- ----------------------------------------------------------------------------------------------------------------------------
Statement of Investments January 31, 2001 (Unaudited)
Market Value
Shares See Note 1
- ----------------------------------------------------------------------------------------------------------------------------
Common Stocks - 99.6%
- ----------------------------------------------------------------------------------------------------------------------------
Capital Goods - 14.5%
- ----------------------------------------------------------------------------------------------------------------------------
Aerospace/Defense - 0.8%
- ----------------------------------------------------------------------------------------------------------------------------
Boeing Co. 3,600 $ 210,600
- ----------------------------------------------------------------------------------------------------------------------------
Electrical Equipment - 9.4%
- ----------------------------------------------------------------------------------------------------------------------------
AVX Corp. 23,100 504,966
- ----------------------------------------------------------------------------------------------------------------------------
General Electric Co. 44,200 2,033,200
-----------------
2,538,166
- ----------------------------------------------------------------------------------------------------------------------------
Industrial Services - 0.4%
- ----------------------------------------------------------------------------------------------------------------------------
Miller (Herman), Inc. 3,300 94,462
- ----------------------------------------------------------------------------------------------------------------------------
Manufacturing - 3.9%
- ----------------------------------------------------------------------------------------------------------------------------
Corning, Inc. 8,300 470,693
- ----------------------------------------------------------------------------------------------------------------------------
Honeywell International, Inc. 400 18,900
- ----------------------------------------------------------------------------------------------------------------------------
Sanmina Corp. (1) 11,400 554,325
-----------------
1,043,918
- ----------------------------------------------------------------------------------------------------------------------------
Communication Services - 0.0%
- ----------------------------------------------------------------------------------------------------------------------------
Telecommunications-Long Distance - 0.0%
- ----------------------------------------------------------------------------------------------------------------------------
Qwest Communications International, Inc. (1) 200 8,424
- ----------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals - 8.3%
- ----------------------------------------------------------------------------------------------------------------------------
Consumer Services - 0.6%
- ----------------------------------------------------------------------------------------------------------------------------
Catalina Marketing Corp. (1) 4,500 146,835
- ----------------------------------------------------------------------------------------------------------------------------
Omnicom Group, Inc. 200 18,260
-----------------
165,095
- ----------------------------------------------------------------------------------------------------------------------------
Leisure & Entertainment - 3.3%
- ----------------------------------------------------------------------------------------------------------------------------
Harley-Davidson, Inc. 11,300 512,907
- ----------------------------------------------------------------------------------------------------------------------------
MGM Mirage, Inc. 12,900 376,035
-----------------
888,942
- ----------------------------------------------------------------------------------------------------------------------------
Retail: General - 3.7%
- ----------------------------------------------------------------------------------------------------------------------------
Wal-Mart Stores, Inc. 17,300 982,640
- ----------------------------------------------------------------------------------------------------------------------------
Retail: Specialty - 0.7%
- ----------------------------------------------------------------------------------------------------------------------------
Home Depot, Inc. 4,100 197,620
- ----------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 7.5%
- ----------------------------------------------------------------------------------------------------------------------------
Beverages - 2.6%
- ----------------------------------------------------------------------------------------------------------------------------
Anheuser-Busch Cos., Inc. 7,400 320,864
- ----------------------------------------------------------------------------------------------------------------------------
Coca-Cola Co. (The) 6,500 377,000
-----------------
697,864
- ----------------------------------------------------------------------------------------------------------------------------
Entertainment - 1.6%
- ----------------------------------------------------------------------------------------------------------------------------
Viacom, Inc., Cl. B (1) 7,700 425,040
8 Oppenheimer Large Cap Growth Fund
Market Value
Shares See Note 1
- ----------------------------------------------------------------------------------------------------------------------------
Food & Drug Retailers - 2.7%
- ----------------------------------------------------------------------------------------------------------------------------
Kroger Co. (1) 15,000 $ 368,250
- ----------------------------------------------------------------------------------------------------------------------------
Walgreen Co. 8,900 364,366
-----------------
732,616
- ----------------------------------------------------------------------------------------------------------------------------
Household Goods - 0.6%
- ----------------------------------------------------------------------------------------------------------------------------
Estee Lauder Cos., Inc. (The), Cl. A 4,000 152,400
- ----------------------------------------------------------------------------------------------------------------------------
Energy - 0.4%
- ----------------------------------------------------------------------------------------------------------------------------
