Note 2                       
(15,350,295)         60,707,523

- -------------------------------------------------------------------------------------------------------------------------
- ---------
- -------------------------------------------------------------------------------------------------------------------------
- ---------
NET ASSETS                         Total increase (decrease)                                      
(36,401,833)         70,062,665
                                  
- -----------------------------------------------------------------------------------------------
                                   Beginning of year                                               199,696,617   
     129,633,952
                                                                                                  ------------       
- ------------
                                   End of year [including accumulated net investment losses
                                   of ($172,940) and ($2,926,679), respectively]                 
$163,294,784        $199,696,617
                                                                                                  ------------       
- ------------
                                                                                                  ------------       
- ------------
</TABLE>

See accompanying Notes to Financial Statements.


<PAGE>

<TABLE>
<CAPTION>
                                  
- ----------------------------------------------------------------------------------------------
                                   FINANCIAL HIGHLIGHTS


                                                                  YEAR ENDED SEPTEMBER 30,
                                                                  1994     1993     1992     1991(2)  1990    
1989     1988(1)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
                                   <S>                            <C>      <C>      <C>      <C>  
   <C>      <C>     
<C>
                                   PER SHARE OPERATING DATA:
                                   Net asset value, beginning
                                   of period                      $21.64   $20.25   $26.90   $11.81   $12.09 
 $10.63   $10.00
                                   -------------------------------------------------------------------------------------------
                                   Income (loss) from
                                   investment operations:
                                   Net investment income (loss)     (.01)    (.10)    (.17)    (.03)    (.02) 
  (.10)     .14
                                   Net realized and unrealized
                                   gain (loss) on investments,
                                   options written and foreign
                                   currency transactions           (2.11)    1.69    (6.47)   15.12     (.26) 
  1.69      .49
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Total income (loss) from
                                   investment operations           (2.12)    1.59    (6.64)   15.09     (.28) 
  1.59      .63
                                   -------------------------------------------------------------------------------------------
                                   Dividends and distributions
                                   to shareholders:
                                   Dividends from net
                                   investment income                  --       --     (.01)      --       --     (.10)

    --
                                   Distributions in excess
                                   of net realized gain
                                   on investments,
                                   options written and foreign
                                   currency transactions            (.17)    (.20)      --       --       --     (.03)

    --
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Total dividends and
                                   distributions to shareholders    (.17)    (.20)    (.01)      --       --    
(.13)      --
                                                                  ------   ------   ------   ------   ------   ------   ------
                                   Net asset value, end of period $19.35   $21.64   $20.25   $26.90  
$11.81   $12.09   $10.63
                                                                  ------   ------   ------   ------   ------   ------   ------
                                                                  ------   ------   ------   ------   ------   ------   ------

                                   -------------------------------------------------------------------------------------------
                                   -------------------------------------------------------------------------------------------
                                   TOTAL RETURN, AT NET ASSET 
                                   VALUE(3)                        (9.91)%   7.79%  (24.70)% 127.78%  
(2.32)%  15.21%    6.30%

                                   -------------------------------------------------------------------------------------------
                                   -------------------------------------------------------------------------------------------
                                   RATIOS/SUPPLEMENTAL DATA:
                                   Net assets, end of period
                                   (in thousands)               $163,295 $199,697 $129,634 $103,352 
$16,217   $3,872   $1,921
                                   -------------------------------------------------------------------------------------------
                                   Average net assets 
                                   (in thousands)               $190,984 $194,184 $166,144  $50,989  
$8,716   $2,343   $1,394
                                   -------------------------------------------------------------------------------------------
                                   Number of shares 
                                   outstanding at end of 
                                   period (in thousands)           8,437    9,226    6,400    3,841    1,373 
    320      181
                                   -------------------------------------------------------------------------------------------
                                   Ratios to average net assets:
                                   Net investment income (loss)    (1.05)%   (.80)%   (.71)%   (.18)%  
(.37)%   (.70)%   1.41%(4)
                                   Expenses                         1.77%    1.59%    1.39%    1.50%   
1.78%    2.40%    2.06%(4)
                                   -------------------------------------------------------------------------------------------
                                   Portfolio turnover rate(5)       54.7%    41.0%     2.6%    11.2%    
16.6%   17.1%     1.7%

<FN>
                                   1. For the period from December 30, 1987 (commencement of
operations) to September 30, 1988.
Per
                                   share amounts calculated based on the weighted average number of
shares outstanding during the
                                   period. 
                                   2. Per share amounts calculated based on the weighted average number
of shares outstanding during
                                   the period.
                                   3. 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.
                                   4. Annualized.
                                   5. 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 year ended September 30, 1994 were $92,464,689 and
$140,116,746, respectively.
</TABLE>

See accompanying Notes to Financial Statements.



<PAGE>

                      ----------------------------------------------------------
                      ----------------------------------------------------------
                      NOTES TO FINANCIAL STATEMENTS


- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT        Oppenheimer Global Emerging Growth Fund (the Fund),
ACCOUNTING POLICIES   operating under the name Oppenheimer Global Bio-Tech Fund
                      through September 19, 1994, is registered under 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. A call 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.
                      ----------------------------------------------------------
                      FOREIGN CURRENCY TRANSLATION.  The accounting records of
                      the Fund are maintained in U.S. dollars. Prices of
                      securities denominated in foreign currencies are
                      translated into U.S. dollars at the closing rates of
                      exchange. Amounts related to the purchase and sale of
                      securities and investment income are translated at the
                      rates of exchange prevailing on the respective dates of
                      such transactions.
                           The Fund generally enters into forward currency
                      exchange contracts as a hedge, upon the purchase or sale
                      of a security denominated in a foreign currency. Risks may
                      arise from the potential inability of the counterparty to
                      meet the terms of the contract and from unanticipated
                      movements in the value of a foreign currency relative to
                      the U.S. dollar.
                           The effect of changes in foreign currency exchange
                      rates on investments is separately identified from
                      fluctuations arising from changes in market values of
                      securities held and reported with all other foreign
                      currency gains and losses in the Fund's results of
                      operations.
                      ----------------------------------------------------------
                      REPURCHASE AGREEMENTS.  The Fund requires the custodian to
                      take possession, to have legally segregated in the Federal
                      Reserve Book Entry System or to have segregated within the
                      custodian's vault, all securities held as collateral for
                      repurchase agreements. 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.
                      ----------------------------------------------------------
                      CALL OPTIONS WRITTEN.  The Fund may write covered call
                      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 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.
                      ----------------------------------------------------------
                      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. At September 30, 1994, the Fund
                      had available for federal income tax purposes an unused
                      capital loss carryover of approximately $656,000, which
                      will expire in 2002.
                      ----------------------------------------------------------
                      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 September 30, 1994, the Fund's projected
                      benefit obligations were reduced by $873, resulting in an
                      accumulated liability of $62,948 at September 30, 1994. No
                      payments have been made under the plan.



<PAGE>

                      ----------------------------------------------------------
                      ----------------------------------------------------------


- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT        DISTRIBUTIONS TO SHAREHOLDERS.  Dividends and
ACCOUNTING POLICIES   distributions to shareholders are recorded on the ex-
(CONTINUED)           dividend date.
                      ----------------------------------------------------------
                      CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS.
                      Effective October 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 September 30,
                      1993, amounts have been reclassified to reflect a decrease
                      in paid-in capital of $2,497,012, a decrease in
                      undistributed net investment loss of $2,793,695, and an
                      increase in undistributed capital loss on investments of
                      $296,683. During the year ended September 30, 1994, in
                      accordance with Statement of Position 93-2, paid-in
                      capital was decreased by $2,002,781, undistributed net
                      investment loss was decreased by $1,961,594 and
                      undistributed capital loss was decreased by $41,187.
                      ----------------------------------------------------------
                      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>
                                                 YEAR ENDED SEPTEMBER 30, 1994   YEAR ENDED
SEPTEMBER 30, 1993
                                                 -----------------------------   -----------------------------
                                                 SHARES       AMOUNT             SHARES       AMOUNT
                      ----------------------------------------------------------------------------------------
                      <S>                        <C>          <C>                <C>          <C>
                      Sold                        2,216,798    $48,631,842        5,810,447   $123,150,808
                      Distributions reinvested       63,096      1,414,325           72,297      1,686,679
                      Redeemed                   (3,068,893)   (65,396,462)      (3,056,478)  
(64,129,964)
                                                 ----------   ------------       ----------   ------------
                      Net increase (decrease)      (788,999)  $(15,350,295)       2,826,266   
$60,707,523
                                                 ----------   ------------       ----------   ------------
                                                 ----------   ------------       ----------   ------------
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS   At September 30, 1994, net unrealized depreciation on
AND LOSSES ON         investments and options written of $11,401,196 was
INVESTMENTS AND       composed of gross appreciation of $13,169,919, and gross
OPTIONS WRITTEN       depreciation of $24,571,115.

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. CALL OPTION        Call option activity for the year ended September 30, 1994
ACTIVITY              was as follows:

<TABLE>
<CAPTION>
                                                                               NUMBER         AMOUNT
                                                                           OF OPTIONS    OF PREMIUMS
                      ------------------------------------------------------------------------------
                      <S>                                                  <C>           <C> 
                      Options outstanding at September 30, 1993                   500       $232,867
                      ------------------------------------------------------------------------------
                      Options written                                           1,750        516,953
                      ------------------------------------------------------------------------------
                      Options cancelled in closing purchase transactions       (2,000)      (691,977)
                                                                               ------      ---------
                      Options outstanding at September 30, 1994                   250        $57,843
                                                                               ------      ---------
                                                                               ------      ---------
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. MANAGEMENT FEES    Management fees paid to the Manager were in accordance
AND OTHER             with the investment advisory agreement with the Fund which
TRANSACTIONS WITH     provides for an annual fee of 1% on the first $50 million
AFFILIATES            of net assets, .75% on the next $150 million 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.


<PAGE>

                      ----------------------------------------------------------
                      ----------------------------------------------------------
                      NOTES TO FINANCIAL STATEMENTS  (Continued)


- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. MANAGEMENT FEES    For the year ended September 30, 1994, commissions (sales
AND OTHER             charges paid by investors) on sales of Fund shares totaled
TRANSACTIONS WITH     $1,033,737, of which $262,284 was retained by Oppenheimer
AFFILIATES            Funds Distributor, Inc. (OFDI), a subsidiary of the
(CONTINUED)           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,
                      including amounts paid to brokers, dealers, banks and
                      other financial institutions. During the year ended
                      September 30, 1994, OFDI paid $17,768 to an affiliated
                      broker/dealer as reimbursement for personal service and
                      maintenance expenses.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. RESTRICTED         The Fund owns securities purchased in private placement
SECURITIES            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, excluding securities eligible for
                      resale pursuant to Rule 144A of the Act amount to
                      $8,543,603, or 5.2% of the Fund's net assets, at
                      September 30, 1994. Illiquid and/or restricted securities,
                      including those restricted securities that are
                      transferable under Rule 144A of the Act are listed below.

<TABLE>
<CAPTION>
                                                                                                         VALUATION
PER UNIT
                      SECURITY                                        ACQUISITION DATE   COST PER
UNIT   AS OF SEPTEMBER
30, 1994
                     
- -----------------------------------------------------------------------------------------------------------
                      <S>                                             <C>                <C>            
<C>
                      Cambridge Antibody Technology Ltd., Cv.         2/5/93             $33.00        
 $26.96
                     
- -----------------------------------------------------------------------------------------------------------
                      Oxford GlycoSystems Group PLC                   5/21/93            $ 1.94         
$ 2.19
                     
- -----------------------------------------------------------------------------------------------------------
                      Plant Genetics Systems International NV         5/27/92            $11.18          $
9.33
                     
- -----------------------------------------------------------------------------------------------------------
                      Quintiles Transnational Corp.                   8/2/93             $17.27          $24.19
                     
- -----------------------------------------------------------------------------------------------------------
                      Synaptic Pharmaceutical Corp., Cv. Series 3     1/19/93            $ 4.00         
$ 3.36
                     
- -----------------------------------------------------------------------------------------------------------
                      T Cell Sciences, Inc.                           11/23/93           $ 6.35          $ 2.85
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. REORGANIZATION     At a shareholder meeting scheduled for November 11, 1994,
                      shareholders of Oppenheimer Global Environment Fund
                      ("Global Environment Fund") will be asked to approve a
                      reorganization of Global Environment Fund with and into
                      Oppenheimer Global Emerging Growth Fund ("Emerging Growth
                      Fund"). Shareholders of Global Environment Fund would
                      receive shares of Emerging Growth Fund and Global
                      Environment Fund would be liquidated. If shareholder
                      approval is received, it is expected that the
                      reorganization will be consummated on or about
                      November 18, 1994.

<PAGE>

Investment Adviser
     Oppenheimer Management Corporation
     Two World Trade Center
     New York, New York 10048

Distributor
     Oppenheimer Funds Distributor, Inc.
     Two World Trade Center
     New York, New York 10048

Transfer and Shareholder Servicing  Agent
     Oppenheimer Shareholder Services
     P.O. Box 5270
     Denver, Colorado 80217
     1-800-525-7048

Custodian of Portfolio Securities
     The Bank of New York
     One Wall Street
     New York, NY 10015

Independent Auditors
     KPMG Peat Marwick LLP
     707 Seventeenth Street
     Denver, Colorado 80202

Legal Counsel
     Gordon Altman Butowsky Weitzen Shalov & Wein
     114 West 47th Street
     New York, New York  10036

<PAGE>

                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND

                                FORM N-1A

                                 PART C

                            OTHER INFORMATION

Item 24.  Financial Statements and Exhibits

     (a)  Financial Statements

          (1)   Financial Highlights at 9/30/94 (see Parts A and B): 
                Filed herewith.    

          (2)   Report of Independent Auditors' Report at 9/30/94 (see
                Part B): Filed herewith.    

          (3)   Statement of Investments at 9/30/94 (see Part B): Filed
                herewith.    

          (4)   Statement of Assets and Liabilities at 9/30/94 (see Part
                B): Filed herewith.    

          (5)   Statement of Operations at 9/30/94 (see Part B): Filed
                herewith.

          (6)   Statements of Changes in Net Assets for the years ended
                9/30/93 and 9/30/94 (see Part B): Filed herewith.    

          (7)   Notes to Financial Statements at 9/30/94 (see Part B):
                Filed herewith.    

