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<SEC-DOCUMENT>0000791963-04-000004.txt : 20040629
<SEC-HEADER>0000791963-04-000004.hdr.sgml : 20040629
<ACCEPTANCE-DATETIME>20040628174309
ACCESSION NUMBER:		0000791963-04-000004
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		04886403

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>f11k03.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<body bgcolor="#FFFFFF">

<p align="center"><font face="Arial"><b>SECURITIES AND EXCHANGE
COMMISSION</b></font></p>

<p align="center"><font face="Arial"><b>WASHINGTON D.C. 20542</b></font></p>

<p align="center"><font face="Arial"><b>FORM 11-K</b></font></p>

<p><font size="4" face="Arial"><b>X </b></font><font face="Arial">ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 </font></p>

<p><font face="Arial">For the fiscal year ended December 31, 2003</font></p>

<p align="center"><font face="Arial">OR</font></p>

<p><font face="Arial">TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 </font></p>

<p><font face="Arial">For the transition period from --- to ---.</font></p>

<p><font face="Arial">Commission File No. 1-12043</font></p>

<p><font face="Arial">A. Full title of the plan and address of
the plan, if different from that of the issuer named below:</font></p>

<p align="center"><font face="Arial">OPPENHEIMER &amp; CO., INC.
401(k) PLAN</font></p>

<p align="center"><font face="Arial">(formerly called Fahnestock
&amp; Co., Inc. 401(k) Plan)<br>
125 Broad Street<br>
New York NY 10004<br>
U.S.A.</font></p>

<p><font face="Arial">B. Name of issuer of the securities held
pursuant to the plan and the address of its principal executive
office:</font></p>

<p align="center"><font face="Arial">OPPENHEIMER HOLDINGS INC.<br>
Suite 1110, PO Box 2015<br>
20 Eglinton Avenue West<br>
Toronto ON M4R 1K8<br>
Canada</font></p>

<p>&nbsp;</p>

<p><font size="4" face="Arial">REQUIRED INFORMATION</font></p>

<p><font face="Arial">Item 1. Not applicable</font></p>

<p><font face="Arial">Item 2. Not applicable</font></p>

<p><font face="Arial">Item 3. Not applicable</font></p>

<p>Item 4. Financial Statements and Supplemental Information</p>

<p>&nbsp;</p>

<p align="center"><font size="4" face="Arial"><b>Oppenheimer
&amp; Co., Inc. 401(k) Plan<br>
</b></font><font size="2" face="Arial"><b>(formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan)<br>
</b></font><font size="4" face="Arial"><b>Financial Statements
and Supplemental Schedule<br>
December&nbsp;31, 2003 and 2002</b></font></p>

<p align="right"><font size="3" face="Times New Roman Bold"><b>Page(s)</b></font></p>

<p><font size="3"><b>Report of Independent Registered Public
Accounting Firm</b> 1</font></p>

<p><font size="3"><b>Financial Statements</b></font></p>

<p><font size="3">Statements of Net Assets Available for Benefits
2</font></p>

<p><font size="3">Statement of Changes in Net Assets Available
for Benefits 3</font></p>

<p><font size="3">Notes to Financial Statements 4&#150;9</font></p>

<p><font size="3"><b>Supplemental Schedule</b></font></p>

<p><font size="3">Schedule I - Schedule of Assets (Held at End of
Year) 10</font></p>

<p align="center"><font size="3"><b>Report of Independent
Registered Public Accounting Firm</b></font></p>

<p><font size="3">To the Participants and Administrator of the
Oppenheimer &amp; Co., Inc. 401(k) Plan</font></p>

<p><font size="3">In our opinion, the accompanying statements of
net assets available for benefits and the related statement of
changes in net assets available for benefits present fairly, in
all material respects, the net assets available for benefits of
the Oppenheimer &amp; Co., Inc. 401(k) Plan (formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan) (the &quot;Plan&quot;) at
December&nbsp;31, 2003 and 2002, and the changes in net assets
available for benefits for the year ended December&nbsp;31, 2003,
in conformity with accounting principles generally accepted in
the United States of America. These financial statements are the
responsibility of the Plan&#146;s management. Our responsibility
is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in
accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.</font></p>

<p><font size="3">Our audits were conducted for the purpose of
forming an opinion on the basic financial statements taken as a
whole. The supplemental Schedule of Assets (Held at End of Year)
is presented for the purpose of additional analysis and is not a
required part of the basic financial statements but is
supplementary information required by the Department of
Labor&#146;s Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This
supplemental schedule is the responsibility of the Plan&#146;s
management. The supplemental schedule has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.</font></p>

