UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-10047 Oppenheimer Concentrated Growth Fund (Exact name of registrant as specified in charter) 6803 SOUTH TUCSON WAY, CENTENNIAL, COLORADO 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. 498 Seventh Avenue, New York, New York 10018 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 -------------- Date of fiscal year end: October 31 Date of reporting period: October 31, 2002 - April 30, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. April 30, 2003 Oppenheimer Semiannual Concentrated Growth Report Fund SEMIANNUAL REPORT AND FINANCIAL STATEMENTS Listing of Investments Financials [GRAPHIC OMITTED] [LOGO OMITTED] OppenheimerFunds(R) The Right Way to Invest HIGHLIGHTS Fund Reminder This is the Fund's final report. The Board of Trustees for Oppenheimer Concentrated Growth Fund decided to close the Fund to new purchases effective April 17, 2003, and to redeem the remaining Fund shares on May 15, 2003. SEMIANNUAL REPORT AND FINANCIAL STATEMENTS 2 Statement of Investments 3 Statement of Assets and Liabilities 4 Statement of Operations 5 Statements of Changes in Net Assets 6 Financial Highlights 7 Notes to Financial Statements Cumulative Total Returns* For the 6-Month Period Ended 4/30/03 Without With Sales Chg. Sales Chg. - -------------------------------------- Class A -0.63% -6.35% - -------------------------------------- Average Annual Total Returns* For the 1-Year Period Ended 4/30/03 Without With Sales Chg. Sales Chg. - -------------------------------------- Class A -22.13% -26.60% - -------------------------------------- Average Annual Total Returns with Sales Charge* For the Periods Ended 3/31/03 Since 1-Year Inception - -------------------------------------- Class A -38.08% -26.37% *See Notes on page 1 for further details. Not part of the semiannual report to Fund shareholders NOTES In reviewing performance, please remember that past performance cannot 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 fluctuations, and current performance may be more or less than the results shown. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund's total returns shown do not reflect the deduction 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. For more complete information about the Fund, including charges, expenses and risks, please refer to the prospectus. To obtain a copy, call your financial advisor or call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677). Read the prospectus carefully before you invest or send money. Class A shares of the Fund were first publicly offered on 4/27/01. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. Class A shares were the only class offered during the reporting period. An explanation of the calculation of performance is in the Fund's Statement of Additional Information. Not part of the semiannual report to Fund shareholders 1 | OPPENHEIMER CONCENTRATED GROWTH FUND STATEMENT OF INVESTMENTS April 30, 2003 / Unaudited Market Value Shares See Note 1 - ---------------------------------------------------------------- Common Stocks--92.3% - ---------------------------------------------------------------- Consumer Discretionary--24.2% - ---------------------------------------------------------------- Automobiles--4.2% Harley-Davidson, Inc. 4,550 $ 202,202 - ---------------------------------------------------------------- Internet & Catalog Retail--1.9% USA Interactive 1 3,000 89,850 - ---------------------------------------------------------------- Media--5.4% EchoStar Communications Corp., Cl. A 1 5,000 149,800 - ---------------------------------------------------------------- Viacom, Inc., Cl. B 1 2,500 108,525 ----------- 258,325 - ---------------------------------------------------------------- Multiline Retail--9.3% Costco Wholesale Corp. 1 5,000 173,150 - ---------------------------------------------------------------- Kohl's Corp. 1 1,800 102,240 - ---------------------------------------------------------------- Wal-Mart Stores, Inc. 3,000 168,960 ----------- 444,350 - ---------------------------------------------------------------- Specialty Retail--3.4% Gap, Inc. (The) 10,000 166,300 - ---------------------------------------------------------------- Consumer Staples--3.7% - ---------------------------------------------------------------- Personal Products--3.7% Avon Products, Inc. 3,000 174,510 - ---------------------------------------------------------------- Financials--17.1% - ---------------------------------------------------------------- Diversified Financials--14.7% Citigroup, Inc. 5,000 196,250 - ---------------------------------------------------------------- Freddie Mac 3,800 220,020 - ---------------------------------------------------------------- Morgan Stanley 2,000 89,500 - ---------------------------------------------------------------- SLM Corp. 1,750 196,000 ----------- 701,770 - ---------------------------------------------------------------- Insurance--2.4% American International Group, Inc. 2,000 115,900 - ---------------------------------------------------------------- Health Care--24.5% - ---------------------------------------------------------------- Biotechnology--9.3% Amgen, Inc. 1 4,800 294,288 - ---------------------------------------------------------------- Genentech, Inc. 1 4,000 151,960 ----------- 446,248 - ---------------------------------------------------------------- Health Care Equipment & Supplies--6.0% Medtronic, Inc. 6,000 286,440 - ---------------------------------------------------------------- Pharmaceuticals--9.2% Forest Laboratories, Inc. 1 4,400 227,568 - ---------------------------------------------------------------- Pfizer, Inc. 7,000 215,250 ----------- 442,818 Market Value Shares See Note 1 - ---------------------------------------------------------------- Industrials--4.6% - ---------------------------------------------------------------- Industrial