<PAGE>
[PHOTO APPEARS HERE]
Semiannual Report February 29, 2000
Oppenheimer
Enterprise Fund
[LOGO OF OPPENHEIMER FUNDS]
<PAGE>
REPORT HIGHLIGHTS
Driven by technology stocks, the Fund produced extremely good results during the
period.
Our Internet strategy is to invest in companies that supply the "dot.coms" with
products and services, rather than investing directly in the dot.coms
themselves.
Biotechnology companies excelled during the period, as they continue to develop
cost-effective life-saving drug therapies.
Contents
1 President's Letter
3 An Interview with Your Fund's Manager
9 Financial Statements
33 Officers and Trustees
Cumulative
Total Returns
For the 6-Month Period
Ended 2/29/00*
Class A
Without With
Sales Chg. Sales Chg.
- -------------------------
99.00% 87.55%
Class B
Without With
Sales Chg. Sales Chg.
- -------------------------
98.28% 93.28%
Class C
Without With
Sales Chg. Sales Chg.
- -------------------------
98.37% 97.37%
Class Y
Without With
Sales Chg. Sales Chg.
- -------------------------
99.46% 99.46%
Not FDIC Insured.
No Bank Guarantee.
May Lose Value.
* See page 7 for further details.
<PAGE>
PRESIDENT'S LETTER
Dear shareholder,
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Enterprise Fund
For many years, we have encouraged investors to consider whether they could
tolerate more risk in their long-term investments by participating in the stock
market, which has historically provided higher long-term returns than any other
asset class. Today, however, we have a very different concern: some investors
may be assuming too much risk by concentrating their investments in just a
handful of stocks or sectors or by "chasing performance."
Alan Greenspan, the Chairman of the Federal Reserve Board, has stated his
view that the recent spectacular returns of some sectors of the market are
partly responsible for pushing our economy to growth rates that could lead to
higher inflation. The dramatic rise in the prices of a narrow segment of the
market has created enormous wealth for some investors. In turn, those investors
are spending at a rate that the Fed believes may threaten the healthy growth of
our economy.
That's why the Fed has been raising interest rates steadily
and decisively over the past year. By making borrowing more expensive, the Fed
is attempting to slow economic growth. It is a precarious balancing act: too
much tightening creates the risk of recession, while too little opens the door
to inflation.
The implications are clear: investors must be prepared for near-term market
volatility. In the bond market, higher interest rates usually lead to lower bond
prices. In the stock market, slower economic growth could reduce corporate
earnings and put downward pressure on stock prices. Highly valued stocks may be
particularly vulnerable to a correction. The Securities and Exchange Commission
Chairman, Arthur Levitt, has cautioned investors against the expectation that
the types of returns seen in the recent bull market will last forever. We agree.
1 OPPENHEIMER ENTERPRISE FUND
<PAGE>
PRESIDENT'S LETTER
Because of the prospect of continued market volatility, we encourage you to
consider diversifying your investments. Indeed, diversification may help you
mitigate the effects of sharp declines in any one area. It may also help you
better position your portfolio to seek greater returns over the long run.
While "new economy" stocks have risen since our last report to you, many "old
economy" stocks are selling at unusually low prices. In the bond market, higher
interest rates over the short term may reduce inflation concerns, which should
be beneficial over the long term. By buying out-of-favor investments, you may be
able to profit when and if they return to favor in the future. Of course, there
is no assurance that value investing will return to favor in the market, but it
may be a diversification strategy to consider for part of your portfolio.
What specific investments should you consider today so that you are prepared
for tomorrow? The answer depends on your individual investing goals, risk
tolerance and financial circumstances. We urge you to talk with your financial
advisor about ways to diversify your portfolio. This may include considering
global diversification as part of your strategy. While investing abroad has
special risks, such as the effects of foreign currency fluctuation, it also
offers opportunities to participate in global economic growth and to hedge
against the volatility in U.S. markets.
We thank you for your continued confidence in OppenheimerFunds, The Right Way
to Invest.
Sincerely,
/s/ Bridget A. Macaskill
Bridget A. Macaskill
March 21, 2000
2 OPPENHEIMER ENTERPRISE FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
How did Oppenheimer Enterprise Fund perform?
A. For the six months that ended February 29, 2000, the Fund performed extremely
well. We outperformed our benchmark, the Russell 2000 Index, by a large margin,
primarily due to our emphasis on technology, as well as good stock selection
within that sector.1 Winners included companies specializing in computer
software, hardware, electronics, telecommunications and the Internet.
[PHOTO]
Portfolio Management Team (l to r)
Jay Tracey
(Portfolio Manager)
Jayne Stevlingson
In addition, small-cap stocks continued their strong relative performance
against large-cap stocks, a trend that began in early 1999 and accelerated as
the year ended. Most of that relative strength came from small-cap technology,
while other small-cap companies in traditional industries languished. Also,
toward the end of 1999, for the first time in several years, earnings growth
expectations for small-cap stocks improved somewhat relative to large-cap
stocks.
How did the Internet figure into the Fund's success?
We have not emphasized direct eCommerce companies that generate revenues by
selling merchandise over the Internet, nor did we invest in Internet companies
that provide content. The reason: it is very difficult to determine their
ultimate success. Instead, many of the technology companies that we own are
benefiting directly or indirectly from the growth of the Internet as suppliers,
even though they are not necessarily "dot.com" names themselves. For example,
Cobalt Networks, Inc., one of the Fund's holdings, manufactures specialized
computers that allow the company's corporate or government clients to network
with business partners.
1. The Fund's Class A shares produced an 147.06% average annual total return,
without considering sales charges, for the one-year period ended February 29,
2000. For the same period, the Russell 2000 Index generated a return of 49.28%,
and the Lipper Small-Cap Growth Fund Index produced a 122.79% return.
3 OPPENHEIMER ENTERPRISE FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
"The Fund is diversified across nearly 200 companies, with very few individual
holdings comprising more than 2% of the portfolio."
Another trend in the Internet world is business-to-business eCommerce, which
already dwarfs business-to-consumer eCommerce in terms of revenues generated.
For example, we own shares of PurchasePro.com Inc., which allow businesses to
buy and sell products and services on PurchasePro.com Inc.'s network in an
auction format. The company charges a monthly membership subscription fee for
access to this eMarketplace.
Finally, Internet security has been in the news lately, as computer vandals
invaded big-name sites such as Yahoo!, Amazon.com and eBay in an attempt to
disable their operations. Our own focus was on the companies that help prevent
such break-ins. For example, we own shares in BindView Development Corp., a
company which helps its clients maintain the security and integrity of their
computer networks.
Should shareholders be concerned that more than 50% of the Fund's portfolio is
invested in technology?2
One of the reasons we describe Enterprise as being an "aggressive growth" fund
is that it takes a fair amount of risk, by having a relatively large exposure to
young, unproven companies or by putting a significant part of the Fund's net
assets in a small number of sectors. By doing so, we hope to achieve much higher
returns than otherwise would be possible with a more conservative portfolio. As
a way to offset part of the higher risk in the portfolio, the Fund is
diversified across nearly 200 companies, with very few individual holdings
comprising more than 2% of the portfolio.
2. The Fund's Portfolio is subject to change.
4 OPPENHEIMER ENTERPRISE FUND
<PAGE>
Besides computer-related companies, where else have you found success?
