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 811-10257

                       Oppenheimer Special Value 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.





STATEMENT OF INVESTMENTS  April 30, 2003 / Unaudited



                                                   Market Value
                                         Shares      See Note 1
- ---------------------------------------------------------------
Common Stocks--96.1%
- ---------------------------------------------------------------
Consumer Discretionary--12.3%
- ---------------------------------------------------------------
Hotels, Restaurants & Leisure--3.4%
Ruby Tuesday, Inc.                        4,000      $   78,800
- ---------------------------------------------------------------
Starwood Hotels & Resorts
Worldwide, Inc.                           3,000          80,520
                                                     ----------
                                                        159,320

- ---------------------------------------------------------------
Household Durables--1.7%
Leggett & Platt, Inc.                     4,000          82,600
- ---------------------------------------------------------------
Leisure Equipment & Products--1.8%
Mattel, Inc.                              4,000          86,960
- ---------------------------------------------------------------
Media--1.7%
Omnicom Group, Inc.                       1,300          80,470
- ---------------------------------------------------------------
Specialty Retail--2.1%
Talbots, Inc. (The)                       3,500         100,275
- ---------------------------------------------------------------
Textiles & Apparel--1.6%
Nike, Inc., Cl. B                         1,400          74,942
- ---------------------------------------------------------------
Consumer Staples--5.6%
- ---------------------------------------------------------------
Food Products--3.7%
Bunge Ltd.                                4,600         128,846
- ---------------------------------------------------------------
Hormel Foods Corp.                        2,000          46,020
                                                     ----------
                                                        174,866

- ---------------------------------------------------------------
Tobacco--1.9%
Loews Corp./Carolina Group                5,000          91,900
- ---------------------------------------------------------------
Energy--9.0%
- ---------------------------------------------------------------
Energy Equipment & Services--1.9%
Noble Corp. 1                             3,000          92,850
- ---------------------------------------------------------------
Oil & Gas--7.1%
Devon Energy Corp.                        2,070          97,808
- ---------------------------------------------------------------
Frontier Oil Corp.                        3,500          59,220
- ---------------------------------------------------------------
Premcor, Inc. 1                           2,000          44,580
- ---------------------------------------------------------------
Talisman Energy, Inc.                     3,400         135,635
                                                     ----------
                                                        337,243

- ---------------------------------------------------------------
Financials--18.7%
- ---------------------------------------------------------------
Banks--5.3%
Charter One Financial, Inc.               3,300          95,865
- ---------------------------------------------------------------
National Commerce Financial Corp.         2,000          40,680
- ---------------------------------------------------------------
New York Community Bancorp, Inc.          1,700          59,024
- ---------------------------------------------------------------
Sovereign Bancorp, Inc.                   3,500          54,075
                                                     ----------
                                                        249,644

- ---------------------------------------------------------------
Diversified Financials--2.4%
CIT Group, Inc.                           3,000          61,110
- ---------------------------------------------------------------
E*TRADE Group, Inc. 1                    10,000          55,000
                                                     ----------
                                                        116,110



                                                   Market Value
                                         Shares      See Note 1
- ---------------------------------------------------------------
Insurance--9.1%
IPC Holdings Ltd.                         2,500      $   85,875
- ---------------------------------------------------------------
Lincoln National Corp.                    1,200          38,352
- ---------------------------------------------------------------
Nationwide Financial Services, Inc.,
Cl. A                                     2,500          70,375
- ---------------------------------------------------------------
Phoenix Cos., Inc. (The)                 20,000         158,000
- ---------------------------------------------------------------
XL Capital Ltd., Cl. A                    1,000          82,300
                                                     ----------
                                                        434,902

- ---------------------------------------------------------------
Real Estate--1.9%
Ventas, Inc.                              7,000          91,000
- ---------------------------------------------------------------
Health Care--8.4%
- ---------------------------------------------------------------
Health Care Equipment & Supplies--1.2%
Beckman Coulter, Inc.                     1,500          58,305
- ---------------------------------------------------------------
Health Care Providers & Services--5.5%
Anthem, Inc. 1                            1,300          89,232
- ---------------------------------------------------------------
Laboratory Corp. of America Holdings 1    3,600         106,056
- ---------------------------------------------------------------
Universal Health Services, Inc., Cl. B 1  1,700          65,739
                                                     ----------
                                                        261,027