<p>&nbsp;</p>

<p><font size="3">PricewaterhouseCoopers LLP</font></p>

<p><font size="3">New York, NY</font></p>

<p><font size="3">June 28, 2004</font></p>

<p align="center"><font size="4" face="Arial"><b>Oppenheimer
&amp; Co., Inc. 401(k) Plan<br>
</b></font><font size="2" face="Arial"><b>(formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan)<br>
</b></font><font face="Arial"><b>Statements of Net Assets
Available for Benefits<br>
December 31, 2003 and 2002</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="590">
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="center"><font
        size="3"><b>2003</b></font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="center"><font
        size="3"><b>2002</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="5" width="10%" height="18"><font size="3"><b>Assets</b></font></td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="3" width="6%" height="18"><font size="3">Cash</font></td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">$281,925 </font></p>
        </td>
        <td width="2%" height="18">&nbsp; </td>
        <td width="15%" height="18"><p align="right"><font
        size="3">$140,246 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Investments,
        at fair value</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">112,888,301 </font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">77,665,222 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Life
        insurance policies </font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">443,655 </font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">407,680 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Contributions
        receivable from</font></td>
        <td width="15%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td colspan="6" width="65%" height="18"><font size="3">Employer</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">3,457,066 </font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">1,402,635 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Loans
        receivable from participants</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">2,921,593 </font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">2,423,456 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Other
        receivable</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">3,868</font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="4" width="61%" height="24"><font size="3">Total
        assets</font></td>
        <td width="15%" height="24"><font size="3">$119,996,408 </font></td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><font size="3">$82,039,239 </font></td>
    </tr>
    <tr>
        <td colspan="6" width="12%" height="24"><font size="3"><b>Liabilities</b></font></td>
        <td width="55%" height="24">&nbsp;</td>
        <td width="15%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="17"><font size="3">Investment
        trades payable, net</font></td>
        <td width="15%" height="17"><p align="right"><font
        size="3">188,069 </font></p>
        </td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="15%" height="17"><p align="right"><font
        size="3">- </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Administrative
        expenses payable</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">22,007 </font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">16,909 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Other
        payable</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">8,457</font></p>
        </td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">-</font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="4" width="61%" height="24"><font size="3">Total
        liabilities</font></td>
        <td width="15%" height="24"><p align="right"><font
        size="3">218,533 </font></p>
        </td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><p align="right"><font
        size="3">16,909 </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="4" width="61%" height="24"><font size="3">Net
        assets available for benefits</font></td>
        <td width="15%" height="24"><font size="3">$119,777,875 </font></td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><font size="3">$82,022,330 </font></td>
    </tr>
</table>
<p>><font size="2"><b> The accompanying notes are an integral part of this financial statement.</b></font></p><p>&nbsp;</p>