Within the Russell 2000 Index, biotechnology was also a top performing sector.
Biotechnology companies are inventing new drugs that can be priced at a premium
because they provide a cost-effective alternative to a prolonged, expensive
hospital stay. One such holding within the portfolio is Abgenix, Inc. Abgenix
seeks to create therapeutic agents made from human antibodies for a variety of
diseases, including cancer. It's one of the companies within the biotechnology
sector that has benefited from the recent shift in investor sentiment that now
favors businesses with many new drugs pending approval.
Have any holdings disappointed during the period?
Outside of technology and biotechnology, the stock market's performance was
mediocre. We believe that is due to investor psychology, not actual business
fundamentals. For instance, a restaurant company or a traditional retailer with
growing revenues of 15% a year is not very exciting to an investor who can get
50% growth in technology. We believe that eventually fundamental values should
count, and many such companies would then perform better.
What is your outlook for the Fund over the coming months?
One of the big positives for the rest of 2000 is the "Y2K dividend." In recent
years, most business investment has been high-tech outlays, much of which was
Y2K-related and is now freed up for new initiatives. We believe that spending
towards eCommerce and other information technology projects will accelerate.
Average Annual
Total Returns
For the Periods Ended 3/31/003
Class A Since
1-Year Inception
- --------------------------------
84.27% 45.07%
Class B Since
1-Year Inception
- --------------------------------
89.05% 45.83%
Class C Since
1-Year Inception
- --------------------------------
93.14% 45.99%
- --------------------------------
Cumulative Total Return
For the Period Ended 3/31/00
Since
Inception
- --------------------------------
Class Y 95.66%
3. See page 7 for further details.
5 OPPENHEIMER ENTERPRISE FUND
<PAGE>
AN INTERVIEW WITH YOUR FUND'S MANAGER
Regardless of industry, we examine each company that we own on an individual
basis, and when we think a stock has risen too far too fast, we pare it back or,
in some cases, sell it altogether. Although technology is very expensively
valued, growth rates are also much higher than they have been in the past. Being
able to focus on companies with sustainable business models is part of what
makes Oppenheimer Enterprise Fund The Right Way to Invest.
Sector Allocation4
[GRAPH]
. Technology 56.4%
. Healthcare 11.1
. Communication Services 11.0
. Capital Goods 8.2
. Consumer Cyclicals 5.6
. Consumer Staples 5.1
. Financial 2.0
. Energy 0.6
Top Five Industries5
- ----------------------------------------------------------
Computer Software 23.3%
- ----------------------------------------------------------
Computer Services 11.1
- ----------------------------------------------------------
Healthcare/Drugs 9.1
- ----------------------------------------------------------
Computer Hardware 6.9
- ----------------------------------------------------------
Electronics 6.6
Top Ten Common Stock Holdings5
- ----------------------------------------------------------
Abgenix, Inc. 2.6%
- ----------------------------------------------------------
Micromuse, Inc. 2.0
- ----------------------------------------------------------
MGC Communications, Inc. 1.9
- ----------------------------------------------------------
Neurocrine Biosciences, Inc. 1.8
- ----------------------------------------------------------
BindView Development Corp. 1.7
- ----------------------------------------------------------
Advent Software, Inc. 1.5
- ----------------------------------------------------------
Cubist Pharmaceuticals, Inc. 1.4
- ----------------------------------------------------------
Lynx Therapeutics, Inc. 1.3
- ----------------------------------------------------------
Corporate Executive Board Co. 1.2
- ----------------------------------------------------------
Virata Corp. 1.2
4. Portfolio is subject to change. Percentages are as of February 29, 2000, and
are based on total market value of common stock.
5. Portfolio is subject to change. Percentages are as of February 29, 2000, and
are based on net assets.
6 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES
In reviewing performance and rankings, please remember that 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. Because of ongoing
market volatility, the Fund's performance may be subject to substantial
short-term changes. For updates on the Fund's performance, please contact your
financial advisor, call us at 1.800.525.7048 or visit our website at
www.oppenheimerfunds.com. When looking at Fund performance results, please note
that the recent growth rate in the stock market has helped produce short-term
returns that are not typical and may not continue in the future.
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not show the effects of income taxes on an individual's investment. Taxes may
reduce your actual investment returns on income or gains paid by the Fund or any
gains you may realize if you sell your shares.
Class A. The inception date of the Fund was 11/7/95. Class A returns include the
current maximum initial sales charge of 5.75%.
Class B shares of the Fund were first publicly offered on 11/7/95. Class B
returns include the applicable contingent deferred sales charge of 5% (1-year)
and 2% (since inception). Class B shares are subject to an annual 0.75%
asset-based sales charge.
Class C shares of the Fund were first publicly offered on 11/7/95. Class C
returns include the contingent deferred sales charge of 1% for the one-year
period. Class C shares are subject to an annual 0.75% asset-based sales charge.
Class Y shares of the Fund were first publicly offered on 4/1/99. Class Y shares
are offered only to certain institutional investors under special agreement with
the Distributor.
An explanation of the different performance calculations is in the Fund's
prospectus.
7 OPPENHEIMER ENTERPRISE FUND
<PAGE>
Financials
8 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS February 29, 2000 / Unaudited
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Common Stocks--92.0%
- --------------------------------------------------------------------------------
Capital Goods--7.5%
- --------------------------------------------------------------------------------
Aerospace/Defense--0.3%
Armor Holdings, Inc.1 348,200 $ 3,830,200
- --------------------------------------------------------------------------------
Industrial Services--5.5%
Carrier 1 International SA, ADR1 115,500 3,746,531
- --------------------------------------------------------------------------------
Corporate Executive Board Co.1 350,000 17,456,250
- --------------------------------------------------------------------------------
Digimarc Corp.1 78,300 4,502,250
- --------------------------------------------------------------------------------
Keynote Systems, Inc.1 93,000 15,228,750
- --------------------------------------------------------------------------------
Navidec, Inc.1 155,800 3,028,362
- --------------------------------------------------------------------------------
PurchasePro.com, Inc.1 126,600 15,437,287
- --------------------------------------------------------------------------------
Source Information Management Co. (The)1 300,000 6,206,250
- --------------------------------------------------------------------------------
Tetra Tech, Inc.1 400,000 10,025,000
- --------------------------------------------------------------------------------
Waste Connections, Inc.1 300,000 3,187,500
------------
78,818,180
- --------------------------------------------------------------------------------
Manufacturing--1.7%
AstroPower, Inc.1 200,000 5,600,000
- --------------------------------------------------------------------------------
Asyst Technologies, Inc.1 209,600 9,615,400
- --------------------------------------------------------------------------------
Koala Corp.1,2 500,000 6,281,250
- --------------------------------------------------------------------------------
Metron Technology NV1 128,500 3,116,125
------------
24,612,775
- --------------------------------------------------------------------------------
Communication Services--10.1%
- --------------------------------------------------------------------------------
Telecommunications: Long Distance--6.2%
Clarent Corp.1 100,000 10,925,000
- --------------------------------------------------------------------------------
Cypress Communications, Inc.1 181,800 4,238,212
- --------------------------------------------------------------------------------
Efficient Networks, Inc.1 91,100 14,689,875