     (b)  Exhibits

          (1)   Amended and Restated Declaration of Trust dated September
                19, 1994: Filed herewith.    

          (2)   By-Laws adopted 12/3/87: Previously filed with
                Registrant's Pre-Effective Amendment No. 1, 12/15/87,
                refiled with Registrant's Post-Effective Amendment No.
                14, 9/19/94, pursuant to Item 102 of Regulation S-T, and
                incorporated herein by reference.    

          (3)   Not applicable.

          (4)   Specimen Share Certificate: Filed herewith.    

          (5)   Investment Advisory Agreement dated 6/1/92: Previously
                filed with Registrant's Post-Effective Amendment No. 8,
                12/2/92, refiled with Registrant's Post-Effective
                Amendment No. 14, 9/19/94, pursuant to Item 102 of
                Regulation S-T, and incorporated herein by reference.    

          (6)   (i)    General Distributor's Agreement dated 12/10/92:
                       Previously filed with Registrant's Post-Effective
                       Amendment No. 9, 2/1/93, refiled with Registrant's
                       Post-Effective Amendment No. 14, 9/19/94, pursuant
                       to Item 102 of Regulation S-T, and incorporated
                       herein by reference.    

                (ii)   Prototype Oppenheimer Funds Distributor, Inc.
                       Dealer Agreement: Previously filed with Post-
                       Effective Amendment No. 14 to the Registration
                       Statement of Oppenheimer Main Street Funds,
                       Inc.(Reg. No. 33-17850), 9/30/94, and incorporated
                       herein by reference.    

                (iii)  Prototype Oppenheimer Funds Distributor Inc.
                       Broker Agreement: Previously filed with Post-
                       Effective Amendment No. 14 to the Registration
                       Statement of Oppenheimer Main Street Funds,
                       Inc.(Reg. No. 33-17850), 9/30/94, and incorporated
                       herein by reference.    

                (iv)   Prototype Oppenheimer Funds Distributor, Inc.
                       Agency Agreement: Previously filed with Post-
                       Effective Amendment No. 14 to the Registration
                       Statement of Oppenheimer Main Street Funds,
                       Inc.(Reg. No. 33-17850), 9/30/94, and incorporated
                       herein by reference.     


                (v)    Broker Agreement between Oppenheimer Fund
                       Management, Inc. and Newbridge Securities, dated
                       10/1/86: Previously filed with Post-Effective
                       Amendment No. 25 of Oppenheimer Growth Fund (Reg.
                       No. 2-45272), 11/1/86, refiled with Post-Effective
                       Amendment No. 47 of Oppenheimer Growth Fund (Reg.
                       No. 2-45272), 10/21/94, pursuant to Item 102 of
                       Regulation S-T, and incorporated herein by
                       reference.    

          (7)   Retirement Plan for Non-Interested Trustees or Directors
                (adopted by Registrant - 6/7/90): Previously filed with
                Post-Effective Amendment No. 97 of Oppenheimer Fund (Reg.
                No. 2-14586), 8/30/90, refiled with Post-Effective
                Amendment No. 45 of Oppenheimer Growth Fund (Reg. No.
                2-45272), 8/22/94, pursuant to Item 102 of Regulation
                S-T, and incorporated herein by reference.    

          (8)   Custody Agreement dated November 12, 1992 between
                Registrant and The Bank of New York: Previously filed
                with Registrant's Post-Effective Amendment No. 9, 2/1/93,
                refiled with Registrant's Post-Effective Amendment No.
                14, 9/19/94, pursuant to Item 102 of Regulation S-T, and
                incorporated herein by reference.    

          (9)   Not applicable.

          (10)  Opinion and Consent of Counsel dated December 11, 1987:
                Previously filed with Registrant's Pre-Effective
                Amendment No. 1, 12/15/87, refiled with Registrant's
                Post-Effective Amendment No. 14, 9/19/94, pursuant to
                Item 102 of Regulation S-T, and incorporated herein by
                reference.    

          (11)  Independent Auditors' Consent: Filed herewith.

          (12)  Not applicable.

          (13)  Investment Letter dated December 3, 1987 from Oppenheimer
                Management Corporation to Registrant:  Previously filed
                with Registrant's Post-Effective Amendment No. 2,
                1/30/89, refiled with Registrant's Post-Effective
                Amendment No. 14, 9/19/94, pursuant to Item 102 of
                Regulation S-T, and incorporated herein by reference.    

          (14)  (i)    Form of Individual Retirement Account (IRA) Plan:
                       Previously filed with Post-Effective Amendment No.
                       21 to the Registration Statement of Oppenheimer
                       U.S. Government Trust (File No. 2-76645), 8/25/93,
                       and incorporated herein by reference.

                (ii)   Form of Standardized and Non-Standardized Profit
                       Sharing and Money Purchase Pension Plan for self-
                       employed persons and corporations: Previously
                       filed with Post-Effective Amendment No. 3 of
                       Oppenheimer Global Growth & Income Fund (File No.
                       33-33799), 2/1/92, refiled with Post-Effective
                       Amendment No. 7 of Oppenheimer Global Growth &
                       Income Fund (Reg. No. 33-33799), 12/1/94, pursuant
                       to Item 102 of Regulation S-T, and incorporated
                       herein by reference.    

                (iii)  Form of Tax Sheltered Retirement Plan and Custody
                       Agreement for employees of public schools and tax-
                       exempt organizations: Previously filed with Post-
                       Effective Amendment No. 47 to the Registration
                       Statement of Oppenheimer Growth Fund (File No.
                       2-45272), 10/21/94, and incorporated herein by
                       reference.    

                (iv)   Form of Simplified Employee Pension IRA:
                       Previously filed with Post-Effective Amendment No.
                       42 to the Registration Statement of Oppenheimer
                       Equity Income Fund (Reg. No. 2-33043), 10/28/94,
                       and incorporated herein by reference.    

                (v)    Form of SAR-SEP Simplified Employee Pension IRA:
                       Previously filed with Post-Effective Amendment No.
                       19 to the Registration Statement of Oppenheimer
                       Integrity Funds (Reg. No. 2-76547), 3/1/94, and
                       incorporated herein by reference.


          (15)  Service Plan and Agreement dated 6/10/93 under Rule 12b-1
                of the Investment Company Act of 1940 for Class A shares:
                Previously filed with Registrant's Post-Effective
                Amendment No. 12, 7/18/94, and incorporated herein by
                reference.

          (16)  Performance Data Computation Schedule dated 9/30/94:
                Filed herewith.    

          (17)  Financial Data Schedule for fiscal year ended 9/30/94:
                Filed herewith.    

          --    Powers of Attorney: Previously filed with Registrant's
                Post-Effective Amendment No. 10, 12/2/93, and
                incorporated herein by reference.

          --    Resignation of a Trustee:  Filed herewith.     

Item 25.  Persons Controlled by or Under Common Control with Registrant

          None.

Item 26.  Number of Holders of Securities

                                        Number of 
                                        Record Holders as
     Title of Class                     of December 31, 1994     

     Shares of Beneficial Interest      40,970     

Item 27.  Indemnification

     Reference is made to the provisions of Article SEVENTH of
Registrant's Declaration of Trust filed as Exhibit 24(b)(1) to this
Registration Statement.

     Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to trustees, officers and
controlling persons of Registrant pursuant to the foregoing provisions or
otherwise, Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by Registrant of expenses incurred or
paid by a trustee, officer or controlling person of Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
trustee, officer or controlling person, Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final
adjudication of such issue. 

Item 28.  Business and Other Connections of Investment Adviser

     (a)  Oppenheimer Management Corporation is the investment adviser of
the Registrant; it and certain subsidiaries and affiliates act in the same
capacity to other registered investment companies as described in Parts
A and B hereof and listed in Item 28(b) below.
                
     (b)  There is set forth below information as to any other business,
profession, vocation or employment of a substantial nature in which each
officer and director of Oppenheimer Management Corporation is, or at any
time during the past two fiscal years has been, engaged for his/her own
account or in the capacity of director, officer, employee, partner or
trustee.    

   
<TABLE>
<CAPTION>
Name & Current Position
with Oppenheimer              Other Business and Connections
Management Corporation        During the Past Two Years
- -----------------------       ------------------------------
<S>                           <C>
Lawrence Apolito,             None.
Vice President

James C. Ayer, Jr.,           Vice President and Portfolio Manager of
Assistant Vice President      Oppenheimer Gold & Special Minerals Fund and
                              Oppenheimer Global Emerging Growth Fund.  

Victor Babin,                 None.
Senior Vice President

Robert J. Bishop              Assistant Treasurer of the OppenheimerFunds
Assistant Vice President      (listed below); previously a Fund Controller
                              for Oppenheimer Management Corporation (the
                              "Manager"). 

Christopher O. Blunt,         Vice President of Oppenheimer Funds
Vice President                Distributor, Inc. Formerly a Vice President
                              of CIC/DISC Subsidiary.

George Bowen                  Treasurer of the New York-based
Senior Vice President         OppenheimerFunds; Vice President, Secretary
and Treasurer                 and Treasurer of the Denver-based
                              OppenheimerFunds. Vice President and
                              Treasurer of Oppenheimer Funds Distributor,
                              Inc. (the "Distributor") and HarbourView
                              Asset Management Corporation
                              ("HarbourView"), an investment adviser
                              subsidiary of OMC; Senior Vice President,
                              Treasurer, Assistant Secretary and a
                              director of Centennial Asset Management
                              Corporation ("Centennial"), an investment
                              adviser subsidiary of the Manager; Vice
                              President, Treasurer and Secretary of
                              Shareholder Services, Inc. ("SSI") and
                              Shareholder Financial Services, Inc.
                              ("SFSI"), transfer agent subsidiaries of
                              OMC; President, Treasurer and Director of
                              Centennial Capital Corporation; Vice
                              President and Treasurer of Main Street
                              Advisers; formerly Senior Vice President/
                              Comptroller and Secretary of Oppenheimer
                              Asset Management Corporation ("OAMC"), an
                              investment adviser which was a subsidiary of
                              the OMC. 

Michael A. Carbuto,           Vice President and Portfolio Manager of
Vice President                Oppenheimer Tax-Exempt Cash Reserves,
                              Centennial California Tax Exempt Trust,
                              Centennial New York Tax Exempt Trust and
                              Centennial Tax Exempt Trust; Vice President
                              of Centennial.

William Colbourne,            Formerly, Director of Alternative Staffing
Assistant Vice President      Resources, and Vice President of Human
                              Resources, American Cancer Society.

Lynn Coluccy, Vice President  Formerly Vice President\Director of Internal
                              Audit of the Manager.

O. Leonard Darling,           Formerly Co-Director of Fixed Income for
Executive Vice President      State Street Research & Management Co.

Robert A. Densen,             None.
Vice President

Robert Doll, Jr.,             Vice President and Portfolio Manager of
Executive Vice President      Oppenheimer Growth Fund and Oppenheimer
                              Target Fund; Senior Vice President and
                              Portfolio Manager of Strategic Income &
                              Growth Fund.

John Doney, Vice President    Vice President and Portfolio Manager of
                              Oppenheimer Equity Income Fund.   

Andrew J. Donohue,            Secretary of the New York-based
Executive Vice President      OppenheimerFunds; Vice President of the
& General Counsel             Denver-based OppenheimerFunds; Executive
                              Vice President, Director and General Counsel
                              of the Distributor; formerly Senior Vice
                              President and Associate General Counsel of
                              the Manager and the Distributor. 

Kenneth C. Eich,              Treasurer of Oppenheimer Acquisition
Executive Vice President/     Corporation
Chief Financial Officer

George Evans, Vice President  Vice President and Portfolio Manager of
                              Oppenheimer Global Securities Fund.

Scott Farrar,                 Assistant Treasurer of the OppenheimerFunds;
Assistant Vice President      previously a Fund Controller for the
                              Manager.

Katherine P.Feld              Vice President and Secretary of Oppenheimer
Vice President and            Funds Distributor, Inc.; Secretary of
Secretary                     HarbourView, Main Street Advisers, Inc. and
                              Centennial; Secretary, Vice President and
                              Director of Centennial Capital Corp. 

Jon S. Fossel,                President and director of Oppenheimer
Chairman of the Board,        Acquisition Corp. ("OAC"), the Manager's
Chief Executive Officer       parent holding company; President, CEO and
and Director                  a director of HarbourView; a director of SSI
                              and SFSI; President, Director, Trustee, and
                              Managing General Partner of the Denver-based
                              OppenheimerFunds; formerly President of the
                              Manager. President and Chairman of the Board
                              of Main Street Advisers, Inc. 

Robert G. Galli,              Trustee of the New York-based
Vice Chairman                 OppenheimerFunds; Vice President and Counsel
                              of OAC; formerly he held the following
                              positions: a director of the Distributor,
                              Vice President and a director of HarbourView
                              and Centennial, a director of SFSI and SSI,
                              an officer of other OppenheimerFunds and
                              Executive Vice  President & General Counsel
                              of the Manager and the Distributor.

Linda Gardner,                None.
Assistant Vice President

Ginger Gonzalez,              Formerly 1st Vice President/Director of
Vice President                Creative Services for Shearson Lehman
                              Brothers.

Dorothy Grunwager,            None.
Assistant Vice President

Caryn Halbrecht,              Vice President and Portfolio Manager of
Vice President                Oppenheimer Insured Tax-Exempt Bond Fund and
                              Oppenheimer Intermediate Tax Exempt Bond
                              Fund; an officer of other OppenheimerFunds;
                              formerly Vice President of Fixed Income
                              Portfolio Management at Bankers Trust.

Barbara Hennigar,             President and Director of Shareholder
President and Chief           Financial Service, Inc.
Executive Officer of 
Oppenheimer Shareholder 
Services, a division of OMC. 

Alan Hoden, Vice President    None.

Merryl Hoffman,               None.
Vice President

Scott T. Huebl,               None.
Assistant Vice President

Jane Ingalls,                 Formerly a Senior Associate with Robinson,
Assistant Vice President      Lake/Sawyer Miller.

Stephen Jobe,                 None.
Vice President

Avram Kornberg,               Formerly a Vice President with Bankers
Vice President                Trust.
                              
Paul LaRocco,                 Portfolio Manager of Oppenheimer Capital
Assistant Vice President      Appreciation Fund; Associate Portfolio
                              Manager of Oppenheimer Discovery Fund and
                              Oppenheimer Time Fund.  Formerly a
                              Securities Analyst for Columbus Circle
                              Investors.