<p align="center"><font size="4" face="Arial"><b>Oppenheimer
&amp; Co., Inc. 401(k) Plan<br>
</b></font><font size="2" face="Arial"><b>(formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan)<br>
</b></font><font face="Arial"><b>Statement of Changes in Net
Assets Available for Benefits<br>
Year Ended December 31, 2003</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="588"
bordercolor="#000000">
    <tr>
        <td colspan="6" width="85%" height="18"><font size="3"><b>Additions
        to net assets attributed to</b></font></td>
        <td width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="18"><font size="3">Net
        realized and unrealized gains on investments</font></td>
        <td width="15%" height="18"><font size="3">$19,782,162 </font></td>
    </tr>
    <tr>
        <td colspan="4" width="51%" height="18"><font size="3">Interest</font></td>
        <td width="17%" height="18">&nbsp;</td>
        <td width="17%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">173,751 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="5" width="68%" height="18"><font size="3">Dividends</font></td>
        <td width="17%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">1,473,638 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td colspan="3" width="34%" height="24"><font size="3">Net
        investment income</font></td>
        <td width="15%" height="24"><p align="right"><font
        size="3">21,429,551 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="24"><font size="3">Contributions</font></td>
        <td width="15%" height="24">&nbsp;</td>
    </tr>
    <tr>
        <td width="17%" height="18">&nbsp;</td>
        <td colspan="5" width="68%" height="18"><font size="3">Participants</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">20,198,581 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="18">&nbsp;</td>
        <td colspan="5" width="68%" height="18"><font size="3">Employer</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">3,457,066 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td colspan="3" width="34%" height="24"><font size="3">Total
        contributions</font></td>
        <td width="15%" height="24"><p align="right"><font
        size="3">23,655,647 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td width="17%" height="24">&nbsp;</td>
        <td colspan="3" width="34%" height="24"><font size="3">Total
        additions</font></td>
        <td width="15%" height="24"><p align="right"><font
        size="3">45,085,198 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="24"><font size="3"><b>Deduction
        from net assets attributed to</b></font></td>
        <td width="15%" height="24">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="17"><font size="3">Benefits
        paid to participants</font></td>
        <td width="15%" height="17"><p align="right"><font
        size="3">7,301,204 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="5" width="68%" height="18"><font size="3">Administrative
        expenses</font></td>
        <td width="17%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">28,449 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="21">&nbsp;</td>
        <td width="17%" height="21">&nbsp;</td>
        <td width="17%" height="21">&nbsp;</td>
        <td colspan="3" width="34%" height="21"><font size="3">Total
        deductions</font></td>
        <td width="15%" height="21"><p align="right"><font
        size="3">7,329,653 </font></p>
        </td>
    </tr>
    <tr>
        <td width="17%" height="21">&nbsp;</td>
        <td width="17%" height="21">&nbsp;</td>
        <td width="17%" height="21">&nbsp;</td>
        <td colspan="3" width="34%" height="21"><font size="3">Net
        increase in net assets</font></td>
        <td width="15%" height="21"><p align="right"><font
        size="3">37,755,545 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="24"><font size="3"><b>Net
        assets available for benefits</b></font></td>
        <td width="15%" height="24">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="18"><font size="3">Beginning
        of year</font></td>
        <td width="15%" height="18"><p align="right"><font
        size="3">82,022,330 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="6" width="85%" height="24"><font size="3">End
        of year</font></td>
        <td width="15%" height="24"><font size="3">$119,777,875 </font></td>
    </tr>
</table>
<p>><font size="2"><b> The accompanying notes are an integral part of this financial statement.</b></font></p>

<p>&nbsp;</p>

<p><font size="4" face="Arial"><b>Oppenheimer &amp; Co., Inc.
401(k) Plan<br>
</b></font><font size="2" face="Arial"><b>(formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan)<br>
</b></font><font face="Arial"><b>Notes to Financial Statements<br>
December 31, 2003 and 2002</b></font></p>