Conglomerates--4.6% General Electric Co. 7,500 $ 220,875 - ---------------------------------------------------------------- Information Technology--18.2% - ---------------------------------------------------------------- Communications Equipment--1.8% Nokia Corp., Sponsored ADR, A Shares 5,000 82,850 - ---------------------------------------------------------------- Computers & Peripherals--8.6% Dell Computer Corp. 1 9,000 260,190 - ---------------------------------------------------------------- International Business Machines Corp. 1,800 152,820 ----------- 413,010 - ---------------------------------------------------------------- Software--7.8% Microsoft Corp. 10,000 255,700 - ---------------------------------------------------------------- Oracle Corp. 1 10,000 118,800 ----------- 374,500 ----------- Total Common Stocks (Cost $4,332,361) 4,419,948 - ---------------------------------------------------------------- Other Securities--2.9% Nasdaq-100 Unit Investment Trust 1 (Cost $116,966) 5,000 137,250 Principal Amount - ---------------------------------------------------------------- Joint Repurchase Agreements--7.0% Undivided interest of 0.10% in joint repurchase agreement (Market Value $332,883,000) with Banc One Capital Markets, Inc., 1.26%, dated 4/30/03, to be repurchased at $336,012 on 5/1/03, collateralized by U.S. Treasury Nts., 4.875%--5.875%, 11/15/04--2/15/12, with a value of $327,261,153 and U.S. Treasury Bonds, 2.125%, 8/31/04, with a value of $12,489,849 (Cost $336,000) $336,000 336,000 - ---------------------------------------------------------------- Total Investments, at Value (Cost $4,785,327) 102.2% 4,893,198 - ---------------------------------------------------------------- Liabilities in Excess of Other Assets (2.2) (103,108) ------------------------- Net Assets 100.0% $4,790,090 ========================= Footnotes to Statement of Investments 1. Non-income producing security. See accompanying Notes to Financial Statements. 2 | OPPENHEIMER CONCENTRATED GROWTH FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited April 30, 2003 - ----------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $4,785,327)--see accompanying statement $ 4,893,198 - ----------------------------------------------------------------------------------------------------------- Cash 832 - ----------------------------------------------------------------------------------------------------------- Receivables and other assets: Interest and dividends 20 Other 821 ------------ Total assets 4,894,871 - ----------------------------------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 89,912 Legal, auditing and other professional fees 5,502 Shareholder reports 4,244 Trustees' compensation 49 Transfer and shareholder servicing agent fees 8 Other 5,066 ------------ Total liabilities 104,781 - ----------------------------------------------------------------------------------------------------------- Net Assets $ 4,790,090 ------------ - ----------------------------------------------------------------------------------------------------------- Composition of Net Assets Paid-in capital $ 7,568,102 - ----------------------------------------------------------------------------------------------------------- Accumulated net investment loss (17,088) - ----------------------------------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (2,868,795) - ----------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments 107,871 ------------ Net Assets $ 4,790,090 ============ - ----------------------------------------------------------------------------------------------------------- Net Asset Value Per Share Class A Shares: Net asset value and redemption price per share (based on net assets of $4,790,090 and 760,782 shares of beneficial interest outstanding) $6.30 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $6.68 See accompanying Notes to Financial Statements. 3 | OPPENHEIMER CONCENTRATED GROWTH FUND STATEMENT OF OPERATIONS Unaudited For the Six Months Ended April 30, 2003 - ----------------------------------------------------------------------------------------------------------- Investment Income Dividends $ 12,776 - ----------------------------------------------------------------------------------------------------------- Interest 3,652 ---------- Total investment income 16,428 - ----------------------------------------------------------------------------------------------------------- Expenses Management fees 16,986 - ----------------------------------------------------------------------------------------------------------- Distribution and service plan fees--Class A 5,662 - ----------------------------------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees--Class A 44 - ----------------------------------------------------------------------------------------------------------- Shareholder reports 7,443 - ----------------------------------------------------------------------------------------------------------- Insurance expenses 531 - ----------------------------------------------------------------------------------------------------------- Registration and filing fees 333 - ----------------------------------------------------------------------------------------------------------- Trustees' compensation 113 - ----------------------------------------------------------------------------------------------------------- Custodian fees and expenses 71 - ----------------------------------------------------------------------------------------------------------- Other 8,008 ---------- Total expenses 39,191 Less reduction to custodian expenses (17) Less voluntary waiver of distribution and service plan fees (5,662) ---------- Net expenses 33,512 - ----------------------------------------------------------------------------------------------------------- Net Investment Loss (17,084) - ----------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized loss on investments (224,037) - ----------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation on investments 205,869 ---------- Net realized and unrealized loss (18,168) - ----------------------------------------------------------------------------------------------------------- Net Decrease in Net Assets Resulting from Operations $(35,252) ========== See accompanying Notes to Financial Statements. 