Mitchell J. Lindauer,         None.
Vice President

Loretta McCarthy,             None.
Senior Vice President

Bridget Macaskill,            Director of HarbourView; Director of Main
President and Director        Street Advisers, Inc.; and Chairman of
                              Shareholder Services, Inc.

Sally Marzouk,                None.
Vice President

Denis R. Molleur,             None.
Vice President

Kenneth Nadler,               None.
Vice President

David Negri,                  Vice President and Portfolio Manager of
Vice President                Oppenheimer Strategic Bond Fund, Oppenheimer
                              Multiple Strategies Fund, Oppenheimer
                              Strategic Investment Grade Bond Fund,
                              Oppenheimer Asset Allocation Fund,
                              Oppenheimer Strategic Diversified Income
                              Fund, Oppenheimer Strategic Income Fund,
                              Oppenheimer Strategic Income & Growth Fund,
                              Oppenheimer Strategic Short-Term Income
                              Fund, Oppenheimer High Income Fund and
                              Oppenheimer Bond Fund; an officer of other
                              OppenheimerFunds.

Barbara Niederbrach,          None.
Assistant Vice President

Stuart Novek,                 Formerly a Director Account Supervisor for
Vice President                J. Walter Thompson.

Robert A. Nowaczyk,           None.
Vice President

Julia O'Neal,                 None.
Assistant Vice President

Robert E. Patterson,          Vice President and Portfolio Manager of
Senior Vice President         Oppenheimer Main Street California Tax-
                              Exempt Fund, Oppenheimer Insured Tax-Exempt
                              Bond Fund, Oppenheimer Intermediate Tax-
                              Exempt Bond Fund, Oppenheimer Florida Tax-
                              Exempt Fund, Oppenheimer New Jersey Tax-
                              Exempt Fund, Oppenheimer Pennsylvania Tax-
                              Exempt Fund, Oppenheimer California Tax-
                              Exempt Fund, Oppenheimer New York Tax-Exempt
                              Fund and Oppenheimer Tax-Free Bond Fund;
                              Vice President of the New York Tax-Exempt
                              Income Fund, Inc.; Vice President of
                              Oppenheimer Multi-Sector Income Trust.

Tilghman G. Pitts III,        Chairman and Director of the Distributor.
Executive Vice President 
and Director

Jane Putnam,                  Associate Portfolio Manager of Oppenheimer
Assistant Vice President      Growth Fund and Oppenheimer Target Fund and
                              Portfolio Manager for Oppenheimer Variable
                              Account Funds-Growth Fund; Senior Investment
                              Officer and Portfolio Manager with Chemical
                              Bank.

Russell Read,                 Formerly an International Finance Consultant
Assistant Vice President      for Dow Chemical.

Thomas Reedy,                 Vice President of Oppenheimer Multi-Sector
Vice President                Income Trust and Oppenheimer Multi-
                              Government Trust; an officer of other
                              OppenheimerFunds; formerly a Securities
                              Analyst for the Manager.

David Rosenberg,              Vice President and Portfolio Manager of
Vice President                Oppenheimer Limited-Term Government Fund and
                              Oppenheimer U.S. Government Trust.  Formerly
                              Vice President and Senior Portfolio Manager
                              for Delaware Investment Advisors.

Richard H. Rubinstein,        Vice President and Portfolio Manager of
Vice President                Oppenheimer Asset Allocation Fund,
                              Oppenheimer Fund and Oppenheimer Multiple
                              Strategies Fund; an officer of other
                              OppenheimerFunds; formerly Vice President
                              and Portfolio Manager/Security Analyst for
                              Oppenheimer Capital Corp., an investment
                              adviser.

Lawrence Rudnick,             Formerly Vice President of Dollar Dry Dock
Assistant Vice President      Bank.

Ellen Schoenfeld,             None.
Assistant Vice President
                           
Nancy Sperte,                 None.
Senior Vice President         

Donald W. Spiro,              President and Trustee of the New York-based
Chairman Emeritus             OppenheimerFunds; formerly Chairman of the
and Director                  Manager and the Distributor.

Arthur Steinmetz,             Vice President and Portfolio Manager of
Senior Vice President         Oppenheimer Strategic Diversified Income
                              Fund, Oppenheimer Strategic Income Fund,
                              Oppenheimer Strategic Income & Growth Fund,
                              Oppenheimer Strategic Investment Grade Bond
                              Fund, Oppenheimer Strategic Short-Term
                              Income Fund; an officer of other
                              OppenheimerFunds.

Ralph Stellmacher,            Vice President and Portfolio Manager of
Senior Vice President         Oppenheimer Champion High Yield Fund and 
                              Oppenheimer High Yield Fund; an officer of
                              other OppenheimerFunds.

John Stoma, Vice President    Formerly Vice President of Pension Marketing
                              with Manulife Financial.

James C. Swain,               Chairman, CEO and Trustee, Director or
Vice Chairman of the          Managing Partner of the Denver-based
Board of Directors            OppenheimerFunds; President and a Director
and Director                  of Centennial; formerly President and
                              Director of OAMC, and Chairman of the Board
                              of SSI.

James Tobin, Vice President   None.

Jay Tracey, Vice President    Vice President of the Manager; Vice
                              President and Portfolio Manager of
                              Oppenheimer Time Fund and Oppenheimer
                              Discovery Fund.  Formerly Managing Director
                              of Buckingham Capital Management.

Gary Tyc, Vice President,     Assistant Treasurer of the Distributor and
Assistant Secretary           SFSI.
and Assistant Treasurer

Ashwin Vasan,                 Vice President of Oppenheimer Multi-Sector
Vice President                Income Trust and Oppenheimer Multi-
                              Government Trust: an officer of other
                              OppenheimerFunds.

Valerie Victorson,            None.
Vice President

John Wallace,                 Vice President and Portfolio Manager of
Vice President                Oppenheimer Total Return Fund, and
                              Oppenheimer Main Street Income and Growth
                              Fund; an officer of other OppenheimerFunds;
                              formerly a Securities Analyst and Assistant
                              Portfolio Manager for the Manager.

Dorothy Warmack,              Vice President and Portfolio Manager of
Vice President                Daily Cash Accumulation Fund, Inc.,
                              Oppenheimer Cash Reserves, Centennial
                              America Fund, L.P., Centennial Government
                              Trust and Centennial Money Market Trust;
                              Vice President of Centennial.

Christine Wells,              None.
Vice President

William L. Wilby,             Vice President and Portfolio Manager of
Senior Vice President         Oppenheimer Global Fund and Oppenheimer
                              Global Growth & Income Fund; Vice President
                              of HarbourView; an officer of other
                              OppenheimerFunds. 

Carol Wolf,                   Vice President and Portfolio Manager of
Vice President                Oppenheimer Money Market Fund, Inc.,
                              Centennial America Fund, L.P., Centennial
                              Government Trust, Centennial Money Market
                              Trust and Daily Cash Accumulation Fund,
                              Inc.; Vice President of Oppenheimer Multi-
                              Sector Income Trust; Vice President of
                              Centennial.

Robert G. Zack,               Associate General Counsel of the Manager;
Senior Vice President         Assistant Secretary of the OppenheimerFunds;
and Assistant Secretary       Assistant Secretary of SSI, SFSI; an officer
                              of other OppenheimerFunds.

Eva A. Zeff,                  Vice President and Portfolio Manager of
Assistant Vice President      Oppenheimer Mortgage Income Fund; an officer
                              of other OppenheimerFunds; formerly a
                              Securities Analyst for the Manager.

Arthur J. Zimmer,             Vice President and Portfolio Manager of
Vice President                Centennial America Fund, L.P., Oppenheimer
                              Money Fund, Centennial Government Trust,
                              Centennial Money Market Trust and Daily Cash
                              Accumulation Fund, Inc.; Vice President of
                              Oppenheimer Multi-Sector Income Trust; Vice
                              President of Centennial; an officer of other
                              OppenheimerFunds.

</TABLE>

          The OppenheimerFunds include the New York-based OppenheimerFunds
and the Denver-based OppenheimerFunds set forth below:

          New York-based OppenheimerFunds
          Oppenheimer Asset Allocation Fund
          Oppenheimer California Tax-Exempt Fund
          Oppenheimer Discovery Fund
          Oppenheimer Global Emerging Growth Fund
          Oppenheimer Global Fund
          Oppenheimer Global Growth & Income Fund
          Oppenheimer Gold & Special Minerals Fund
          Oppenheimer Growth Fund
          Oppenheimer Money Market Fund, Inc.
          Oppenheimer Mortgage Income Fund
          Oppenheimer Multi-Government Trust
          Oppenheimer Multi-Sector Income Trust
          Oppenheimer Multi-State Tax-Exempt Trust
          Oppenheimer New York Tax-Exempt Trust
          Oppenheimer Fund
          Oppenheimer Target Fund
          Oppenheimer Tax-Free Bond Fund
          Oppenheimer Time Fund
          Oppenheimer U.S. Government Trust

          Denver-based OppenheimerFunds
          Oppenheimer Cash Reserves
          Centennial America Fund, L.P.
          Centennial California Tax Exempt Trust
          Centennial Government Trust
          Centennial Money Market Trust
          Centennial New York Tax Exempt Trust
          Centennial Tax Exempt Trust
          Daily Cash Accumulation Fund, Inc.
          The New York Tax-Exempt Income Fund, Inc.
          Oppenheimer Champion High Yield Fund
          Oppenheimer Equity Income Fund
          Oppenheimer High Yield Fund
          Oppenheimer Integrity Funds
          Oppenheimer Limited-Term Government Fund
          Oppenheimer Main Street Funds, Inc.
          Oppenheimer Strategic Funds Trust
          Oppenheimer Strategic Income & Growth Fund
          Oppenheimer Strategic Investment Grade Bond Fund
          Oppenheimer Strategic Short-Term Income Fund
          Oppenheimer Tax-Exempt Bond Fund
          Oppenheimer Total Return Fund, Inc.
          Oppenheimer Variable Account Funds

          The address of Oppenheimer Management Corporation, the New York-
based OppenheimerFunds, Oppenheimer Funds Distributor, Inc., Harbourview
Asset Management Corp., Oppenheimer Partnership Holdings, Inc., and
Oppenheimer Acquisition Corp. is Two World Trade Center, New York, New
York 10048-0203.

          The address of the Denver-based OppenheimerFunds, Shareholder
Financial Services, Inc., Shareholder Services, Inc., Oppenheimer
Shareholder Services, Centennial Asset Management Corporation, Centennial
Capital Corp., and Main Street Advisers, Inc. is 3410 South Galena Street,
Denver, Colorado 80231.
    

Item 29.  Principal Underwriter

     (a)  Oppenheimer Funds Distributor, Inc. is the Distributor of
Registrant's shares.  It is also the Distributor of each of the other
registered open-end investment companies for which Oppenheimer Management
Corporation is the investment adviser, as described in Part A and B of
this Registration Statement and listed in Item 28(b) above.    

     (b)  The directors and officers of the Registrant's principal
underwriter are:    

   
<TABLE>
<CAPTION>
                                                             Positions and
Name & Principal            Positions & Offices              Offices with
Business Address            with Underwriter                 Registrant
- ----------------            -------------------              -------------
<S>                         <C>                              <C>
George Clarence Bowen+      Vice President & Treasurer       Treasurer

Christopher Blunt           Vice President                   None
6 Baker Avenue
Westport, CT  06880

Julie Bowers                Vice President                   None
21 Dreamwold Road
Scituate, MA 02066

Peter W. Brennan            Vice President                   None
1940 Cotswold Drive
Orlando, FL 32825

Mary Ann Bruce*             Senior Vice President -          None
                            Financial Institution Div.

Robert Coli                 Vice President                   None
12 Whitetail Lane
Bedminster, NJ 07921

Ronald T. Collins           Vice President                   None
710-3 E. Ponce DeLeon Ave.
Decatur, GA  30030

Ronald Corlew               Vice President                   None
1020 Montecito Drive
Los Angeles, CA  90031

Mary Crooks+                Vice President                   None

Paul Della Bovi             Vice President                   None
750 West Broadway
Apt. 5M
Long Beach, NY  11561

Andrew John Donohue*        Executive Vice                   Secretary
                            President & Director

Wendy H. Ehrlich            Vice President                   None
4 Craig Street
Jericho, NY 11753

Kent Elwell                 Vice President                   None
41 Craig Place
Cranford, NJ  07016

John Ewalt                  Vice President                   None
2301 Overview Dr. NE
Tacoma, WA 98422

Gregory Farley              Vice President -                 None
1116 Westbury Circle        Financial Institution Div.
Eagan, MN  55123

Katherine P. Feld*          Vice President & Secretary       None

Mark Ferro                  Vice President                   None
43 Market Street
Breezy Point, NY 11697

Wendy Fishler*              Vice President -                 None
                            Financial Institution Div.

Wayne Flanagan              Vice President -                 None
36 West Hill Road           Financial Institution Div.
Brookline, NH 03033

Ronald R. Foster            Vice President -                 None
11339 Avant Lane            Eastern Division Manager
Cincinnati, OH 45249

Patricia Gadecki            Vice President                   None
6026 First Ave. South,
Apt. 10
St. Petersburg, FL 33707

Luiggino Galleto            Vice President                   None
10239 Rougemont Lane
Charlotte, NC 28277

Mark Giles                  Vice President -                 None
5506 Bryn Mawr              Financial Institution Div.
Dallas, TX 75209

Ralph Grant*                Vice President/National          None
                            Sales Manager - Financial
                            Institution Div.