<blockquote>
    <blockquote>
        <p><font size="3"><b>Description of the Plan</b></font></p>
        <p><font size="3">The following description of the
        Oppenheimer &amp; Co., Inc. 401(k) Plan (formerly known
        as Fahnestock &amp; Co., Inc. 401(k) Plan) (the
        &quot;Plan&quot;) provides only general information.
        Participants should refer to the plan agreement for a
        more complete description of the Plan&#146;s provisions.</font></p>
        <p><font size="3"><b>General</b></font></p>
        <p><font size="3">The Plan was established on
        January&nbsp;1, 1987 and was amended and restated to add
        a profit-sharing provision effective January&nbsp;1,
        1991. The Plan was subsequently amended effective
        January&nbsp;1, 1998 to change the rates used in
        computing the discretionary profit sharing contribution
        from Oppenheimer &amp; Co., Inc. (the
        &quot;Company&quot;).</font></p>
        <p><font size="3">Effective January&nbsp;1, 1999,
        employees of the First of Michigan Division of the
        Company became eligible to participate in the Plan.</font></p>
        <p><font size="3">Effective July&nbsp;1, 2002, the
        following plans were merged into the Plan:</font></p>
        <blockquote>
            <p><font size="3">First of Michigan A Division
            Oppenheimer &amp; Co., inc. Capital Accumulation
            401(k) Plan</font></p>
            <p><font size="3">Josepthal &amp; Co., Inc. Employee
            Savings Plan</font></p>
            <p><font size="3">Prime Charter Limited Tax Deferred
            Savings Plan</font></p>
            <p><font size="3">Buy&amp;Hold.com Inc. 401(k)
            Retirement Plan</font></p>
        </blockquote>
        <p><font size="3">The Plan document was amended effective
        July&nbsp;1, 2002. Nationwide Trust Company was appointed
        as trustee and The 401(k) Company was hired to administer
        the Plan.</font></p>
        <p><font size="3">The Plan document was amended effective
        September 2, 2003 to change the name of the Plan and,
        effective from the plan year ending December 31, 2003, to
        change the rates used in computing the discretionary
        profit sharing contributions from the Company.</font></p>
        <p><font size="3">Employees of the Company who have
        completed one year of service shall be eligible to
        receive an allocation of the discretionary profit sharing
        contribution. Employees of the Company who are 18 shall
        be eligible to make elective deferrals into the Plan.</font></p>
        <p><font size="3"><b>Allocation Provisions</b></font></p>
        <p><font size="3">Under the terms of the Plan, the
        individual makes all investment decisions with respect to
        his/her account balance, subject to available investment
        alternatives. Participants should refer to the respective
        fund prospectus for a more complete description of the
        investment objectives. As of December 31, 2002 these
        investment alternatives were Federated Cash Trust, PIMCO
        Total Return Fund, Delaware Group: Real Estate Investment
        Trust, Washington Mutual Investors Fund, Barclays Global
        Investors Equity Index Fund, First Trust Portfolio &#150;
        S&amp;P Target 24 Portfolio Fund, Growth Fund of America,
        Lord Abbett Mid Cap Value Fund, Artisan Mid Cap Fund,
        First Trust Portfolio &#150; Value Line Target 25
        Portfolio Fund, Strong Advisor Small Cap Value Fund, AIM
        Small Cap Growth Fund, Oppenheimer Global Fund, Putnam
        International Growth Fund, MFS International New
        Discovery Fund, Oppenheimer Holdings Inc. Common Stock ,
        and Certificate of Deposit Fund.</font></p>
        <p><font size="3">As of December 31, 2003, the investment
        alternatives were the same except that Barclay&#146;s
        Global Investors Equity Index Fund, First Trust Portfolio
        &#150; S&amp;P Target 24 Portfolio Fund, First Trust
        Portfolio &#150; Value Line Target 25 Portfolio Fund,
        Putnam International Growth Fund, and Certificate of
        Deposit Fund were removed and Templeton Foreign Fund, SEI
        Stable Asset Fund and State Street S&amp;P Index Fund
        were added.</font></p>
        <p><font size="3"><b>Contributions</b></font></p>
        <p><font size="3">As discussed above, the Company may
        contribute to the Plan a discretionary profit-sharing
        amount (the &quot;Employer Regular Contribution&quot;).
        The Employer Regular Contribution is determined by its
        Board of Directors and is subject to guidelines set forth
        in the Plan agreement.</font></p>
        <p><font size="3">Employer Regular Contributions for the
        year ending December&nbsp;31, 2003 were determined as
        follows: </font></p>
        <blockquote>
            <p><font size="3">1.25% of the first $30,000 of a
            participant&#146;s compensation;</font></p>
            <p><font size="3">3% of the next $35,000 of a
            participant&#146;s compensation;</font></p>
            <p><font size="3">2.5% of the next $35,000 of a
            participant&#146;s compensation;</font></p>
            <p><font size="3">1.25% of the next $60,000 of a
            participant&#146;s compensation; and</font></p>
            <p><font size="3">0% above $160,000 of a
            participant&#146;s compensation.</font></p>
        </blockquote>
        <p><font size="3">If participants elect to receive their
        Employer Regular Contribution in the form of common stock
        of Oppenheimer Holdings Inc. (&quot;Holdings&quot;), the
        Company may make an additional contribution of Holdings
        common stock up to or equal to 15 percent of the purchase
        price of the common stock (the &quot;Employer Stock
        Contribution&quot;) at the discretion of the Directors of
        the Board.</font></p>
        <p><font size="3">Employees may make salary deferral
        contributions of up to 50% of compensation. Current law
        limits participant pre-tax deferrals to $12,000 for the
        plan year ended December&nbsp;31, 2003.</font></p>
        <p><font size="3"><b>Vesting</b></font></p>
        <p><font size="3">All participants are immediately and
        fully vested in all Employee Elective Deferrals and the
        income derived from the investment of such contributions.</font></p>
        <p><font size="3">Participants will be vested in Employer
        Regular Contributions plus the income thereon upon the
        completion of service with the Company or an affiliate at
        the following rate:</font></p>