Energy Services - 0.0%
- ----------------------------------------------------------------------------------------------------------------------------
Anadarko Petroleum Corp. 200 11,380
- ----------------------------------------------------------------------------------------------------------------------------
Oil: Domestic - 0.4%
- ----------------------------------------------------------------------------------------------------------------------------
Apache Corp. 1,900 109,440
- ----------------------------------------------------------------------------------------------------------------------------
Financial - 3.0%
- ----------------------------------------------------------------------------------------------------------------------------
Diversified Financial - 1.9%
- ----------------------------------------------------------------------------------------------------------------------------
American Express Co. 2,200 103,620
- ----------------------------------------------------------------------------------------------------------------------------
Equifax, Inc. 2,800 83,020
- ----------------------------------------------------------------------------------------------------------------------------
Schwab (Charles) Corp. 5,400 142,614
- ----------------------------------------------------------------------------------------------------------------------------
SEI Investments Co. 2,200 181,775
-----------------
511,029
- ----------------------------------------------------------------------------------------------------------------------------
Insurance - 1.1%
- ----------------------------------------------------------------------------------------------------------------------------
AFLAC, Inc. 5,100 300,798
- ----------------------------------------------------------------------------------------------------------------------------
Healthcare - 20.6%
- ----------------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs - 16.8%
- ----------------------------------------------------------------------------------------------------------------------------
American Home Products Corp. 4,100 242,310
- ----------------------------------------------------------------------------------------------------------------------------
Andrx Group (1) 4,600 303,025
- ----------------------------------------------------------------------------------------------------------------------------
Immunex Corp. (1) 11,400 349,125
- ----------------------------------------------------------------------------------------------------------------------------
Lilly (Eli) & Co. 8,500 669,800
- ----------------------------------------------------------------------------------------------------------------------------
Merck & Co., Inc. 7,500 616,350
- ----------------------------------------------------------------------------------------------------------------------------
Pfizer, Inc. 37,800 1,706,670
- ----------------------------------------------------------------------------------------------------------------------------
Schering-Plough Corp. 4,800 241,920
- ----------------------------------------------------------------------------------------------------------------------------
UnitedHealth Group, Inc. 7,100 400,511
-----------------
4,529,711
- ----------------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Services - 3.8%
- ----------------------------------------------------------------------------------------------------------------------------
Beckman Coulter, Inc. 2,600 97,656
- ----------------------------------------------------------------------------------------------------------------------------
Cardinal Health, Inc. 5,000 476,500
- ----------------------------------------------------------------------------------------------------------------------------
Cytyc Corp. (1) 6,700 442,200
-----------------
1,016,356
- ----------------------------------------------------------------------------------------------------------------------------
Technology - 43.6%
- ----------------------------------------------------------------------------------------------------------------------------
Computer Hardware - 10.7%
- ----------------------------------------------------------------------------------------------------------------------------
Agilent Technologies, Inc. (1) 9,300 507,315
- ----------------------------------------------------------------------------------------------------------------------------
EMC Corp. (1) 3,800 288,762
9 Oppenheimer Large Cap Growth Fund
- ----------------------------------------------------------------------------------------------------------------------------
Statement of Investments Unaudited/Continued
Market Value
Shares See Note 1
- ----------------------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 10,800 $1,209,600
- ----------------------------------------------------------------------------------------------------------------------------
Sun Microsystems, Inc. (1) 28,500 871,031
-----------------
2,876,708
- ----------------------------------------------------------------------------------------------------------------------------
Computer Services - 3.7%
- ----------------------------------------------------------------------------------------------------------------------------
Automatic Data Processing, Inc. 8,800 526,768
- ----------------------------------------------------------------------------------------------------------------------------
DST Systems, Inc. (1) 3,800 226,100
- ----------------------------------------------------------------------------------------------------------------------------
Emulex Corp. (1) 2,500 232,500
-----------------
985,368
- ----------------------------------------------------------------------------------------------------------------------------
Computer Software - 11.1%
- ----------------------------------------------------------------------------------------------------------------------------
AOL Time Warner, Inc. (1) 11,800 620,208
- ----------------------------------------------------------------------------------------------------------------------------
BEA Systems, Inc. (1) 1,700 112,094
- ----------------------------------------------------------------------------------------------------------------------------
Electronic Data Systems Corp. 8,200 456,330
- ----------------------------------------------------------------------------------------------------------------------------
