-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LP8w5OyM/Im8VP7LBTZ1reHf4fXzonRoF6JWIj1JnL417mRVmzWnZXwxGAHG48q/ CBaMcpEXt2rJGokNgEaB2Q== 0000935069-03-000844.txt : 20030723 0000935069-03-000844.hdr.sgml : 20030723 20030625162307 ACCESSION NUMBER: 0000935069-03-000844 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030625 EFFECTIVENESS DATE: 20030625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER MIDCAP FUND CENTRAL INDEX KEY: 0001041101 IRS NUMBER: 133955890 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08297 FILM NUMBER: 03756856 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 N-CSR 1 rs0745_6846vef.txt RS0745_6846VEF 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 811-08297 Oppenheimer MidCap 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 MidCap Fund Management Commentaries and Semiannual Report MANAGEMENT COMMENTARIES Performance Update Investment Strategy Discussion Listing of Top Holdings SEMIANNUAL REPORT AND FINANCIAL STATEMENTS Listing of Investments Financials "We believe the Fund's long-term record of performance demonstrates the enduring value of our disciplined approach to growth investing, which focuses on a company's ability to sustain true internal revenue growth." [LOGO] OppenheimerFunds[R] The Right Way to Invest HIGHLIGHTS Fund Objective Oppenheimer MidCap Fund seeks capital appreciation. MANAGEMENT COMMENTARIES AND ADDITIONAL DISCLOSURES 1 Letter to Shareholders 2 An Interview with Your Fund's Manager 26 Trustees and Officers Listing 28 Privacy Policy Notice SEMIANNUAL REPORT AND FINANCIAL STATEMENTS 7 Statement of Investments 9 Statement of Assets and Liabilities 11 Statement of Operations 12 Statements of Changes in Net Assets 13 Financial Highlights 18 Notes to Financial Statements Cumulative Total Returns* For the 6-Month Period Ended 4/30/03 Without With Sales Chg. Sales Chg. - --------------------------------- Class A 0.79% -5.01% - --------------------------------- Class B 0.45 -4.55 - --------------------------------- Class C 0.45 -0.55 - --------------------------------- Class N 0.70 -0.30 - --------------------------------- Class Y 1.03 - --------------------------------- Average Annual Total Returns* For the 1-Year Period Ended 4/30/03 Without With Sales Chg. Sales Chg. - --------------------------------- Class A -18.99% -23.65% - --------------------------------- Class B -19.61 -23.63 - --------------------------------- Class C -19.61 -20.41 - --------------------------------- Class N -19.18 -19.99 - --------------------------------- Class Y -18.53 Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. *See Notes on page 6 for further details. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- LETTER TO SHAREHOLDERS Dear Shareholder, It is nearly impossible to reflect on the past six months without thinking about the war with Iraq. We experienced a range of emotions in the days leading up to the war and especially as the media brought the war into our homes, as never before. At OppenheimerFunds, we face the difficult task of looking beyond the war to see its long-term impact, together with other factors, on the global economy, the financial markets and, in the end, your investment with us. It's a responsibility that we take very seriously and becomes our primary focus during uncertain times like these. It is our strong belief that investors can be well served by this professional insight and by the guidance provided by a financial advisor. In partnership with OppenheimerFunds, your financial advisor can help you navigate through this volatile and sometimes unpredictable environment. We encourage you to continue to work closely with your advisor to develop and implement an investment plan that fits your goals and risk tolerance. On our end, we continue to be the home to some of the most experienced and talented investment professionals in the industry. They remain focused on proven methods that drive informed, intelligent investment decisions. It is an approach we are proud of and one that has served investors well in a variety of market conditions. We've found that in good times and bad, the fundamental principles of investing remain key for financial success. These principles-- investing according to your goals, diversifying your portfolio and benefiting from the value of professional investment advice--are simple ideas that have proven themselves over time, and, we believe, will prove themselves again. We thank you for your continued confidence in OppenheimerFunds and encourage you to visit our website, www.oppenheimerfunds.com, or speak with your advisor for up to date information on your investments and the markets. Sincerely, /S/ SIGNATURE John V. Murphy May 21, 2003 These general market views represent opinions of OppenheimerFunds, Inc. and are not intended to predict performance of the securities markets or any particular fund. Specific information that applies to your Fund is contained in the pages that follow. PHOTO OF JOHN V. MURPHY President Oppenheimer MidCap Fund - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 1 | OPPENHEIMER MIDCAP FUND AN INTERVIEW WITH YOUR FUND'S MANAGER Q How would you characterize the Fund's performance during the six-month period that ended April 30, 2003? A. The Fund delivered slightly below average performance during a difficult period. 1 Returns were undermined by high levels of market volatility generated by unpredictable geopolitical events and a shaky transition from recession to gradual growth. We believe these results generally reflect short-term market fluctuations rather than the broader trends responsible for the Fund's longer-term performance. We believe our long-term record of performance demonstrates the enduring value of our disciplined approach to growth investing, which focuses on a company's ability to sustain true internal revenue growth. What made this such a challenging period for stocks? Conflicting economic and political forces battered markets during the past six months. On the positive side, the U.S. economy showed signs of modest growth, while interest rates remained low and inflation remained in check. On the negative side, corporate capital spending remained weak, consumer sentiment declined and geopolitical uncertainties sapped investor confidence. These conditions created high levels of volatility, with stock prices rising and falling in response to international political developments as well as company-specific business results. The market's volatility was also reflected in abrupt shifts in sentiment with regard to various industries and sectors. For example, technology and health care stocks tended to move in opposite directions at any one moment, depending on whether the news of the day encouraged growth investors to hold a more strongly positive or negative economic outlook. As optimism rose, investors shifted assets into technology stocks they believed were more likely to benefit from economic gains. As prospects for growth dimmed, growth investors sought shelter Portfolio Manager Bruce Bartlett 1. The Fund's performance is compared to the S&P MidCap 400 Index, an unmanaged index of midcap equity securities, which had a six-month return of 3.98% for the period ended 4/30/03. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 2 | OPPENHEIMER MIDCAP FUND in the traditionally defensive health care area. These shifts drove individual stock prices sharply higher and lower, often without any reference to a company's underlying fundamentals. How did you manage the Fund under these conditions? We focused on stocks of companies with strong earnings growth generated by increasing sales. We believe that sales-driven earnings growth is intrinsically more sustainable than growth that is driven primarily by acquisitions or accounting gimmicks. Among stocks that met our investment criteria, we emphasized those we believed could maintain revenue growth during this difficult economic period. By focusing on the quality rather than the magnitude of a company's growth, we cushioned the impact of market volatility on the Fund, while avoiding many of the market's sharpest losses. We also maintained the Fund's concentration on mid-cap stocks. Mid-cap companies generally provide greater growth potential than larger companies and lower risks of failure than smaller companies, thereby offering the best of both worlds. Our company-by-company stock selection approach led us to concentrate a relatively high percentage of assets in the areas of health care, consumer and technology, each of which resulted in positive contributions to the Fund's relative performance in the last six months. Health care proved to be the Fund's largest single area of investment, because that's where we found the largest number of companies generating the kind of sustainable, internal revenue growth we target. Key holdings included equipment suppliers, such as Varian Medical Systems, Inc., and biotechnology companies, such as Gilead Sciences, Inc. While we sold some positions in drug distribution companies that experienced a slowdown in revenue growth, we added to other positions, such as Biomet, Inc., that were generating above-average, sales-driven earnings growth. In the consumer area, we succeeded in identifying several strong-performers despite weakness in consumer sentiment and seasonally - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 3 | OPPENHEIMER MIDCAP FUND AN INTERVIEW WITH YOUR FUND'S MANAGER disappointing sales experienced by many leading companies. Above-average holdings ranged from natural foods retailers, such as Whole Foods Market, Inc., to upscale apparel and accessories companies, such as Coach, Inc. Among technology stocks, we emphasized companies that stand at a favorable point in their product cycle, such as wireless equipment manufacturers (e.g., UTStarcom, Inc.), semiconductor makers (Marvell Technology Group Ltd.), and software security developers (Symantec Corp.). On the other hand, the Fund sustained steeper-than-average losses in the areas of industrials and financials. Both of these areas were adversely affected by the market volatility and sector rotation trends mentioned earlier, as well as weakening fundamentals among some of the Fund's individual holdings. We responded by reducing the Fund's exposure to companies that showed disappointing levels of growth. What is your outlook for the future? While short-term growth prospects are likely to face continuing geopolitical and economic pressures, longer-term prospects appear favorable. Many of the inventory excesses that inhibited technology growth in the past two years have run their course, while low interest rates are likely to encourage companies to reinvest in their business infrastructure. On the health care front, positive regulatory developments have opened the door to new drug approvals. As always, we remain sharply focused on the underlying fundamentals that we believe are the most reliable indicators of a company's long-term growth prospects. Our disciplined strategy of building the portfolio one company and one investment at a time has earned Oppenheimer MidCap Fund its exceptional record of performance, and makes the Fund a continuing part of The Right Way to Invest. Average Annual Total Returns with Sales Charge For the Periods Ended 3/31/03 2 Class A Since 1-Year 5-Year Inception - --------------------------- - -30.41% -3.77% 0.56% Class B Since 1-Year 5-Year Inception - --------------------------- - -30.37% -3.71% -0.78% Class C Since 1-Year 5-Year Inception - --------------------------- - -27.46% -3.36% 0.94% Class N Since 1-Year 5-Year Inception - --------------------------- - -27.16% N/A - 24.57% Class Y Since 1-Year 5-Year Inception - --------------------------- - -25.76% -2.15% 2.19% 2. See Notes on page 6 for further details. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 4 | OPPENHEIMER MIDCAP FUND Top Ten Common Stock Holdings 4 - ------------------------------------------------------------- Bed Bath & Beyond, Inc. 7.2% - ------------------------------------------------------------- Varian Medical Systems, Inc. 6.7 - ------------------------------------------------------------- Gilead Sciences, Inc. 5.8 - ------------------------------------------------------------- Lincare Holdings, Inc. 5.3 - ------------------------------------------------------------- Stryker Corp. 4.9 - ------------------------------------------------------------- Coach, Inc. 4.4 - ------------------------------------------------------------- Radian Group, Inc. 4.4 - ------------------------------------------------------------- UTStarcom, Inc. 4.1 - ------------------------------------------------------------- Apollo Group, Inc., Cl. A 3.6 - ------------------------------------------------------------- Biomet, Inc. 3.5 For up-to-date Top 10 Fund holdings, please visit www.oppenheimerfunds.com. Top Five Stock Industries 4 - ------------------------------------------------------------- Health Care Equipment & Supplies 15.0% - ------------------------------------------------------------- Specialty Retail 9.8 - ------------------------------------------------------------- Biotechnology 8.7 - ------------------------------------------------------------- Insurance 7.7 - ------------------------------------------------------------- Software 6.6 - ------------------------------------- Sector Allocation 3 [PIE CHART] o Health Care 32.5% Health Care Equipment & Supplies 16.8 Bio- technology 9.7 Health Care Providers & Services 6.0 o Consumer Discretionary 23.6 o Information Technology 20.3 o Financials 13.4 o Industrials 6.9 o Consumer Staples 3.3 - ------------------------------------- 3. Portfolio's holdings and allocations are subject to change. Percentages are as of April 30, 2003, and are based on total market value of common stock investments. 4. Portfolio's holdings and allocations are subject to change. Percentages are as of April 30, 2003, and are based on net assets. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 5 | OPPENHEIMER MIDCAP FUND 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. For updates on the Fund's performance, visit our website at www.oppenheimerfunds.com. Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund's total returns shown do not 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, call OppenheimerFunds Distributor, Inc. at 1.800.CALL OPP (1.800.225.5677) or visit the OppenheimerFunds website at www.oppenheimerfunds.com. Read the prospectus carefully before you invest or send money. Class A shares of the Fund were first publicly offered on 12/1/97. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 5.75%. Class B shares of the Fund were first publicly offered on 12/1/97. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year), 2% (5-year) and 1% (since inception). Class B shares are subject to an annual 0.75% asset-based sales charge. Class C shares of the Fund were first publicly offered on 12/1/97. Unless otherwise noted, Class C returns include the contingent deferred sales charge of 1% for the one-year period. Class C shares are subject to an annual 0.75% asset-based sales charge. Class N shares of the Fund were first publicly offered on 3/1/01. Class N shares are offered only through retirement plans. Unless otherwise noted, Class N returns include the contingent deferred sales charge of 1% for the one-year period. Class N shares are subject to an annual 0.25% asset-based sales charge. Class Y shares of the Fund were first publicly offered on 12/1/97. Class Y shares are offered only to certain institutional investors under special agreement with the Distributor. 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 - -------------------------------------------------------- 6 | OPPENHEIMER MIDCAP FUND STATEMENT OF INVESTMENTS April 30, 2003 / Unaudited Market Value Shares See Note 1 - ------------------------------------------------------ Common Stocks--89.5% - ------------------------------------------------------ Consumer Discretionary--21.1% - ------------------------------------------------------ Hotels, Restaurants & Leisure--1.7% Outback Steakhouse, Inc. 166,500 $ 5,950,710 - ------------------------------------------------------ Wendy's International, Inc. 222,500 6,461,400 ------------ 12,412,110 - ------------------------------------------------------ Media--2.6% Univision Communications, Inc., Cl. A 1 620,000 18,773,600 - ------------------------------------------------------ Multiline Retail--2.6% Family Dollar Stores, Inc. 550,000 18,804,500 - ------------------------------------------------------ Specialty Retail--9.8% Abercrombie & Fitch Co., Cl. A 1 224,000 7,365,120 - ------------------------------------------------------ Bed Bath & Beyond, Inc. 1 1,320,000 52,153,200 - ------------------------------------------------------ CarMax, Inc. 1 360,000 7,614,000 - ------------------------------------------------------ Weight Watchers International, Inc. 1 77,100 3,622,158 ------------- 70,754,478 - ------------------------------------------------------ Textiles & Apparel--4.4% Coach, Inc. 1 739,000 32,153,890 - ------------------------------------------------------ Consumer Staples--3.0% - ------------------------------------------------------ Food & Drug Retailing--3.0% Whole Foods Market, Inc. 1 360,000 21,369,600 - ------------------------------------------------------ Financials--12.0% - ------------------------------------------------------ Banks--2.1% Commerce Bancorp, Inc. 368,000 14,966,560 - ------------------------------------------------------ Diversified Financials--2.2% Doral Financial Corp. 404,200 16,172,042 - ------------------------------------------------------ Insurance--7.7% AMBAC Financial Group, Inc. 131,600 7,678,860 - ------------------------------------------------------ MBIA, Inc. 358,700 16,033,890 - ------------------------------------------------------ Radian Group, Inc. 801,100 31,803,670 ------------ 55,516,420 Market Value Shares See Note 1 - ------------------------------------------------------ Health Care--29.0% - ------------------------------------------------------ Biotechnology--8.7% Gilead Sciences, Inc. 1 914,300 $ 42,185,802 - ------------------------------------------------------ IDEC Pharmaceuticals Corp. 1 301,000 9,857,750 - ------------------------------------------------------ Medimmune, Inc. 1 300,000 10,581,000 ------------ 62,624,552 - ------------------------------------------------------ Health Care Equipment & Supplies--15.0% Biomet, Inc. 832,500 25,357,950 - ---------------------------------------- ------------- Stryker Corp. 525,000 35,180,250 - ------------------------------------------------------ Varian Medical Systems, Inc. 1 898,000 48,366,280 ------------ 108,904,480 - ------------------------------------------------------ Health Care Providers & Services--5.3% Lincare Holdings, Inc. 1 1,268,400 38,521,308 - ------------------------------------------------------ Industrials--6.2% - ------------------------------------------------------ Commercial Services & Supplies--4.1% Apollo Group, Inc., Cl. A 1 475,000 25,744,525 - ------------------------------------------------------ Career Education Corp. 1 60,000 3,607,800 ------------ 29,352,325 - ------------------------------------------------------ Machinery--2.1% SPX Corp. 1 450,000 15,210,000 - ------------------------------------------------------ Information Technology--18.2% - ------------------------------------------------------ Communications Equipment--4.1% UTStarcom, Inc. 1 1,362,900 29,671,696 - ------------------------------------------------------ Computers & Peripherals--0.4% Network Appliance, Inc. 1 250,000 3,320,000 - ------------------------------------------------------ Electronic Equipment & Instruments--1.1% Garmin Ltd. 1 186,200 7,891,156 - ------------------------------------------------------ Internet Software & Services--1.0% Expedia, Inc., Cl. A 1 125,000 7,223,750 - ------------------------------------------------------ Semiconductor Equipment & Products--5.0% Marvell Technology Group Ltd. 1 800,000 18,463,200 - ------------------------------------------------------ QLogic Corp. 1 400,000 17,596,000 ------------ 36,059,200 - ------------------------------------------------------ Software--6.6% Mercury Interactive Corp. 1 700,000 23,758,000 7 | OPPENHEIMER MIDCAP FUND STATEMENT OF INVESTMENTS Unaudited / Continued Market Value Shares See Note 1 - ------------------------------------------------------ Software Continued Symantec Corp. 1 539,300 $ 23,702,235 ------------ 47,460,235 ------------ Total Common Stocks (Cost $594,974,075) 647,161,902 - ------------------------------------------------------ Preferred Stocks--0.1% Axsun Technologies, Inc., Cv., Series C 1,2,3 771,208 363,933 - ------------------------------------------------------ Centerpoint Broadband Technologies, Inc., Cv., Series D 1,2 556,586 -- - ------------------------------------------------------ fusionOne, Inc., 8% Non-Cum. Cv., Series D 1,2,3 1,675,894 63,181 - ------------------------------------------------------ ITF Optical Technologies, Inc., Cv., Series A 1,2,3 200,000 116,760 ------------ Total Preferred Stocks (Cost $29,100,099) 543,874 Principal Market Value Amount See Note 1 - ------------------------------------------------------ Joint Repurchase Agreements--13.3% 4 Undivided interest of 11.64% in joint repurchase agreement (Market Value $827,630,000) with PaineWebber, Inc., 1.31%, dated 4/30/03, to be repurchased at $96,366,507 on 5/1/03, collateralized by Federal Home Loan Mortgage Corp., 5.50%, 4/1/33--5/1/33, with a value of $844,859,664 (Cost $96,363,000) $96,363,000 $ 96,363,000 - ------------------------------------------------------ Total Investments, at Value (Cost $720,437,174) 102.9% 744,068,776 - ------------------------------------------------------ Liabilities in Excess of Other Assets (2.9) (20,677,626) ---------------------- Net Assets 100.0% $723,391,150 ====================== Footnotes to Statement of Investments 1. Non-income producing security. 