- --------------------------------------------------------------------------------
Internap Network Services Corp.1 60,000 5,820,000
- --------------------------------------------------------------------------------
MGC Communications, Inc.1 398,600 27,503,400
- --------------------------------------------------------------------------------
Network Plus Corp.1 243,800 9,401,537
- --------------------------------------------------------------------------------
STARTEC Global Communications Corp.1 112,500 2,981,250
- --------------------------------------------------------------------------------
Startec Global Communications Corp.1,3 187,500 4,720,312
- --------------------------------------------------------------------------------
Triton PCS Holdings, Inc., Cl. A1 57,500 3,450,000
- --------------------------------------------------------------------------------
Z-Tel Technologies, Inc.1 140,000 4,952,500
------------
88,682,086
9 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Telecommunications: Wireless--3.5%
Aether Systems, Inc.1 32,000 $ 8,268,000
- --------------------------------------------------------------------------------
AirGate PCS, Inc.1 24,200 2,371,600
- --------------------------------------------------------------------------------
Alamosa PCS Holdings, Inc.1 86,800 3,146,500
- --------------------------------------------------------------------------------
Chartered Semiconductor Manufacturing, Sponsored ADR1 68,100 6,009,825
- --------------------------------------------------------------------------------
Dobson Communications Corp., Cl. A1 209,800 3,986,200
- --------------------------------------------------------------------------------
interWAVE Communications International Ltd.1 46,600 2,999,875
- --------------------------------------------------------------------------------
Phone.com, Inc.1 30,000 4,188,750
- --------------------------------------------------------------------------------
Proxim, Inc.1 110,000 15,785,000
- --------------------------------------------------------------------------------
Telaxis Communications Corp.1 35,000 2,732,187
------------
49,487,937
- --------------------------------------------------------------------------------
Telephone Utilities--0.4%
Allied Riser Communications Corp.1 199,200 5,179,200
- --------------------------------------------------------------------------------
Choice One Communications, Inc.1 11,100 666,000
------------
5,845,200
- --------------------------------------------------------------------------------
Consumer Cyclicals--5.2%
- --------------------------------------------------------------------------------
Consumer Services--1.0%
Cornell Corrections, Inc.1 152,100 1,235,812
- --------------------------------------------------------------------------------
Getty Images, Inc.1 121,900 6,270,231
- --------------------------------------------------------------------------------
Heidrick & Struggles International, Inc.1 5,800 5,977,800
- --------------------------------------------------------------------------------
Netcentives, Inc.1 19,700 896,350
------------
14,380,193
- --------------------------------------------------------------------------------
Leisure & Entertainment--0.8%
Activision, Inc.1 250,000 3,171,875
- --------------------------------------------------------------------------------
Handleman Co.1 550,000 5,706,250
- --------------------------------------------------------------------------------
Hotel Reservations Network, Inc., Cl. A1 77,800 2,022,800
------------
10,900,925
- --------------------------------------------------------------------------------
Media--1.6%
Eloquent, Inc.1 27,600 928,050
- --------------------------------------------------------------------------------
Lifeminders.com, Inc.1 21,800 1,158,125
- --------------------------------------------------------------------------------
T/R Systems, Inc.1 121,700 2,631,762
- --------------------------------------------------------------------------------
True North Communications, Inc. 150,000 5,550,000
- --------------------------------------------------------------------------------
Tweeter Home Entertainment Group, Inc.1 400,000 12,250,000
------------
22,517,937
10 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Retail: Specialty--1.8%
Chico's Fas, Inc.1 200,000 $ 2,525,000
- --------------------------------------------------------------------------------
Copart, Inc.1 389,800 8,197,981
- --------------------------------------------------------------------------------
Factory 2-U Stores, Inc.1 200,000 4,850,000
- --------------------------------------------------------------------------------
Pantry, Inc. (The)1 242,500 3,455,625
- --------------------------------------------------------------------------------
Pets.com, Inc.1 340,300 2,382,100
- --------------------------------------------------------------------------------
School Specialty, Inc.1 130,300 2,247,675
- --------------------------------------------------------------------------------
Whitehall Jewellers, Inc.1 130,050 2,544,103
------------
26,202,484
- --------------------------------------------------------------------------------
Consumer Staples--4.6%
- --------------------------------------------------------------------------------
Broadcasting--1.5%
Citadel Communications Corp.1 188,900 6,398,987
- --------------------------------------------------------------------------------
Cumulus Media, Inc., Cl. A1 150,000 4,481,250
- --------------------------------------------------------------------------------
New Frontier Media, Inc.1 500,000 4,156,250
- --------------------------------------------------------------------------------
Regent Communications, Inc.1 218,100 2,589,937
- --------------------------------------------------------------------------------
Spanish Broadcasting System, Inc., Cl. A1 217,200 4,153,950
------------
21,780,374
- --------------------------------------------------------------------------------
Education--0.7%
Corinthian Colleges, Inc.1 300,000 5,362,500
- --------------------------------------------------------------------------------
ProsoftTraining.com1 292,600 4,974,200
------------
10,336,700
- --------------------------------------------------------------------------------
Entertainment--2.4%
Buca, Inc.1 350,000 4,943,750
- --------------------------------------------------------------------------------
Cinar Films, Inc., Cl. B1 238,900 4,927,312
- --------------------------------------------------------------------------------
Imax Corp.1 200,000 5,050,000
- --------------------------------------------------------------------------------
Macrovision Corp.1 72,700 7,251,825
- --------------------------------------------------------------------------------
P.F. Chang's China Bistro, Inc.1 400,000 12,025,000
------------
34,197,887
- --------------------------------------------------------------------------------
Energy--0.6%
- --------------------------------------------------------------------------------
Energy Services--0.3%
Cal Dive International, Inc.1 100,000 3,600,000
- --------------------------------------------------------------------------------
Oil: International--0.3%
FX Energy, Inc.1 470,000 3,113,750
- --------------------------------------------------------------------------------
FX Energy, Inc.1,3 130,000 818,187
------------
3,931,937
11 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Financial--1.9%
- --------------------------------------------------------------------------------
Banks--0.9%
First International Bancorp, Inc. 26,000 $ 182,000
- --------------------------------------------------------------------------------
Investors Financial Services Corp. 150,000 6,075,000
- --------------------------------------------------------------------------------
Labrance & Co., Inc.1 487,300 5,908,512
------------
12,165,512
- --------------------------------------------------------------------------------
Diversified Financial--0.6%
MicroFinancial, Inc. 586,000 5,347,250
- --------------------------------------------------------------------------------
ReSourcePhoenix.com, Inc.1 165,700 3,075,806
------------
8,423,056
- --------------------------------------------------------------------------------
Insurance--0.4%
Advance Paradigm, Inc.1 220,000 5,204,375
- --------------------------------------------------------------------------------
Healthcare--10.2%
- --------------------------------------------------------------------------------
Healthcare/Drugs--9.1%
Abgenix, Inc.1 116,800 37,624,200
- --------------------------------------------------------------------------------
Antigenics, Inc.1 28,400 1,278,000
- --------------------------------------------------------------------------------
Creative BioMolecules, Inc.1 82,400 1,586,200