Sharon Hamilton             Vice President                   None
720 N. Juanita Ave. - #1
Redondo Beach, CA 90277
                            
Carla Jiminez               Vice President                   None
609 Chimney Bluff Drive
Mt. Pleasant, SC 29464

Terry Lee Kelley            Vice President -                 None
1431 Woodview Lane          Financial Institution Div.
Commerce Township, MI 48382

Michael Keogh*              Vice President                   None

Richard Klein               Vice President                   None
4011 Queen Avenue South
Minneapolis, MN 55410

Hans Klehmet II             Vice President                   None
26542 Love Lane
Ramona, CA 92065

Ilene Kutno*                Assistant Vice President         None

Wayne A. LeBlang            Vice President -                 None
23 Fox Trail                Director Eastern Div.
Lincolnshire, IL 60069

Dawn Lind                   Vice President -                 None
7 Maize Court               Financial Institution Div.
Melville, NY 11747

James Loehle                Vice President                   None
30 John Street    
Cranford, NJ  07016
 
Laura Mulhall*              Vice President -                 None
                            Director of Key Accounts

Gina Munson                 Vice President                   None
120 Fisherville Road
Apt. 136  
Concord, NH 03301

Charles Murray              Vice President                   None
50 Deerwood Drive
Littleton, CO 80127

Patrick Palmer              Vice President                   None
958 Blue Mountain Cr.
West Lake Village, CA 91362

Randall Payne               Vice President -                 None
1307 Wandering Way Dr.      Financial Institution Div.
Charlotte, NC 28226

Gayle Pereira               Vice President                   None
2707 Via Arboleda
San Clemente, CA 92672

Charles K. Pettit           Vice President                   None
1900 Eight Avenue
San Francisco, CA 94116
                            
Tilghman G. Pitts, III*     Chairman & Director              None

Elaine Puleo*               Vice President -                 None
                            Financial Institution Div.

Minnie Ra                   Vice President -                 None
109 Peach Street            Financial Institution Div.
Avenel, NJ 07001

David Robertson             Vice President                   None
9 Hawks View
Hoeoye Falls, NY 14472

Ian Robertson               Vice President                   None
4204 Summit Wa
Marietta, GA 30066

Robert Romano               Vice President                   None
1512 Fallingbrook Drive  
Fishers, IN 46038

James Ruff*                 President                        None

Timothy Schoeffler          Vice President                   None
3118 N. Military Road
Arlington, VA 22207

Mark Schon                  Vice President                   None
10483 E. Corrine Dr.
Scottsdale, AZ 85259

Michael Sciortino           Vice President                   None
785 Beau Chene Dr.
Mandeville, LA 70448

James A. Shaw               Vice President -                 None
5155 West Fair Place        Financial Institution Div.
Littleton, CO 80123

Robert Shore                Vice President -                 None
26 Baroness Lane            Financial Institution Div.
Laguna Niguel, CA 92677

Peggy Spilker               Vice President -                 None
2017 N. Cleveland, #2       Financial Institution Div.
Chicago, IL  60614

Michael Stenger             Vice President                   None
C/O America Building
30 East Central Pkwy
Suite 1008
Cincinnati, OH 45202

Paul Stickney               Vice President                   None
1314 Log Cabin Lane
St. Louis, MO 63124

George Sweeney              Vice President                   None
1855 O'Hara Lane
Middletown, PA 17057

Philip St. John Trimble     Vice President                   None
2213 West Homer
Chicago, IL 60647

Gary Paul Tyc+              Assistant Treasurer              None

Mark Stephen Vandehey+      Vice President                   None

Gregory K. Wilson           Vice President                   None
2 Side Hill Road
Westport, CT 06880

Bernard J. Wolocko          Vice President                   None
33915 Grand River
Farmington, MI 48335
 
William Harvey Young+       Vice President                   None

<FN>
* Two World Trade Center, New York, NY 10048-0203
+ 3410 South Galena St., Denver, CO 80231
</TABLE>

    

     (c)  Not applicable.

Item 30.  Location of Accounts and Records

     The accounts, books and other documents required to be maintained by
Registrant pursuant to Section 31(a) of the Investment Company Act of 1940
and rules promulgated thereunder are in the possession of Oppenheimer
Management Corporation at its offices at 3410 South Galena Street, Denver,
Colorado 80231.

Item 31.  Management Services

     Not applicable.

Item 32.  Undertakings

     (a)  Not applicable.

     (b)  Not applicable.

     (c)  Not applicable.

<PAGE>

                               SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and/or the
Investment Company Act of 1940, the Registrant certifies that it meets all
the requirements for effectiveness of this Registration Statement pursuant
to Rule 485(b) under the Securities Act of 1933 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York and State of New York
on the 12th day of January, 1995.

                         OPPENHEIMER GLOBAL EMERGING GROWTH FUND

                         By: /s/ Donald W. Spiro*
                         ----------------------------------------
                         Donald W. Spiro, President


Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in
the capacities on the dates indicated:

<TABLE>
<CAPTION>
Signatures                     Title                Date
- ----------                     -----                ----
<S>                            <C>                  <C>
/s/ Leon Levy*                 Chairman of the
- --------------                 Board of Trustees    January 12, 1995
Leon Levy

/s/ Donald W. Spiro*           Chief Executive
- --------------------           Officer and
Donald W. Spiro                Trustee              January 12, 1995

/s/ George Bowen*              Chief Financial
- -----------------              and Accounting
George Bowen                   Officer              January 12, 1995

/s/ Leo Cherne*                Trustee              January 12, 1995
- ---------------
Leo Cherne

/s/ Robert G. Galli*           Trustee              January 12, 1995
- -------------------
Robert G. Galli

/s/ Benjamin Lipstein*         Trustee              January 12, 1995
- ----------------------
Benjamin Lipstein

/s/ Elizabeth B. Moynihan*     Trustee              January 12, 1995
- --------------------------
Elizabeth B. Moynihan




/s/ Kenneth A. Randall         Trustee              January 12, 1995
- ----------------------
Kenneth A. Randall

/s/ Edward V. Regan*           Trustee              January 12, 1995
- --------------------
Edward V. Regan

/s/ Russell S. Reynolds, Jr.*  Trustee              January 12, 1995
- -----------------------------
Russell S. Reynolds, Jr.

/s/ Sidney M. Robbins*         Trustee              January 12, 1995
- ----------------------
Sidney M. Robbins

/s/ Pauline Trigere*           Trustee              January 12, 1995
- --------------------
Pauline Trigere

/s/ Clayton K. Yeutter*        Trustee              January 12, 1995
- -----------------------
Clayton K. Yeutter

</TABLE>

*By: /s/ Robert G. Zack
- --------------------------------
Robert G. Zack, Attorney-in-Fact

<PAGE>

                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND
                        Registration No. 33-18285


                     Post-Effective Amendment No. 15


                            Index to Exhibits


Exhibit No.       Description

24(b)(1)          Amended and Restated Declaration of Trust dated
                  September 19, 1994

24(b)(4)          Specimen Share Certificate

24(b)(11)         Independent Auditors' Consent

24(b)(16)         Performance Data Computation Schedule dated 9/30/94

24(b)(17)         Financial Data Schedule for fiscal year ended 9/30/94

   --             Resignation of a Trustee




                AMENDED AND RESTATED DECLARATION OF TRUST
                                   OF
                 OPPENHEIMER GLOBAL EMERGING GROWTH FUND


    This AMENDED AND RESTATED DECLARATION OF TRUST, made September 19,
1994 by and among the individuals executing this Amended and Restated
Declaration of Trust as the Trustees.
    WHEREAS, the Trustees established Oppenheimer Global Bio-Tech Fund
(the "Trust"), a trust fund under the laws of the Commonwealth of
Massachusetts, for the investment and reinvestment of funds contributed
thereto, under a Declaration of Trust dated October 30, 1987, as amended
June 1, 1992;
    WHEREAS, the Trustees desire to make a permitted change to said
Declaration of Trust without shareholder approval to change the name of
the Trust to "Oppenheimer Global Emerging Growth Fund";
    NOW, THEREFORE, the Trustees declare that all money and property
contributed to the trust fund hereunder shall be held and managed under
this Amended and Restated Declaration of Trust IN TRUST as herein set
forth below.
    FIRST:  This Trust shall be known as OPPENHEIMER GLOBAL EMERGING
GROWTH FUND.   The principal office of the Trust is Two World Trade
Center, New York, New York 10048-0203, and the Trust's resident agent in
the Commonwealth of Massachusetts is Massachusetts Mutual Life Insurance
Company, located at 1295 State Street, Springfield, Massachusetts 01111,
Attention: Stephen Kuhn, Esq.
    SECOND:  Whenever used herein, unless otherwise required by the
context or specifically provided:
       1.   All terms used in this Declaration of Trust which are defined
in the 1940 Act shall have the meanings given to them in the 1940 Act.
       2.   "Board" or "Board of Trustees" or the "Trustees" means the
Board of Trustees of the Trust.
       3.   "By-Laws" means the By-Laws of the Trust as amended from time
to time.
       4.   "Class" means a class of a series of shares established and
designated under or in accordance with the provisions of Article FOURTH.
       5.   "Commission" means the Securities and Exchange Commission. 
       6.   "Declaration of Trust" shall mean this Amended and Restated
Declaration of Trust as it may be amended or restated from time to time.