        <p><font size="3"><b>Years or Service Vested Percentage</b></font></p>
        <blockquote>
            <p><font size="3">Less than 3 years 0%</font></p>
            <p><font size="3">3 years but less than 4 20%</font></p>
            <p><font size="3">4 years but less than 5 40%</font></p>
            <p><font size="3">5 years but less than 6 60%</font></p>
            <p><font size="3">6 years but less than 7 80%</font></p>
            <p><font size="3">7 years or more 100%</font></p>
        </blockquote>
        <p><font size="3">All years of service with the Company
        or an affiliate are counted to determine a
        participant&#146;s nonforfeitable percentage except years
        of service before the Plan was restated in 1991.
        Participants will be 100 percent vested in the additional
        portion of the Employer Stock Contributions only upon
        completion of 5 years service.</font></p>
        <p><font size="3">At December&nbsp;31, 2003, forfeited
        nonvested accounts totaled approximately $257,069. These
        accounts will be used to reduce future employer
        contributions.</font></p>
        <p><font size="3">Company Qualified Matching and
        Qualified Non-Elective Contributions, as defined in the
        Plan document, if required, are fully vested when made.
        No payments under these provisions were required during
        the year ended December&nbsp;31, 2003.</font></p>
        <p><font size="3">Notwithstanding the vesting schedules
        specified above, with respect to retirement, a
        participant&#146;s right to his or her accounts will be
        nonforfeitable upon the attainment of: the later of age
        65 or the fifth anniversary of the participation
        commencement date; death; or disability, as defined.</font></p>
        <p><font size="3"><b>Payment of Benefits</b></font></p>
        <p><font size="3">Payment of vested benefits under the
        Plan will be made in the event of a participant&#146;s
        termination of employment, death, retirement, or
        financial hardship and may&nbsp;be paid in either a
        lump-sum distribution or over a certain period of time as
        determined by IRS rules or by participant election.</font></p>
        <p><font size="3"><b>Loans to Participants</b></font></p>
        <p><font size="3">Loans are made available to all
        participants. Loans must be adequately collateralized
        using not more than fifty percent of the
        participant&#146;s vested account balance and bear a
        interest rate of the current Treasury rate plus 4%. Loan
        principal and interest repayments are reinvested in
        accordance with the participant&#146;s current investment
        selection.</font></p>
        <p><font size="3"><b>Income Tax Status</b></font></p>
        <p><font size="3">The Plan received a determination
        letter on October 30, 2002, from the Internal Revenue
        Service (IRS) qualifying the Plan under the IRS code as
        exempt from Federal income taxes. The Plan has been
        amended since receiving the determination letter.
        However, the Plan administrator believes that the Plan
        continues to be designed and operated in compliance with
        the applicable requirements of the Internal Revenue Code.</font></p>
        <p><font size="3"><b>Significant Accounting Policies</b></font></p>
        <p><font size="3">Securities transactions are recorded on
        a trade date basis with gains and losses reflected in
        income. Interest and dividend income are recorded on the
        accrual basis.</font></p>
        <p><font size="3">Investments are stated at fair value,
        based on quoted market prices for valuation of common
        stock, debt obligations, and mutual funds. Assets held in
        money market accounts are valued at cost which
        approximates fair value.</font></p>
        <p><font size="3">Benefits are recorded when paid.</font></p>
        <p><font size="3">Expenses related to loan origination
        and maintenance are paid to the administrator.</font></p>
        <p><font size="3">Life insurance policies are recorded at
        cash surrender value. Changes in cash surrender value due
        to dividend additions are recorded in dividend income in
        the Statement of Changes in Net Assets Available for
        Benefits.</font></p>
        <p><font size="3">The Plan presents in the statement of
        changes in net assets available for benefits the net
        appreciation in the fair value of its investments which
        consists of the realized gains or losses and the
        unrealized appreciation (depreciation) on those
        investments.</font></p>
        <p><font size="3">The preparation of financial statements
        in conformity with generally accepted accounting
        principles 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 dates of the financial statements and
        the reported amounts of additions and contribution to,
        and deductions from net assets during the reporting
        period. Actual results could differ from those estimates.</font></p>
        <p><font size="3">The Plan provides for various
        investment options in any combination of stocks, bonds,
        fixed income securities, mutual funds, and other
        investment securities. Investment securities are subject
        to interest rate, market, foreign exchange and credit
        risks.</font></p>
        <p><font size="3">Due to the risk associated with certain
        investment securities and the level of uncertainty
        related to changes in the value of investment securities,
        it is at least reasonably possible that changes in the
        near term could materially affect participants&#146;
        account balances and the amounts reported in the
        statements of net assets available for benefits and the
        statement of changes in net assets available for
        benefits.</font></p>
        <p><font size="3"><b>Related Parties</b></font></p>
        <p><font size="3">For the period January&nbsp;1, 2002 to
        June&nbsp;30, 2002, the Company acted as investment
        advisor and administrator. It was the custodian of the
        Plan assets in the Bond Fund, the Money Market Fund, the
        Certificate of Deposit Fund, and the Oppenheimer Holdings
        Inc. Common Stock Fund. The Company executed the
        Plan&#146;s transactions and provided accounting and
        other administrative services for which no charge was
        made to the Plan. The Trustees of the Plan were also
        officers and directors of the Company.</font></p>