2. Identifies issues considered to be illiquid or restricted--See Note 6 of Notes to Financial Statements. 3. Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer, and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended April 30, 2003. The aggregate fair value of securities of affiliated companies held by the Fund as of April 30, 2003 amounts to $543,874. Transactions during the period in which the issuer was an affiliate are as follows:
Shares Gross Gross Shares Unrealized October 31, 2002 Additions Reductions April 30, 2003 Depreciation - ---------------------------------------------------------------------------------------------------------------- Stocks and/or Warrants Axsun Technologies, Inc., Cv., Series C 771,208 -- -- 771,208 $8,636,064 fusionOne, Inc., 8% Non-Cum. Cv., Series D 1,675,894 -- -- 1,675,894 9,036,923 ITF Optical Technologies, Inc., Cv., Series A 200,000 -- -- 200,000 4,883,240
4. The Fund may have elements of risk due to concentrated investments. Such concentrations may subject the Fund to additional risks. See accompanying Notes to Financial Statements. 8 | OPPENHEIMER MIDCAP FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited April 30, 2003 - ------------------------------------------------------------------------------- Assets Investments, at value (including $96,363,000 in repurchase agreements)-- see accompanying statement: Unaffiliated companies (cost $697,337,073) $ 743,524,902 Affiliated companies (cost $23,100,101) 543,874 --------------- 744,068,776 - -------------------------------------------------------------------------------- Cash 497,785 - -------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 599,019 Interest and dividends 5,695 Other 7,829 --------------- Total assets 745,179,104 - -------------------------------------------------------------------------------- Liabilities Payables and other liabilities: Investments purchased 19,829,193 Shares of beneficial interest redeemed 949,289 Shareholder reports 484,859 Transfer and shareholder servicing agent fees 200,173 Distribution and service plan fees 139,397 Trustees' compensation 137,988 Other 47,055 --------------- Total liabilities 21,787,954 - -------------------------------------------------------------------------------- Net Assets $ 723,391,150 =============== - -------------------------------------------------------------------------------- Composition of Net Assets Paid-in capital $1,941,983,592 - -------------------------------------------------------------------------------- Accumulated net investment loss (4,709,776) - -------------------------------------------------------------------------------- Accumulated net realized loss on investment transactions (1,237,514,268) - -------------------------------------------------------------------------------- Net unrealized appreciation on investments 23,631,602 --------------- Net Assets $ 723,391,150 =============== 9 | OPPENHEIMER MIDCAP FUND STATEMENT OF ASSETS AND LIABILITIES Unaudited / Continued - -------------------------------------------------------------------------------- Net Asset Value Per Share - -------------------------------------------------------------------------------- Class A Shares: Net asset value and redemption price per share (based on net assets of $342,327,016 and 29,715,999 shares of beneficial interest outstanding) $11.52 Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $12.22 - -------------------------------------------------------------------------------- Class B Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $275,545,400 and 24,883,938 shares of beneficial interest outstanding) $11.07 - -------------------------------------------------------------------------------- Class C Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $82,405,478 and 7,444,604 shares of beneficial interest outstanding) $11.07 - -------------------------------------------------------------------------------- Class N Shares: Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $11,161,814 and 974,260 shares of beneficial interest outstanding) $11.46 - -------------------------------------------------------------------------------- Class Y Shares: Net asset value, redemption price and offering price per share (based on net assets of $11,951,442 and 1,010,626 shares of beneficial interest outstanding) $11.83 See accompanying Notes to Financial Statements. 10 | OPPENHEIMER MIDCAP FUND STATEMENT OF OPERATIONS Unaudited For the Six Months Ended April 30, 2003 - ------------------------------------------------------------------------------ Investment Income Dividends $ 820,214 - ------------------------------------------------------------------------------ Interest 554,560 ------------ Total investment income 1,374,774 - ------------------------------------------------------------------------------ Expenses Management fees 2,488,059 - ------------------------------------------------------------------------------ Distribution and service plan fees: Class A 348,167 Class B 1,353,875 Class C 395,076 Class N 23,922 - ------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees: Class A 1,119,328 Class B 1,066,497 Class C 304,224 Class N 24,662 Class Y 13,996 - ------------------------------------------------------------------------------ Shareholder reports 353,845 - ------------------------------------------------------------------------------ Trustees' compensation 7,266 - ------------------------------------------------------------------------------ Custodian fees and expenses 5,051 - ------------------------------------------------------------------------------ Other 73,624 ------------ Total expenses 7,577,592 Less reduction to custodian expenses (120) Less voluntary waiver of transfer and shareholder servicing agent fees--Class A (665,872) Less voluntary waiver of transfer and shareholder servicing agent fees--Class B (758,160) Less voluntary waiver of transfer and shareholder servicing agent fees--Class C (210,195) Less voluntary waiver of transfer and shareholder servicing agent fees--Class N (6,768) ------------ Net expenses 5,936,477 - ------------------------------------------------------------------------------ Net Investment Loss (4,561,703) - ------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) Net realized gain (loss) on: Investments (85,769,503) Closing and expiration of option contracts written 191,097 ------------ Net realized loss (85,578,406) - ------------------------------------------------------------------------------ Net change in unrealized appreciation on investments 93,448,645 ------------ Net realized and unrealized gain 7,870,239 - ------------------------------------------------------------------------------ Net Increase in Net Assets Resulting from Operations $ 3,308,536 ============ See accompanying Notes to Financial Statements. 