New Manager Joins Oppenheimer Enterprise Fund

July 1, 2004 — Oppenheimer Funds said money manager Alan Gilston has begun running the Oppenheimer Enterprise/A (OENAX). He replaced James Turner, who Oppenheimer said left the company to “pursue other interests.”

Gilston, who took over the $195-million fund late last month, is a member of Oppenheimer’s growth equity investment team. Gilston joined the fund company in 1997. Previously, he was a portfolio manager and technology analyst for Schroder Capital Management. Before joining Schroder he was a technology analyst with Dreyfus Corp.

Turner had piloted the fund since September 2000. He replaced money manager David Hyun, who joined Fred Alger Management Inc.

The Enterprise fund returned 2.5% this year through May, while its large-cap growth fund peers gained 0.8%. The Oppenheimer fund lost 10.1% on average for the three years ended in May, versus a 3.5% loss by similar funds.