- ---------------------------------------------------------------
Pharmaceuticals--1.7%
Watson Pharmaceuticals, Inc. 1            2,700          78,489
- ---------------------------------------------------------------
Industrials--15.1%
- ---------------------------------------------------------------
Aerospace & Defense--6.5%
Alliant Techsystems, Inc. 1               1,800          96,696
- ---------------------------------------------------------------
DRS Technologies, Inc. 1                  3,600         100,836
- ---------------------------------------------------------------
Empresa Brasileira de Aeronautica
SA (Embraer), ADR                         8,200         113,734
                                                     ----------
                                                        311,266

- ---------------------------------------------------------------
Commercial Services & Supplies--3.8%
Aramark Corp., Cl. B 1                    3,500          80,360
- ---------------------------------------------------------------
Pittston Brink's Group                    7,700          98,175
                                                     ----------
                                                        178,535

- ---------------------------------------------------------------
Machinery--1.8%
Navistar International Corp. 1            3,000          83,700
- ---------------------------------------------------------------
Road & Rail--3.0%
Canadian Pacific Railway Ltd.             3,800          87,970
- ---------------------------------------------------------------
Swift Transportation Co., Inc. 1          3,000          54,360
                                                     ----------
                                                        142,330

- ---------------------------------------------------------------
Information Technology--13.0%
- ---------------------------------------------------------------
Communications Equipment--2.5%
3Com Corp. 1                             15,500          80,600
- ---------------------------------------------------------------
JDS Uniphase Corp. 1                     11,000          35,530
                                                     ----------
                                                        116,130

- ---------------------------------------------------------------
Electronic Equipment & Instruments--4.7%
Celestica, Inc. 1                         8,500          98,260
- ---------------------------------------------------------------
Thermo Electron Corp. 1                   7,000         127,190
                                                     ----------
                                                        225,450





                       2 | OPPENHEIMER SPECIAL VALUE FUND

                                                   Market Value
                                         Shares      See Note 1
- ---------------------------------------------------------------
Semiconductor Equipment & Products--3.7%
Cypress Semiconductor Corp. 1             6,000      $   52,320
- ---------------------------------------------------------------
KLA-Tencor Corp. 1                        1,200          49,200
- ---------------------------------------------------------------
LSI Logic Corp. 1                         5,000          26,800
- ---------------------------------------------------------------
Novellus Systems, Inc. 1                  1,700          47,668
                                                     ----------
                                                        175,988

- ---------------------------------------------------------------
Software--2.1%
Activision, Inc. 1                        6,500          99,450
- ---------------------------------------------------------------
Materials--9.8%
- ---------------------------------------------------------------
Chemicals--2.7%
Lyondell Chemical Co.                     5,700          82,935
- ---------------------------------------------------------------
Monsanto Co.                              2,500          43,500
                                                     ----------
                                                        126,435

- ---------------------------------------------------------------
Construction Materials--2.1%
Cemex SA de CV, Sponsored ADR             4,400         100,540
- ---------------------------------------------------------------
Containers & Packaging--2.9%
Pactiv Corp. 1                            2,000          41,040
- ---------------------------------------------------------------
Smurfit-Stone Container Corp. 1           7,000          98,490
                                                     ----------
                                                        139,530



                                                   Market Value
                                         Shares      See Note 1
- ---------------------------------------------------------------
Paper & Forest Products--2.1%
Sappi Ltd., Sponsored ADR                 8,200      $  101,270
- ---------------------------------------------------------------
Telecommunication Services--2.4%
- ---------------------------------------------------------------
Diversified Telecommunication Services--2.4%
CenturyTel, Inc.                          3,800         111,910
- ---------------------------------------------------------------
Utilities--1.8%
- ---------------------------------------------------------------
Electric Utilities--1.8%
PPL Corp.                                 2,400          86,880
                                                     ----------
Total Common Stocks (Cost $4,168,256)                 4,570,317

- ---------------------------------------------------------------
Total Investments, at Value
(Cost $4,168,256)                          96.1%      4,570,317
- ---------------------------------------------------------------
Other Assets Net of Liabilities             3.9         186,344
                                     --------------------------
Net Assets                                100.0%     $4,756,661
                                     ==========================


Footnotes to Statement of Investments
1. Non-income producing security.