11 | OPPENHEIMER MIDCAP FUND STATEMENTS OF CHANGES IN NET ASSETS Six Months Year Ended Ended April 30, 2003 October 31, (Unaudited) 2002 - -------------------------------------------------------------------------------- Operations Net investment loss $(4,561,703) $ (14,191,329) - -------------------------------------------------------------------------------- Net realized loss (85,578,406) (235,256,189) - -------------------------------------------------------------------------------- Net change in unrealized appreciation 93,448,645 31,615,304 ---------------------------- Net increase (decrease) in net assets resulting from operations 3,308,536 (217,832,214) - -------------------------------------------------------------------------------- Beneficial Interest Transactions Net increase (decrease) in net assets resulting from beneficial interest transactions: Class A (11,714,381) (79,503,847) Class B (16,352,042) (59,860,957) Class C (1,203,299) (19,236,764) Class N 2,178,678 8,462,388 Class Y 4,178,724 4,409,028 - -------------------------------------------------------------------------------- Net Assets Total decrease (19,603,784) (363,562,366) - -------------------------------------------------------------------------------- Beginning of period 742,994,934 1,106,557,300 ---------------------------- End of period [including accumulated net investment loss of $4,709,776 and $148,073, respectively] $723,391,150 $742,994,934 ============================ See accompanying Notes to Financial Statements. 12 | OPPENHEIMER MIDCAP FUND FINANCIAL HIGHLIGHTS
Six Months Year Ended Ended April 30, 2003 Oct. 31, Class A (Unaudited) 2002 2001 2000 1999 1998 1 - ------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 11.43 $ 14.42 $ 30.41 $ 19.88 $ 10.83 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.04) (.13) (.02) .04 (.04) (.02) Net realized and unrealized gain (loss) .13 (2.86) (15.97) 10.49 9.11 .85 --------------------------------------------------------------------------- Total from investment operations .09 (2.99) (15.99) 10.53 9.07 .83 - ------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions in excess of net realized gain -- -- -- -- (.02) -- - ------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.52 $11.43 $14.42 $30.41 $19.88 $10.83 =========================================================================== - ------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 0.79% (20.74)% (52.58)% 52.97% 83.79% 8.30% - ------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $342,327 $351,983 $532,338 $1,055,967 $167,879 $14,607 - ------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $334,180 $460,797 $718,814 $ 728,168 $ 60,644 $ 7,185 - ------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) (0.93)% (1.06)% (0.09)% 0.28% (0.49)% (0.33)% Expenses, gross 1.73% 1.68% 1.33% 1.16% 1.40% 1.59% 4 Expenses, net 1.33% 5,6 1.47% 5,6 1.32% 5,6 1.16% 5 1.40% 5 1.59% - ------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 36% 51% 84% 23% 61% 117%
1. For the period from December 1, 1997 (inception of offering) to October 31, 1998. 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. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. Reduction to custodian expenses less than 0.01%. 6. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 13 | OPPENHEIMER MIDCAP FUND FINANCIAL HIGHLIGHTS Continued
Six Months Year Ended Ended April 30, 2003 Oct. 31, Class B (Unaudited) 2002 2001 2000 1999 1998 1 - ------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 11.02 $ 14.02 $ 29.79 $ 19.62 $ 10.77 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.11) (.30) (.15) (.07) (.07) (.05) Net realized and unrealized gain (loss) .16 (2.70) (15.62) 10.24 8.94 .82 --------------------------------------------------------------------------- Total from investment operations .05 (3.00) (15.77) 10.17 8.87 .77 - ------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions in excess of net realized gain -- -- -- -- (.02) -- - ------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.07 $11.02 $14.02 $29.79 $19.62 $10.77 =========================================================================== - ------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 0.45% (21.40)% (52.94)% 51.83% 82.40% 7.70% - ------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $275,545 $291,397 $438,962 $874,830 $118,611 $7,654 - ------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $272,931 $385,917 $592,096 $594,390 $ 40,455 $3,521 - ------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (1.67)% (1.85)% (0.84)% (0.48)% (1.25)% (1.06)% Expenses, gross 2.63% 2.48% 2.08% 1.91% 2.16% 2.35% 4 Expenses, net 2.07% 5,6 2.27% 5,6 2.07% 5,6 1.91% 5 2.16% 5 2.35% - ------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 36% 51% 84% 23% 61% 117%
1. For the period from December 1, 1997 (inception of offering) to October 31, 1998. 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. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. Reduction to custodian expenses less than 0.01%. 6. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 14 | OPPENHEIMER MIDCAP FUND
Six Months Year Ended Ended April 30, 2003 Oct. 31, Class C (Unaudited) 2002 2001 2000 1999 1998 1 - ------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 11.02 $ 14.02 $ 29.78 $ 19.60 $ 10.76 $ 10.00 - --------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.09) (.30) (.15) (.07) (.06) (.05) Net realized and unrealized gain (loss) .14 (2.70) (15.61) 10.25 8.92 .81 ------------------------------------------------------------------------------- Total from investment operations .05 (3.00) (15.76) 10.18 8.86 .76 - --------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions in excess of net realized gain -- -- -- -- (.02) -- - --------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.07 $11.02 $14.02 $29.78 $19.60 $10.76 =============================================================================== - --------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 0.45% (21.40)% (52.92)% 51.94% 82.38% 7.60% - --------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $82,405 $ 83,351 $128,230 $247,566 $26,482 $2,587 - --------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $79,665 $112,436 $170,129 $161,221 $ 9,066 $1,271 - --------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (1.68)% (1.84)% (0.85)% (0.48)% (1.26)% (1.07)% Expenses, gross 2.61% 2.47% 2.08% 1.91% 2.16% 2.35% 4 Expenses, net 2.08% 5,6 2.26% 5,6 2.07% 5,6 1.91% 5 2.16% 5 2.35% - --------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 36% 51% 84% 23% 61% 117%
