[FRONT COVER]
Oppenheimer Enterprise Fund
Annual Report August 31, 1996
[PICTURE OF COUPLE WITH A LAPTOP COMPUTER]
"We're looking for
high growth,
and that means
investing
aggressively
and for
the long haul."
[LOGO] OppenheimerFunds(R)
<PAGE>
This Fund is for people who want to take part
in opportunities presented by small, unknown
companies with high growth potential.
How Your Fund is Managed
Oppenheimer Enterprise Fund seeks capital appreciation by investing primarily in
equity securities of small U.S. and foreign companies that are believed to have
favorable growth prospects. Historically, the stocks of small companies have
offered long-term investors favorable opportunities for growth. The Fund looks
to invest in companies before they're discovered by the market, when their
potential for rapid growth is greatest. The Fund intends to emphasize
"micro-cap" stocks--those with market capitalization of up to $200 million.
Although small-cap stocks may be subject to more severe price fluctuations
because they involve greater risks than the stocks of larger companies,
small-cap stocks have a history of often outperforming larger-cap common stocks
over time. Through careful stock selection and diversification, overall risk
inherent in such securities can be lowered.
Performance
Cumulative total returns at net asset value since inception of the Fund on
11/7/95 for Class A, B and C shares were 54.80%, 53.90% and 53.90%,
respectively.1
Your Fund's cumulative total returns at maximum offering price since
inception of the Fund on 11/7/95 for Class A, B and C shares were 45.90%, 48.90%
and 52.90%, respectively.2
Outlook
"We are optimistic about the environment for small-cap growth stocks. We are
concentrating on companies that we believe are most likely to deliver the high
earnings growth results we are looking for, and we remain vigilant in our
efforts to avoid disappointments."
Jay Tracey, Portfolio Manager
August 31, 1996
Total returns include change in share price and reinvestment of dividends and
capital gains distributions. Past performance does not guarantee future results.
Investment return and principal value of an investment in the Fund will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than the original cost.
1. Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
2. Class A returns show results of a hypothetical investment on 11/7/95
(commencement of operations), after deducting the current maximum initial sales
charge of 5.75%. Class B returns show results of a hypothetical investment on
11/7/95, after the deduction of the applicable contingent deferred sales charge
of 5%. Class C returns show results of a hypothetical investment on 11/7/95,
after the deduction of the 1% contingent deferred sales charge. When such
returns are calculated in the same manner for the period ended 9/30/96, they are
as follows: for Class A, B and C shares, cumulative total returns since
inception were 52.21%, 55.50% and 59.40%, respectively. An explanation of the
different total returns is in the Fund's prospectus.
2 Oppenheimer Enterprise Fund
<PAGE>
[PHOTO-BRIDGET A. MACASKILL]
Bridget A. Macaskill
President
Oppenheimer
Enterprise Fund
Dear Shareholder,
Over the past few months, the stock market has shown investors just how
unpredictable it can be. During this time, the market has experienced some
remarkable shifts, both up and down. Despite the recent volatility, we remain
optimistic and see this activity as "normal" movement in a bull market rather
than the onset of a bear market. Here's why.
We entered this period agreeing with many experts that the stock market was
probably due for some kind of a downturn. After all, we had not experienced any
real market correction in six years, making this the longest bull market of the
post-World War II era. Although the market did decline significantly in June and
July, we believe that long-term it will remain strong for the following three
reasons: strong corporate profits; low inflation; and stabilized interest rates.
First, because corporate profits of U.S. companies had advanced at a
double-digit rate between 1992 and 1995, investors had fully expected this
year's profit tallies to be flat. But instead, corporate America continued to
perform. Corporate profits were strong during the first part of the year due to
the fact that many companies reduced their operating expenses and frequently
applied their profits to their businesses.
Second, it is our belief that in today's world, faster economic growth may
not necessarily mean higher inflation. For example, despite reports of an
increase in hourly wages, inflation has remained low. In fact, our outlook is
that inflation will remain under control, primarily because of the Federal
Reserve's conservative monetary policy over the last few years, as well as the
declining federal government deficit which should help the stock market to
remain strong.
Third, the strength of the stock market earlier this year is all the more
noteworthy because it came during a time when interest rates moved up
sharply--the yield on the benchmark 30-year U.S. Treasury bond rose from under
6% in January to about 7% today. Interest rates have been rising partly because
investors are concerned about whether the economy is growing fast enough to
generate higher inflation. And, while it's impossible to predict how interest
rates will fluctuate, we believe they will stabilize over the next few months.
Rest assured, however, that we will continue to monitor this situation very
closely and would become very cautious in anticipating the stock market's
performance if inflation were to flare up.
Taking these factors into account this year, our managers have worked hard
to strive to meet their Fund's objective--being careful not to abandon their
investment styles in response to short-term changes in the market. Additionally,
they understand that, historically, a diversified portfolio of stocks has
provided superior growth over the long term. With that in mind, it is critical
for investors to remain focused on long-term goals and put near-term
fluctuations in their proper perspective.