       7.   The "1940 Act" refers to the Investment Company Act of 1940
and the Rules and Regulations of the Commission thereunder, all as amended
from time to time.
       8.   "Series" refers to series of shares established and designated
under or in accordance with the provisions of Article FOURTH.
       9.   "Shareholder" means a record owner of Shares of the Trust.
       10.  "Shares" refers to the transferable units of interest into
which the beneficial interest in the Trust or any Series or Class of the
Trust (as the context may require) shall be divided from time to time and
includes fractions of Shares as well as whole Shares.
       11.  The "Trust" refers to the Massachusetts business trust created
by this Declaration of Trust, as amended or restated from time to time.
       12.  "Trustees" refers to the individual trustees in their capacity
as trustees hereunder of the Trust and their successor or successors for
the time being in office as such trustees.
    THIRD:  The purpose or purposes for which the Trust is formed and the
business or objects to be transacted, carried on and promoted by it are
as follows:
       1.   To hold, invest or reinvest its funds, and in connection
therewith to hold part or all of its funds in cash, and to purchase or
otherwise acquire, hold for investment or otherwise, sell, sell short,
assign, negotiate, transfer, exchange or otherwise dispose of or turn to
account or realize upon, securities (which term "securities" shall for the
purposes of this Declaration of Trust, without limitation of the
generality thereof, be deemed to include any stocks, shares, bonds,
financial futures contracts, indexes, debentures, notes, mortgages or
other obligations, and any certificates, receipts, warrants or other
instruments representing rights to receive, purchase or subscribe for the
same, or evidencing or representing any other rights or interests therein,
or in any property or assets) created or issued by any issuer (which term
"issuer" shall for the purposes of this Declaration of Trust, without
limitation of the generality thereof be deemed to include any persons,
firms, associations, corporations, syndicates, business trusts, investment
companies, combinations, organizations, governments, or subdivisions
thereof) and in financial instruments (whether they are considered as
securities or commodities); and to exercise, as owner or holder of any
securities or financial instruments, all rights, powers and privileges in
respect thereof; and to do any and all acts and things for the
preservation, protection, improvement and enhancement in value of any or
all such securities or financial instruments.
       2.   To borrow money and pledge assets in connection with any of
the objects or purposes of the Trust, and to issue notes or other
obligations evidencing such borrowings, to the extent permitted by the
1940 Act and by the Trust's fundamental investment policies under the 1940
Act.
       3.   To issue and sell its Shares in such Series and Classes and
amounts and on such terms and conditions, for such purposes and for such
amount or kind of consideration (including without limitation thereto,
securities) now or hereafter permitted by the laws of the Commonwealth of
Massachusetts and by this Declaration of Trust, as the Trustees may
determine.
       4.   To purchase or otherwise acquire, hold, dispose of, resell,
transfer, reissue or cancel its Shares, or to classify or reclassify any
unissued Shares or any Shares previously issued and reacquired of any
Series or Class into one or more Series or Classes that may have been
established and designated from time to time,  all without the vote or
consent of the Shareholders of the Trust, in any manner and to the extent
now or hereafter permitted by this Declaration of Trust.
       5.   To conduct its business in all its branches at one or more
offices in New York, Colorado and elsewhere in any part of the world,
without restriction or limit as to extent.
       6.   To carry out all or any of the foregoing objects and purposes
as principal or agent, and alone or with associates or to the extent now
or hereafter permitted by the laws of Massachusetts, as a member of, or
as the owner or holder of any stock of, or share of interest in, any
issuer, and in connection therewith to make or enter into such deeds or
contracts with any issuers and to do such acts and things and to exercise
such powers, as a natural person could lawfully make, enter into, do or
exercise.
       7.   To do any and all such further acts and things and to exercise
any and all such further powers as may be necessary, incidental, relative,
conducive, appropriate or desirable for the accomplishment, carrying out
or attainment of all or any of the foregoing purposes or objects.
         The foregoing objects and purposes shall, except as otherwise
expressly provided, be in no way limited or restricted by reference to,
or inference from, the terms of any other clause of this or any other
Article of this Declaration of Trust, and shall each be regarded as
independent and construed as powers as well as objects and purposes, and
the enumeration of specific purposes, objects and powers shall not be
construed to limit or restrict in any manner the meaning of general terms
or the general powers of the Trust now or hereafter conferred by the laws
of the Commonwealth of Massachusetts nor shall the expression of one thing
be deemed to exclude another, though it be of like nature, not expressed;
provided, however, that the Trust shall not carry on any business, or
exercise any powers, in any state, territory, district or country except
to the extent that the same may lawfully be carried on or exercised under
the laws thereof.
    FOURTH:
       1.   The beneficial interest in the Trust shall be divided into
Shares, all without par value, but the Trustees shall have the authority
from time to time to create one or more Series of Shares in addition to
the Series specifically established and designated in part 3 of this
Article FOURTH, and to divide the shares of any Series into two or more
Classes pursuant to Part 2 of this Article FOURTH, all as they deem
necessary or desirable, to establish and designate such Series and
Classes, and to fix and determine the relative rights and preferences as
between the different Series of Shares or Classes as to right of
redemption and the price, terms and manner of redemption, liabilities and
expenses to be borne by any Series or Class, special and relative rights
as to dividends and other distributions and on liquidation, sinking or
purchase fund provisions, conversion on liquidation, conversion rights,
and conditions under which the several Series or Classes shall have
individual voting rights or no voting rights.  Except as aforesaid, all
Shares of the different Series shall be identical.
         (a)   The number of authorized Shares and the number of Shares
of each Series and each Class of a Series that may be issued is unlimited,
and the Trustees may issue Shares of any Series or Class of any Series for
such consideration and on such terms as they may determine (or for no
consideration if pursuant to a Share dividend or split-up), all without
action or approval of the Shareholders.  All Shares when so issued on the
terms determined by the Trustees shall be fully paid and non-assessable. 
The Trustees may classify or reclassify any unissued Shares or any Shares
previously issued and reacquired of any Series into one or more Series or
Classes of Series that may be established and designated from time to
time.  The Trustees may hold as treasury Shares (of the same or some other
Series), reissue for such consideration and on such terms as they may
determine, or cancel, at their discretion from time to time, any Shares
of any Series reacquired by the Trust.
         (b)   The establishment and designation of any Series or any
Class of any Series in addition to that established and designated in part
3 of this Article FOURTH  shall be effective upon the execution by a
majority of the Trustees of an instrument setting forth such establishment
and designation and the relative rights and preferences of such Series or
such Class of such Series or as otherwise provided in such instrument. 
At any time that there are no Shares outstanding of any particular Series
previously established and designated, the Trustees may by an instrument
executed by a majority of their number abolish that Series and the
establishment and designation thereof.  Each instrument referred to in
this paragraph shall be an amendment to this Declaration of Trust, and the
Trustees may make any such amendment without shareholder approval.
         (c)   Any Trustee, officer or other agent of the Trust, and any
organization in which any such person is interested may acquire, own, hold
and dispose of Shares of any Series of the Trust to the same extent as if
such person were not a Trustee, officer or other agent of the Trust; and
the Trust may issue and sell or cause to be issued and sold and may
purchase Shares of any Series from any such person or any such
organization subject only to the general limitations, restrictions or
other provisions applicable to the sale or purchase of Shares of such
Series generally.
       2.   The Trustees shall have the authority from time to time to
divide the Shares of any Series into two or more Classes as they deem
necessary or desirable, and to establish and designate such Classes.  In
such event, each Class of a Series shall represent interests in the
designated Series of the Trust and have such voting, dividend, liquidation
and other rights as may be established and designated by the Trustees. 
Expenses related directly or indirectly to the Shares of a Class of a
Series may be borne solely by such Class (as shall be determined by the
Trustees) and, as provided in Article FIFTH, a Class of a Series may have
exclusive voting rights with respect to matters relating solely to such
Class.  The bearing of expenses solely by a Class of Shares of a Series
shall be appropriately reflected (in the manner determined by the
Trustees) in the net asset value, dividend and liquidation rights of the
Shares of such Class of a Series.  The division of the Shares of a Series
into Classes and the terms and conditions pursuant to which the Shares of
the Classes of a Series will be issued must be made in compliance with the
1940 Act.  No division of Shares of a Series into Classes shall result in
the creation of a Class of Shares having a preference as to dividends or
distributions or a preference in the event of any liquidation, termination
or winding up of the Trust, to the extent such a preference is prohibited
by Section 18 of the 1940 Act as to the Trust.
       3.   Without limiting the authority of the Trustees set forth in
part 1 of this Article FOURTH to establish and designate any further
Series, the Trustees hereby establish one Series of Shares all of one
Class having the same name as the Trust.  The Shares of that Series and
any Shares of any further Series or Classes that may from time to time be
established and designated by the Trustees shall (unless the Trustees
otherwise determine with respect to some further Series or Classes at the
time of establishing and designating the same) have the following relative
rights and preferences:
         (a)   Assets Belonging to Series.  All consideration received by
the Trust for the issue or sale of Shares of a particular Series, together
with all assets in which such consideration is invested or reinvested, all
income, earnings, profits, and proceeds thereof, including any proceeds
derived from the sale, exchange or liquidation of such assets, and any
funds or payments derived from any reinvestment of such proceeds in
whatever form the same may  be, shall irrevocably belong to that Series
for all purposes, subject only to the rights of creditors, and shall be
so recorded upon the books of account of the Trust.  Such consideration,
assets, income, earnings, profits, and proceeds thereof, including any
proceeds derived from the sale, exchange or liquidation of such assets,
and any funds or payments derived from any reinvestment of such proceeds,
in whatever form the same may be, together with any General Items
allocated to that Series as provided  in the following sentence, are
herein referred to as "assets belonging to" that Series.  In the event
that there are any assets, income, earnings, profits, and proceeds
thereof, funds, or payments which are not readily identifiable as
belonging to any particular Series (collectively "General Items"), the
Trustees shall allocate such General Items to and among any one or more
of the Series established and designated from time to time in such manner
and on such basis as they, in their sole discretion, deem fair and
equitable; and any General Items so allocated to a particular Series shall
belong to that Series.  Each such allocation by the Trustees shall be
conclusive and binding upon the shareholders of all Series for all
purposes.
         (b)   (1)Liabilities Belonging to Series.  The liabilities,
expenses, costs, charges and reserves attributable to each Series shall
be charged and allocated to the assets belonging to each particular
Series.  Any general liabilities, expenses, costs, charges and reserves
of the Trust which are not identifiable as belonging to any particular
Series shall be allocated and charged by the Trustees to and among any one
or more of the Series established and designated from time to time in such
manner and on such basis as the Trustees in their sole discretion deem
fair and equitable.  The liabilities, expenses, costs, charges and
reserves allocated and so charged to each Series are herein referred to
as "liabilities belonging to" that Series.  Each allocation of
liabilities, expenses, costs, charges and reserves by the Trustees shall
be conclusive and binding upon the shareholders of all Series for all
purposes.
            (2)Liabilities Belonging to a Class.  If a Series is divided
into more than one Class, the liabilities, expenses, costs, charges and
reserves attributable to a Class shall be charged and allocated to the
Class to which such liabilities, expenses, costs, charges or reserves are
attributable.  Any general liabilities, expenses, costs, charges or
reserves belonging to the Series which are not identifiable as belonging
to any particular Class shall be allocated and charged by the Trustees to
and among any one or more of the Classes established and designated from
time to time in such manner and on such basis as the Trustees in their
sole discretion deem fair and equitable.  The liabilities, expenses,
costs, charges and reserves allocated and so charged to each Class are
herein referred to as "liabilities belonging to" that Class.  Each
allocation of liabilities, expenses, costs, charges and reserves by the
Trustees shall be conclusive and binding upon the holders of all Classes
for all purposes.
         (c)   Dividends.  Dividends and distributions on Shares of a
particular Series or Class may be paid to the holders of Shares of that
Series or Class, with such frequency as the Trustees may determine, which
may be daily or otherwise pursuant to a standing resolution or resolutions
adopted only once or with such frequency as the Trustees may determine,
from such of the income, capital gains accrued or realized, and capital
and surplus, from the assets belonging to that Series, as the Trustees may
determine, after providing for actual and accrued liabilities belonging
to such Series or Class.  All dividends and distributions on Shares of a
particular Series or Class shall be distributed pro rata to the holders
of such Series or Class in proportion to the number of Shares of such
Series or Class held by such holders at the date and time of record
established for the payment of such dividends or distributions, except
that in connection with any dividend or distribution program or procedure
the Trustees may determine that no dividend or distribution shall be
payable on Shares as to which the Shareholder's purchase order and/or
payment have not been received by the time or times established by the
Trustees under such program or procedure.  Such dividends and
distributions may be made in cash or Shares or a combination thereof as
determined by the Trustees or pursuant to any program that the Trustees
may have in effect at the time for the election by each Shareholder of the
mode of the making of such dividend or distribution to that Shareholder. 
Any such dividend or distribution paid in Shares will be paid at the net
asset value thereof as determined in accordance with paragraph 13 of
Article SEVENTH.
         (d)   Liquidation.  In the event of the liquidation or
dissolution of the Trust, the Shareholders of all Classes of each Series
that has been established and designated shall be entitled to receive, as
a Series or Class, when and as declared by the Trustees, the excess of the
assets belonging to that Series over the liabilities belonging to that
Series or Class.  The assets so distributable to the Shareholders of any
particular Class and Series shall be distributed among such Shareholders
in proportion to the number of Shares of such Class of that Series held
by them and recorded on the books of the Trust. 
         (e)   Transfer.  All Shares of each particular Series shall be
transferable, but transfers of Shares of a particular Class and Series
will be recorded on the Share transfer records of the Trust applicable to
such Class of that Series only at such times as Shareholders shall have
the right to require the Trust to redeem Shares of such Class of that
Series and at such other times as may be permitted by the Trustees.
         (f)   Equality.  All Shares of all Series shall represent an
equal proportionate interest in the assets belonging to that Series
(subject to the liabilities belonging to such Class of that Series), and
each Share of any particular Series shall be equal to each other Share of
that Series; but the provisions of this sentence shall not restrict any
distinctions permissible under this Article FOURTH that may exist with
respect to Shares of the different Classes of a Series.  The Trustees may
from time to time divide or combine the Shares of any particular Class or
Series into a greater or lesser number of Shares of that Class or Series
without thereby changing the proportionate beneficial interest in the
assets belonging to that Class or Series or in any way affecting the
rights of Shares of any other Class or Series.
         (g)   Fractions.  Any fractional Share of any Class and Series,
if any such fractional Share is outstanding, shall carry proportionately
all the rights and obligations of a whole Share of that Class and Series,
including those rights and obligations with respect to voting, receipt of
dividends and distributions, redemption of Shares, and liquidation of the
Trust.
         (h)   Conversion Rights.  Subject to compliance with the
requirements of the 1940 Act, the Trustees shall have the authority to
provide that (i) holders of Shares of any Series shall have the right to
exchange said Shares into Shares of one or more other Series of Shares,
(ii) holders of shares of any Class shall have the right to exchange said
Shares into Shares of one or more other Classes of the same or a different
Series, and/or (iii) the Trust shall have the right to carry out the
aforesaid exchanges, in each case in accordance with such requirements and
procedures as may be established by the Trustees.
         (i)   Ownership of Shares.  The ownership of Shares shall be
recorded on the books of the Trust or of a transfer or similar agent for
the Trust, which books shall be maintained separately for the Shares of
each Class and Series that has been established and designated.  No
certification certifying the ownership of Shares need be issued except as
the Trustees may otherwise determine from time to time.  The Trustees may
make such rules as they consider appropriate for the issuance of Share
certificates, the use of facsimile signatures, the transfer of Shares and
similar matters.  The record books of the Trust as kept by the Trust or
any transfer or similar agent, as the case may be, shall be conclusive as
to who are the Shareholders and as to the  number of Shares of each Class
and Series held from time to time by each such Shareholder.
         (j)   Investments in the Trust.  The Trustees may accept
investments in the Trust from such persons and on such terms and for such
consideration, not inconsistent with the provisions of the 1940 Act, as
they from time to time authorize.  The Trustees may authorize any
distributor, principal underwriter, custodian, transfer agent or other
person to accept orders for the purchase or sale of Shares that conform
to such authorized terms and to reject any purchase or sale orders for
Shares whether or not conforming to such authorized terms.
    FIFTH:  The following provisions are hereby adopted with respect to
voting shares of the Trust and certain other rights:
       1.   The Shareholders shall have the power to vote (a) for the
election of Trustees when that issue is submitted to them, (b) with
respect to the amendment of this Declaration of Trust except where the
Trustees are given authority to amend the Declaration of Trust without
shareholder approval, (c) to the same extent as the shareholders of a
Massachusetts business corporation, as to whether or not a court action,
proceeding or claim should be brought or maintained derivatively or as a
class action on behalf of the Trust or the Shareholders, and (d) with
respect to those matters relating to the Trust as may be required by the
1940 Act or required by law, by this Declaration of Trust, or by the By-
Laws of the Trust or any registration statement of the Trust with the
Commission or any State, or as the Trustees may consider desirable.
       2.   The Trust shall not hold shareholder meetings unless required
by the 1940 Act, the provisions of this Declaration of Trust, or any other
applicable law.  The Trustees may call a meeting of shareholders.
       3.   At all meetings of Shareholders, each Shareholder shall be
entitled to one vote on each matter submitted to a vote of the
Shareholders of the affected Series for each Share standing in his name
on the books of the Trust on the date, fixed in accordance with the By-
Laws, for determination of Shareholders of the affected Series entitled
to vote at such meeting (except, if the Board so determines, for Shares
redeemed prior to the meeting), and each such Series shall vote separately
("Individual Series Voting"); a Series shall be deemed to be affected when
a vote of the holders of that Series on a matter is required by the 1940
Act; provided, however, that as to any matter with respect to which a vote
of Shareholders is required by the 1940 Act or by any applicable law that
must be complied with, such requirements as to a vote by Shareholders
shall apply in lieu of Individual Series Voting as described above.  If
the shares of a Series shall be divided into Classes as provided in
Article FOURTH, the shares of each Class shall have identical voting
rights except that the Trustees, in their discretion, may provide a Class
of a Series with exclusive voting rights with respect to matters which
relate solely to such Classes.  If the Shares of any Series shall be
divided into Classes with a Class having exclusive voting rights with
respect to certain matters, the quorum and voting requirements described
below with respect to action to be taken by the Shareholders of the Class
of such Series on such matters shall be applicable only to the Shares of
such Class.  Any fractional Share shall carry proportionately all the
rights of a whole Share, including the right to vote and the right to
receive dividends.  The presence in person or by proxy of the holders of
one-third of the Shares, or of the Shares of any Series or Class of any
Series, outstanding  and entitled to vote thereat shall constitute a
quorum at any meeting of the Shareholders or of that Series or Class,
respectively; provided however, that if any action to be taken by the
Shareholders or by a Series or Class at a meeting requires an affirmative
vote of a majority, or more than a majority, of the shares outstanding and
entitled to vote, then in such event the presence in person or by proxy
of the holders of a majority of the shares outstanding and entitled to
vote at such a meeting shall constitute a quorum for all purposes.  At a
meeting at which is a quorum is present, a vote of a majority of the
quorum shall be sufficient to transact all business at the meeting.  If
at any meeting of the Shareholders there shall be less than a quorum
present, the Shareholders or the Trustees present at such meeting may,
without further notice, adjourn the same from time to time until a quorum
shall attend, but no business shall be transacted at any such adjourned
meeting except such as might have been lawfully transacted had the meeting
not been adjourned.
       4.   Each Shareholder, upon request to the Trust in proper form
determined by the Trust, shall be entitled to require the Trust to redeem
from the net assets of that Series and Class all or any part of the Shares
of such Series and Class standing in the name of such Shareholder.  The
method of computing such net asset value, the time at which such net asset
value shall be computed and the time within which the Trust shall make
payment therefor, shall be determined as hereinafter provided in Article
SEVENTH of this Declaration of Trust.  Notwithstanding the foregoing, the
Trustees, when permitted or required to do so by the 1940 Act, may suspend
the right of the Shareholders to require the Trust to redeem Shares.
       5.   No Shareholder shall, as such holder, have any right to
purchase or subscribe for any Shares of the Trust which it may issue or
sell, other than such right, if any, as the Trustees, in their discretion,
may determine.
       6.   All persons who shall acquire Shares shall acquire the same
subject to the provisions of the Declaration of Trust.
       7.   Cumulative voting for the election of Trustees shall not be
allowed.
    SIXTH:
       1.   The persons who shall act as initial Trustees until the first
meeting or until their successors are duly chosen and qualified are the
initial Trustees executing this Declaration of Trust or any counterpart
thereof.  However, the By-Laws of the Trust may fix the number of Trustees
at a number greater or lesser than the number of initial Trustees and may
authorize the Trustees to increase or decrease the number of Trustees, to
fill any vacancies on the Board which may occur for any reason including
any vacancies created by any such increase in the number of Trustees, to
set and alter the terms of office of the Trustees and to lengthen or
lessen their own terms of office or make their terms of office of
indefinite duration, all subject to the 1940 Act.  Unless otherwise
provided by the By-Laws of the Trust, the Trustees need not be
Shareholders.
       2.   A Trustee at any time may be removed either with or without
cause by resolution duly adopted by the affirmative vote of the holders
of two-thirds of the outstanding Shares, present in person or by proxy at
any meeting of shareholders called for such purpose; such a meeting shall
be called by the Trustees when requested in writing to do so by the
recordholders of not less than ten per centum of the outstanding Shares. 
A Trustee may also be removed by the Board of Trustees as provided in the
By-Laws of the Trust. 
       3.   The Trustees shall make available a list of names and
addresses of all Shareholders as recorded on the books of the Trust, upon
receipt of the request in writing signed by not less than ten Shareholders
(who have been shareholders for at least six months) holding in the
aggregate shares of the Trust valued at not less than $25,000 at current
offering price (as defined in the Trust's Prospectus and/or Statement of
Additional Information) or holding not less than 1% in amount of the
entire amount of Shares issued and outstanding; such request must state
that such Shareholders wish to communicate with other Shareholders with
a view to obtaining signatures to a request for a meeting to take action
pursuant to part 2 of this Article SIXTH and accompanied by a form of
communication to the Shareholders.  The Trustees may, in their discretion,
satisfy their obligation under this part 3 by either making available the
Shareholder list to such Shareholders at the principal offices of the
Trust, or at the offices of the Trust's transfer agent, during regular
business hours, or by mailing a copy of such communication and form of
request, at the expense of such requesting Shareholders, to all other
Shareholders.  If and when the Trust has outstanding two or more series
of Shares pursuant to Article FOURTH of this Declaration of Trust, each
series shall be considered as if it were a separate common law trust
covered by Section 16(c) of the 1940 Act and parts 2 and 3 of this Article
SIXTH.  The Trust may at any time or from time to time apply to the
Commission for one or more exemptions from all or part of said Section
16(c) and, if an exemptive order or orders are issued by the Commission,
such order or orders shall be deemed part of Section 16(c) for the
purposes of parts 2 and 3 of this Article SIXTH.
    SEVENTH:  The following provisions are hereby adopted for the purpose
of defining, limiting and regulating the powers of the Trust and of the
Trustees and Shareholders.
       1.   As soon as any Trustee is duly elected by the Shareholders or
the Trustees and shall have accepted this trust, the Trust estate shall
vest in the new Trustee or Trustees, together with the continuing
Trustees, without any further act or conveyance, and he shall be deemed
a Trustee hereunder.
       2.   The death, declination, resignation, retirement, removal, or
incapacity of the Trustees, or any one of them shall not operate to annul
or terminate the Trust but the Trust shall continue in full force and
effect pursuant to the terms of this Declaration of Trust.
       3.   The assets of the Trust shall be held separate and apart from
any assets now or hereafter held in any capacity other than as Trustee
hereunder by the Trustees or any successor Trustees.  All of the assets
of the Trust shall at all times be considered as vested in the Trustees. 
No Shareholder shall have, as such holder of beneficial interest in the
Trust, any authority, power or right whatsoever to transact business for
or on behalf of the Trust, or on behalf of the Trustees, in connection
with the property or assets of the Trust, or in any part thereof.
       4.   The Trustees in all instances shall act as principals, and are
and shall be free from the control of the Shareholders.  The Trustees
shall have full power and authority to do any and all acts and to make and
execute, and to authorize the officers and agents of the Trust to make and
execute, any and all contracts and instruments that they may consider
necessary or appropriate in connection with the management of the Trust. 
The Trustees shall not in any way be bound or limited by present or future
laws or customs in regard to Trust investments, but shall have full
authority and power to make any and all investments which they, in their
uncontrolled discretion, shall deem proper to accomplish the purpose of
this Trust.  Subject to any applicable limitation in this Declaration of
Trust or by the By-Laws of the Trust, the Trustees shall have power and
authority:
         (a)   to adopt By-Laws not inconsistent with this Declaration of
               Trust providing for the conduct of the business of the