1. For the period from December 1, 1997 (inception of offering) to October 31, 1998. 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. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. Reduction to custodian expenses less than 0.01%. 6. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 15 | OPPENHEIMER MIDCAP FUND FINANCIAL HIGHLIGHTS Continued
Six Months Year Ended Ended April 30, 2003 Oct. 31, Class N (Unaudited) 2002 2001 1 - -------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 11.38 $ 14.40 $ 19.54 - -------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment loss (.09) (.14) (.05) Net realized and unrealized gain (loss) .17 (2.88) (5.09) ---------------------------------------- Total from investment operations .08 (3.02) (5.14) - -------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions in excess of net realized gain -- -- -- - -------------------------------------------------------------------------------------------------- Net asset value, end of period $11.46 $11.38 $14.40 ======================================== - -------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 0.70% (20.97)% (26.31)% - -------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $11,162 $8,846 $2,268 - -------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 9,661 $6,576 $1,250 - -------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment loss (1.32)% (1.28)% (0.94)% Expenses, gross 1.85% 1.87% 1.73% Expenses, net 1.71% 4,5 1.66% 4,5 1.72% 4,5 - -------------------------------------------------------------------------------------------------- Portfolio turnover rate 36% 51% 84%
1. For the period from March 1, 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 waiver of transfer agent fees. See accompanying Notes to Financial Statements. 16 | OPPENHEIMER MIDCAP FUND
Six Months Year Ended Ended April 30, 2003 Oct. 31, Class Y (Unaudited) 2002 2001 2000 1999 1998 1 - ------------------------------------------------------------------------------------------------------------------------- Per Share Operating Data Net asset value, beginning of period $ 11.71 $ 14.69 $ 30.86 $ 20.07 $ 10.88 $ 10.00 - ------------------------------------------------------------------------------------------------------------------------- Income (loss) from investment operations: Net investment income (loss) (.12) (.08) (.08) (.02) (.01) .01 Net realized and unrealized gain (loss) .24 (2.90) (16.09) 10.81 9.22 .87 ---------------------------------------------------------------------------- Total from investment operations .12 (2.98) (16.17) 10.79 9.21 .88 - ------------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Distributions in excess of net realized gain -- -- -- -- (.02) -- - ------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $11.83 $11.71 $14.69 $30.86 $20.07 $10.88 =========================================================================== - ------------------------------------------------------------------------------------------------------------------------- Total Return, at Net Asset Value 2 1.03% (20.29)% (52.40)% 53.76% 84.69% 8.80% - ------------------------------------------------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (in thousands) $11,951 $7,419 $4,759 $115 $2 $1 - ------------------------------------------------------------------------------------------------------------------------- Average net assets (in thousands) $ 9,115 $6,449 $2,720 $ 33 $2 $1 - ------------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 3 Net investment income (loss) (0.75)% (0.39)% (0.12)% 0.60% (0.06)% 0.05% Expenses, gross 1.15% 0.83% 1.07% 0.74% 1.03% 1.09% 4 Expenses, net 1.15% 5 0.83% 5 1.02% 5,6 0.74% 5 1.03% 5 1.09% - ------------------------------------------------------------------------------------------------------------------------- Portfolio turnover rate 36% 51% 84% 23% 61% 117%
1. For the period from December 1, 1997 (inception of offering) to October 31, 1998. 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. Expense ratio has been calculated without adjustment for the reduction to custodian expenses. 5. Reduction to custodian expenses less than 0.01%. 6. Net of voluntary waiver of transfer agent fees. See accompanying Notes to Financial Statements. 17 | OPPENHEIMER MIDCAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Oppenheimer MidCap 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, Class N 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, Class C and Class N shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (CDSC). Class N shares are sold only through retirement plans. Retirement plans that offer Class N shares may impose charges on those accounts. 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 and voting privileges. Earnings, net assets and net asset value per share may differ by minor amounts due to each class having its own expenses directly attributable to that class. Classes A, B, C and N 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). - -------------------------------------------------------------------------------- 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. 18 | OPPENHEIMER MIDCAP FUND - -------------------------------------------------------------------------------- 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 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 $1,236,791,274. 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 ---------------------- 2006 $ 2,792,572 2007 3,516,822 2008 142,020,390 2009 764,990,986 2010 237,892,098 -------------- Total $1,151,212,868 ============== - -------------------------------------------------------------------------------- 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 decreased by $4,304 and payments of $3,871 were made to retired trustees, resulting in an accumulated liability of $139,896 as of April 30, 2003. 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. 19 | OPPENHEIMER MIDCAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 1. Significant Accounting Policies Continued 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 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 of each class. 