Your portfolio managers discuss the outlook for your Fund in light of these
broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill
September 20, 1996
3 Oppenheimer Enterprise Fund
<PAGE>
Q+A
Q How has
the Fund
performed?
An interview with your Fund's managers.
How has the Fund performed over the period?
The Fund has performed very well since its inception. Through May 1996,
Enterprise Fund benefited both from stock selection and strong small-cap growth
stock leadership. However, the two-month stock market correction that followed
had an adverse impact largely because the stocks that had made the most gains in
the first four months of the year also gave up the most gains during the
decline. This is the kind of normal adjustment that has happened many times in
the past, which serves to bring stocks that have outrun underlying company
earnings back into line with fundamentals and more realistic price-to-earnings
ratios. The Fund's subsequent gain in August outpaced the market, in particular
small-caps, and was primarily due to our strong stock selection.
What investments made positive contributions to performance?
In selecting stocks for this Fund, we use a "bottom-up" approach: that is, the
composition of the Fund's portfolio is a function of buying stocks for their
individual sales and earnings growth characteristics. As a result, positive
contributions were made by stocks in a wide range of sectors. Some of the
best-performing stocks in the Fund include leading-edge computer software,
commercial and consumer services, specialty finance, oil field services and
entrepreneurial consumer products companies. Generally, the stocks that have
performed the best are those companies that have reported the strongest earnings
results. In this regard, we are pleased that the vast majority of the Fund's
holdings have continued to report strong growth, at and often above our
expectations. Because history has shown us
4 Oppenheimer Enterprise Fund
<PAGE>
[VARIOUS PHOTOS]
Facing page
Top left: Jay Tracey,
Portfolio Manager
Top right: Robert Doll, Executive VP,
Director of Equity Investments
Bottom: Michael Levine, Member
of Equity Investments Team
This page
Top: Richard Rubinstein, Member
of Equity Investments Team
Bottom:Paul LaRocco, Member
of Equity Investments Team
A The Fund
has done
very well
since its
inception.
that over time, stock prices follow earnings trends, we are very optimistic for
the future.3
What stocks were weak performers during the period?
Although we had some poor performing stocks in each sector, several of the
early-stage, exciting but speculative healthcare products companies were hit
hard during the June/July market decline. However, both during the early stages
of the decline and during the August rebound we reduced the Fund's exposure to
speculative, development-stage companies and increased its portfolio
concentration in our highest-confidence holdings.
What factors do you expect to have the most impact on the Fund in the current
market environment?
The most important driver of Fund performance over the long term will be the
success of its individual stock holdings. However, in the short run, outside
influences may have a negative impact. Those influences include the performance
of corporate profits in the economy, the direction of interest rates, and the
state of market psychology. In terms of profits, we see continued moderate
growth in the economy--an environment which should be conducive to the continued
success of small growth companies.
Also, market psychology remains positive as demand for stocks continues to
exceed supply. At this juncture, from an earnings, interest rates and trend
point of view, we are optimistic about the Fund's prospects going forward.
What is your outlook for the Fund?
We are optimistic about the environment for small-cap growth stocks. After some
recent repositioning, the Fund still remains aggressively positioned,
emphasizing innovative healthcare technology and services companies,
leading-edge computer software firms and rapidly growing commercial services. We
are concentrating on companies that we believe are most likely to deliver high
earnings growth results, and we remain vigilant in our efforts to avoid
disappointments. Given the strong outlook for our portfolio holdings, we remain
optimistic as we look over the balance of 1996 and into 1997. []