               Trust and to amend and repeal them to the extent that they
               do not reserve that right to the Shareholders;
         (b)   to elect and remove such officers and appoint and
               terminate such officers as they consider appropriate with
               or without cause, and to appoint and designate from among
               the Trustees such committees as the Trustees may
               determine, and to terminate any such committee and remove
               any member of such committee;
         (c)   to employ as custodian of any assets of the Trust a bank
               or trust company or any other entity qualified and
               eligible to act as a custodian, subject to any conditions
               set forth in this Declaration of Trust or in the By-Laws;
         (d)   to retain a transfer agent and shareholder servicing
               agent, or both;
         (e)   to provide for the distribution of Shares either through
               a principal underwriter or the Trust itself or both;
         (f)   to set record dates in the manner provided for in the By-
               Laws of the Trust;
         (g)   to delegate such authority as they consider desirable to
               any officers of the Trust and to any agent, custodian or
               underwriter;
         (h)   to vote or give assent, or exercise any rights of
               ownership, with respect to stock or other securities or
               property held in Trust hereunder; and to execute and
               deliver powers of attorney to such person or persons as
               the Trustees shall deem proper, granting to such person or
               persons such power and discretion with relation to
               securities or property as the Trustees shall deem proper;
         (i)   to exercise powers and rights of subscription or otherwise
               which in any manner arise out of ownership of securities
               held in trust hereunder;
         (j)   to hold any security or property in a form not indicating
               any trust, whether in bearer, unregistered or other
               negotiable form, either in its own name or in the name of
               a custodian or a nominee or nominees, subject in either
               case to proper safeguards according to the usual practice
               of Massachusetts business trusts or investment companies;
         (k)   to consent to or participate in any plan for the
               reorganization, consolidation or merger of any corporation
               or concern, any security of which is held in the Trust; to
               consent to any contract, lease, mortgage, purchase, or
               sale of property by such corporation or concern, and to
               pay calls or subscriptions with respect to any security
               held in the Trust;
         (l)   to compromise, arbitrate, or otherwise adjust claims in
               favor of or against the Trust or any matter in controversy
               including, but not limited to, claims for taxes;
         (m)   to make, in the manner provided in the By-Laws,
               distributions of income and of capital gains to
               Shareholders;
         (n)   to borrow money to the extent and in the manner permitted
               by the 1940 Act and the Trust's fundamental policy
               thereunder as to borrowing; 
         (o)   to enter into investment advisory or management contracts,
               subject to the 1940 Act, with any one or more
               corporations, partnerships, trusts, associations or other
               persons; 
         (p)   to change the name of the Trust or any Class or Series of
               the Trust as they consider appropriate without prior
               Shareholder approval;
         (q)   to establish Officers' and Trustees' fees or compensation
               and fees or compensation for committees of the Trustees to
               be paid by the Trust or each Series thereof in such manner
               and amount as the Trustees may determine;
         (r)   to invest all or substantially all of the Trust's assets
               in another registered investment company; and
         (s)   to determine whether a minimum and/or maximum value should
               apply to accounts holding Shares, to fix such values and
               the terms, procedures, and other conditions to cause the
               involuntary redemption of accounts that do not satisfy
               such criteria.
       5.   No one dealing with the Trustees shall be under any obligation
to make any inquiry concerning the authority of the Trustees, or to see
to the application of any payments made or property transferred to the
Trustees or  upon their order.
       6.   (a)
               The Trustees shall have no power to bind any Shareholder
               personally or to call upon any Shareholder for the payment
               of any sum of money or assessment whatsoever other than
               such as the Shareholder may at any time personally agree
               to pay by way of subscription to any Shares or otherwise. 
               This paragraph shall not limit the right of the Trustees
               to asset claims against any shareholder based upon the
               acts or omissions of such shareholder or for any other
               reason.  There is hereby expressly disclaimed shareholder
               and Trustee liability for the acts and obligations of the
               Trust.  Every note, bond, contract or other undertaking
               issued by or on behalf of the Trust or the Trustees
               relating to the Trust shall include a notice and provision
               limiting the obligation represented thereby to the Trust
               and its assets (but the omission of such notice and
               provision shall not operate to impose any liability or
               obligation on any Shareholder).
         (b)   Whenever this Declaration of Trust calls for or permits
               any action to be taken by the Trustees hereunder, such
               action shall mean that taken by the Board of Trustees by
               vote of the majority of a quorum of Trustees as set forth
               from time to time in the By-Laws of the Trust or as
               required by the 1940 Act.
         (c)   The Trustees shall possess and exercise any and all such
               additional powers as are reasonably implied from the
               powers herein contained such as may be necessary or
               convenient in the conduct of any business or enterprise of
               the Trust, to do and perform anything necessary, suitable,
               or proper for the accomplishment of any of the purposes,
               or the attainment of any one or more of the objects,
               herein enumerated, or which shall at any time appear
               conducive to or expedient for the protection or benefit of
               the Trust, and to do and perform all other acts and things
               necessary or incidental to the purposes herein before set
               forth, or that may be deemed necessary by the Trustees.
         (d)   The Trustees shall have the power, to the extent not
               inconsistent with the 1940 Act, to determine conclusively
               whether any moneys, securities, or other properties of the
               Trust are, for the purposes of this Trust, to be
               considered as capital or income and in what manner any
               expenses or disbursements are to be borne as between
               capital and income whether or not in the absence of this
               provision such moneys, securities, or other properties
               would be regarded as capital or income and whether or not
               in the absence of this provision such expenses or
               disbursements would ordinarily be charged to capital or to
               income.
       7.   The By-Laws of the Trust may divide the Trustees into Classes
and prescribe the tenure of office of the several Classes, but no Class
shall be elected for a period shorter than that from the time of the
election following the division into classes until the next meeting and
thereafter for a period shorter than the interval between meetings or for
a period longer than five years, and the term of office of at least one
Class shall expire each year.
       8.   The Shareholders shall have the right to inspect the records,
documents, accounts and books of the Trust, subject to reasonable
regulations of the Trustees, not contrary to Massachusetts law, as to
whether and to what extent, and at what times and places, and under what
conditions and regulations, such right shall be exercised.
       9.   Any officer elected or appointed by the Trustees or by the
Shareholders or otherwise, may be removed at any time, with or without
cause, in such lawful manner as may be provided in the By-Laws of the
Trust.
       10.  The Trustees shall have power to hold their meetings, to have
an office or offices and, subject to the provisions of the laws of
Massachusetts, to keep the books of the Trust outside of said Commonwealth
at such places as may from time to time be designated by them.  Action may
be taken by the Trustees without a meeting by unanimous written consent
or by telephone or similar method of communication.
       11.  Securities held by the Trust shall be voted in person or by
proxy by the President or a Vice-President, or such officer or officers
of the Trust as the Trustees shall designate for the purpose, or by a
proxy or proxies thereunto duly authorized by the Trustees, except as
otherwise ordered by vote of the holders of a majority of the Shares
outstanding and entitled to vote in respect thereto.
       12.  (a)
               Subject to the provisions of the 1940 Act, any Trustee,
               officer or employee, individually, or any partnership of
               which any Trustee, officer or employee may be a member, or
               any corporation or association of which any Trustee,
               officer or employee may be an officer, partner, director,
               trustee, employee or stockholder, or otherwise may have an
               interest, may be a party to, or may be pecuniarily or
               otherwise interested in, any contract or transaction of
               the Trust, and in the absence of fraud no contract or
               other transaction shall be thereby affected or
               invalidated; provided that in such case a Trustee, officer
               or employee or a partnership, corporation or association
               of which a Trustee, officer or employee is a member,
               officer, director, trustee, employee or stockholder is so
               interested, such fact shall be disclosed or shall have
               been known to the Trustees including those Trustees who
               are not so interested and who are neither "interested" not
               "affiliated" persons as those terms are defined in the
               1940 Act, or a majority thereof; and any Trustee who is so
               interested, or who is also a director, officer, partner,
               trustee, employee or stockholder of such other corporation
               or a member of such partnership or association which is so
               interested, may be counted in determining the existence of
               a quorum at any meeting of the Trustees which shall
               authorize any such contract or transaction, and may vote
               thereat to authorize any such contract or transaction,
               with like force and effect as if he were not so
               interested.
         (b)   Specifically, but without limitation of the foregoing, the
               Trust may enter into a management or investment advisory
               contract or underwriting contract and other contracts
               with, and may otherwise do business with any manager or
               investment adviser for the Trust and/or principal
               underwriter of the Shares of the Trust or any subsidiary
               or affiliate of any such manager or investment adviser
               and/or principal underwriter and may permit any such firm
               or corporation to enter into any contracts or other
               arrangements with any other firm or corporation relating
               to the Trust notwithstanding that the Trustees of the
               Trust may be composed in part of partners, directors,
               officers or employees of any such firm or corporation, and
               officers of the Trust may have been or may be or become
               partners, directors, officers or employees of any such
               firm or corporation, and in the absence of fraud the Trust
               and any such firm or corporation may deal freely with each
               other, and no such contract or transaction between the
               Trust and any such firm or corporation shall be
               invalidated or in any way affected thereby, nor shall any
               Trustee or officer of the Trust be liable to the Trust or
               to any Shareholder or creditor thereof or to any other
               person for any loss incurred by it or him solely because
               of the existence of any such contract or transaction;
               provided that nothing herein shall protect any director or
               officer of the Trust against any liability to the trust or
               to its security holders to which he would otherwise be
               subject by reason of willful misfeasance, bad faith, gross
               negligence or reckless disregard of the duties involved in
               the conduct of his office.
         (c)   As used in this paragraph the following terms shall have
               the meanings set forth below:
            (i)
                the term "indemnitee" shall mean any present or former
                Trustee, officer or employee of the Trust, any present or
                former Trustee, partner, Director or officer of another
                trust, partnership, corporation or association whose
                securities are or were owned by the Trust or of which the
                Trust is or was a creditor and who served or serves in
                such capacity at the request of the Trust, and the heirs,
                executors, administrators, successors and assigns of any
                of the foregoing; however, whenever conduct by an
                indemnitee is referred to, the conduct shall be that of
                the original indemnitee rather than that of the heir,
                executor, administrator, successor or assignee;
            (ii)
                the term "covered proceeding" shall mean any threatened,
                pending or completed action, suit or proceeding, whether
                civil, criminal, administrative or investigative, to which
                an indemnitee is or was a party or is threatened to be
                made a party by reason of the fact or facts under which he
                or it is an indemnitee as defined above;
            (iii)
                the term "disabling conduct" shall mean willful
                misfeasance, bad faith, gross negligence or reckless
                disregard of the duties involved in the conduct of the
                office in question;
            (iv)
    the term "covered expenses" shall mean expenses (including attorney's
    fees), judgments, fines and amounts paid in settlement actually and
    reasonably incurred by an indemnitee in connection with a covered
    proceeding; and
            (v)
    the term "adjudication of liability" shall mean, as to any covered
    proceeding and as to any indemnitee, an adverse determination as to
    the indemnitee whether by judgment, order, settlement, conviction or
    upon a plea of nolo contendere or its equivalent.
         (d)    The Trust shall not indemnify any indemnitee for any
                covered expenses in any covered proceeding if there has
                been an adjudication of liability against such indemnitee
                expressly based on a finding of disabling conduct.
         (e)    Except as set forth in paragraph (d) above, the Trust
                shall indemnify any indemnitee for covered expenses in any
                covered proceeding, whether or not there is an
                adjudication of liability as to such indemnitee, if a
                determination has been made that the indemnitee was not
                liable by reason of disabling conduct by (i) a final
                decision on the merits of the court or other body before
                which the covered proceeding was brought; or (ii) in the
                absence of such decision, a reasonable determination,
                based on a review of the facts, by either (a) the vote of
                a majority of a quorum of Trustees who are neither
                "interested persons," as defined in the 1940 Act nor
                parties to the covered proceedings or (b) an independent
                legal counsel in a written opinion; provided that such
                Trustees or counsel, in reaching such determination, may
                but need not presume the absence of disabling conduct on
                the part of the indemnitee by reason of the manner in
                which the covered proceeding was terminated, such
                indemnification by the Trust to be to the fullest extent
                now or hereafter permitted by any applicable law unless
                the By-laws limit or restrict the indemnification to which
                any indemnitee may be entitled.  The Board of Trustees may
                adopt bylaw provisions to implement sub-paragraphs (c),
                (d) and (e) hereof.
         (f)    Covered expenses incurred by an indemnitee in connection
                with a covered proceeding shall be advanced by the Trust
                to an indemnitee prior to the final disposition of a
                covered proceeding upon the request of the indemnitee for
                such advance and the undertaking by or on behalf of the
                indemnitee to repay the advance unless it is ultimately
                determined that the indemnitee is entitled to
                indemnification thereunder, but only if one or more of the
                following is the case: (i) the indemnitee shall provide a
                security for such undertaking; (ii) the Trust shall be
                insured against losses arising out of any lawful advances;
                or (iii) there shall have been a determination, based on
                a review of the readily available facts (as opposed to a
                full trial-type inquiry) that there is a reason to believe
                that the indemnitee ultimately will be found entitled to
                indemnification by either independent legal counsel in a
                written opinion or by the vote of a majority of a quorum
                of trustees who are neither "interested persons" as
                defined in the 1940 Act nor parties to the covered
                proceeding.
         (g)    Nothing herein shall be deemed to affect the right of the
                Trust and/or any indemnitee to acquire and pay for any
                insurance covering any or all indemnitees to the extent
                permitted by applicable law or to affect any other
                indemnification rights to which any indemnitee may be
                entitled to the extent permitted by applicable law.  Such
                rights to indemnification shall not, except as otherwise
                provided by law, be deemed exclusive of any other rights
                to which such indemnitee may be entitled under any statute
                now or hereafter enacted, By-Law, contract or otherwise.
       13.  The Trustees are empowered, in their absolute discretion, to
establish bases or times, or both, for determining the net asset value per
Share of any Class and Series in accordance with the 1940 Act and to
authorize the voluntary purchase by any Class and Series, either directly
or through an agent, of Shares of any Class and Series upon such terms and
conditions and for such consideration as the Trustees shall deem advisable
in accordance with the 1940 Act.
       14.  Payment of the net asset value per Share of any Class and
Series properly surrendered to it for redemption shall be made by the
Trust within seven days, or as specified in any applicable law or
regulation, after tender of such stock or request for redemption to the
Trust for such purpose plus any period of time during which the right of
the holders of the shares of such Class of that Series to require the
Trust to redeem such shares has been suspended.  Any such payment may be
made in portfolio securities of such Class of that Series and/or in cash,
as the Trustees shall deem advisable, and no Shareholder shall have a
right, other than as determined by the Trustees, to have Shares redeemed
in kind.
       15.  The Trust shall have the right, at any time and without prior
notice to the Shareholder, to redeem Shares of the Class and Series held
by such Shareholder held in any account registered in the name of such
Shareholder for its current net asset value, if and to the extent that
such redemption is necessary to reimburse either that Series of the Trust
or the distributor (i.e., principal underwriter) of the Shares for any
loss either has sustained by reason of the failure of such Shareholder to
make timely and good payment for Shares purchased or subscribed for by
such Shareholder, regardless of whether such Shareholder was a Shareholder
at the time of such purchase or subscription; subject to and upon such
terms and conditions as the Trustees may from time to time prescribe.
    EIGHTH:  The name "Oppenheimer" included in the name of the Trust and
of any Series shall be used pursuant to a royalty-free, non-exclusive
license from Oppenheimer Management Corporation ("OMC"), incidental to and
as part of any one or more advisory, management or supervisory contract
which may be entered into by the Trust with OMC.  Such license shall allow
OMC to inspect and subject to the control of the Board of Trustees to
control the nature and quality of services offered by the Trust under such
name.  The license may be terminated by OMC upon termination of such
advisory, management or supervisory contract or without cause upon 60
days' written notice, in which case neither the Trust nor any Series or
Class shall have any further right to use the name "Oppenheimer" in its
name or otherwise and the Trust, the Shareholders and its officers and
Trustees shall promptly take whatever action may be necessary to change
its name accordingly.
    NINTH:
       1.   In case any Shareholder or former Shareholder shall be held
to be personally liable solely by reason of his being or having been a
Shareholder and not because of his acts or omissions or for some other
reason, the Shareholder or former Shareholder (or the Shareholders, heirs,
executors, administrators or other legal representatives or in the case
of a corporation or other entity, its corporate or other general
successor) shall be entitled out of the Trust estate to be held harmless
from and indemnified against all loss and expense arising from such
liability.  This Trust shall, upon request by the Shareholder, assume the
defense of any such claim made against any Shareholder for any act or
obligation of the Trust and satisfy any judgment thereon.
       2.   It is hereby expressly declared that a trust and not a
partnership is created hereby.  No individual Trustee hereunder shall have
any power to bind the Trust, the Trust's officers or any Shareholder.  All
persons extending credit to, during business with, contracting with or
having or asserting any claim against the Trust or the Trustees shall look
only to the assets of the Trust for payment under such credit,
transaction, contract or claim; and neither the Shareholders nor the
Trustees, nor any of their agents, whether past, present or future, shall
be personally liable therefor; notice of such disclaimer shall be given
in each agreement, obligation or instrument entered into or executed by
the Trust or the Trustees.  Nothing in this Declaration of Trust shall
protect a Trustee against any liability to which such Trustee would
otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of
the office of Trustee hereunder.
       3.   The exercise by the Trustees of their powers and discretion
hereunder in good faith and with reasonable care under the circumstances
then prevailing, shall be binding upon everyone interested.  Subject to
the provisions of paragraph 2 of this Article NINTH, the Trustees shall
not be liable for errors of judgment or mistakes of fact or law.  The
Trustees may take advice of counsel or other experts with respect to the
meaning and operations of this Declaration of Trust, applicable laws,
contracts, obligations, transactions or any other business the Trust may
enter into, and subject to the provisions of paragraph 2 of this Article
NINTH, shall be under no liability for any act or omission in accordance
with such advice or for failing to follow such advice.  The Trustees shall
not be required to give any bond as such, nor any surety if a bond is
required.
       4.   This Trust shall continue without limitation of time but
subject to the provisions of sub-sections (a), (b), and (c) of this
paragraph 4.
         (a)    The Trustees, with the favorable vote of the holders of a
majority of the outstanding voting securities, as defined in the 1940 Act,
of any one or more Series entitled to vote, may sell and convey the assets
of that Series (which sale may be subject to the retention of assets for
the payment of liabilities and expenses) to another issuer for a
consideration which may be or include securities of such issuer.  Upon
making provision for the payment of liabilities, by assumption by such
issuer or otherwise, the Trustees shall distribute the remaining proceeds
ratably among the holders of the outstanding Shares of the Series the
assets of which have been so transferred.
         (b)    The Trustees, with the favorable vote of the holders of a
majority of the outstanding voting securities, as defined in the 1940 Act,
of any one or more Series entitled to vote, may at any time sell and
convert into money all the assets of that Series.  Upon making provisions
for the payment of all outstanding obligations, taxes and other
liabilities, accrued or contingent, of that Series, the Trustees shall
distribute the remaining assets of that Series ratably among the holders
of the outstanding Shares of that Series.
         (c)    The Trustees, with the favorable vote of the holders of a
majority of the outstanding voting securities, as defined in the 1940 Act,
of any one or more Series entitled to vote, may otherwise alter, convert
or transfer the assets of that Series or those Series.
         (d)    Upon completion of the distribution of the remaining
proceeds or the remaining assets as provided in sub-sections (a) and (b),
and in subsection (c) where applicable, the Series the assets of which
have been so transferred shall terminate, and if all the assets of the
Trust have been so transferred, the Trust shall terminate and the Trustees
shall be discharged of any and all further liabilities and duties
hereunder and the right, title and interest of all parties shall be
cancelled and discharged.
       5.   The original or a copy of this instrument and of each restated
declaration of trust or instrument supplemental hereto shall be kept at
the office of the Trust where it may be inspected by any Shareholder.  A
copy of this instrument and of each supplemental or restated declaration
of trust shall be filed with the Secretary of the Commonwealth of
Massachusetts, as well as any other governmental office where such filing
may from time to time be required.  Anyone dealing with the Trust may rely
on a certificate by an officer of the Trust as to whether or not any such
supplemental or restated declarations of trust have been made and as to
any matters in connection with the Trust hereunder, and, with the same
effect as if it were the original, may rely on a copy certified by an
officer of the Trust to be a copy of this instrument or of any such
supplemental or restated declaration of trust.  In this instrument or in
any such supplemental or restated declaration of trust, references to this
instrument, and all expressions like "herein", "hereof" and "hereunder"
shall be deemed to refer to this instrument as amended or affected by any
such supplemental or restated declaration of trust.  This instrument may
be executed in any number of counterparts, each of which shall be deemed
as original. 
       6.   The Trust set forth in this instrument is created under and
is to be governed by and construed and administered according to the laws
of the Commonwealth of Massachusetts.  The Trust shall be of the type
commonly called a Massachusetts business trust, and without limiting the
provisions hereof, the Trust may exercise all powers which are ordinarily
exercised by such a trust.
       7.   In the event that any person advances the organizational
expenses of the Trust, such advances shall become an obligation of the
Trust subject to such terms and conditions as may be fixed by, and on a
date fixed by, or determined with criteria fixed by the Board of Trustees,
to be amortized over a period or periods to be fixed by the Board.
       8.   Whenever any action is taken under this Declaration of Trust
including action which is required or permitted by the 1940 Act or any
other applicable law, such action shall be deemed to have been properly
taken if such action is in accordance with the construction of the 1940
Act or such other applicable law then in effect as expressed in "no
action" letters of the staff of the Commission or any release, rule,
regulation or order under the 1940 Act or any decision of a court of
competent jurisdiction, notwithstanding that any of the foregoing shall
later be found to be invalid or otherwise reversed or modified by any of
the foregoing.
       9.   Any action which may be taken by the Board of Trustees under
this Declaration of Trust or its By-Laws may be taken by the description
thereof in the then effective prospectus and/or statement of additional
information relating to the Shares under the Securities Act of 1933 or in
any proxy statement of the Trust rather than by formal resolution of the
Board.
       10.  Whenever under this Declaration of Trust, the Board of
Trustees is permitted or required to place a value on assets of the Trust,
such action may be delegated by the Board, and/or determined in accordance
with a formula determined by the Board, to the extent permitted by the
1940 Act.
       11.  If authorized by vote of the Trustees and the favorable vote
of the holders of a majority of the outstanding voting securities, as
defined in the 1940 Act, entitled to vote, or by any larger vote which may
be required by applicable law in any particular case, the Trustees shall
amend or otherwise supplement this instrument, by making a Restated
Declaration of Trust or a Declaration of Trust supplemental hereto, which
thereafter shall form a part hereof; any such Supplemental or Restated
Declaration of Trust may be executed by and on behalf of the Trust and the
Trustees by an officer or officers of the Trust.