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 4,114,279 $ 45,766,376 10,246,014 $ 140,041,291 Redeemed (5,206,092) (57,480,757) (16,353,774) (219,545,138) --------------------------------------------------------------- Net decrease (1,091,813) $(11,714,381) (6,107,760) $ (79,503,847) =============================================================== - -------------------------------------------------------------------------------- Class B Sold 1,990,184 $ 21,198,964 5,434,402 $ 72,796,103 Redeemed (3,542,899) (37,551,006) (10,300,242) (132,657,060) --------------------------------------------------------------- Net decrease (1,552,715) $(16,352,042) (4,865,840) $ (59,860,957) =============================================================== 20 | OPPENHEIMER MIDCAP FUND Six Months Ended April 30, 2003 Year Ended October 31, 2002 Shares Amount Shares Amount - -------------------------------------------------------------------------------- Class C Sold 1,044,223 $ 11,096,891 2,545,426 $ 33,944,222 Redeemed (1,163,927) (12,300,190) (4,128,477) (53,180,986) --------------------------------------------------------------- Net decrease (119,704) $ (1,203,299) (1,583,051) $(19,236,764) =============================================================== - -------------------------------------------------------------------------------- Class N Sold 315,808 $ 3,475,070 900,502 $ 11,916,305 Redeemed (118,536) (1,296,392) (281,019) (3,453,917) --------------------------------------------------------------- Net increase 197,272 $ 2,178,678 619,483 $ 8,462,388 =============================================================== - -------------------------------------------------------------------------------- Class Y Sold 479,549 $ 5,330,470 505,761 $ 7,112,046 Redeemed (102,216) (1,151,746) (196,412) (2,703,018) --------------------------------------------------------------- Net increase 377,333 $ 4,178,724 309,349 $ 4,409,028 =============================================================== - -------------------------------------------------------------------------------- 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 $223,348,398 and $235,990,244, 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 provides for an annual fee 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; 0.66% of the next $200 million; 0.60% of the next $700 million; 0.58% of the next $1 billion and 0.56% of average annual net assets in excess of $2.5 billion. - -------------------------------------------------------------------------------- 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. Additionally, Class Y shares are subject to minimum fees of $5,000 for assets of less than $10 million and $10,000 for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees. OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average annual net assets for all classes. This undertaking may be amended or withdrawn at any time. 21 | OPPENHEIMER MIDCAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 4. Fees and Other Transactions with Affiliates Continued 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 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 Concessions Concessions Concessions Concessions Front-End Front-End on Class A on Class B on Class C on Class N Sales Charges Sales Charges Shares Shares Shares Shares on Class A Retained by Advanced by Advanced by Advanced by Advanced by Six Months Ended Shares Distributor Distributor 1 Distributor 1 Distributor 1 Distributor 1 - -------------------------------------------------------------------------------------------------------- April 30, 2003 $542,027 $164,525 $53,999 $703,547 $85,401 $22,453
1. The Distributor advances concession payments to dealers for certain sales of Class A shares and for sales of Class B, Class C and Class N shares from its own resources at the time of sale. Class A Class B Class C Class N Contingent Contingent Contingent Contingent Deferred Deferred Deferred Deferred Sales Charges Sales Charges Sales Charges Sales Charges Retained by Retained by Retained by Retained by Six Months Ended Distributor Distributor Distributor Distributor - -------------------------------------------------------------------------------- April 30, 2003 $4,962 $509,161 $10,477 $6,903 - -------------------------------------------------------------------------------- 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 $348,167, all of which were paid by the Distributor to recipients, and included $32,564 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. - -------------------------------------------------------------------------------- Distribution and Service Plans for Class B, Class C and Class N Shares. The Fund has adopted Distribution and Service Plans for Class B, Class C and Class N shares. Under the plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% per year on Class B shares and on Class C shares and the Fund pays the Distributor an annual asset-based sales charge of 0.25% per year on Class N shares. The Distributor also receives a service fee of 0.25% per year under each plan. 22 | OPPENHEIMER MIDCAP FUND Distribution fees paid to the Distributor for the six months ended April 30, 2003, were as follows: Distributor's Distributor's Aggregate Aggregate Unreimbursed Unreimbursed Expenses as % Total Payments Amount Retained Expenses of Net Assets Under Plan by Distributor Under Plan of Class - -------------------------------------------------------------------------------- Class B Plan $1,353,875 $1,061,684 $18,995,716 6.89% Class C Plan 395,076 93,886 3,186,207 3.87 Class N Plan 23,922 20,255 233,329 2.09 - -------------------------------------------------------------------------------- 5. 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. 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 ------------------------- Number of Amount of Contracts Premiums ---------------------------------------------------------------- Options outstanding as of October 31, 2002 -- $ -- Options written 1,300 191,097 Options closed or expired (1,300) (191,097) ---------------------- Options outstanding as of April 30, 2003 -- $ -- ====================== 23 | OPPENHEIMER MIDCAP FUND NOTES TO FINANCIAL STATEMENTS Unaudited / Continued - -------------------------------------------------------------------------------- 6. Illiquid or Restricted Securities As of April 30, 2003, investments in securities included issues that are illiquid or restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on resale, and are valued under methods approved by the Board of Trustees as reflecting fair value. A security may also be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Fund intends to invest no more than 15% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid or restricted securities. Certain restricted securities, eligible for resale to qualified institutional investors, are not subject to that limitation. The aggregate value of illiquid or restricted securities subject to this limitation as of April 30, 2003 was $543,874, which represents 0.08% of the Fund's net assets, all of which is considered restricted. Information concerning restricted securities is as follows:
Acquisition Valuation as of Unrealized Security Dates Cost April 30, 2003 Depreciation - ------------------------------------------------------------------------------------------------------- Stocks and/or Warrants Axsun Technologies, Inc., Cv., Series C 12/13/00 $8,999,997 $363,933 $8,636,064 - ------------------------------------------------------------------------------------------------------- Centerpoint Broadband Technologies, Inc., Cv., Series D 10/23/00 5,999,997 -- 5,999,997 - ------------------------------------------------------------------------------------------------------- fusionOne, Inc., 8% Non-Cum. Cv., Series D 9/6/00 9,100,104 63,181 9,036,923 - ------------------------------------------------------------------------------------------------------- ITF Optical Technologies, Inc., Cv., Series A 4/7/00 5,000,000 116,760 4,883,240