3. The Fund's portfolio is subject to change.
5 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Investments August 31, 1996
Market Value
Shares See Note 1
====================================================================================================================================
<S> <C> <C> <C>
Common Stocks--96.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--30.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Autos & Housing--12.2%
Alrenco, Inc.(1) 67,700 $ 1,523,250
----------------------------------------------------------------------------------------------------------------
Belmont Homes, Inc.(1) 50,000 1,075,000
----------------------------------------------------------------------------------------------------------------
Boyds Wheels, Inc.(1) 100,000 1,200,000
----------------------------------------------------------------------------------------------------------------
Cavalier Homes, Inc. 60,000 1,155,000
----------------------------------------------------------------------------------------------------------------
Diamond Home Services, Inc.(1) 60,000 1,860,000
----------------------------------------------------------------------------------------------------------------
NHP, Inc.(1) 40,000 770,000
----------------------------------------------------------------------------------------------------------------
Team Rental Group, Inc.(1) 50,000 925,000
--------------
8,508,250
- ------------------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment--7.1%
Casa Ole Restaurants, Inc.(1) 100,000 1,312,500
----------------------------------------------------------------------------------------------------------------
Cinar Films, Inc., Cl. B(1) 45,000 1,074,375
----------------------------------------------------------------------------------------------------------------
Golden Bear Golf, Inc.(1) 30,000 607,500
----------------------------------------------------------------------------------------------------------------
Schlotzsky's, Inc.(1) 60,000 705,000
----------------------------------------------------------------------------------------------------------------
Silver Diner, Inc.(1) 80,000 390,000
----------------------------------------------------------------------------------------------------------------
Silver Diner, Inc.(1)(2) 50,000 231,562
----------------------------------------------------------------------------------------------------------------
Suburban Lodges of America, Inc.(1) 13,000 305,500
----------------------------------------------------------------------------------------------------------------
Taco Cabana, Inc., Cl. A(1) 50,000 356,250
--------------
4,982,687
- ------------------------------------------------------------------------------------------------------------------------------------
Media--2.8%
Raster Graphics, Inc.(1) 80,000 880,000
----------------------------------------------------------------------------------------------------------------
SFX Broadcasting, Inc., Cl. A(1) 12,000 507,000
----------------------------------------------------------------------------------------------------------------
Wireless One, Inc.(1) 40,000 580,000
--------------
1,967,000
- ------------------------------------------------------------------------------------------------------------------------------------
Retail: General--2.6%
North Face, Inc. (The)(1) 40,000 980,000
----------------------------------------------------------------------------------------------------------------
Sport-Haley, Inc.(1) 60,000 810,000
--------------
1,790,000
- ------------------------------------------------------------------------------------------------------------------------------------
Retail: Specialty--5.8%
Cost Plus, Inc.(1) 30,000 810,000
----------------------------------------------------------------------------------------------------------------
Marks Bros. Jewelers, Inc.(1) 60,000 1,440,000
----------------------------------------------------------------------------------------------------------------
NuCo2, Inc.(1) 30,000 780,000
----------------------------------------------------------------------------------------------------------------
Party City Corp.(1) 50,000 1,050,000
--------------
4,080,000
- ------------------------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--25.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs--4.7%
Diagnostic Health Services, Inc.(1) 140,000 883,750
----------------------------------------------------------------------------------------------------------------
EuroMed, Inc.(1) 65,000 390,000
----------------------------------------------------------------------------------------------------------------
Global Pharmaceutical Corp.(1) 40,000 350,000
----------------------------------------------------------------------------------------------------------------
IRIDEX Corp.(1) 100,000 950,000
----------------------------------------------------------------------------------------------------------------
Norland Medical Systems, Inc.(1) 40,000 720,000
--------------
3,293,750
</TABLE>
6 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Healthcare/Supplies &
Services--20.3%
Apogee, Inc.(1) 240,000 $ 1,545,000
----------------------------------------------------------------------------------------------------------------
Biopsys Medical, Inc.(1) 29,000 413,250
----------------------------------------------------------------------------------------------------------------
Calypte Biomedical Corp.(1) 80,000 800,000
----------------------------------------------------------------------------------------------------------------
Capstone Pharmacy Services, Inc.(1) 100,000 1,187,500
----------------------------------------------------------------------------------------------------------------
Cardiovascular Dynamics, Inc.(1) 70,000 1,050,000
----------------------------------------------------------------------------------------------------------------
Carriage Services, Inc.(1) 60,000 1,095,000
----------------------------------------------------------------------------------------------------------------
EP MedSystems, Inc.(1) 100,000 550,000
----------------------------------------------------------------------------------------------------------------
First Commonwealth, Inc.(1) 29,000 688,750
----------------------------------------------------------------------------------------------------------------
General Surgical Innovations, Inc.(1) 50,000 500,000
----------------------------------------------------------------------------------------------------------------
HumaScan, Inc.(1) 150,000 937,500
----------------------------------------------------------------------------------------------------------------
IMPATH, Inc.(1) 50,000 575,000
----------------------------------------------------------------------------------------------------------------
Intercardia, Inc.(1) 38,000 819,375
----------------------------------------------------------------------------------------------------------------
Life Medical Sciences, Inc.(1) 70,000 555,625
----------------------------------------------------------------------------------------------------------------
Meridian Diagnostics, Inc. 80,000 1,130,000
----------------------------------------------------------------------------------------------------------------
Novoste Corp.(1) 60,000 570,000
----------------------------------------------------------------------------------------------------------------
QIAGEN NV(1) 15,000 3 58,125
----------------------------------------------------------------------------------------------------------------
Res-Care, Inc.(1) 35,000 634,375
----------------------------------------------------------------------------------------------------------------
Ventana Medical Systems, Inc.(1) 50,000 750,000
--------------
14,159,500
- ------------------------------------------------------------------------------------------------------------------------------------