        <p><font size="3">Effective July 2, 2002, Nationwide
        Trust Company is the Trustee of the Plan.</font></p>
        <p><font size="3"><b>Concentration of Investments</b></font></p>
        <p><font size="3">The following investments represent 5%
        or more of net assets available for plan benefits as of
        December&nbsp;31, 2003:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellspacing="0" width="599">
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="47%" height="18">&nbsp;</td>
        <td width="14%" height="18">&nbsp;</td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="center"><font
        size="3"><b>Percent of Net</b></font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="47%" height="18">&nbsp;</td>
        <td width="14%" height="18"><p align="center"><font
        size="3"><b>Market</b></font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="center"><font
        size="3"><b>Assets Available</b></font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="47%" height="18">&nbsp;</td>
        <td width="14%" height="18"><p align="center"><font
        size="3"><b>Value</b></font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="center"><font
        size="3"><b>for Plan Benefits</b></font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="13">&nbsp;</td>
        <td width="2%" height="13">&nbsp;</td>
        <td width="2%" height="13">&nbsp;</td>
        <td width="2%" height="13">&nbsp;</td>
        <td width="2%" height="13">&nbsp;</td>
        <td width="2%" height="13">&nbsp;</td>
        <td width="47%" height="13">&nbsp;</td>
        <td width="14%" height="13">&nbsp;</td>
        <td width="6%" height="13">&nbsp;</td>
        <td width="18%" height="13">&nbsp;</td>
        <td width="5%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">Oppenheimer
        Holdings Inc. - Common Stock</font></td>
        <td width="14%" height="18"><font size="3">$22,290,107 </font></td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">18.61%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">Federated
        Cash Trust Series</font></td>
        <td width="14%" height="18"><p align="right"><font
        size="3">14,753,758 </font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">12.32%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">Growth
        Fund of America</font></td>
        <td width="14%" height="18"><p align="right"><font
        size="3">17,440,300 </font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">14.56%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">Washington
        Mutual Investors Fund</font></td>
        <td width="14%" height="18"><p align="right"><font
        size="3">13,185,993 </font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">11.01%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">PIMCO
        Total Return Fund</font></td>
        <td width="14%" height="18"><p align="right"><font
        size="3">8,494,171 </font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">7.09%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="57%" height="18"><font size="3">Oppenheimer
        Global Fund</font></td>
        <td width="14%" height="18"><p align="right"><font
        size="3">6,705,524 </font></p>
        </td>
        <td width="6%" height="18">&nbsp;</td>
        <td width="18%" height="18"><p align="right"><font
        size="3">5.60%</font></p>
        </td>
        <td width="5%" height="18">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">During 2003, the Plan&#146;s
        investments (including gains and losses on investments
        bought and sold, as well as held during the year)
        appreciated in value by $19,782,162 as follows:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="541">
    <tr>
        <td colspan="7" width="82%" height="17"><font size="3">Mutual
        funds</font></td>
        <td width="18%" height="17"><p align="right"><font
        size="3">$14,103,046 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="82%" height="17"><font size="3">Common
        stock</font></td>
        <td width="18%" height="17"><p align="right"><font
        size="3">5,679,116 </font></p>
        </td>
    </tr>
    <tr>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="12%" height="24">&nbsp;</td>
        <td width="18%" height="24"><p align="right"><font
        size="3">$19,782,162 </font></p>
        </td>
    </tr>
    <tr>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="12%" height="4">&nbsp;</td>
        <td width="18%" height="4">&nbsp;</td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3"><b>Plan Termination</b></font></p>
        <p><font size="3">Although it has not expressed any
        intent to do so, the Company has the right under the Plan
        to discontinue its contributions at any time and to
        terminate the Plan subject to the provisions of the
        Employee Retirement Income Security Act of 1974
        (&quot;ERISA&quot;). In the event of Plan termination,
        participants will become 100 percent vested in their
        contributions and related investment earnings.</font></p>
        <p><font size="3"><b>Reconciliation of Financial
        Statements to Form 5500</b></font></p>
        <p><font size="3">The following is a reconciliation of
        net assets available for benefits per the financial
        statements to the Form 5500:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="573">
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="63%" height="18">&nbsp;</td>
        <td width="25%" height="18"><p align="center"><font
        size="3"><b>December 31, 2003</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="63%" height="17">&nbsp;</td>
        <td width="25%" height="17">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="75%" height="17"><font size="3">Net
        assets available for benefits per the financial
        statements</font></td>
        <td width="25%" height="17"><p align="right"><font
        size="3">$119,777,875 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="75%" height="17"><font size="3">Amounts
        allocated to withdrawing participants</font></td>
        <td width="25%" height="17"><p align="right"><font
        size="3">(6,605) </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="4" width="69%" height="24"><font size="3">Net
        assets available for benefits per the Form 5500</font></td>
        <td width="25%" height="24"><p align="right"><font
        size="3">$119,771,270 </font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">The following is a reconciliation of
        benefits paid to participants per the financial
        statements to the Form 5500:</font></p>
    </blockquote>
</blockquote>