Microsoft Corp. (1) 17,900 1,093,019
- ----------------------------------------------------------------------------------------------------------------------------
Oracle Corp. (1) 5,800 168,925
- ----------------------------------------------------------------------------------------------------------------------------
Siebel Systems, Inc. (1) 8,200 543,762
-----------------
2,994,338
- ----------------------------------------------------------------------------------------------------------------------------
Communications Equipment - 6.1%
- ----------------------------------------------------------------------------------------------------------------------------
Cisco Systems, Inc. 44,100 1,650,994
- ----------------------------------------------------------------------------------------------------------------------------
Electronics - 12.0%
- ----------------------------------------------------------------------------------------------------------------------------
Analog Devices, Inc. (1) 11,100 694,860
- ----------------------------------------------------------------------------------------------------------------------------
Harris Corp. 1,700 51,340
- ----------------------------------------------------------------------------------------------------------------------------
Intel Corp. 22,600 836,200
- ----------------------------------------------------------------------------------------------------------------------------
International Rectifier Corp. (1) 6,700 361,532
- ----------------------------------------------------------------------------------------------------------------------------
JDS Uniphase Corp. (1) 13,000 712,562
- ----------------------------------------------------------------------------------------------------------------------------
Molex, Inc. 1,000 43,438
- ----------------------------------------------------------------------------------------------------------------------------
PMC-Sierra, Inc. (1) 5,600 423,150
- ----------------------------------------------------------------------------------------------------------------------------
Rambus, Inc. (1) 2,100 103,688
-----------------
3,226,770
- ----------------------------------------------------------------------------------------------------------------------------
Utilities - 1.7%
- ----------------------------------------------------------------------------------------------------------------------------
Electric Utilities - 0.7%
- ----------------------------------------------------------------------------------------------------------------------------
Calpine Corp. (1) 4,600 183,586
- ----------------------------------------------------------------------------------------------------------------------------
Gas Utilities - 1.0%
- ----------------------------------------------------------------------------------------------------------------------------
Dynegy, Inc. 5,300 258,110
-----------------
Total Common Stocks (Cost $27,268,718) 26,792,375
10 Oppenheimer Large Cap Growth Fund
Principal
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Repurchase Agreements - 0.6%
- ----------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Banc One Capital Markets,
Inc., 5.65%, dated 1/31/01, to be repurchased at
$167,026 on 2/1/01, collateralized by U.S. Treasury
Bonds, 6.625%--7.25%, 5/15/16--2/15/27, with a value
of $11,196 and U.S. Treasury Nts., 4.25%--7.875%,
5/31/01--5/15/09, with a value of $159,257 (Cost $167,000) $167,000 $ 167,000
- ----------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $27,435,718) 100.2% 26,959,375
- ----------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.2) (56,140)
----------------- -------------------
Net Assets 100.0% $26,903,235
================= ===================
1. Non-income-producing security.
See accompanying Notes to Financial Statements.
11 Oppenheimer Large Cap Growth Fund
Statement of Assets and Liabilities January 31, 2001 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Assets
Investments, at value (cost $27,435,718) - see accompanying statement $26,959,375
- ------------------------------------------------------------------------------------------------------------------------------------
Cash 382
- ------------------------------------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 30,023
Interest and dividends 1,426
Other 94,239
----------------------
Total assets 27,085,445
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities Payables and other liabilities:
Transfer and shareholder servicing agent fees 90,104
Trustees' compensation 29,849
Shareholder reports 28,766
Legal, auditing and other professional fees 13,179
Shares of beneficial interest redeemed 9,201
Distribution and service plan fees 5,063
Other 6,048
----------------------
Total liabilities 182,210
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets $26,903,235
======================
- ------------------------------------------------------------------------------------------------------------------------------------
Composition of Net Assets
Paid-in capital $32,774,019
- ------------------------------------------------------------------------------------------------------------------------------------
Accumulated net investment loss (222,149)
- ------------------------------------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investment transactions (5,172,292)
- ------------------------------------------------------------------------------------------------------------------------------------
Net unrealized depreciation on investments (476,343)
----------------------
Net assets $26,903,235
======================
- ------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$14,211,441 and 1,361,216 shares of beneficial interest outstanding) $10.44
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $11.08
- ------------------------------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $10,537,648
and 1,026,377 shares of beneficial interest outstanding) $10.27
- ------------------------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales
charge) and offering price per share (based on net assets of $2,153,091
and 209,613 shares of beneficial interest outstanding) $10.27
- ------------------------------------------------------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $1,055 and 100 shares of beneficial interest outstanding) $10.55
See accompanying Notes to Financial Statements.