Energy--5.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Energy Services &
Producers--4.6%
3-D Geophysical, Inc.(1) 75,000 675,000
----------------------------------------------------------------------------------------------------------------
FX Energy, Inc.(1) 100,000 831,250
----------------------------------------------------------------------------------------------------------------
HarCor Energy, Inc.(1) 70,000 306,250
----------------------------------------------------------------------------------------------------------------
NUMAR Corp.(1) 45,000 691,875
----------------------------------------------------------------------------------------------------------------
Trico Marine Services, Inc.(1) 30,500 716,750
--------------
3,221,125
- ------------------------------------------------------------------------------------------------------------------------------------
Oil-Integrated--1.0%
Dailey Petroleum Services Corp.(1) 80,000 730,000
- ------------------------------------------------------------------------------------------------------------------------------------
Financial--4.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified Financial--4.3%
Investors Financial Services Corp. 45,000 1,018,125
----------------------------------------------------------------------------------------------------------------
Rockford Industries, Inc.(1) 40,000 755,000
----------------------------------------------------------------------------------------------------------------
Winthrop Resources Corp. 50,000 1,237,500
--------------
3,010,625
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial--12.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial Services--10.3%
CORT Business Services Corp.(1) 35,000 700,000
----------------------------------------------------------------------------------------------------------------
Data Processing Resources Corp.(1) 15,000 277,500
----------------------------------------------------------------------------------------------------------------
DYNAMEX, INC.(1) 100,000 825,000
----------------------------------------------------------------------------------------------------------------
ICT Group, Inc.(1) 15,000 243,750
----------------------------------------------------------------------------------------------------------------
PC Service Source, Inc.(1) 25,000 350,000
----------------------------------------------------------------------------------------------------------------
Right Management Consultants, Inc.(1) 5,000 120,625
----------------------------------------------------------------------------------------------------------------
Service Experts, Inc.(1) 100,000 1,637,500
----------------------------------------------------------------------------------------------------------------
Stericycle, Inc.(1) 75,000 731,250
----------------------------------------------------------------------------------------------------------------
Superior Services, Inc.(1) 50,000 812,500
</TABLE>
7 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Investments (Continued)
Market Value
Shares See Note 1
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Industrial Services
(continued)
Unidigital, Inc.(1) 90,000 $ 573,750
----------------------------------------------------------------------------------------------------------------
Vincam Group, Inc.(1) 30,000 900,000
--------------
7,171,875
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation--1.8%
Genesee & Wyoming, Inc., Cl. A(1) 50,000 1,250,000
- ------------------------------------------------------------------------------------------------------------------------------------
Technology--19.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Computer Hardware--2.8%
CHS Electronics, Inc.(1) 40,000 480,000
----------------------------------------------------------------------------------------------------------------
Encad, Inc.(1) 30,000 870,000
----------------------------------------------------------------------------------------------------------------
MicroTouch Systems, Inc.(1) 40,000 590,000
--------------
1,940,000
- ------------------------------------------------------------------------------------------------------------------------------------
Computer Software--13.7%
ANSYS, Inc.(1) 80,000 910,000
----------------------------------------------------------------------------------------------------------------
Engineering Animation, Inc.(1) 9,500 182,875
----------------------------------------------------------------------------------------------------------------
Gensym Corp.(1) 30,000 637,500
----------------------------------------------------------------------------------------------------------------
Inference Corp., Cl. A(1) 50,000 781,250
----------------------------------------------------------------------------------------------------------------
Integrated Measurement Systems, Inc.(1) 30,000 517,500
----------------------------------------------------------------------------------------------------------------
Mecon, Inc.(1) 35,000 833,438
----------------------------------------------------------------------------------------------------------------
OrCAD, Inc.(1) 31,500 346,500
----------------------------------------------------------------------------------------------------------------
Planning Sciences International PLC, Sponsored ADR(1) 31,000 426,250
----------------------------------------------------------------------------------------------------------------
Siebel Systems, Inc.(1) 20,000 822,500
----------------------------------------------------------------------------------------------------------------
Software 2000, Inc.(1) 50,000 556,250
----------------------------------------------------------------------------------------------------------------
SPSS, Inc.(1) 10,000 238,750
----------------------------------------------------------------------------------------------------------------
SQA, Inc.(1) 30,000 712,500
----------------------------------------------------------------------------------------------------------------
Verilink Corp.(1) 30,000 772,500
----------------------------------------------------------------------------------------------------------------
Versant Object Technology Corp.(1) 40,000 660,000
----------------------------------------------------------------------------------------------------------------
Visigenic Software, Inc.(1) 90,000 1,192,500
----------------------------------------------------------------------------------------------------------------
9,590,313
--------------
- ------------------------------------------------------------------------------------------------------------------------------------
Electronics--2.5%
BENCHMARQ Microelectronics, Inc.(1) 50,000 537,500
----------------------------------------------------------------------------------------------------------------
Mackie Designs, Inc.(1) 28,000 255,500
----------------------------------------------------------------------------------------------------------------
Ultrak, Inc.(1) 40,000 950,000
--------------
1,743,000
--------------
Total Common Stocks (Cost $56,526,193) 67,438,125
Face
Amount
====================================================================================================================================
Repurchase Agreement--5.7%
- ------------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with PaineWebber, Inc., 5.25%, dated 8/30/96,
to be repurchased at $4,002,333 on 9/3/96, collateralized by U.S. Treasury
Nts., 5.50%--9.25%, 6/30/98--3/31/01, with a value of $4,126,661
(Cost $4,000,000) $4,000,000 4,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $60,526,193) 102.2% 71,438,125
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (2.2) (1,565,586)
----- --------------
Net Assets 100.0% $ 69,872,539
===== ==============
</TABLE>
1. Non-income producing security
2. Identifies issues considered to be illiquid--See Note 5 of Notes to
Financial Statements.