See accompanying Notes to Financial Statements.



                       3 | OPPENHEIMER SPECIAL VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES Unaudited





April 30, 2003
- --------------------------------------------------------------------------------------------------------
Assets

                                                                                             
Investments, at value (cost $4,168,256)--see accompanying statement                          $4,570,317
- --------------------------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold                                                                                254,361
Dividends                                                                                         1,005
Other                                                                                             1,109
                                                                                             -----------
Total assets                                                                                  4,826,792

- --------------------------------------------------------------------------------------------------------
Liabilities

Bank overdraft                                                                                   43,455
- --------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shareholder reports                                                                               4,960
Trustees' compensation                                                                               78
Custodian fees                                                                                       48
Transfer and shareholder servicing agent fees                                                        25
Other                                                                                            21,565
                                                                                             -----------
Total liabilities                                                                                70,131

- --------------------------------------------------------------------------------------------------------
Net Assets                                                                                   $4,756,661
                                                                                             -----------

- --------------------------------------------------------------------------------------------------------
Composition of Net Assets
Paid-in capital                                                                              $5,329,023
- --------------------------------------------------------------------------------------------------------
Accumulated net investment loss                                                                 (11,951)
- --------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments and foreign currency transactions                 (962,472)
- --------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies                                                               402,061
                                                                                             -----------
Net Assets                                                                                   $4,756,661
                                                                                             ===========


- --------------------------------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $4,756,661
and 519,013 shares of beneficial interest outstanding)                                            $9.16
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price)   $9.72




See accompanying Notes to Financial Statements.



                       4 | OPPENHEIMER SPECIAL VALUE FUND

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended April 30, 2003




- -------------------------------------------------------------------------------------------------------------
Investment Income

                                                                                                      
Dividends (net of foreign withholding taxes of $500)                                                $ 36,091
- -------------------------------------------------------------------------------------------------------------
Interest                                                                                                 479
                                                                                                    ---------
Total investment income                                                                               36,570

- -------------------------------------------------------------------------------------------------------------
Expenses
Management fees                                                                                       23,959
- -------------------------------------------------------------------------------------------------------------
Distribution and service plan fees-Class A                                                             5,990
- -------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees-Class A                                                    186
- -------------------------------------------------------------------------------------------------------------
Legal, auditing and other professional fees                                                            8,174
- -------------------------------------------------------------------------------------------------------------
Shareholder reports                                                                                    6,045
- -------------------------------------------------------------------------------------------------------------
Registration and filing fees                                                                             878
- -------------------------------------------------------------------------------------------------------------
Insurance expenses                                                                                       712
- -------------------------------------------------------------------------------------------------------------
Custodian fees and expenses                                                                              190
- -------------------------------------------------------------------------------------------------------------
Trustees' compensation                                                                                   158
- -------------------------------------------------------------------------------------------------------------
Other                                                                                                  8,233
                                                                                                    ---------
Total expenses                                                                                        54,525
Less reduction to custodian expenses                                                                     (18)
Less voluntary waiver of distribution and service plan fees                                           (5,990)
                                                                                                    ---------
Net expenses                                                                                          48,517


- -------------------------------------------------------------------------------------------------------------
Net Investment Loss                                                                                  (11,947)

- -------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:
Investments (including premiums on options exercised)                                                 (8,540)
Closing and expiration of option contracts written                                                    62,928
Foreign currency transactions                                                                            223
                                                                                                    ---------
Net realized gain                                                                                     54,611

- -------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation on:
Investments                                                                                          157,005
Translation of assets and liabilities denominated in foreign currencies                               11,240
                                                                                                    ---------
Net change                                                                                           168,245
                                                                                                    ---------
Net realized and unrealized gain                                                                     222,856


- -------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations                                                $210,909
                                                                                                    =========





See accompanying Notes to Financial Statements.