<table border="0" cellpadding="0" cellspacing="0" width="573">
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="62%" height="18">&nbsp;</td>
        <td width="26%" height="18"><p align="center"><font
        size="3"><b>Year Ended</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="62%" height="17">&nbsp;</td>
        <td width="26%" height="17"><p align="center"><font
        size="3"><b>December 31, 2003</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="62%" height="17">&nbsp;</td>
        <td width="26%" height="17">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="74%" height="17"><font size="3">Benefits
        paid to participants per the financial statements</font></td>
        <td width="26%" height="17"><p align="right"><font
        size="3">$7,301,204 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="74%" height="17"><font size="3">Add:
        Amounts allocated to withdrawing participants at </font></td>
        <td width="26%" height="17">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td colspan="6" width="72%" height="17"><font size="3">December
        31, 2003</font></td>
        <td width="26%" height="17"><p align="right"><font
        size="3">6,605 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="3" width="6%" height="17"><font size="3">Less:</font></td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="2%" height="17">&nbsp;</td>
        <td width="62%" height="17">&nbsp;</td>
        <td width="26%" height="17">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td colspan="6" width="72%" height="17"><font size="3">Corrective
        distributions</font></td>
        <td width="26%" height="17"><p align="right"><font
        size="3">200 </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="17">&nbsp;</td>
        <td colspan="6" width="72%" height="17"><font size="3">Certain
        deemed distributions of participant loans</font></td>
        <td width="26%" height="17"><p align="right"><font
        size="3">45,973 </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="4" width="68%" height="24"><font size="3">Benefits
        paid to participants per the Form 5500</font></td>
        <td width="26%" height="24"><p align="right"><font
        size="3">$7,261,636 </font></p>
        </td>
    </tr>
</table>