4 | OPPENHEIMER CONCENTRATED GROWTH FUND STATEMENTS OF CHANGES IN NET ASSETS Six Months Year Ended Ended April 30, 2003 Oct. 31, (Unaudited) 2002 - ---------------------------------------------------------------------------------------------------------------- Operations Net investment loss $ (17,084) $ (37,908) - ---------------------------------------------------------------------------------------------------------------- Net realized loss (224,037) (2,267,119) - ---------------------------------------------------------------------------------------------------------------- Net change in unrealized appreciation 205,869 657,286 ----------------------------------- Net decrease in net assets resulting from operations (35,252) (1,647,741) - ---------------------------------------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase in net assets resulting from beneficial interest transactions--Class A 848 4,106 - ---------------------------------------------------------------------------------------------------------------- Net Assets Total decrease (34,404) (1,643,635) - ---------------------------------------------------------------------------------------------------------------- Beginning of period 4,824,494 6,468,129 ----------------------------------- End of period [including accumulated net investment loss of $17,088 and $4, respectively] $4,790,090 $4,824,494 =================================== See accompanying Notes to Financial Statements. 5 | OPPENHEIMER CONCENTRATED GROWTH FUND FINANCIAL HIGHLIGHTS Six Months Year Ended Ended April 30, 2003 Oct. 31, Class A (Unaudited) 2002 2001 1 - --------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 6.34 $ 8.51 $10.00 - --------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.02) (.05) -- 2 Net realized and unrealized loss (.02) (2.12) (1.49) ------------------------------------- Total from investment operations (.04) (2.17) (1.49) - --------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $6.30 $6.34 $8.51 ===================================== - --------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 3 (0.63)% (25.50)% (14.87)% - --------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $4,790 $4,824 $6,468 - --------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $4,567 $6,049 $6,889 - --------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income (loss) (0.75)% (0.63)% 0.00% Expenses, gross 1.73% 1.57% 1.38% Expenses, net 1.48% 5,6 1.32% 5,6 1.13% 6 - --------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 48% 103% 67% 1. For the period from April 30, 2001 (inception of offering) to October 31, 2001. 2. Less than $0.005 per share. 3. Assumes an 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. Sales charges are not reflected in the total returns. Total returns are not annualized for periods of less than one full year. 4. Annualized for periods of less than one full year. 5. Reduction of custodian expenses less than 0.01%. 6. Net of voluntary waiver of distribution and service plan fees. See accompanying Notes to Financial Statements. 6 | OPPENHEIMER CONCENTRATED GROWTH FUND NOTES TO FINANCIAL STATEMENTS UNAUDITED - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer Concentrated Growth Fund (the Fund) is registered under the Investment Company Act of 1940, as amended, as a non-diversified, 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). As of April 30, 2003, the majority of Class A shares were owned by the Manager. The Fund offers Class A shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. 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). - -------------------------------------------------------------------------------- Joint Repurchase Agreements. The Fund, along with other affiliated funds of the Manager, may transfer uninvested cash balances into one or more joint repurchase agreement accounts. These balances are invested in one or more repurchase agreements, secured by U.S. government securities. Securities pledged as collateral for repurchase agreements are held by a custodian bank until the agreements mature. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal; however, in the event of default by the other party to the agreement, retention of the collateral may be subject to legal proceedings. - -------------------------------------------------------------------------------- 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 capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. As of April 30, 2003, the Fund had available for federal income tax purposes an estimated unused capital loss carryforward of $2,868,795. This estimated capital loss carryforward represents the carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules for the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended April 30, 2003, the Fund did not use carryforward to offset capital gains realized. During the year ended October 31, 2002, the Fund did not use carryforward to offset capital gains realized. As of October 31, 2002, the Fund had available for federal income tax purposes unused capital loss carryforwards as follows: Expiring ------------------------- 2009 $ 377,639 2010 2,267,119 ------------ Total $ 2,644,758 ============ - -------------------------------------------------------------------------------- Trustees' Compensation. The Fund has adopted an unfunded retirement plan for the Fund's independent trustees. Benefits are based on years of service and fees paid to each trustee during the years of service. During the six months ended April 30, 2003, the Fund's projected benefit obligations were increased by $35 and payments of $5 were made to retired trustees, resulting in an accumulated liability of $34 as of April 30, 2003. 