<PAGE>
IN WITNESS WHEREOF, the undersigned have executed this instrument as of
this 19th day of September, 1994.



/s/ Leo Cherne                          /s/ Benjamin Lipstein
- ------------------------------          ------------------------------
Leo Cherne                              Benjamin Lipstein
50 East 79 Street                       591 Breezy Hill Road
New York, NY 10021                      Hillside, NY 12529


/s/ Donald W. Spiro                     
- ------------------------------          ------------------------------
Donald W. Spiro                         Leon Levy
399 Ski Trail                           One Sutton Place South
Kinnelon, NJ  07405                     New York, NY 10022


/s/ Sidney M. Robbins                   /s/ Pauline Trigere
- ------------------------------          ------------------------------
Sidney M. Robbins                       Pauline Trigere
50 Overlook Road                        525 Park Avenue
Ossining, NY 10562                      New York, NY 10021


/s/ Russell S. Reynolds                 /s/ Kenneth A. Randall
- ------------------------------          ------------------------------
Russell S. Reynolds                     Kenneth A. Randall
39 Clapoard Ridge Road                  6 Whittaker's Mill
Greenwich, CT 06830                     Williamsburg, VA 23185


/s/ Clayton K. Yeutter                  /s/ Elizabeth Moynihan
- ------------------------------          ------------------------------
Clayton K. Yeutter                      Elizabeth Moynihan
1325 Merrie Ridge Road                  801 Pennsylvania Avenue
McLean, Virginia 22101                  Washington, D.C. 20004


/s/ Robert G. Galli                     /s/ Edward V. Regan
- ------------------------------          ------------------------------
Robert G. Galli                         Edward V. Regan
11-54 Shearwater Court                  40 Park Avenue
Jersey City, NJ 07305                   New York, New York 10016


                                                           Exhibit 24(b)(4)

                  OPPENHEIMER GLOBAL EMERGING GROWTH FUND
                 Class A Share Certificate (8-1/2" x 11")


I.   FACE OF CERTIFICATE (All text and other matter lies within 
               8-1/4" x 10-3/4" decorative border, 5/16" wide)

               (upper left corner, box with heading: NUMBER [of shares]
               
               (upper right corner)  share certificate no.