12 Oppenheimer Large Cap Growth Fund
Statement of Operations For the Six Months Ended January 31, 2001 (Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $53,040
- ------------------------------------------------------------------------------------------------------------------------------------
Interest 21,521
----------------------
Total income 74,561
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 110,925
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 15,196
Class B 55,211
Class C 11,349
- ------------------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 17,760
Class B 12,082
Class C 2,453
- ------------------------------------------------------------------------------------------------------------------------------------
Shareholder reports 23,993
- ------------------------------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees 8,926
- ------------------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 305
- ------------------------------------------------------------------------------------------------------------------------------------
Other 6,748
----------------------
Total expenses 264,948
Less expenses paid indirectly (305)
----------------------
Net expenses 264,643
- ------------------------------------------------------------------------------------------------------------------------------------
Net Investment Loss (190,082)
- ------------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Loss
Net realized loss on investments (5,126,917)
- ------------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (2,147,903)
----------------------
Net realized and unrealized loss (7,274,820)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations ($7,464,902)
======================
See accompanying Notes to Financial Statements.
13 Oppenheimer Large Cap Growth Fund
Statements of Changes in Net Assets
Six Months Ended
January 31, 2001 Year Ended
(Unaudited) July 31, 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Operations
Net investment loss ($190,082) ($282,871)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (5,126,917) 2,721,948
- ------------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (2,147,903) 1,144,045
----------------------- ----------------------
Net increase (decrease) in net assets resulting from operations (7,464,902) 3,583,122
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or Distributions to Shareholders
Distributions from net realized gain:
Class A (1,113,608) (126,072)
Class B (764,910) (70,994)
Class C (157,763) (20,287)
Class Y (87) (18)
- ------------------------------------------------------------------------------------------------------------------------------------
Beneficial Interest Transactions
Net increase in net assets resulting from
beneficial interest transactions:
Class A 2,944,529 8,398,029
Class B 2,579,627 8,645,757
Class C 669,348 1,539,267
Class Y -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets
Total increase (decrease) (3,307,766) 21,948,804
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning of period 30,211,001 8,262,197
----------------------- ----------------------
End of period (including accumulated net investment
loss of $222,149 and $32,067, respectively) $26,903,235 $30,211,001
======================= ======================
See accompanying Notes to Financial Statements.
14 Oppenheimer Large Cap Growth Fund
Financial Highlights
Class A
---------------------------------------------------
Six Months Ended
January 31, 2001 Year Ended July 31,
(Unaudited) 2000 1999(1)
- -------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $14.55 $11.93 $10.00
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.06) (.11) (1.05)
Net realized and unrealized gain (loss) (3.18) 2.91 2.98
- -------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations (3.24) 2.80 1.93
- -------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.87) (.18) --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.44 $14.55 $11.93
==================== ================== ================
- -------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) (22.24)% 23.63% 19.30%
- -------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $14,211 $16,470 $6,059
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $16,159 $11,973 $4,028
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (0.92)% (1.03)% (1.05)%
Expenses 1.42% 1.91% 1.81%
Expenses, net of indirect expenses
and/or reimbursement of expenses -- 1.89% 1.65%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 258% 157%
1. For the period from December 17, 1998 (inception of offering) to
July 31, 1999.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period, (or inception of offering) 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. Total returns are not annualized for periods of less than
one full year.
3. Annualized for periods of less than one full year.
See accompanying Notes to Financial Statements.