7 | OPPENHEIMER CONCENTRATED GROWTH FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued 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 the annual compensation they are entitled to receive from the Fund. Under the plan, the compensation deferred is invested by the Fund in the fund(s) selected by the trustee. 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 primarily because of the recognition of certain foreign currency gains (losses) as ordinary income (loss) for tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their 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 net realized gain was recorded by the Fund. No distributions were paid during the six months ended April 30, 2003 and the year ended October 31, 2002. - -------------------------------------------------------------------------------- Investment Income. Dividend income is recorded on the ex-dividend date or upon ex-dividend notification in the case of certain foreign dividends where the ex-dividend date may have passed. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, which includes accretion of discount and amortization of premium, is accrued as earned. - -------------------------------------------------------------------------------- Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. - -------------------------------------------------------------------------------- Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Transactions in shares of beneficial interest were as follows: Six Months Ended April 30, 2003 Year Ended October 31, 2002 Shares Amount Shares Amount - -------------------------------------------------------------------------------- Class A Sold 154 $934 535 $ 4,199 Redeemed (14) (86) (10) (93) ------------------------------------------------------ Net increase 140 $848 525 $4,106 ------------------------------------------------------ - -------------------------------------------------------------------------------- 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 April 30, 2003, were $2,046,968 and $1,923,126, respectively. 8 | OPPENHEIMER CONCENTRATED GROWTH FUND - -------------------------------------------------------------------------------- 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 at an annual rate of 0.75% of the first $200 million of average annual net assets of the Fund, 0.72% of the next $200 million, 0.69% of the next $200 million, and 0.66% of net assets over $600 million. - -------------------------------------------------------------------------------- Transfer Agent Fees. OppenheimerFunds Services (OFS), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a $19.75 per account fee. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees, up to an annual rate of 0.35% of average net assets of Class A shares. This undertaking may be amended or withdrawn at any time. - -------------------------------------------------------------------------------- Distribution and Service Plan (12b-1) Fees. Under its General Distributor's Agreement with the Manager, OppenheimerFunds Distributor, Inc. (the Distributor) acts as the Fund's principal underwriter in the continuous public offering of the Class A shares of the Fund. - -------------------------------------------------------------------------------- Service Plan for Class A Shares. The Fund has adopted a Service Plan for Class A shares. It reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made quarterly at an annual rate of up to 0.25% of the average annual net assets of Class A shares of the Fund. For the six months ended April 30, 2003, payments under the Class A plan totaled $5,662 prior to the voluntary waiver of all such current period fees by the Manager, all of which were paid by the Distributor to recipients, none of which was 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. - -------------------------------------------------------------------------------- 5. Borrowing and Lending Arrangements Bank Borrowings. The Fund has the ability to borrow from banks for temporary or emergency purposes. Asset coverage for borrowings must be at least 300%. The Fund and other Oppenheimer funds participated in a $400 million unsecured line of credit from a bank, for liquidity purposes. Under that line of credit, each fund was charged interest on its borrowings at a rate equal to the Federal Funds rate plus 0.45%. The Fund paid a commitment fee on its pro rata share of the average unutilized amount of the credit facility at a rate of 0.08% per annum. The credit facility was terminated on November 12, 2002, when the Fund entered into the interfund borrowing and lending arrangements described below. The Fund had no outstanding borrowings under the credit facility through November 12, 2002. - -------------------------------------------------------------------------------- Interfund Borrowing and Lending Arrangements. Commencing November 12, 2002, the Fund entered into an "interfund borrowing and lending arrangement" with other funds in the Oppenheimer funds complex, to allow funds to borrow for liquidity purposes. The arrangement was initiated pursuant to exemptive relief granted by the Securities and Exchange Commission to allow these affiliated funds to lend money to, and borrow money from, each other, in an attempt to reduce borrowing costs below those of bank loan facilities. Under the arrangement the Fund may lend money to other Oppenheimer funds and may borrow from other Oppenheimer funds at a rate set by the Fund's Board of Trustees, based upon a recommendation by the investment manager. The Fund's borrowings, if any, are subject to asset coverage requirements under the Investment Company Act and the provisions of the SEC order and other applicable regulations. If the Fund borrows money, there is a risk that the loan could be called on one day's notice, in which case the Fund might have to borrow from a bank at higher rates if a loan were not available from another Oppenheimer fund. If the Fund lends money to another fund, it will be subject to the risk that the other fund might not repay the loan in a timely manner, or at all. The Fund had no interfund borrowings or loans outstanding during the six months ended or at April 30, 2003. - -------------------------------------------------------------------------------- 6. Subsequent Event The Fund will be liquidated in May, 2003. 