See accompanying Notes to Financial Statements.
8 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities August 31, 1996
===================================================================================================================================
<S> <C> <C>
Assets Investments, at value (cost $60,526,193)--see accompanying statement $ 71,438,125
---------------------------------------------------------------------------------------------------------------
Cash 83,218
---------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 138,069
Interest and dividends 1,167
---------------------------------------------------------------------------------------------------------------
Other 16,762
------------
Total assets 71,677,341
===================================================================================================================================
Liabilities Payables and other liabilities:
Investments purchased 1,631,127
Shares of beneficial interest redeemed 60,853
Distribution and service plan fees 27,530
Shareholder reports 23,793
Trustees' fees 6,505
Transfer and shareholder servicing agent fees 5,825
Other 49,169
------------
Total liabilities 1,804,802
===================================================================================================================================
Net Assets $ 69,872,539
============
===================================================================================================================================
Composition of Paid-in capital $ 56,700,270
Net Assets ---------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (2,168)
---------------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 2,262,505
---------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments 10,911,932
------------
Net assets $ 69,872,539
============
===================================================================================================================================
Net Asset Value Class A Shares:
Per Share Net asset value and redemption price per share (based on net assets of $44,421,134
and 2,870,373 shares of beneficial interest outstanding) $15.48
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $16.42
---------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $20,605,760 and 1,339,024 shares of beneficial interest outstanding) $15.39
---------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $4,845,645 and 314,939 shares of beneficial interest outstanding) $15.39
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations For the Period from November 7, 1995 (commencement of operations) to August 31, 1996
===================================================================================================================================
<S> <C> <C>
Investment Income Interest $ 402,125
---------------------------------------------------------------------------------------------------------------
Dividends 6,300
------------
Total income 408,425
===================================================================================================================================
Expenses Management fees--Note 4 294,228
---------------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 56,100
Class B 115,103
Class C 28,304
---------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 119,738
---------------------------------------------------------------------------------------------------------------
Shareholder reports 75,272
---------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 14,116
Class B 6,607
Class C 1,542
---------------------------------------------------------------------------------------------------------------
Legal and auditing fees 20,309
---------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 11,777
---------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 17,968
---------------------------------------------------------------------------------------------------------------
Other 5,617
------------
Total expenses 766,681
Less expenses paid indirectly (15,107)
------------
Net expenses 751,574
===================================================================================================================================
Net Investment Loss (343,149)
===================================================================================================================================
Realized and Net realized gain on investments 2,595,623
Unrealized Gain ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 10,911,932
------------
Net realized and unrealized gain 13,507,555
===================================================================================================================================
Net Increase in Net Assets Resulting From Operations $ 13,164,406
============
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
Period Ended
August 31,
1996(1)
===================================================================================================================================
<S> <C> <C>
Operations Net investment loss $ (343,149)
---------------------------------------------------------------------------------------------------------------
Net realized gain 2,595,623
---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 10,911,932
------------
Net increase in net assets resulting from operations 13,164,406
===================================================================================================================================
Beneficial Net increase in net assets resulting from beneficial interest
Interest transactions--Note 2:
Transactions Class A 35,949,485
Class B 16,853,753
Class C 3,904,895
===================================================================================================================================
Net Assets Total increase 69,872,539
---------------------------------------------------------------------------------------------------------------
Beginning of period --
------------
End of period (including accumulated net investment loss of $2,168) $ 69,872,539
============
1. For the period from November 7, 1995 (commencement of operations) to August 31, 1996.
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Enterprise Fund
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
Class A Class B Class C
------- ------- -------
Period Period Period
Ended Ended Ended
Aug. 31, Aug. 31, Aug. 31,
1996(1) 1996(1) 1996(1)
================================================================================================================
<S> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $10.00 $10.00 $10.00
--------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.05) (.14) (.14)
Net realized and unrealized gain 5.53 5.53 5.53
------ ------ ------
Total income from investment operations 5.48 5.39 5.39
--------------------------------------------------------------------------------------------
Net asset value, end of period $15.48 $15.39 $15.39
====== ====== ======
============================================================================================
Total Return, at Net Asset Value(2) 54.80% 53.90% 53.90%
============================================================================================
Ratios/Supplemental Data:
Net assets, end of period (in thousands) $44,421 $20,606 $4,846
--------------------------------------------------------------------------------------------
Average net assets (in thousands) $30,655 $14,123 $3,472
--------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (0.59)% (1.37)% (1.35)%
Expenses(4) 1.66% 2.44% 2.43%
--------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 155.6% 155.6% 155.6%
Average brokerage commission rate(6) $0.0579 $0.0579 $0.0579
</TABLE>
1. For the period from November 7, 1995 (commencement of
operations) to August 31, 1996.