- --------------------------------------------------------------------------------
Cubist Pharmaceuticals, Inc.1 330,000 19,366,875
- --------------------------------------------------------------------------------
Diversa Corp.1 37,100 4,952,850
- --------------------------------------------------------------------------------
Lynx Therapeutics, Inc.1 200,000 19,200,000
- --------------------------------------------------------------------------------
Maxygen, Inc.1 28,000 4,105,500
- --------------------------------------------------------------------------------
Nuerocrine Biosciences, Inc.1 676,500 25,030,500
- --------------------------------------------------------------------------------
Sequenom, Inc.1 28,000 3,500,000
- --------------------------------------------------------------------------------
Ventana Medical Systems, Inc.1 150,000 8,456,250
- --------------------------------------------------------------------------------
XOMA Ltd.1 417,500 3,861,875
------------
128,962,250
- --------------------------------------------------------------------------------
Healthcare/Supplies & Services--1.1%
EP MedSystems, Inc.1,2 600,000 3,300,000
- --------------------------------------------------------------------------------
Neoforma.com, Inc.1 6,500 386,750
- --------------------------------------------------------------------------------
Renal Care Group, Inc.1 400,000 7,025,000
- --------------------------------------------------------------------------------
VantageMed Corp.1 179,500 1,615,500
- --------------------------------------------------------------------------------
Zoll Medical Corp.1 75,100 3,905,200
------------
16,232,450
12 OPPENHEIMER ENTERPRISE FUND
<PAGE>
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Technology--51.9%
- --------------------------------------------------------------------------------
Communications Equipment--4.0%
Advanced Fibre Communications, Inc.1 200,000 $13,625,000
- --------------------------------------------------------------------------------
Audiovox Corp., Cl. A1 175,200 11,335,988
- --------------------------------------------------------------------------------
Extreme Networks, Inc.1 45,000 5,006,250
- --------------------------------------------------------------------------------
Inet Technologies, Inc.1 75,000 3,253,125
- --------------------------------------------------------------------------------
IXnet, Inc.1 130,100 6,927,825
- --------------------------------------------------------------------------------
Terayon Communication Systems, Inc.1 38,900 10,002,163
- --------------------------------------------------------------------------------
ViaSat, Inc.1 85,100 6,637,800
------------
56,788,151
- --------------------------------------------------------------------------------
Computer Hardware--6.9%
3DO Co. (The)1 225,000 3,375,000
- --------------------------------------------------------------------------------
Cobalt Networks, Inc.1,3 250,000 16,756,250
- --------------------------------------------------------------------------------
Com21, Inc.1 97,300 6,811,000
- --------------------------------------------------------------------------------
Creo Products, Inc.1 194,600 7,078,575
- --------------------------------------------------------------------------------
Echelon Corp.1 100,000 8,112,500
- --------------------------------------------------------------------------------
MTI Technology Corp.1 165,700 8,688,894
- --------------------------------------------------------------------------------
Network Appliance, Inc.1 75,000 14,156,250
- --------------------------------------------------------------------------------
Optimal Robotics Corp.1 225,000 8,296,875
- --------------------------------------------------------------------------------
SanDisk Corp.1 156,000 13,884,000
- --------------------------------------------------------------------------------
Splash Technology Holdings, Inc.1 194,700 3,212,550
- --------------------------------------------------------------------------------
Xircom, Inc.1 194,900 8,094,441
------------
98,466,335
- --------------------------------------------------------------------------------
Computer Services--11.1%
724 Solutions, Inc.1 18,900 3,557,925
- --------------------------------------------------------------------------------
Alloy Online, Inc.1 296,300 5,777,850
- --------------------------------------------------------------------------------
Anicom, Inc.1 197,800 1,619,488
- --------------------------------------------------------------------------------
AppNet, Inc.1 105,400 4,729,825
- --------------------------------------------------------------------------------
Apropos Technology, Inc.1 18,400 880,900
- --------------------------------------------------------------------------------
Art Technology Group, Inc.1 75,000 10,837,500
- --------------------------------------------------------------------------------
BackWeb Technologies Ltd.1 125,800 4,717,500
- --------------------------------------------------------------------------------
Braun Consulting, Inc.1 100,000 5,800,000
- --------------------------------------------------------------------------------
C-bridge Internet Solutions, Inc.1 34,300 1,805,038
- --------------------------------------------------------------------------------
CAIS Internet, Inc.1 165,800 6,341,850
- --------------------------------------------------------------------------------
El Sitio, Inc.1 34,600 782,825
- --------------------------------------------------------------------------------
iBasis, Inc.1 82,400 6,633,200
- --------------------------------------------------------------------------------
ImageX.com, Inc.1 121,500 2,931,188
13 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Computer Services Continued
Inforte Corp.1 43,900 $ 3,531,206
- --------------------------------------------------------------------------------
International FiberCom, Inc.1 194,100 6,114,150
- --------------------------------------------------------------------------------
Internet Pictures Corp.1 270,000 8,910,000
- --------------------------------------------------------------------------------
internet.com Corp.1 121,700 5,415,650
- --------------------------------------------------------------------------------
Loislaw.com, Inc.1 107,300 2,400,838
- --------------------------------------------------------------------------------
OneSource Information Services, Inc.1 286,100 2,467,613
- --------------------------------------------------------------------------------
Predictive Systems, Inc.1 116,000 7,047,000
- --------------------------------------------------------------------------------
RADWARE Ltd.1 121,300 7,899,663
- --------------------------------------------------------------------------------
Stamps.com, Inc.1 500,000 14,156,250
- --------------------------------------------------------------------------------
Student Advantage, Inc.1 54,400 843,200
- --------------------------------------------------------------------------------
Tanning Technology Corp.1 74,000 3,191,250
- --------------------------------------------------------------------------------
Therma-Wave, Inc.1 48,300 1,944,075
- --------------------------------------------------------------------------------
Turnstone Systems, Inc.1 36,500 7,010,281
- --------------------------------------------------------------------------------
USinternetworking, Inc.1 189,500 12,649,125
- --------------------------------------------------------------------------------
Viant Corp.1 129,200 4,901,525
- --------------------------------------------------------------------------------
WatchGuard Technologies, Inc.1 100,000 5,900,000
- --------------------------------------------------------------------------------
WebTrends Corp.1 70,000 6,650,000
-------------
157,446,915
- --------------------------------------------------------------------------------
Computer Software--23.3%
Accrue Software, Inc.1 75,000 3,520,313
- --------------------------------------------------------------------------------
Active Software, Inc.1 100,000 10,500,000
- --------------------------------------------------------------------------------
Advent Software, Inc.1 240,000 21,765,000
- --------------------------------------------------------------------------------
Allaire Corp.1 45,000 5,821,875
- --------------------------------------------------------------------------------
American Software, Inc.1 300,000 4,312,500
- --------------------------------------------------------------------------------
Avenue A, Inc.1 9,200 662,400
- --------------------------------------------------------------------------------
BindView Development Corp.1 736,000 24,840,000
- --------------------------------------------------------------------------------