15 Oppenheimer Large Cap Growth Fund
Financial Highlights (Continued)
Class B
---------------------------------------------------
Six Months Ended
January 31, 2001 Year Ended July 31,
(Unaudited) 2000 1999(1)
- --------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $14.39 $11.89 $10.48
- --------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.09) (.17) (1.04)
Net realized and unrealized gain (loss) (3.16) 2.85 2.45
- --------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations (3.25) 2.68 1.41
- --------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.87) (.18) --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.27 $14.39 $11.89
==================== ================= ===============
- --------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) (22.63)% 22.70% 13.45%
- --------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $10,538 $11,499 $1,764
- --------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $10,973 $7,257 $ 722
- --------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (1.73)% (1.81)% (1.93)%
Expenses 2.23% 2.69% 2.92%
Expenses, net of indirect expenses and/or
reimbursement of expenses -- 2.67% 2.75%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 258% 157%
1. For the period from March 1, 1999 (inception of offering) to July 31, 1999.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period, (or inception of offering) 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. Total returns are not annualized for periods of less than
one full year. 3. Annualized for periods of less than one full year.
See accompanying Notes to Financial Statements.
16 Oppenheimer Large Cap Growth Fund
Class C
---------------------------------------------------
Six Months Ended
January 31, 2001 Year Ended July 31,
(Unaudited) 2000 1999(1)
- -------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $14.39 $11.89 $10.48
- -------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.08) (.19) (1.04)
Net realized and unrealized gain (loss) (3.17) 2.87 2.45
- -------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations (3.25) 2.68 1.41
- -------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.87) (.18) --
- -------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.27 $14.39 $11.89
==================== ================== ================
- -------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) (22.56)% 22.70% 13.45%
- -------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $2,153 $2,241 $438
- -------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $2,256 $1,566 $192
- -------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (1.73)% (1.82)% (1.95)%
Expenses 2.23% 2.72% 2.90%
Expenses, net of indirect expenses and/or
reimbursement of expenses -- 2.70% 2.73%
- --------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 258% 157%
1. For the period from March 1, 1999 (inception of offering) to July 31, 1999.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period, (or inception of offering) 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. Total returns are not annualized for periods of less than
one full year. .
3. Annualized for periods of less than one full year.
See accompanying Notes to Financial Statements.
17 Oppenheimer Large Cap Growth Fund
Financial Highlights (Continued)
Class Y
--------------------------------------------------------------
Six Months Ended
January 31, 2001 Year Ended July 31,
(Unaudited) 2000 1999(1)
- ------------------------------------------------------------------------------------------------------------
Per Share Operating Data
Net asset value, beginning of period $14.65 $11.95 $10.00
- ------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss (.03) (.07) (1.03)
Net realized and unrealized gain (loss) (3.20) 2.95 2.98
- ------------------------------------------------------------------------------------------------------------
Total income (loss) from investment operations (3.23) 2.88 1.95
- ------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Distributions from net realized gain (.87) (.18) --
- ------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.55 $14.65 $11.95
==================== =================== ===============
- ------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(2) (22.02)% 24.27% 19.50%
- ------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands) $1 $1 $1
- ------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $1 $1 $1
- ------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment loss (0.40)% (0.54)% (0.72)%
Expenses 1.01% 1.45% 1.65%
Expenses, net of indirect expenses and/or
reimbursement of expenses -- 1.43% 1.50%
- -------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 108% 258% 157%
1. For the period from December 17, 1998 (inception of offering) to
July 31, 1999.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period, (or inception of offering) 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. Total returns are not annualized for periods of less than
one full year. 3. Annualized for periods of less than one full year.
See accompanying Notes to Financial Statements.
18 Oppenheimer Large Cap Growth Fund
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies
Oppenheimer Large Cap Growth 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 a front-end
sales charge. Class B and Class C shares are sold without a front-end 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 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 listed or traded on National Stock Exchanges or
other domestic or foreign exchanges are valued based on the last sale price of
the security traded on that exchange prior to the time when the Fund's assets
are valued. In the absence of a sale, the security is valued 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. Short-term "money market type" debt
securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
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.
19 Oppenheimer Large Cap Growth Fund
Notes to Financial Statements Unaudited/Continued
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 January 31, 2001, a provision of $989 was made for the Fund's projected
benefit obligations and payments of $3,400 were made to retired trustees,
resulting in an accumulated liability of $29,656 as of January 31, 2001.
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.
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 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal 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 dividends and 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.