2. Assumes a hypothetical initial investment on the business
day before the first day of the fiscal period (or
commencement of operations), 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. Total
returns are not annualized for periods of less than one full
year.
3. Annualized.
4. The expense ratio reflects the effect of gross expenses
paid indirectly by the Fund.
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 period ended
August 31, 1996 were $119,556,759 and $65,626,188,
respectively.
6. Total brokerage commissions paid on applicable purchases
and sales of portfolio securities for the period divided by
the total number of related shares purchased and sold.
See accompanying Notes to Financial Statements.
12 Oppenheimer Enterprise Fund
<PAGE>
Notes to Financial Statements
================================================================================
1. Significant
Accounting Policies
Oppenheimer Enterprise Fund (the Fund) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Fund's investment objective is to seek capital
appreciation, primarily through investment in equity securities. The Fund's
investment adviser is OppenheimerFunds, Inc. (the Manager). The Fund offers
Class A, Class B and Class C shares. Class B and Class C shares may be subject
to a contingent deferred sales charge. All three classes of shares have
identical rights to earnings, assets and voting privileges, except that each
class has its own distribution and/or service plan, expenses directly
attributable to a particular class and exclusive voting rights with respect to
matters affecting a single class. Class B shares will automatically convert to
Class A shares six years after the date of purchase. The following is a summary
of significant accounting policies consistently followed by the Fund.
- --------------------------------------------------------------------------------
Investment Valuation. Portfolio securities are valued at the close of the New
York Stock Exchange 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
the last sale price on the prior trading day. Long-term and short-term
``non--money market'' debt securities are valued by a portfolio pricing service
approved by the Board of Trustees. Such securities which cannot be valued by the
approved portfolio pricing service are valued using dealer-supplied valuations
provided the Manager is satisfied that the firm rendering the quotes is reliable
and that the quotes reflect current market value, or are valued under
consistently applied procedures established by the Board of Trustees to
determine fair value in good faith. Short-term ``money market type'' 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.
- --------------------------------------------------------------------------------
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 effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's Statement 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. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. 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.
- --------------------------------------------------------------------------------
Allocation of Income, Expenses, and Gains and Losses. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- --------------------------------------------------------------------------------
Federal 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 or excise tax provision is required.
- --------------------------------------------------------------------------------
Trustees' Fees and Expenses. The Fund has adopted a nonfunded retirement plan
for the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the period ended
August 31, 1996, a provision of $2,168 was made for the Fund's projected benefit
obligations, resulting in an accumulated liability of $2,168 at August 31, 1996.
13 Oppenheimer Enterprise Fund
<PAGE>
Notes to Financial Statements (Continued)
================================================================================
1. Significant
Accounting Policies
(continued)
Distributions to Shareholders. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
Organization Costs. The Manager advanced $13,000 for organization and start-up
costs of the Fund. Such expenses are being amortized over a five-year period
from the date operations commenced. In the event that all or part of the
Manager's initial investment in shares of the Fund is withdrawn during the
amortization period, the redemption proceeds will be reduced to reimburse the
Fund for any unamortized expenses, in the same ratio as the number of shares
redeemed bears to the number of initial shares outstanding at the time of such
redemption.
- --------------------------------------------------------------------------------
Classification of Distributions to Shareholders. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of the distributions made during the year from net
investment income or net realized gains may differ from the ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the year that the income or realized gain (loss) was recorded by the
Fund.
During the period ended August 31, 1996, the Fund adjusted the
classification of distributions to shareholders to reflect the differences
between financial statement amounts and distributions determined in accordance
with income tax regulations. Accordingly, during the period ended August 31,
1996, amounts have been reclassified to reflect a decrease in accumulated net
investment loss of $340,981, a decrease in accumulated net realized gain on
investments of $333,118, and a decrease in paid-in capital of $7,863.
- --------------------------------------------------------------------------------
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. Realized gains and losses on investments and options written
and unrealized appreciation and depreciation are determined on an identified
cost basis, which is the same basis used for federal income tax purposes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
================================================================================
2. Shares of
Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
Period Ended August 31, 1996(1)
----------------------------------
Shares Amount
- --------------------------------------------------------------------------------
Class A:
Sold 3,497,248 $ 45,306,140
Redeemed (626,875) (9,356,655)
--------- ------------
Net increase 2,870,373 $ 35,949,485
========= ============
- --------------------------------------------------------------------------------
Class B:
Sold 1,532,771 $ 19,742,737
Redeemed (193,747) (2,888,984)
--------- ------------
Net increase 1,339,024 $ 16,853,753
========= ============
- --------------------------------------------------------------------------------
Class C:
Sold 395,954 $ 5,114,214
Redeemed (81,015) (1,209,319)
--------- ------------
Net increase 314,939 $ 3,904,895
========= ============
1. For the period from November 7, 1995 (commencement of operations) to August
31, 1996.