Bluestone Software, Inc.1,3 116,227 6,335,824
- --------------------------------------------------------------------------------
Centra Software, Inc.1 73,000 2,691,875
- --------------------------------------------------------------------------------
Chordiant Software, Inc.1 44,300 1,550,500
- --------------------------------------------------------------------------------
Data Return Corp.1 120,000 7,695,000
- --------------------------------------------------------------------------------
Delano Technology Corp.1 29,500 1,410,469
- --------------------------------------------------------------------------------
DigitalThink, Inc.1 42,000 1,711,500
- --------------------------------------------------------------------------------
E.piphany, Inc.1 36,100 7,937,488
- --------------------------------------------------------------------------------
Exchange Applications, Inc.1 130,000 14,121,250
- --------------------------------------------------------------------------------
FirePond, Inc.1 33,500 3,264,156
- --------------------------------------------------------------------------------
GRIC Communications, Inc.1 29,800 2,089,725
- --------------------------------------------------------------------------------
Informatica Corp.1 41,300 7,082,950
14 OPPENHEIMER ENTERPRISE FUND
<PAGE>
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Computer Software Continued
Interactive Intelligence, Inc.1 188,800 $ 6,796,800
- --------------------------------------------------------------------------------
Intertrust Technologies Corp.1 36,000 3,057,750
- --------------------------------------------------------------------------------
Lante Corp.1 33,800 2,695,550
- --------------------------------------------------------------------------------
Liberate Technologies, Inc.1 116,500 11,868,438
- --------------------------------------------------------------------------------
Lightspan Partnership, Inc. (The)1 211,000 2,321,000
- --------------------------------------------------------------------------------
Madge, NV1 400,000 4,325,000
- --------------------------------------------------------------------------------
Metasolv Software, Inc.1 47,150 4,155,094
- --------------------------------------------------------------------------------
Micromuse, Inc.1 200,000 28,362,500
- --------------------------------------------------------------------------------
Mission Critical Software, Inc.1 60,000 3,675,000
- --------------------------------------------------------------------------------
Mustang.com, Inc.1 145,800 4,173,525
- --------------------------------------------------------------------------------
National Information Consortium, Inc.1 146,300 7,662,463
- --------------------------------------------------------------------------------
net.Genesis Corp.1 16,400 931,725
- --------------------------------------------------------------------------------
NetIQ Corp.1 246,400 16,539,600
- --------------------------------------------------------------------------------
New Era of Networks, Inc.1 110,000 10,078,750
- --------------------------------------------------------------------------------
Niku Corp.1 26,900 1,856,100
- --------------------------------------------------------------------------------
Novadigm, Inc.1 300,000 6,975,000
- --------------------------------------------------------------------------------
OnDisplay, Inc.1 14,600 1,314,000
- --------------------------------------------------------------------------------
Optio Software, Inc.1 155,800 2,823,875
- --------------------------------------------------------------------------------
Portal Software, Inc.1 120,000 9,015,000
- --------------------------------------------------------------------------------
Primus Knowledge Solutions, Inc.1 90,000 10,800,000
- --------------------------------------------------------------------------------
Project Software & Development, Inc.1 120,000 9,292,500
- --------------------------------------------------------------------------------
Psion plc 66,100 5,543,182
- --------------------------------------------------------------------------------
Quest Software, Inc.1 34,100 3,976,913
- --------------------------------------------------------------------------------
SERENA Software, Inc.1 160,000 6,750,000
- --------------------------------------------------------------------------------
SonicWALL, Inc.1 143,600 12,995,800
- --------------------------------------------------------------------------------
TenFold Corp.1 123,900 6,218,231
- --------------------------------------------------------------------------------
Verity, Inc.1 160,000 8,540,000
- --------------------------------------------------------------------------------
VIA NET.WORKS, Inc.1 18,600 1,227,600
- --------------------------------------------------------------------------------
Viador, Inc.1 121,800 3,258,150
- --------------------------------------------------------------------------------
webMethods, Inc.1 19,000 5,853,188
- --------------------------------------------------------------------------------
Witness Systems, Inc.1 33,800 1,242,150
-------------
331,637,709
- --------------------------------------------------------------------------------
Electronics--6.6%
ACT Manufacturing, Inc.1 200,000 7,725,000
- --------------------------------------------------------------------------------
Alpha Industries, Inc.1 100,000 14,518,750
- --------------------------------------------------------------------------------
ANADIGICS, Inc.1 60,000 8,100,000
- --------------------------------------------------------------------------------
ASM International NV1 292,300 9,536,288
15 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF INVESTMENTS Unaudited / Continued
Market Value
Shares See Note 1
- --------------------------------------------------------------------------------
Electronics Continued
ATMI, Inc.1 240,000 $ 11,325,000
- --------------------------------------------------------------------------------
DSP Group1 70,000 6,146,875
- --------------------------------------------------------------------------------
Intersil Holding Corp.1 109,900 6,525,313
- --------------------------------------------------------------------------------
InterTAN, Inc.1 300,000 2,681,250
- --------------------------------------------------------------------------------
Photon Dynamics, Inc.1 97,300 6,324,500
- --------------------------------------------------------------------------------
Silicon Image, Inc.1 48,600 4,762,800
- --------------------------------------------------------------------------------
Virata Corp.1 113,900 16,800,250
---------------
94,446,026
---------------
Total Common Stocks (Cost $726,700,339) 1,308,897,594
- --------------------------------------------------------------------------------
Preferred Stocks--0.2%
PeopleFirst.com, Inc., $2.72 Cv.1 467,290 1,000,000
- --------------------------------------------------------------------------------
Screaming Media.Net, Inc., Sr. Nts., Series B1,3 191,800 2,148,160
---------------
Total Preferred Stocks (Cost $3,148,160) 3,148,160
Principal
Amount
- --------------------------------------------------------------------------------
Repurchase Agreements--8.8%
Repurchase agreement with Banc One Capital
Markets, Inc., 5.75%, dated 2/29/00, to be
repurchased at $125,720,077 on 3/1/00,
collateralized by U.S. Treasury Nts.,
5.25%-7.875%, 5/31/00-5/15/08, with a value of
$117,569,408 and U.S. Treasury Bonds,
6.125%-11.875%, 11/15/03-8/15/29, with a value of
$10,773,967 (Cost $125,700,000) $125,700,000 125,700,000
- --------------------------------------------------------------------------------
Total Investments, at Value (Cost $855,548,499) 101.0% 1,437,745,754
- --------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.0) (14,577,413)
-----------------------------
Net Assets 100.0% $1,423,168,341
=============================
Footnotes TO STATEMENT OF INVESTMENTS
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 period ended February 29,
2000. The aggregate fair value of securities of affiliated companies held by
the Fund as of February 29, 2000 amounts to $9,581,250. Transactions during the
period in which the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
Shares Gross Gross Shares
August 31, 1999 Additions Reductions February 29, 2000
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Argosy Education Group, Inc., Series A 400,000 -- 400,000 --
EP MedSystems, Inc. 600,000 -- -- 600,000
Koala Corp. 205,000 295,000 -- 500,000
Silver Diner, Inc. 830,000 -- 830,000 --
</TABLE>
3. Identifies issues considered to be illiquid or restricted--See Note 6 of
Notes to Financial Statements.
See accompanying Notes to Financial Statements.