                       5 | OPPENHEIMER SPECIAL VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS



                                                                                                  Six Months           Year
                                                                                                       Ended           Ended
                                                                                              April 30, 2003        Oct. 31,
                                                                                                 (Unaudited)            2002
- -----------------------------------------------------------------------------------------------------------------------------
Operations

                                                                                                            
Net investment loss                                                                               $  (11,947)     $  (25,415)
- -----------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss)                                                                              54,611        (930,323)
- -----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation                                                                168,245         205,102
                                                                                                  ---------------------------
Net increase (decrease) in net assets resulting from operations                                      210,909        (750,636)

- -----------------------------------------------------------------------------------------------------------------------------
Beneficial Interest Transactions
Net decrease in net assets resulting from beneficial interest transactions--Class A                 (301,870)       (196,733)

- -----------------------------------------------------------------------------------------------------------------------------
Net Assets
Total decrease                                                                                       (90,961)       (947,369)
- -----------------------------------------------------------------------------------------------------------------------------
Beginning of period                                                                                4,847,622       5,794,991
                                                                                                  ---------------------------
End of period [including accumulated net investment loss of $11,951 and $4, respectively]         $4,756,661      $4,847,622
                                                                                                  ===========================





See accompanying Notes to Financial Statements.



                       6 | OPPENHEIMER SPECIAL VALUE 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                                $ 8.77        $10.04       $ 10.00
- --------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment loss                                                   (.02)         (.05)         (.01)
Net realized and unrealized gain (loss)                                .41         (1.22)          .05
                                                                     -----------------------------------
Total from investment operations                                       .39         (1.27)          .04
- --------------------------------------------------------------------------------------------------------
Net asset value, end of period                                       $9.16        $ 8.77        $10.04
                                                                     ===================================

- --------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value 2                                    4.45%       (12.65)%        0.40%

- --------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets, end of period (in thousands)                            $4,757        $4,848        $5,795
- --------------------------------------------------------------------------------------------------------
Average net assets (in thousands)                                   $4,831        $6,086        $6,034
- --------------------------------------------------------------------------------------------------------
Ratios to average net assets: 3
Net investment loss                                                  (0.50)%       (0.42)%       (0.08)%
Expenses, gross                                                       2.28%         1.87%         1.63%
Expenses, net                                                         2.03% 4,5     1.62% 4,5     1.33% 6
- --------------------------------------------------------------------------------------------------------
Portfolio turnover rate                                                 30%          194%          104%



<FN>
1. For the period from April 2, 2001 (inception of offering) to October 31,
2001.
2. 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.
3. Annualized for periods of less than one full year.
4. Reduction to custodian expenses less than 0.01%.
5. Net of voluntary wavier of distribution and service plan fees.
6. Net of reduction to custodian expenses and voluntary waiver of distribution
and service plan fees.

See accompanying Notes to Financial Statements.
</FN>




                       7 | OPPENHEIMER SPECIAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS Unaudited



- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Oppenheimer Special Value Fund (the Fund), is an open-end management investment
company registered under the Investment Company Act of 1940, as amended. The
Fund's investment objective is to seek long-term 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 $946,912. 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 used $54,611 of 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           $   50,614
                              2010              950,909
                                             ----------
                              Total          $1,001,523
                                             ==========


- --------------------------------------------------------------------------------
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 $38
and payments of $5 were made to retired trustees, resulting in an accumulated
liability of $37 as of April 30, 2003.




                       8 | OPPENHEIMER SPECIAL VALUE FUND

   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                              2,850         $  25,549              12,210         $ 138,302
Redeemed                        (36,830)         (327,419)            (36,167)         (335,035)
                                -----------------------------------------------------------------
Net decrease                    (33,980)        $(301,870)            (23,957)        $(196,733)
                                =================================================================





- --------------------------------------------------------------------------------
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
$1,415,777 and $1,602,727, respectively.