9 | OPPENHEIMER CONCENTRATED GROWTH FUND THIS PAGE INTENTIONALLY LEFT BLANK. 10 | OPPENHEIMER CONCENTRATED GROWTH FUND THIS PAGE INTENTIONALLY LEFT BLANK. 11 | OPPENHEIMER CONCENTRATED GROWTH FUND PRIVACY POLICY NOTICE As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure. Information Sources We obtain nonpublic personal information about our shareholders from the following sources: o Applications or other forms o When you create a user ID and password for online account access o When you enroll in eDocs Direct, our electronic document delivery service o Your transactions with us, our affiliates or others o A software program on our website, often referred to as a "cookie," which indicates which parts of our site you've visited If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and to assist you in other ways. Protection of Information We do not disclose any nonpublic personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law. Disclosure of Information We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. Right of Refusal We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or "opt out" of such disclosure. Security In the coming months, an Internet browser that supports 128-bit encryption will be required to view the secure pages of www.oppenheimerfunds.com. These areas include: o Account access o Create a user ID and profile o User profile o eDocs Direct, our electronic document delivery service Not part of the semiannual report to Fund shareholders 12 | OPPENHEIMER CONCENTRATED GROWTH FUND To find out if your Internet browser supports 128-bit encryption, or for instructions on how to upgrade your browser, visit the Help section of www.oppenheimerfunds.com. Emails and Encryption As a security measure, we do not include personal or account information in nonsecure emails, and we advise you not to send such information to us in nonsecure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use an Internet browser that supports 128-bit encryption. If you are not sure if your Internet browser supports 128-bit encryption, or need instructions on how to upgrade your browser, visit the Help section of www.oppenheimerfunds.com for assistance. o All transactions, including redemptions, exchanges and purchases are secured by Secure Socket Layers (SSL) and encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds' server. It transmits information in an encrypted and scrambled format. o Encryption is achieved through an electronic scrambling technology that uses a "key" to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data. o You can exit the secure area by either closing your browser, or for added security, you can use the Log Out of Account Area button before you close your browser. Other Security Measures We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services to you, for example, when responding to your account questions. How You Can Help You can also do your part to keep your account information private, and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others. - -------------------------------------------------------------------------------- This joint notice describes the privacy policies of Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax-sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number--whether or not you remain a shareholder of our funds. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.CALL OPP (1.800.225.5677). Not part of the semiannual report to Fund shareholders 13 | OPPENHEIMER CONCENTRATED GROWTH FUND INFORMATION AND SERVICES Internet 24-hr access to account information and transactions 1 www.oppenheimerfunds.com - -------------------------------------------------------------------------------- PhoneLink 1 and General Information 24-hr automated information and automated transactions Representatives also available Mon-Fri 8am-9pm ET Sat (January-April) 10am-4pm ET 1.800.CALL OPP (1.800.225.5677) - -------------------------------------------------------------------------------- Written Correspondence and Transaction Requests OppenheimerFunds Services P.O. Box 5270, Denver, CO 80217-5270 For Overnight Delivery OppenheimerFunds Services 10200 East Girard Avenue, Building D Denver, CO 80231 1. At times the website or PhoneLink may be inaccessible or their transaction features may be unavailable. Not part of the semiannual report to Fund shareholders (C)Copyright 2003 OppenheimerFunds, Inc. All rights reserved. [LOGO OMITTED] OppenheimerFunds(R) The Right Way to Invest RS0715.001.0403 June 27, 2003 ITEM 2. CODE OF ETHICS - NOT REQUIRED ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT - NOT REQUIRED ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES - NOT REQUIRED ITEM 5. RESERVED ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. RESERVED ITEM 9. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of April 30, 2003, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to be appropriately designed to ensure that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation as indicated, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)