16 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES Unaudited
February 29, 2000
- --------------------------------------------------------------------------------
Assets
Investments, at value--see accompanying statement:
Unaffiliated companies (cost $848,998,910) $ 1,428,164,504
Affiliated companies (cost $6,549,589) 9,581,250
- --------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 10,858,169
Shares of beneficial interest sold 3,938,468
Interest 20,077
Other 16,263
----------------
Total assets 1,452,578,731
- --------------------------------------------------------------------------------
Liabilities
Bank overdraft 1,352,677
- --------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 25,384,843
Shares of beneficial interest redeemed 1,892,018
Distribution and service plan fees 426,969
Trustees' compensation 62,593
Transfer and shareholder servicing agent fees 49,497
Other 241,793
----------------
Total liabilities 29,410,390
- --------------------------------------------------------------------------------
Net Assets $ 1,423,168,341
================
- --------------------------------------------------------------------------------
Composition of Net Assets
Paid-in capital $ 667,197,440
- --------------------------------------------------------------------------------
Accumulated net investment loss (2,660,583)
- --------------------------------------------------------------------------------
Accumulated net realized gain on
investments and foreign currency transactions 176,434,229
- --------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 582,197,255
----------------
Net assets $ 1,423,168,341
================
17 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued
- --------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net
assets of $796,309,637 and 15,859,820 shares of beneficial
interest outstanding) $50.21
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $53.27
- --------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $412,984,899 and 8,523,044
shares of beneficial interest outstanding) $48.46
- --------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes
applicable contingent deferred sales charge) and offering
price per share (based on net assets of $85,101,359 and
1,754,766 shares of beneficial interest outstanding) $48.50
- --------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per
share (based on net assets of $128,772,446 and 2,554,665
shares of beneficial interest outstanding) $50.41
See accompanying Notes to Financial Statements.
18 OPPENHEIMER ENTERPRISE FUND
<PAGE>
STATEMENT OF OPERATIONS Unaudited
For the Six Months Ended February 29, 2000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Investment Income
Interest $ 4,143,777
- --------------------------------------------------------------------------------
Dividends 123,061
--------------
Total income 4,266,838
- --------------------------------------------------------------------------------
Expenses
Management fees 3,133,017
- --------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 613,763
Class B 1,383,173
Class C 284,296
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 630,613
Class B 338,754
Class C 69,678
Class Y 6,251
- --------------------------------------------------------------------------------
Shareholder reports 304,034
Custodian fees and expenses 53,246
Trustees' compensation 14,567
Other 87,711
--------------
Total expenses 6,919,103
Less expenses paid indirectly (47,977)
--------------
Net expenses 6,871,126
- --------------------------------------------------------------------------------
Net Investment Loss (2,604,288)
- --------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments 177,947,037
Foreign currency transactions 21,235
--------------
Net realized gain 177,968,272
- --------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 485,686,525
Translation of assets and liabilities denominated in
foreign currencies (103,879)
--------------
Net change 485,582,646
--------------
Net realized and unrealized gain 663,550,918
- --------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations $ 660,946,630
==============
See accompanying Notes to Financial Statements.
19 Oppenheimer enterprise fund
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
6 Mos. Year
Ended Ended
Feb. 29, 2000 Aug. 31,
(Unaudited) 1999
- --------------------------------------------------------------------------------
Operations
Net investment loss $ (2,604,288) $ (2,430,150)
- --------------------------------------------------------------------------------
Net realized gain 177,968,272 43,152,767
- --------------------------------------------------------------------------------
Net change in unrealized appreciation
or depreciation 485,582,646 102,562,428
------------------------------
Net increase in net assets resulting
from operations 660,946,630 143,285,045
- --------------------------------------------------------------------------------
Dividends and/or Distributions to Shareholders
Distributions from net realized gain:
Class A (23,176,099) (1,824,954)
Class B (13,062,312) (1,123,053)
Class C (2,679,303) (228,443)
Class Y (3,045,611) --
- --------------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions:
Class A 112,208,534 178,721,558
Class B 37,358,727 97,486,503
Class C 7,776,014 20,439,103
Class Y 51,072,285 32,242,392
- --------------------------------------------------------------------------------
Net Assets
Total increase 827,398,865 468,998,151
- --------------------------------------------------------------------------------
Beginning of period 595,769,476 126,771,325
------------------------------
End of period (including accumulated net
investment loss of $2,660,583 and $56,295,
respectively) $1,423,168,341 $595,769,476
==============================
See accompanying Notes to Financial Statements.
20 OPPENHEIMER ENTERPRISE FUND
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
6 Mos. Year
Ended Ended
Feb. 29, 2000 Aug. 31,
Class A (Unaudited) 1999 1998 1997 1996 1
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $ 26.37 $ 14.72 $ 16.98 $ 15.48 $ 10.00
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.07) (.11) (.14) (.09) (.05)
Net realized and unrealized gain (loss) 25.57 12.08 (.75) 2.66 5.53
---------------------------------------------------------------------------
Total income (loss) from investment operations 25.50 11.97 (.89) 2.57 5.48
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.66) (.32) (1.37) (1.07) --
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 50.21 $ 26.37 $ 14.72 $ 16.98 $ 15.48
===========================================================================
- --------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value2 99.00% 82.34% (5.65)% 17.88% 54.80%
- --------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $ 796,310 $ 335,682 $ 74,456 $ 52,455 $ 44,421
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 514,922 $ 182,121 $ 72,059 $ 42,895 $ 30,655
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:3
Net investment income (loss) (0.33)% (0.47)% (0.81)% (1.18)% (0.59)%
Expenses 1.27% 1.48% 1.48%4 1.50%4 1.66%4
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate5 70% 134% 182% 142% 156%
</TABLE>
1. For the period from November 7, 1995 (commencement of operations) to August
31, 1996.
2. Assumes a $1,000 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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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 February 29, 2000 were $731,141,955 and $545,760,315,
respectively.
See accompanying Notes to Financial Statements.
21 OPPENHEIMER ENTERPRISE FUND
<PAGE>
FINANCIAL HIGHLIGHTS CONTINUED
<TABLE>
<CAPTION>
6 Mos. Year
Ended Ended
Feb. 29, 2000 Aug. 31,
Class B (Unaudited) 1999 1998 1997 1996 1
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $ 25.58 $ 14.38 $ 16.75 $ 15.39 $ 10.00
- -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.16) (.11) (.15) (.18) (.14)
Net realized and unrealized gain (loss) 24.70 11.63 (.85) 2.61 5.53
-----------------------------------------------------------------------------
Total income (loss) from investment operations 24.54 11.52 (1.00) 2.43 5.39
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.66) (.32) (1.37) (1.07) --
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 48.46 $ 25.58 $ 14.38 $ 16.75 $ 15.39
=============================================================================
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value2 98.28% 81.14% (6.43)% 17.03% 53.90%
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $ 412,985 $ 189,699 $ 43,570 $ 25,856 $ 20,606
- -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 278,933 $ 107,124 $ 39,003 $ 20,410 $ 14,123
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:3
Net investment income (loss) (1.08)% (1.22)% (1.58)% (1.96)% (1.37)%
Expenses 2.03% 2.23% 2.26%4 2.27%4 2.44%4
- -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate5 70% 134% 182% 142% 156%
</TABLE>
1. For the period from November 7, 1995 (commencement of operations) to
August 31, 1996.
2. Assumes a $1,000 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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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 February 29, 2000 were $731,141,955 and $545,760,315,
respectively.
See accompanying Notes to Financial Statements.