<blockquote>
    <blockquote>
        <p><font size="3">Amounts allocated to withdrawing
        participants are recorded on the Form 5500 for benefit
        claims that have been processed and approved for payment
        prior to December&nbsp;31, but not yet paid as of that
        date.</font></p>
        <p><font size="3"><b>Subsequent Event</b></font></p>
        <p><font size="3">In January&nbsp;and February 2004 the
        Plan invested the employer contribution in accordance
        with the participants&#146; elections.</font></p>
    </blockquote>
</blockquote>

<p align="left"><font size="4" face="Arial"><b>Schedule I</b></font></p>

<p align="left"><font size="4" face="Arial"><b>Oppenheimer &amp;
Co., Inc. 401(k) Plan<br>
</b></font><font size="2" face="Arial"><b>(formerly known as
Fahnestock &amp; Co., Inc. 401(k) Plan)</b></font><font size="4"
face="Arial"><b><br>
Schedule I - Schedule of Assets (Held at End of Year)<br>
December 31, 2003</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="589">
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="center"><font
        size="3">Fair or</font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18"><font size="3">Description</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="center"><font
        size="3">Stated Value</font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="55%" height="18">&nbsp;</td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Federated
        Cash Trust Series</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><font size="3">$14,753,758 </font></td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="24"><font size="3">Oppenheimer
        Holdings Inc. Common Stock </font></td>
        <td width="3%" height="24">&nbsp;</td>
        <td width="13%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><p align="right"><font
        size="3">22,290,107 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Oppenheimer
        Global Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">6,705,524 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">PIMCO
        Total Return Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">8,494,171 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="24"><font size="3">SEI
        Stable Asset Fund</font></td>
        <td width="3%" height="24">&nbsp;</td>
        <td width="13%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><p align="right"><font
        size="3">4,137,741 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Strong
        Advisor Small Cap Value Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">4,215,437 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">AIM
        Small Cap Growth Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">4,625,739 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">MFS
        International New Discovery Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">2,487,292 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Washington
        Mutual Investors Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">13,185,994 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">State
        Street S&amp;P 500 Index Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">4,856,955 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Artisan
        Mid Cap Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">1,535,810 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Templeton
        Foreign Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">2,443,213 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Delaware
        Group: Real Estate Investment Trust</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">2,153,381 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Growth
        Fund of America</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">17,440,300 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Lord
        Abbett Mid Cap Value Fund</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">3,562,879 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="67%" height="18"><font size="3">Life
        Insurance Policies - Cash Surrender Value</font></td>
        <td width="3%" height="18">&nbsp;</td>
        <td width="13%" height="18">&nbsp;</td>
        <td width="2%" height="18">&nbsp;</td>
        <td width="15%" height="18"><p align="right"><font
        size="3">443,655 </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="2" width="57%" height="24"><font size="3">Total
        investments</font></td>
        <td width="3%" height="24">&nbsp;</td>
        <td width="13%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="15%" height="24"><p align="right"><font
        size="3">$113,331,956 </font></p>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="594"
bordercolor="#000000">
    <tr>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="30%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>Number</b></font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>Interest</b></font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>Maturity</b></font></p>
        </td>
        <td width="4%" height="15">&nbsp;</td>
        <td width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="6" width="12%" height="15"><font size="2"><b>Description</b></font></td>
        <td width="30%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>of Loans</b></font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>Rates</b></font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2"><b>Dates</b></font></p>
        </td>
        <td width="4%" height="15">&nbsp;</td>
        <td width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="30%" height="16">&nbsp;</td>
        <td width="11%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="11%" height="16">&nbsp;</td>
        <td width="2%" height="16">&nbsp;</td>
        <td width="11%" height="16">&nbsp;</td>
        <td width="4%" height="16">&nbsp;</td>
        <td width="15%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td colspan="7" width="42%" height="15"><font size="2">*Participant
        loans</font></td>
        <td width="11%" height="15"><p align="right"><font
        size="2">348 </font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><p align="center"><font
        size="2">Various</font></p>
        </td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><font size="2">Jan 2004 -</font></td>
        <td width="4%" height="15">&nbsp;</td>
        <td width="15%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="30%" height="15">&nbsp;</td>
        <td width="11%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15">&nbsp;</td>
        <td width="2%" height="15">&nbsp;</td>
        <td width="11%" height="15"><font size="2">May 2025</font></td>
        <td width="4%" height="15">&nbsp;</td>
        <td width="15%" height="15"><p align="right"><font
        size="2">$ 2,921,593 </font></p>
        </td>
    </tr>
    <tr>
        <td width="2%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td colspan="5" width="38%" height="24"><font size="2">Total
        assets held for investment</font></td>
        <td width="11%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="11%" height="24">&nbsp;</td>
        <td width="2%" height="24">&nbsp;</td>
        <td width="11%" height="24">&nbsp;</td>
        <td width="4%" height="24">&nbsp;</td>
        <td width="15%" height="24"><p align="right"><font
        size="2">$ 116,253,549 </font></p>
        </td>
    </tr>
    <tr>
        <td colspan="7" width="42%" height="21"><font size="2">*Party
        in interest</font></td>
        <td width="11%" height="21">&nbsp;</td>
        <td width="2%" height="21">&nbsp;</td>
        <td width="11%" height="21">&nbsp;</td>
        <td width="2%" height="21">&nbsp;</td>
        <td width="11%" height="21">&nbsp;</td>
        <td width="4%" height="21">&nbsp;</td>
        <td width="15%" height="21">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="center"><strong>SIGNATURES</strong></p>

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on
their behalf by the undersigned hereunto duly authorized.</p>

<p>OPPENHEIMER &amp; CO., INC. 401(k) PLAN</p>

<p>/s/ A.G. Lowenthal</p>

<p>Albert G. Lowenthal, as Chairman and CEO of<br>
Oppenheimer &amp; Co. Inc., the Plan Administrator</p>

<p>&nbsp;</p>

<p>/s/ Robert Neuhoff</p>

<p>Robert Neuhoff, as Executive Vice-President of<br>
Oppenheimer &amp; Co. Inc., the Plan Administrator</p>

<p>Date: June 28, 2004</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="center"><strong>EXHIBIT INDEX</strong></p>

<p>Exhibit 23 - Consent of Independent Accountants</p>

<p>&nbsp;</p>

<p>&nbsp;</p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex2303.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>


<body bgcolor="#FFFFFF" link="#0000FF" vlink="#7F007F">

<p align="center"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</b></p>

<p>&nbsp;</p>

<p>We hereby consent to the inclusion in this Annual Report on
Form 11-K of our report dated June 28, 2004 on our audit of the
financial statements and financial statement schedule of the
Oppenheimer &amp; Co. Inc. 401(k) Plan for the Plan year ended
December 31, 2003.</p>

<p>PricewaterhouseCoopers LLP</p>

<p>New York, New York</p>

<p>June 28, 2004</p>
</body>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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