20 Oppenheimer Large Cap Growth 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.
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:
Six Months Ended January 31, 2001 Year Ended July 31,2000
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------- -----------------------------------------
Class A
Sold 380,153 $ 4,749,550 912,843 $ 12,377,105
Dividends and/or distributions reinvested 93,409 985,467 7,861 104,002
Redeemed (244,134) (2,790,488) (296,838) (4,083,078)
------------------ --------------------- ------------------- ---------------------
Net increase 229,428 $ 2,944,529 623,866 $ 8,398,029
================== ===================== =================== =====================
- -------------------------------------------------------------------------------------- -----------------------------------------
Class B
Sold 261,859 $ 3,105,864 835,185 $ 11,197,215
Dividends and/or distributions reinvested 65,880 683,837 4,775 62,802
Redeemed (100,621) (1,210,074) (189,125) (2,614,260)
------------------ --------------------- ------------------- ---------------------
Net increase 227,118 $ 2,579,627 650,835 $ 8,645,757
================== ===================== =================== =====================
- -------------------------------------------------------------------------------------- -----------------------------------------
Class C
Sold 134,096 $ 1,703,682 195,498 $ 2,588,850
Dividends and/or distributions reinvested 15,056 156,434 1,535 20,206
Redeemed (95,218) (1,190,768) (78,139) (1,069,789)
------------------ --------------------- ------------------- ---------------------
Net increase 53,934 $ 669,348 118,894 $ 1,539,267
================== ===================== =================== =====================
- -------------------------------------------------------------------------------------- -----------------------------------------
Class Y
Sold -- $ -- -- $ --
Dividends and/or distributions reinvested -- -- -- --
Redeemed -- -- -- --
------------------ --------------------- ------------------- ---------------------
Net increase (decrease) -- $ -- -- $ --
================== ===================== =================== =====================
21 Oppenheimer Large Cap Growth Fund
Notes to Financial Statements Unaudited/Continued
3. Purchases and Sales of Securities
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the six months ended January 31, 2001, were
$35,316,359 and $31,422,603, respectively.
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 a 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 January 31, 2001 was an annualized rate of 0.75%,
before any waiver by the Manager if applicable.
TRANSFER AGENT FEES OppenheimerFunds Services (OFS), a division of the Manager,
acts as the transfer and shareholder servicing agent for the Fund. Prior to
January 1, 2001, OFS performed these services on an at-cost basis. Beginning
January 2001, OFS is paid at an agreed upon per account fee.
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.
- -------------- ----------------- ------------------ ------------------- ----------------- ----------------
Aggregate Class A Commissions on Commissions on Commissions on
Front-End Sales Front-End Sales Class A Shares Class B Shares Class C Shares
Six Months Charges on Charges Retained Advanced by Advanced by Advanced by
Ended Class A Shares by Distributor Distributor(1) Distributor(1) Distributor(1)
- -------------- ----------------- ------------------ ------------------- ----------------- ----------------
January 31, $40,113 $17,845 $1,964 $59,686 $5,051
2001
- -------------- ----------------- ------------------ ------------------- ----------------- ----------------
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.
- ---------------- ------------------------------- ------------------------------ -------------------------------
Class A Contingent Deferred Class B Contingent Deferred Class C Contingent Deferred
Six Months Sales Charges Retained by Sales Charges Retained by Sales Charges Retained by
Ended Distributor Distributor Distributor
- ---------------- ------------------------------- ------------------------------ -------------------------------
January 31, $-- $10,804 $--
2001
- ---------------- ------------------------------- ------------------------------ -------------------------------
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.
22 Oppenheimer Large Cap Growth Fund
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 January 31, 2001,
payments under the Class A plan totaled $15,196 prior to Manager waiver if
applicable, all of which were paid by the Distributor to recipients, and
included $2,185 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 January 31,
2001, were as follows:
- -------------------------------------------------------------------------------------------------------------------------
Distributor's Aggregate Distributor's Aggregate
Total Payments Amount Retained by Unreimbursed Expenses Unreimbursed Expenses as
Under Plan Distributor Under Plan % of Net Assets of Class
- ------------------- --------------------- ---------------------- ---------------------------- ---------------------------
Class B Plan $55,211 $45,793 $132,143 1.25%
- ------------------- --------------------- ---------------------- ---------------------------- ---------------------------
Class C Plan 11,349 4,804 13,069 0.61
- ------------------- --------------------- ---------------------- ---------------------------- ---------------------------
23 Oppenheimer Large Cap Growth Fund
Notes to Financial Statements Unaudited/Continued
5. 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 or at January
31, 2001.
24 Oppenheimer Large Cap Growth Fund
