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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
<PAGE>
SHAREHOLDER MEETING
On November 3, 1995, a special meeting of the shareholders of the Fund was
held at which the five Directors identified below were elected and the
approval of a new investment advisory agreement with OppenheimerFunds, Inc.
(Proposal 1), a new sub-advisory agreement between OppenheimerFunds, Inc. and
OpCap Advisors (Proposal 2), a new administration agreement with
OppenheimerFunds, Inc. (Proposal 3) and new Distribution and Service Plan
agreements with OppenheimerFunds Distributor, Inc. (Proposal 4) were ratified.
The following is a report of the votes cast (Class A, B and C shares voted
together unless otherwise indicated):
<TABLE>
<CAPTION>
NOMINEE/PROPOSAL FOR AGAINST WITHHELD/ABSTAIN TOTAL
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Paul Y. Clinton 7,608,731.763 0 349,548.643 7,958,280.406
Thomas W. Courtney 7,608,807.833 0 349,472.573 7,958,280.406
Lacy B. Herrmann 7,608,097.330 0 350,183.076 7,958,280.406
George Loft 7,578,344.927 0 379,935.479 7,958,280.406
Bridget A. Macaskill 7,608,059.428 0 350,220.978 7,958,280.406
Proposal No. 1 7,394,111.560 347,278.797 216,890.049 7,958,280.406
Proposal No. 2 7,308,873.671 343,716.923 305,689.812 7,958,280.406
Proposal No. 3 7,359,813.548 317,638.547 280,828.311 7,958,280.406
Proposal No. 4:
Class A 6,438,422.119 341,705.748 236,547.018 7,016,674.885
Class B 718,388.449 12,002.970 10,626.413 741,017.832
Class C 195,281.340 379.239 4,927.110 200,587.689
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
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<INVESTMENTS-AT-VALUE> 214,777,865
<RECEIVABLES> 2,214,369
<ASSETS-OTHER> 38,227
<OTHER-ITEMS-ASSETS> 17,790,532
<TOTAL-ASSETS> 234,820,993
<PAYABLE-FOR-SECURITIES> 134,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,682,118
<TOTAL-LIABILITIES> 16,816,382
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 11,545,795
<SHARES-COMMON-PRIOR> 10,438,550
<ACCUMULATED-NII-CURRENT> 293,621
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,590,638
<NET-ASSETS> 178,899,017
<DIVIDEND-INCOME> 2,118,425
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<OTHER-INCOME> 0
<EXPENSES-NET> 1,887,028
<NET-INVESTMENT-INCOME> 545,230
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<DISTRIBUTIONS-OF-INCOME> 1,335,495
<DISTRIBUTIONS-OF-GAINS> 12,615,414
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<AVERAGE-NET-ASSETS> 168,370,000
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PERIOD-END> MAY-31-1996
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<INVESTMENTS-AT-VALUE> 214,777,865
<RECEIVABLES> 2,214,369
<ASSETS-OTHER> 38,227
<OTHER-ITEMS-ASSETS> 17,790,532
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<PAYABLE-FOR-SECURITIES> 134,264
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,682,118
<TOTAL-LIABILITIES> 16,816,382
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<PAID-IN-CAPITAL-COMMON> 168,184,176
<SHARES-COMMON-STOCK> 1,858,113
<SHARES-COMMON-PRIOR> 1,109,848
<ACCUMULATED-NII-CURRENT> 293,621
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<ACCUM-APPREC-OR-DEPREC> 44,590,638
<NET-ASSETS> 28,450,249
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<INTEREST-INCOME> 313,833
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<EXPENSES-NET> 1,887,028
<NET-INVESTMENT-INCOME> 545,230
<REALIZED-GAINS-CURRENT> 5,226,993
<APPREC-INCREASE-CURRENT> 12,426,255
<NET-CHANGE-FROM-OPS> 18,198,478
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 79,283
<DISTRIBUTIONS-OF-GAINS> 1,413,548
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 759,029
<NUMBER-OF-SHARES-REDEEMED> 110,162
<SHARES-REINVESTED> 99,398
<NET-CHANGE-IN-ASSETS> 34,958,613
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<SHARES-COMMON-STOCK> 697,178
<SHARES-COMMON-PRIOR> 286,526
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</TABLE>