================================================================================
3. Unrealized Gains and
Losses on Investments
At August 31, 1996, net unrealized appreciation on investments of $10,911,932
was composed of gross appreciation of $12,380,992, and gross depreciation of
$1,469,060.
14 Oppenheimer Enterprise Fund
<PAGE>
================================================================================
4. Management Fees
And Other Transactions
With Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of 0.75% of
the first $200 million of aggregate net assets, 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 Manager has agreed to reimburse the Fund
if aggregate expenses (with specified exceptions) exceed the most stringent
applicable regulatory limit on Fund expenses.
For the period ended August 31, 1996, commissions (sales charges paid by
investors) on sales of Class A shares totaled $552,815, of which $122,988 was
retained by OppenheimerFunds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class B and
Class C shares totaled $604,547 and $41,302, of which $8,752 was paid to an
affiliated broker/dealer for Class B. During the period ended August 31, 1996,
OFDI received contingent deferred sales charges of $20,035 and $1,237,
respectively, upon redemption of Class B and Class C shares as reimbursement for
sales commissions advanced by OFDI at the time of sale of such shares.
OppenheimerFunds Services (OFS), a division of the Manager, is the
transfer and shareholder servicing agent for the Fund, and for other registered
investment companies. OFS's total costs of providing such services are allocated
ratably to these companies.
Expenses paid indirectly represent a reduction of custodian fees for
earnings on cash balances maintained by the Fund.
The Fund has adopted a Service Plan for Class A shares to reimburse OFDI
for a portion of its costs incurred in connection with the personal service and
maintenance of accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate that may not exceed 0.25% of the average annual net
assets of Class A shares of the Fund. OFDI uses the service fee to reimburse
brokers, dealers, banks and other financial institutions quarterly for providing
personal service and maintenance of accounts of their customers that hold Class
A shares. During the period ended August 31, 1996, OFDI paid $1,282 to an
affiliated broker/dealer as reimbursement for Class A personal service and
maintenance expenses.
The Fund has adopted compensation type Distribution and Service Plans for
Class B and Class C shares to compensate OFDI for its services and costs in
distributing Class B and Class C shares and servicing accounts. Under the Plans,
the Fund pays OFDI an annual asset-based sales charge of 0.75% per year on Class
B shares that are outstanding for 6 years or less and on Class C shares, as
compensation for sales commissions paid from its own resources at the time of
sale and associated financing costs. If the Plans are terminated by the Fund,
the Board of Trustees may allow the Fund to continue payments of the asset-based
sales charge to OFDI for certain expenses it incurred before the Plans were
terminated. OFDI also receives a service fee of 0.25% per year as compensation
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. Both fees are computed on the
average annual net assets of Class B and Class C shares, determined as of the
close of each regular business day. During the period ended August 31, 1996,
OFDI retained $110,782 and $25,804, respectively, as compensation for Class B
and Class C sales commissions and service fee advances, as well as financing
costs. At August 31, 1996, OFDI had incurred unreimbursed expenses of $688,429
for Class B and $74,784 for Class C.
================================================================================
5. Illiquid and Restricted
Securities
At August 31, 1996, investments in securities included issues that are illiquid
or restricted. The securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. A security may also be considered
illiquid if its valuation has not changed for a certain period of time. The Fund
intends to invest no more than 10% of its net assets (determined at the time of
purchase and reviewed from time to time) in illiquid or restricted securities.
The aggregate value of these securities subject to this limitation at August 31,
1996 was $231,562, which represents 0.33% of the Fund's net assets. Information
concerning these securities is as follows:
Cost Valuation Per Unit
Security Acquisition Date Per Unit As of August 31, 1996
- --------------------------------------------------------------------------------
Silver Diner, Inc. 7/10/96 $5.50 $4.63
15 Oppenheimer Enterprise Fund
<PAGE>
Independent Auditors' Report
================================================================================
The Board of Trustees and Shareholders of Oppenheimer Enterprise Fund:
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Enterprise Fund as of August 31, 1996, and the
related statement of operations for the period then ended, the statement of
changes in net assets for the period then ended and the financial highlights for
the period from November 7, 1995 (commencement of operations) to August 31,
1996. 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 audit.
We conducted our audit 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. Our procedures included confirmation of securities owned as of
August 31, 1996 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 audit provides 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 Enterprise Fund as of August 31, 1996, the results of its operations
for the period then ended, the changes in its net assets for the period then
ended, and the financial highlights for the period from November 7, 1995
(commencement of operations) to August 31, 1996, in conformity with generally
accepted accounting principles.
KPMG Peat Marwick LLP
Denver, Colorado
September 23, 1996
16 Oppenheimer Enterprise Fund
<PAGE>
Federal Income Tax Information (Unaudited)
================================================================================
In early 1997 shareholders will receive information regarding all dividends and
distributions paid to them by the Fund during calendar year 1996. Regulations of
the U.S. Treasury Department require the Fund to report this information to the
Internal Revenue Service.