                       9 | OPPENHEIMER SPECIAL VALUE FUND

NOTES TO FINANCIAL STATEMENTS  Unaudited / Continued




- --------------------------------------------------------------------------------
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 1.00% of the average annual net assets of the Fund.


- --------------------------------------------------------------------------------
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 $5,990 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. Foreign Currency Contracts
A foreign currency contract is a commitment to purchase or sell a foreign
currency at a future date, at a negotiated rate. The Fund may enter into foreign
currency contracts for operational purposes and to seek to protect against
adverse exchange rate fluctuations. Risks to the Fund include the potential
inability of the counterparty to meet the terms of the contract.
   The net U.S. dollar value of foreign currency underlying all contractual
commitments held by the Fund and the resulting unrealized appreciation or
depreciation are determined using foreign currency exchange rates as provided by
a reliable bank, dealer or pricing service. Unrealized appreciation and
depreciation on foreign currency contracts are reported in the Statement of
Assets and Liabilities as a receivable or payable and in the Statement of
Operations with the change in unrealized appreciation or depreciation.
   The Fund may realize a gain or loss upon the closing or settlement of the
foreign currency transactions. Such realized gains and losses are reported with
all other foreign currency gains and losses in the Statement of Operations.


- --------------------------------------------------------------------------------
6. Option Activity
The Fund may buy and sell put and call options, or write put and covered call
options on portfolio securities in order to produce incremental earnings or
protect against changes in the value of portfolio securities.
   The Fund generally purchases put options or writes covered call options to
hedge against adverse movements in the value of portfolio holdings. When an
option is written, the Fund receives a premium and becomes obligated to sell or
purchase the underlying security at a fixed price, upon exercise of the option.
   Options are valued daily based upon the last sale price on the principal
exchange on which the option is traded and unrealized appreciation or
depreciation is recorded. The Fund will realize a gain or loss upon the
expiration or closing of the option transaction. When an option is exercised,
the proceeds on sales for a written call option, the purchase cost for a written
put option, or the cost of the security for a purchased put or call option is
adjusted by the amount of premium received or paid.




                      10 | OPPENHEIMER SPECIAL VALUE FUND

   Securities designated to cover outstanding call options are noted in the
Statement of Investments where applicable. Shares subject to call, expiration
date, exercise price, premium received and market value are detailed in a note
to the Statement of Investments. Options written are reported as a liability in
the Statement of Assets and Liabilities. Realized gains and losses are reported
in the Statement of Operations.
   The risk in writing a call option is that the Fund gives up the opportunity
for profit if the market price of the security increases and the option is
exercised. The risk in writing a put option is that the Fund may incur a loss if
the market price of the security decreases and the option is exercised. The risk
in buying an option is that the Fund pays a premium whether or not the option is
exercised. The Fund also has the additional risk of not being able to enter into
a closing transaction if a liquid secondary market does not exist.

Written option activity for the six months ended April 30, 2003 was as follows:



                                                                Call Options                      Put Options
                                                   -------------------------       --------------------------
                                                   Number of       Amount of       Number of        Amount of
                                                   Contracts        Premiums       Contracts         Premiums
- -------------------------------------------------------------------------------------------------------------
                                                                                         
Options outstanding as of October 31, 2002                98        $ 28,117             141          $31,967
Options written                                          164          21,674              24            7,228
Options closed or expired                               (167)        (39,336)           (125)         (26,315)
Options exercised                                        (95)        (10,455)            (40)         (12,880)
                                                        -----------------------------------------------------
Options outstanding as of April 30, 2003                  --        $     --              --          $    --
                                                        =====================================================



- --------------------------------------------------------------------------------
7. 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.


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8. Subsequent Event
The Fund will be liquidated in May, 2003.



                      11 | OPPENHEIMER SPECIAL VALUE FUND





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)