22 OPPENHEIMER ENTERPRISE FUND
<PAGE>
<TABLE>
<CAPTION>
6 Mos. Year
Ended Ended
Feb. 29, 2000 Aug. 31,
Class C (Unaudited) 1999 1998 1997 1996 1
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data
Net asset value, beginning of period $ 25.59 $ 14.38 $ 16.74 $ 15.39 $ 10.00
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.16) (.10) (.16) (.18) (.14)
Net realized and unrealized gain (loss) 24.73 11.63 (.83) 2.60 5.53
-------------------------------------------------------------------------
Total income (loss) from
investment operations 24.57 11.53 (.99) 2.42 5.39
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.66) (.32) (1.37) (1.07) --
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 48.50 $ 25.59 $ 14.38 $ 16.74 $ 15.39
=========================================================================
- --------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value2 98.37% 81.22% (6.38)% 16.97% 53.90%
- --------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $ 85,101 $ 39,083 $ 8,746 $ 5,653 $ 4,846
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $ 57,333 $ 21,790 $ 7,908 $ 4,539 $ 3,472
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:3
Net investment income (loss) (1.08)% (1.22)% (1.58)% (1.96)% (1.35)%
Expenses 2.03% 2.22% 2.26%4 2.27%4 2.43%4
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate5 70% 134% 182% 142% 156%
</TABLE>
1. For the period from November 7, 1995 (commencement of operations) to August
31, 1996.
2. Assumes a $1,000 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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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 February 29, 2000 were $731,141,955 and $545,760,315,
respectively.
6. For the period from April 1, 1999 (inception of offering) to August 31,
1999.
See accompanying Notes to Financial Statements.
23 OPPENHEIMER ENTERPRISE FUND
<PAGE>
FINANCIAL HIGHLIGHTS CONTINUED
6 Mos. Period
Ended Ended
Feb. 29, 2000 Aug. 31,
Class Y (Unaudited) 1999 6
- --------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $26.41 $23.51
- --------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.05) --
Net realized and unrealized gain (loss) 25.71 2.90
---------------------
Total income (loss) from investment operations 25.66 2.90
- --------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (1.66) --
- --------------------------------------------------------------------------------
Net asset value, end of period $50.41 $26.41
=====================
- --------------------------------------------------------------------------------
Total Return, at Net Asset Value2 99.46% 12.34%
- --------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $128,772 $31,306
- --------------------------------------------------------------------------------
Average net assets (in thousands) $ 67,076 $11,731
- --------------------------------------------------------------------------------
Ratios to average net assets:3
Net investment income (loss) 0.10% 0.09%
Expenses 0.81% 0.96%
- --------------------------------------------------------------------------------
Portfolio turnover rate5 70% 134%
1. For the period from November 7, 1995 (commencement of operations) to August
31, 1996.
2. Assumes a $1,000 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 for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
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 February 29, 2000 were $731,141,955 and $545,760,315,
respectively.
6. For the period from April 1, 1999 (inception of offering) to August 31,
1999.
See accompanying Notes to Financial Statements.
24 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Oppenheimer Enterprise Fund (the Fund) is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment company.
The Fund's investment objective is to seek capital appreciation. The Fund's
investment advisor is OppenheimerFunds, Inc. (the Manager).
The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares
are sold at their offering price, which is normally net asset value plus an
initial sales charge. Class B and Class C shares are sold without an initial
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a CDSC. All classes of shares have identical rights
to earnings, assets and voting privileges, except that each class has its own
expenses directly attributable to that class and exclusive voting rights with
respect to matters affecting that class. Classes A, B and C shares have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. 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.
- --------------------------------------------------------------------------------
Securities Valuation. Securities for which quotations are readily available are
valued at the last sale price, or if in the absence of a sale, at the last sale
price on the prior trading day if it is within the spread of the closing bid
and asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are
valued primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Foreign currency contracts are valued
based on the closing prices of the forward currency contract rates in the
London foreign exchange markets on a daily basis as provided by a reliable
bank, dealer or pricing service. Short-term "money market type" debt securities
with remaining maturities of sixty days or less are valued at cost (or last
determined market value) and adjusted for amortization or accretion 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 foreign securities and investment income are
translated at the rates of exchange prevailing on the respective dates of such
transactions.
25 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
- --------------------------------------------------------------------------------
1. Significant Accounting Policies Continued
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, Gains and Losses. Income, expenses (other than
those attributable to a specific class), 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' Compensation. The Fund has adopted an unfunded retirement plan for
the Fund's independent Board of Trustees. Benefits are based on years of
service and fees paid to each trustee during the years of service. During the
six months ended February 29, 2000, a provision of $6,028 was made for the
Fund's projected benefit obligations and payments of $1,627 were made to
retired trustees, resulting in an accumulated liability of $60,697 as of
February 29, 2000.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or
a portion of annual compensation they are entitled to receive from the Fund.
Under the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees under the plan will be determined based upon the performance of the
selected funds. Deferral of trustees' fees under the plan will not affect the
net assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
26 OPPENHEIMER ENTERPRISE FUND
<PAGE>
- --------------------------------------------------------------------------------
Dividends and Distributions to Shareholders. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
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 distributions made during the year from net
investment income or net realized gains may differ from its 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 fiscal year in which the income or realized gain was recorded
by the Fund.
- --------------------------------------------------------------------------------
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
- --------------------------------------------------------------------------------
Other. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend date. 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.
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.
27 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
- --------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
Six Months Ended February 29, 2000 Year Ended August 31, 1999/1/
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A
Sold 3,544,773 $127,970,512 8,926,370 $206,297,851
Dividends and/or distributions
reinvested 568,479 20,863,439 97,571 1,742,570
Redeemed (982,180) (36,625,417) (1,354,467) (29,318,863)
--------------------------------------------------------
Net increase 3,131,072 $112,208,534 7,669,474 $178,721,558
========================================================
- ---------------------------------------------------------------------------------------------
Class B
Sold 1,162,167 $ 39,021,668 4,932,566 $109,637,518
Dividends and/or distributions
reinvested 343,582 12,190,013 60,658 1,056,668
Redeemed (398,225) (13,852,954) (606,628) (13,207,683)
--------------------------------------------------------
Net increase 1,107,524 $ 37,358,727 4,386,596 $ 97,486,503
========================================================
- ---------------------------------------------------------------------------------------------
Class C
Sold 241,820 $ 8,232,798 1,445,655 $30,608,836
Dividends and/or distributions
reinvested 72,016 2,557,294 12,525 218,068
Redeemed (86,137) (3,014,078) (539,269) (10,387,801)
--------------------------------------------------------
Net increase 227,699 $ 7,776,014 918,911 $20,439,103
========================================================
- ---------------------------------------------------------------------------------------------
Class Y
Sold 2,344,611 $88,519,059 1,321,190 $35,899,224
Dividends and/or distributions
reinvested 82,761 3,045,610
Redeemed (1,058,150) (40,492,384) (135,747) (3,656,832)
--------------------------------------------------------
Net increase 1,369,222 $51,072,285 1,185,443 $32,242,392
========================================================
</TABLE>
1. For the year ended August 31, 1999, for Class A, B and C shares and for the
period from April 1, 1999 (inception of offering) to August 31, 1999, for Class
Y shares.
28 OPPENHEIMER ENTERPRISE FUND
<PAGE>
- --------------------------------------------------------------------------------
3. Unrealized Gains and Losses on Securities
As of February 29, 2000, net unrealized appreciation on securities of
$582,197,255 was composed of gross appreciation of $613,739,457, and gross
depreciation of $31,542,202.
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates
Management Fees. 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 average annual 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 average annual net assets over $800 million. The Fund's
management fee for the six months ended February 29, 2000 was 0.68% of average
annual net assets for each class of shares, annualized for periods of less than
one full year.
- --------------------------------------------------------------------------------
Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for the Fund and for
other Oppenheimer funds. OFS's total costs of providing such services are
allocated ratably to these funds.