               (upper right box with heading: SHARES
               below cert. no.)

               (centered
               below boxes)    OPPENHEIMER GLOBAL EMERGING GROWTH FUND

               A MASSACHUSETTS BUSINESS TRUST

     (at left) THIS IS TO CERTIFY THAT         (at right) SEE REVERSE FOR
                                                       CERTAIN DEFINITIONS

                                               (box with number)
                                               CUSIP 683932 10 7

     (at left)     is the owner of
                                          
     (centered)      FULLY PAID SHARES OF BENEFICIAL INTEREST OF

                             OPPENHEIMER U.S. GLOBAL EMERGING GROWTH FUND 

               (hereinafter called the "Fund"), transferable only on the
               books of the Fund by the holder hereof in person or by
               duly authorized attorney, upon surrender of this
               certificate properly endorsed.  This certificate and the
               shares represented hereby are issued and shall be held
               subject to all of the provisions of the Declaration of
               Trust of the Fund to all of which the holder by acceptance
               hereof assents.  This certificate is not valid until
               countersigned by the Transfer Agent.








<PAGE>
               WITNESS the facsimile seal of the Fund and the signatures
               of its duly authorized officers.

               (signature                 Dated:         (signature
               at left of seal)                          at right of seal)

               /S/Andrew J. Donohue                      /s/ Donald W. Spiro
               --------------------                      -------------------
               SECRETARY                                 PRESIDENT  

                           (centered at bottom)
                      1-1/2" diameter facsimile seal
                               with legend 
                  OPPENHEIMER GLOBAL EMERGING GROWTH FUND
                                   SEAL
                                   1987
                       COMMONWEALTH OF MASSACHUSETTS


(at lower right, printed
 vertically)                        Countersigned
                                    OPPENHEIMER SHAREHOLDER SERVICES
                                    (A DIVISION OF OPPENHEIMER MANAGEMENT
                                          CORPORATION)
                                    Denver (CO)          Transfer Agent

                                    By ____________________________
                                          Authorized Signature


II.  BACK OF CERTIFICATE (text reads from top to bottom of 11"
     dimension)

     The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out
in full according to applicable laws or regulations.

TEN COM - as tenants in common            
TEN ENT - as tenants by the entirety
JT TEN WROS NOT TC - as joint tenants with 
                     rights of survivorship and not 
                     as tenants in common

UNIF GIFT/TRANSFER MIN ACT - __________________  Custodian _______________
                               (Cust)                          (Minor)

                               UNDER UGMA/UTMA      ___________________
                                                         (State)


Additional abbreviations may also be used though not in the above list.

For Value Received ................ hereby sell(s), assign(s), and
transfer(s) unto




PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
AND PROVIDE CERTIFICATION BY TRANSFEREE
(box for identifying number)



_______________________________________________________________________   
       (Please print or type name and address of assignee)

______________________________________________________ 

________________________________________________ Shares of beneficial
interest [capital stock] represented by the within Certificate, and do
hereby irrevocably constitute and appoint ___________________________ 
Attorney to transfer the said shares on the books of the within named Fund
with full power of substitution in the premises.

Dated: ______________________

                               Signed: __________________________

                                    ___________________________________
                                    (Both must sign if joint owners)     

                               Signature(s) __________________________
                               guaranteed           Name of Guarantor
                               by:        _____________________________
                                               Signature of
                                               Officer/Title

(text printed             NOTICE: The signature(s) to this assignment must
vertically to right       correspond with the name(s) as written upon the
of above paragraph)       face of the certificate in every particular
                          without alteration or enlargement or any change
                          whatever.

(text printed in          Signatures must be guaranteed by a financial 
box to left of            institution of the type described in the current
signature(s))             prospectus of the Fund.






PLEASE NOTE: This document contains a watermark          OppenheimerFunds
when viewed at an angle.  It is invalid without this     "four hands"
watermark:                                               logotype


________________________________________________________________________
     THIS SPACE MUST NOT BE COVERED IN ANY WAY




EDGAR\750CERTA

                                                   Exhibit 24(b)(11)



INDEPENDENT AUDITORS' CONSENT


The Board of Trustees
Oppenheimer Global Emerging Growth Fund:


We consent to the use of our report dated October 21, 1994 included
herein and to the reference to our firm under the heading
"Financial Highlights" in the Prospectus.



                                     /s/ KPMG Peat Marwick LLP
                                     -------------------------
                                         KPMG Peat Marwick LLP

Denver, Colorado
January 10, 1995






PROSP\750CON

Oppenheimer Global Emerging Growth Fund
Exhibit 24(b)(16) to Form N-1A
Performance Data Computation Schedule

The Fund's average annual total returns and total returns are
calculated as described below, on the basis of the Fund's
distributions, for the past 10 years which are as follows:

  Distribution          Amount From       Amount From
  Reinvestment          Investment        Long or Short-Term      Reinvestment
  (Ex)Date              Income            Capital Gains           Price    

  12/23/88             0.1000            0.0300                 10.050
  12/20/91             0.0100            0.0000                 28.350
  12/17/92             0.0000            0.2020                 23.330
  12/23/93             0.0000            0.1690                 22.420

1. Average Annual Total Returns for the Periods Ended 09/30/94:

   The formula for calculating average annual total return is as follows:

          1                    ERV n
   --------------- = n        (---) - 1 = average annual total return
   number of years              P

   Where:  ERV = ending redeemable value of a hypothetical $1,000 payment
                 made at the beginning of the period
           P   = hypothetical initial investment of $1,000

Examples, assuming a maximum sales charge of 5.75%:

  One Year                     Five Year               

  $849.11 1                    $1,533.54 .2                  
 (-------) - 1  =  -15.09%    (---------)  - 1 =  8.93%  
   $1,000                       $1,000                

  Inception

  $1,878.03 .14815  
 (---------)  - 1 =  9.79%
   $1,000

Examples at NAV:

  One Year                     Five Year

  $900.92 1                    $1,627.10 .2
 (-------)    - 1 = -9.91%    (---------)  - 1 = 10.23%
   $1,000                       $1,000

  Inception

  $1,992.61 .14815  
 (---------)  - 1 = 10.75%
   $1,000

<PAGE>
Oppenheimer Global Emerging Growth Fund
Page 2
January 16, 1995


2.  Cumulative Total Returns for the Periods Ended 9/30/94:

    The formula for calculating cumulative total return is as follows:

       ERV - P
       ------- = Cumulative Total Return
          P


Examples, assuming a maximum sales charge of 5.75%:

    One Year                             Five Year

    $  849.11 - $1,000                   $1,533.54 - $1,000
    ------------------  = -15.09%        ------------------  =  53.35%
        $1,000                                $1,000

    Inception

    $1,878.03 - $1,000
    ------------------  =  87.80%
          $1,000


Examples at NAV:


    One Year                             Five Year

    $  900.92 - $1,000                   $1,627.10 - $1,000
    ------------------  =  -9.91%        ------------------  =  62.71%
          $1,000                                $1,000


    Inception

    $1,992.61 - $1,000
    ------------------  =  99.26%
           $1,000





<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000824610
<NAME> OPPENHEIMER GLOBAL EMERGING GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          SEP-30-1994
<PERIOD-START>                             OCT-01-1993
<PERIOD-END>                               SEP-30-1994
<INVESTMENTS-AT-COST>                        187637631
<INVESTMENTS-AT-VALUE>                       176234842
<RECEIVABLES>                                  2599859
<ASSETS-OTHER>                                   14657
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               178849358
<PAYABLE-FOR-SECURITIES>                      14183456
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1371118
<TOTAL-LIABILITIES>                           15554574
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     175519111
<SHARES-COMMON-STOCK>                          8437407
<SHARES-COMMON-PRIOR>                          9226406
<ACCUMULATED-NII-CURRENT>                     (172940)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (661567)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    (11389820)
<NET-ASSETS>                                 163294784
<DIVIDEND-INCOME>                               275054
<INTEREST-INCOME>                              1102813
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 3379417
<NET-INVESTMENT-INCOME>                      (2001550)
<REALIZED-GAINS-CURRENT>                       3525707
<APPREC-INCREASE-CURRENT>                   (21014383)
<NET-CHANGE-FROM-OPS>                       (19490226)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                          1561312
<NUMBER-OF-SHARES-SOLD>                        2216798
<NUMBER-OF-SHARES-REDEEMED>                    3068893
<SHARES-REINVESTED>                              63096
<NET-CHANGE-IN-ASSETS>                      (36401833)
<ACCUMULATED-NII-PRIOR>                      (2926679)
<ACCUMULATED-GAINS-PRIOR>                    (2370466)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          1555894
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                3379417
<AVERAGE-NET-ASSETS>                         190984000
<PER-SHARE-NAV-BEGIN>                            21.64
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                         (2.11)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                              .169
<PER-SHARE-NAV-END>                              19.35
<EXPENSE-RATIO>                                   1.77
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

                    Oppenheimer Management Corporation
                     2 World Trade Center - Suite 3400
                          New York, NY 10048-0203




                                      October 21, 1994

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

     Re:  Oppenheimer Asset Allocation Fund - Reg. No. 2-86903, 
               File No. 811-3864
          Oppenheimer California Tax-Exempt Fund - Reg. No. 33-23566
               File No. 811-5586
          Oppenheimer Discovery Fund - Reg. No. 33-371, File No. 811-4410
          Oppenheimer Global Emerging Growth Fund - Reg. No. 33-18285,
               File No. 811-5381
          Oppenheimer Global Environment Fund - Reg. No. 33-32270, 
               File No. 811-5966
          Oppenheimer Global Fund - Reg. No. 2-31661, File No. 811-1810
          Oppenheimer Global Growth & Income Fund - Reg. No. 33-33799
               File No. 811-6001
          Oppenheimer Gold & Special Minerals Fund - Reg. No. 2-82590,
               File No. 811-3694
          Oppenheimer Growth Fund - Reg. No. 2-45272, File No. 811-2306
          Oppenheimer Money Market Fund, Inc. - Reg. No. 2-49887, 
               File No. 811-2454
          Oppenheimer Mortgage Income Fund - Reg. No. 33-6614, 
               File No. 811-4712
          Oppenheimer Multi-Government Trust - Reg. No. 33-24885, 
               File No. 811-5670
          Oppenheimer Multi-Sector Income Trust - Reg. No. 33-20191
               File No. 811-5473
          Oppenheimer Multi-State Tax-Exempt Trust - Reg. No. 33-30198
               File No. 811-5867
          Oppenheimer New York Tax-Exempt Fund - Reg. No. 2-91683, 
               File No. 811-4054
            Oppenheimer Fund - Reg. No. 2-14586, File No. 811-847
          Oppenheimer Target Fund - Reg. No. 2-69719, File No. 811-3105
          Oppenheimer Time Fund - Reg. No. 2-39461, File No. 811-02171
          Oppenheimer Tax-Free Bond Fund - Reg. No. 2-57116, 
               File No. 811-2668
          Oppenheimer U.S. Government Trust - Reg. No. 2-76645, 
               File No. 811-3430

To the Securities and Exchange Commission:

     Each of the above-captioned registered investment companies (the
"Registrants") hereby represents to the Securities and Exchange
Commission, pursuant to Rule 485(b)(2)(iv) under the Securities Act of
1933, as amended, and in connection with an amendment on Form N-1A to that
Registrant's Registration Statement under the Investment Company Act of
1940, that the resignation of Edmund T. Delaney as a Trustee of the
Registrants as of October 17, 1994, was not due to disagreement with any
Registrant as to any matter relating to any Registrant's operations,
policies or practices.  

                     OPPENHEIMER ASSET ALLOCATION FUND
                     OPPENHEIMER CALIFORNIA TAX-EXEMPT FUND
                     OPPENHEIMER DISCOVERY FUND
                     OPPENHEIMER GLOBAL EMERGING GROWTH FUND
                     OPPENHEIMER GLOBAL ENVIRONMENT FUND
                     OPPENHEIMER GLOBAL FUND
                     OPPENHEIMER GLOBAL GROWTH & INCOME FUND
                     OPPENHEIMER GOLD & SPECIAL MINERALS FUND
                     OPPENHEIMER GROWTH FUND
                     OPPENHEIMER MONEY MARKET FUND, INC.
                     OPPENHEIMER MORTGAGE INCOME FUND
                     OPPENHEIMER MULTI-GOVERNMENT TRUST
                     OPPENHEIMER MULTI-SECTOR INCOME TRUST
                     OPPENHEIMER MULTI-STATE TAX-EXEMPT TRUST
                     OPPENHEIMER NEW YORK TAX-EXEMPT FUND
                     OPPENHEIMER FUND
                     OPPENHEIMER TARGET FUND        
                     OPPENHEIMER TIME FUND
                     OPPENHEIMER TAX-FREE BOND FUND
                     OPPENHEIMER U.S. GOVERNMENT TRUST

                          



                     By:  /s/ Andrew J. Donohue
                          --------------------------------
                          Andrew J. Donohue, Secretary





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