- -------------------------------------------------------------------------------- 7. Borrowing and Lending Arrangements Bank Borrowings. The Fund had 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. 24 | OPPENHEIMER MIDCAP FUND - -------------------------------------------------------------------------------- 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. 25 | OPPENHEIMER MIDCAP FUND OPPENHEIMER MIDCAP FUND - -------------------------------------------------------------------------------- Trustees and Officers Thomas W. Courtney, Chairman John V. Murphy, President Paul Y. Clinton, Trustee Robert G. Galli, Trustee Lacy B. Herrmann, Trustee Brian Wruble, Trustee Bruce Bartlett, Vice President Robert G. Zack, Secretary Brian W. Wixted, Treasurer - -------------------------------------------------------------------------------- Investment Advisor OppenheimerFunds, Inc. - ------------------------------------------------------------------------------- Distributor OppenheimerFunds Distributor, Inc. - -------------------------------------------------------------------------------- Transfer and Shareholder OppenheimerFunds Services Servicing Agent - -------------------------------------------------------------------------------- Independent Auditors KPMG LLP - -------------------------------------------------------------------------------- Legal Counsel Mayer Brown Rowe & Maw The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent auditors. (C)Copyright 2003 OppenheimerFunds, Inc. All rights reserved. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 26 | OPPENHEIMER MIDCAP FUND OPPENHEIMERFUNDS FAMILY
- ------------------------------------------------------------------------------------------------------- Global Equity Developing Markets Fund Global Fund International Small Company Fund Quest Global Value Fund, Inc. International Growth Fund Global Opportunities Fund 1 - ------------------------------------------------------------------------------------------------------- Equity Stock Stock & Bond Emerging Technologies Fund Quest Opportunity Value Fund Emerging Growth Fund Total Return Fund, Inc. Enterprise Fund Quest Balanced Value Fund Discovery Fund Capital Income Fund Main Street Small Cap Fund(R) Multiple Strategies Fund Small Cap Value Fund Disciplined Allocation Fund MidCap Fund Convertible Securities Fund Main Street Opportunity Fund(R) Specialty Growth Fund Real Asset Fund(R) Capital Appreciation Fund Gold & Special Minerals Fund Main Street Fund(R)2 Tremont Market Neutral Fund, LLC 3 Value Fund Tremont Opportunity Fund, LLC 3 Quest Capital Value Fund, Inc. Quest Value Fund, Inc. Trinity Large Cap Growth Fund Trinity Core Fund Trinity Value Fund - ------------------------------------------------------------------------------------------------------- Income Taxable Rochester Division International Bond Fund California Municipal Fund 5 High Yield Fund New Jersey Municipal Fund 5 Champion Income Fund AMT-Free New York Municipals 5,6 Strategic Income Fund Municipal Bond Fund Bond Fund Limited Term Municipal Fund Total Return Bond Fund Rochester National Municipals Senior Floating Rate Fund Rochester Fund Municipals U.S. Government Trust Limited Term New York Municipal Fund Limited-Term Government Fund Pennsylvania Municipal Fund 5 Capital Preservation Fund 4 - ------------------------------------------------------------------------------------------------------- Select Managers Stock Stock & Bond Mercury Advisors Focus Growth Fund QM Active Balanced Fund 4 Gartmore Millennium Growth Fund II Jennison Growth Fund Salomon Brothers All Cap Fund Mercury Advisors S&P 500(R) Index Fund 4 - ------------------------------------------------------------------------------------------------------- Money Market 7 Money Market Fund, Inc. Cash Reserves
1. The Fund's name changed from Oppenheimer Global Growth & Income Fund on 6/1/03. 2. The Fund's name changed from Oppenheimer Main Street Growth & Income Fund(R) on 4/30/03. 3. Special investor qualification and minimum investment requirements apply. See the prospectus for details. 4. Available only through qualified retirement plans. 5. Available to investors only in certain states. 6. The Fund's name changed from Oppenheimer New York Municipal Fund on 1/22/03. 7. An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds may seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds. - -------------------------------------------------------- Not part of the semiannual report to Fund shareholders - -------------------------------------------------------- 27 | OPPENHEIMER MIDCAP 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 - -------------------------------------------------------- 28 | OPPENHEIMER MIDCAP 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 - -------------------------------------------------------- 29 | OPPENHEIMER MIDCAP FUND INFORMATION AND SERVICES Get This Report Online! You can quickly view, download and print this report at your convenience. It's EASY, FAST, CONVENIENT, and FREE! With OppenheimerFunds eDocs Direct, you'll receive email notification when shareholder reports, prospectuses or prospectus supplements for your fund(s) become available online, instead of receiving them through the mail. You'll cut down on paper mail and help reduce fund expenses! Sign up for eDocs Direct today at www.oppenheimerfunds.com GRAPHIC OMITTED eDocs Direct 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 - ------------------------------------------------------------------------------- Ticker Symbols Class A: OMDAX Class B: OMDBX Class C: OMDCX Class N: OMDNX Class Y: OMDYX 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 - -------------------------------------------------------- [GRAPHIC] OppenheimerFunds[R] Distributor, Inc. RS0745.001.0403 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) EX-99.302CERT 3 ex99_302-745.txt EX99_302CERT-745 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer MidCap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: 06/19/03 /S/JOHN V. MURPHY ----------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Oppenheimer MidCap Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report. Date: 06/19/03 /S/BRIAN W. WIXTED ------------------ Brian W. Wixted Chief Financial Officer EX-99.906CERT 4 ex99_906-745.txt EX99_906CERT-745 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED Chief Financial Officer of Oppenheimer MidCap Fund (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2003 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Chief Executive Officer Chief Financial Officer Oppenheimer MidCap Fund Oppenheimer MidCap Fund /S/JOHN V. MURPHY /S/BRIAN W. WIXTED - ----------------- ------------------ John V. Murphy Brian W. Wixted Date: 06/19/03 Date: 06/19/03 A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Oppenheimer MidCap Fund and will be retained by Oppenheimer MidCap Fund and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. -----END PRIVACY-ENHANCED MESSAGE-----