- --------------------------------------------------------------------------------
Distribution and Service Plan Fees. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the
period indicated.
<TABLE>
<CAPTION>
Class A Commissions Commissions Commissions
Aggregate Front-End on Class A on Class B on Class C
Front-End Sales Charges Shares Shares Shares
Sales Charges Retained by Advanced by Advanced by Advanced by
Six Months Ended on Class A Shares Distributor Distributor 1 Distributor 1 Distributor 1
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
February 29, 2000 $727,628 $162,785 $210,534 $740,865 $47,458
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
Class A Class B Class C
Contingent Deferred Contingent Deferred Contingent Deferred
Sales Charges Sales Charges Sales Charges
Six Months Ended Retained by Distributor Retained by Distributor 1 Retained by Distributor 1
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
February 29, 2000 $2,701 $90,738 $4,477
</TABLE>
The Fund has adopted a Service Plan for Class A shares and Distribution and
Service Plans for Class B and Class C shares under Rule 12b-1 of the Investment
Company Act. Under those plans the Fund pays the Distributor for all or a
portion of its costs incurred in connection with the distribution and/or
servicing of the shares of the particular class.
29 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
- --------------------------------------------------------------------------------
4. Fees and Other Transactions with Affiliates Continued
Class A Service Plan Fees. Under the Class A service plan, the Distributor
currently uses the fees it receives from the Fund to pay brokers, dealers and
other financial institutions. The Class A service plan permits reimbursements
to the Distributor at a rate of up to 0.25% of average annual net assets of
Class A shares purchased. The Distributor makes payments to plan recipients
quarterly at an annual rate not to exceed 0.25% of the average annual net
assets consisting of Class A shares of the Fund. For the six months ended
February 29, 2000, payments under the Class A plan totaled $613,763, all of
which was paid by the Distributor to recipients. That included $26,365 paid to
an affiliate of the Manager. Any unreimbursed expenses the Distributor incurs
with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years.
- --------------------------------------------------------------------------------
Class B and Class C Distribution and Service Plan Fees. Under each plan,
service fees and distribution fees are computed on the average of the net asset
value of shares in the respective class, determined as of the close of each
regular business day during the period. The Class B and Class C plans provide
for the Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales
charges collected on redeemed shares and asset-based sales charges from the
Fund under the plans. If any plan is terminated by the Fund, the Board of
Trustees may allow the Fund to continue payments of the asset-based sales
charge to the Distributor for distributing shares before the plan was
terminated. The plans allow for the carry-forward of distribution expenses, to
be recovered from asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended February 29,
2000, were as follows:
Distributor's Distributor's
Aggregate Unreimbursed
Unreimbursed Expenses as %
Total Payments Amount Retained Expenses of Net Assets
Under Plan by Distributor Under Plan of Class
- --------------------------------------------------------------------------------
Class B Plan $1,383,173 $1,173,487 $3,065,460 0.74%
Class C Plan 284,296 152,219 228,940 0.27
30 OPPENHEIMER ENTERPRISE FUND
<PAGE>
- --------------------------------------------------------------------------------
5. Foreign Currency Contracts
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into
foreign currency contracts for operational purposes and to seek to protect
against adverse exchange rate fluctuations. Risks to the Fund include the
potential inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates as provided
by a reliable bank, dealer or pricing service. Unrealized appreciation and
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities.
The Fund may realize a gain or loss upon the closing or settlement of the
foreign currency transactions. Realized gains and losses are reported with all
other foreign currency gains and losses in the Statement of Operations.
Securities denominated in foreign currency to cover net exposure on
outstanding foreign currency contracts are noted in the Statement of
Investments where applicable.
- --------------------------------------------------------------------------------
6. Illiquid or Restricted Securities
As of February 29, 2000, investments in securities included issues that are
illiquid or restricted. Restricted 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 it lacks a readily available market or 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 periodically) in illiquid or restricted securities. Certain
restricted securities, eligible for resale to qualified institutional
investors, are not subject to that limitation. The aggregate value of illiquid
or restricted securities subject to this limitation as of February 29, 2000 was
$30,778,733, which represents 2.16% of the Fund's net assets all of which is
considered restricted. Information concerning restricted securities is as
follows:
<TABLE>
<CAPTION>
Valuation
Per Unit as of
Security Acquisition Date Cost Per Unit February 29, 2000
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stocks
Bluestone Software, Inc. 9/24/99 $13.13 $54.51
- --------------------------------------------------------------------------------------------------
Cobalt Networks, Inc. 11/5/99 89.69 67.03
- --------------------------------------------------------------------------------------------------
FX Energy, Inc. 5/14/99 4.00 6.29
- --------------------------------------------------------------------------------------------------
Screaming Media.Net, Inc., Sr. Nts., Series B 10/5/99 11.20 11.20
- --------------------------------------------------------------------------------------------------
Startec Global Communications Corp. 1/1/00 16.50 25.18
</TABLE>
31 OPPENHEIMER ENTERPRISE FUND
<PAGE>
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
- --------------------------------------------------------------------------------
7. Bank Borrowings
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.08% per annum.
The Fund had no borrowings outstanding during the six months ended February
29, 2000.
32 OPPENHEIMER ENTERPRISE FUND
<PAGE>
OPPENHEIMER ENTERPRISE FUND
- --------------------------------------------------------------------------------
Officers and Trustees Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of Trustees
Bridget A. Macaskill, Trustee and President
Robert G. Galli, Trustee
Phillip A. Griffiths, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Clayton K. Yeutter, Trustee
Jay W. Tracey, III, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
Investment Advisor OppenheimerFunds, Inc.
- --------------------------------------------------------------------------------
Distributor OppenheimerFunds Distributor, Inc.
- --------------------------------------------------------------------------------
Transfer and OppenheimerFunds Services
Shareholder Servicing
Agent
- --------------------------------------------------------------------------------
Custodian of The Bank of New York
Portfolio Securities
- --------------------------------------------------------------------------------
Independent Auditors KPMG LLP
- --------------------------------------------------------------------------------
Legal Counsel Mayer, Brown & Platt
The financial statements included herein have been
taken from the records of the Fund without examination
of those records by the independent auditors.
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, are not insured by the FDIC or any other agency,
and involve investment risks, including the possible
loss of the principal amount invested.
33 OPPENHEIMER ENTERPRISE FUND
<PAGE>
INFORMATION AND SERVICES
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us
whenever you need assistance. So call us today, or visit our website--we're
here to help.
- --------------------------------------------------------------------------------
Internet
24-hr access to account information and transactions
www.oppenheimerfunds.com
- --------------------------------------------------------------------------------
General Information
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
- --------------------------------------------------------------------------------
Telephone Transactions
Mon-Fri 8:30am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
- --------------------------------------------------------------------------------
PhoneLink
24-hr automated information and automated transactions
1.800.533.3310
- --------------------------------------------------------------------------------
Telecommunications Device for the Deaf (TDD)
Mon-Fri 8:30am-7pm ET
1.800.843.4461
- --------------------------------------------------------------------------------
OppenheimerFunds Information Hotline
24 hours a day, timely and insightful messages on the economy and issues that
may affect your investments
1.800.835.3104
- --------------------------------------------------------------------------------
Transfer and Shareholder Servicing Agent
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
- --------------------------------------------------------------------------------
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