Dividends paid by the Fund during the fiscal year ended August 31, 1996
which are not designated as capital gain distributions should be multiplied by
0.28% to arrive at the net amount eligible for the corporate dividend- received
deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because of
the complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax adviser for specific guidance.
17 Oppenheimer Enterprise Fund
<PAGE>
Oppenheimer Enterprise Fund
================================================================================
Officers and Leon Levy, Chairman of the Board of Trustees
Trustees Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
Jay W. Tracey, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
Investment Adviser OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and OppenheimerFunds Services
Shareholder
Servicing Agent
================================================================================
Custodian of The Bank of New York
Portfolio
Securities
================================================================================
Independent KPMG Peat Marwick LLP
Auditors
================================================================================
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of Oppenheimer
Enterprise Fund. This report must be preceded or accompanied
by a Prospectus of Oppenheimer Enterprise Fund. For material
information concerning the Fund, see the Prospectus. Shares
of Oppenheimer funds are not deposits or obligations of any
bank, are not guaranteed by any bank, and are not insured by
the FDIC or any other agency, and involve investment risks,
including possible loss of the principal amount invested.
18 Oppenheimer Enterprise Fund
<PAGE>
OppenheimerFunds Family
================================================================================
OppenheimerFunds offers over 50 funds designed to fit virtually every investment
goal. Whether you're investing for retirement, your children's education or
tax-free income, we have the funds to help you seek your objective.
When you invest with OppenheimerFunds, you can feel comfortable knowing
that you are investing with a respected financial institution with over 35 years
of experience in helping people just like you reach their financial goals. And
you're investing with a leader in global, growth stock and flexible fixed-income
investments--with over 3 million shareholder accounts and more than $50 billion
under OppenheimerFunds' management and that of our affiliates.
At OppenheimerFunds we don't charge a fee to exchange shares. And you can
exchange shares easily by mail or by telephone.1 For more information on
Oppenheimer funds, please contact your financial adviser or call us at
1-800-525-7048 for a prospectus. You may also write us at the address shown on
the back cover. As always, please read the prospectus carefully before you
invest.
================================================================================
Stock Funds Global Emerging Growth Fund Growth Fund
Enterprise Fund2 Global Fund
International Growth Fund Quest Global Value Fund
Discovery Fund Disciplined Value Fund
Quest Small Cap Value Fund Oppenheimer Fund
Gold & Special Minerals Fund Value Stock Fund
Target Fund Quest Value Fund
================================================================================
Stock & Main Street Income & Growth Fund Equity Income Fund
Bond Funds Quest Opportunity Value Fund Disciplined Allocation Fund
Total Return Fund Asset Allocation Fund
Quest Growth & Income Value Fund Strategic Income & Growth Fund
Global Growth & Income Fund Bond Fund for Growth
================================================================================
Bond Funds International Bond Fund Bond Fund
High Yield Fund U.S. Government Trust
Champion Income Fund Limited-Term Government Fund
Strategic Income Fund
================================================================================
Municipal California Municipal Fund3 Insured Municipal Fund
Funds Florida Municipal Fund3 Intermediate Municipal Fund
New Jersey Municipal Fund3
New York Municipal Fund3 Rochester Division
Pennsylvania Municipal Fund3 Rochester Fund Municipals
Municipal Bond Fund Limited Term New York
Municipal Fund
================================================================================
Money Market
Funds(4) Money Market Fund Cash Reserves
================================================================================
LifeSpan Growth Fund Income Fund
Balanced Fund
1. Exchange privileges are subject to change or termination.
Shares may be exchanged only for shares of the same class of
eligible funds.
2. Effective 4/1/96, the Fund is closed to new investors.
3. Available only to investors in certain states.
4. An investment in money market funds is neither insured nor
guaranteed by the U.S. government and there can be no assurance
that a money market fund will be able to maintain a stable net
asset value of $1.00 per share.
Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc., Two World Trade Center, New York, NY
10048-0203.
(C) Copyright 1996 OppenheimerFunds, Inc. All rights reserved.
19 Oppenheimer Enterprise Fund
<PAGE>
[BACK COVER]
Information
General Information
Monday-Friday 8:30 a.m.-9 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
Telephone Transactions
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
PhoneLink
24 hours a day, automated
information and transactions
1-800-533-3310
Telecommunications Device
for the Deaf (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OppenheimerFunds
Information Hotline
24 hours a day, timely and insightful
messages on the economy and issues that
affect your investments
1-800-835-3104
RA0885.001.0896 October 31, 1996
[PHOTO-CUSTOMER SERVICE REPRESENTATIVE]
Customer Service Representative
OppenheimerFunds Services
"How may I help you?"
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account and
handle administrative requests. You can reach them at our General Information
number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your Oppenheimer funds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
- --------------------------------------------------------------------------------
[LOGO] OppenheimerFunds(R)
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
- ----------------
Bulk Rate
U.S. Postage
PAID
Permit No. 314
Farmingdale, NY
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