Report 
 
      
Registrant:   Oppenheimer Capital Appreciation Fund — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  8/31/97

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      319767
SEC File #:   811-03105

Telephone #:  212-323-0200
 
 2.
Address:      Two World Trade Center
              New York, NY  10048
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Custodian 
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  49

The Identification Code of the family for Form N-SAR Filings:  OPPENHEIMR
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       First Boston Corp. (The)
IRS #:        13-5659485
Commissions paid ($000s):  89
 
20.2
Broker:       Cowen & Co.
IRS #:        13-5616116
Commissions paid ($000s):  55
 
20.3
Broker:       Bridge Trading Co.
IRS #:        43-1450530
Commissions paid ($000s):  50
 
20.4
Broker:       Merrill Lynch, Pierce, Fenner, & Smith, Inc.
IRS #:        13-5674085
Commissions paid ($000s):  45
 
20.5
Broker:       Bernstein (Sanford C.) & Co., Inc.
IRS #:        13-2625874
Commissions paid ($000s):  44
 
20.6
Broker:       Painewebber, Inc.
IRS #:        13-2638166
Commissions paid ($000s):  40
 
20.7
Broker:       Lehman Brothers, Inc. (Shearson Lehman)
IRS #:        13-2518466
Commissions paid ($000s):  35
 
20.8
Broker:       Bear Stearns & Co., Inc.
IRS #:        13-3299429
Commissions paid ($000s):  34
 
20.9
Broker:       Blair (William) & Co.
IRS #:        36-2214610
Commissions paid ($000s):  29
 
20.10
Broker:       Donaldson, Lufkin & Jenrette Securities Corp.
IRS #:        13-2741729
Commissions paid ($000s):  27
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  1,102
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Morgan Guaranty Trust Co.
IRS #:        13-5123346
Registrant’s purchases ($000s):  18,235,400
 
22.2
Entity:       Goldman, Sachs & Co.
IRS #:        13-5108880
Registrant’s purchases ($000s):  12,312,701
Registrant’s sales ($000s):  13,471
 
22.3
Entity:       Zion First National Bank
IRS #:        87-0189025
Registrant’s purchases ($000s):  10,599,700
 
22.4
Entity:       Painewebber, Inc.
IRS #:        13-2638166
Registrant’s purchases ($000s):  3,738,302
Registrant’s sales ($000s):  63,928
 
22.5
Entity:       Cowen & Co.
IRS #:        13-5616116
Registrant’s purchases ($000s):  35,470
Registrant’s sales ($000s):  23,465
 
22.6
Entity:       First Boston Corp. (The)
IRS #:        13-5659485
Registrant’s purchases ($000s):  34,134
Registrant’s sales ($000s):  24,234
 
22.7
Entity:       Merrill Lynch, Pierce, Fenner, & Smith, Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  35,957
Registrant’s sales ($000s):  18,634
 
22.8
Entity:       Herzog, Heine, Geduld, Inc.
IRS #:        13-1955436
Registrant’s purchases ($000s):  13,630
Registrant’s sales ($000s):  32,846
 
22.9
Entity:       Donaldson, Lufkin & Jenrette Securities, Corp.
IRS #:        13-2741729
Registrant’s purchases ($000s):  23,581
Registrant’s sales ($000s):  15,260
 
22.10
Entity:       Bear Stearns & Co., Inc.
IRS #:        13-3299429
Registrant’s purchases ($000s):  22,197
Registrant’s sales ($000s):  13,261
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  45,411,310
   Aggregate sales ($000s):  568,331
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 22,479
      Reinvestment of dividends and distributions ................
 1
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 40,374
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 25,057
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 44,677
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 65,199
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 12,058
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 24,025
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 12,349
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 36,314
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 15,616
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 38,899
      Reinvestment of dividends and distributions ................
 -4
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 26,494

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 211,973
      Reinvestment of dividends and distributions ................
 -3
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 151,568

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  44,026
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.
Was a front-end sales load deducted from any share sales during the
period?  Yes
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  1,798

The maximum sales load rate in effect at period end as a percentage of
the offering price:  5.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  540

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  1,258
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  0
 
34.
Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  35
 
36.
Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
Payment Plan for the Distribution of Fund Shares 
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 –
Payments to brokers or dealers .........................................
 100
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  2,066
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.0%
    Step-fee rates:
      For 1st $000s:  200,000
        Annual rate:  0.75%
      Of next $000s:  200,000
        Annual rate:  0.72%
      Of next $000s:  200,000
        Annual rate:  0.69%
      Of next $000s:  200,000
        Annual rate:  0.66%
      Of next $000s:  700,000
        Annual rate:  0.6%
      & Above $000s:  1,500,000
        Annual rate:  0.58%
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes to both
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           No        –
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        –
Writing or investing in options on stock index futures?  Yes      No
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes      No
Investments in securities of foreign issuers?            Yes to both
Currency exchange transactions?                          Yes to both
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes to both
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  575,587
Sales ($000s):      558,414

Monthly average Value of portfolio ($000s):  846,197

Percent turnover (lesser of Purchases or Sales, divided by Value):  66%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  12

Income  ($000s)
Net interest income ..............................................
 9,888
Net dividend income ..............................................
 5,942
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 7,001
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 1,105
Custodian fees ...................................................
 84
Postage ..........................................................
 189
Printing expenses ................................................
 188
Directors’ fees ..................................................
 –
Registration fees ................................................
 47
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 –
Auditing fees ....................................................
 44
Legal fees .......................................................
 20
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 2,066
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 25
Total expenses ...................................................
 10,769

Expense reimbursements ($000s):   0

Net investment income ($000s):    5,061

Realized capital gains ($000s):   181,693
Realized capital losses ($000s):  29,891

Net unrealized appreciation during the period ($000s):  184,592
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  4,637
Dividends for a second class of shares ($000s):  29

Total capital gains distributions for which the record date passed
during the period ($000s):  97,292
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.1742
Dividends for a second class of shares:  $0.0639

Distribution of capital gains:  $3.5488
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 212,900
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 1,057,469
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 3,651
All other assets .................................................
 12
Total assets .....................................................
 1,274,032

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 155
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 6,148

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 1,267,729

Number of shares outstanding (000s):   30,530
Number of shares outstanding of a second class of shares (000s):  1,372

Net Asset Value (NAV) per share (to nearest cent):  $38.63
NAV per share of a second class of shares (to nearest cent):  $38.07

Total number of shareholder accounts:  72,935

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  1,028,999
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      Ici Mutual Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  78,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  93
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  No
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      George C. Bowen      
Name:   George C. Bowen
Title:  Treasurer