OPPENHEIMER REAL ASSET FUND
SUPPLEMENT DATED JULY 27, 1998 TO THE
PROSPECTUS DATED DECEMBER 1, 1997
The Prospectus supplement dated July 14, 1998 is replaced by this supplement.
The Prospectus is changed as follows:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases by
"Retirement Plans" as defined in "Class A Contingent Deferred Sales Charge"
on pages 35) in Class A shares, you may have to pay a sales charge of up to
1% if you sell your shares within 18 calendar months from the end of the
calendar month during which you purchased those shares. See "How to Buy
Shares -- Buying Class A Shares," below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 30 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more Oppenheimer
funds, you will not pay an initial sales charge, but if you sell any of
those shares within 18 months of buying them, you may pay a contingent
deferred sales charge, described below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 36 are
modified to read as
follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month of
their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior to
June 1, 1998).
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares- Class A Contingent Deferred Sales Charge" on page 36 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18
months of the end of
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the calendar month of the purchase of the exchanged shares, the contingent
deferred sales charge will apply. (A different holding period may apply to
shares purchased prior to June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 36 is
hereby deleted.
6. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales Charges- Waivers of the Class A Contingent Deferred Sales Charge for
Certain Redemptions" on page 39 are deleted:
o if, at the time of purchase of shares (prior to May 1, 1997) the
dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/18th of the commission per month (and no
further commission will be payable if the shares are redeemed within 18
months of purchase)
o if, at the time of purchase of shares (on or after to May 1, 1997)
the dealer agrees in writing to accept the dealer's portion of the sales
commission in installments of 1/12th of the commission per month (and no
further commission will be payable if the shares are redeemed within 12
months of purchase)
7. The section titled "Buying Class Y Shares" on page 44 is deleted in its
entirety and replaced by the following:
BUYING CLASS Y SHARES. Class Y shares are sold at net asset value per share
without sales charge to: (i) individual investors making an initial
investment of at least $2 million, and (ii) certain institutional investors,
such as insurance companies, registered investment companies and employee
benefit plans, that have special agreements with the Distributor for this
purpose. These institutional investors include Massachusetts Mutual Life
Insurance Company, an affiliate of OFI, which may purchase Class Y shares of
the Fund and other Oppenheimer funds (as well as Class Y shares of funds
advised by MassMutual) for asset allocation programs, investment companies
or separate investment accounts it sponsors and offers to its customers.
In no event may an individual investor purchase Class Y shares of the
Fund if such purchaser would own Class Y shares of the Fund representing 10%
or more of the Fund's total assets, determined on the date of purchase.
While Class Y shares are not subject to initial or contingent deferred
sales charges or asset-based sales charges, an institutional investor buying
the shares for its customers'
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accounts may impose charges on those accounts. The procedures for
purchasing, redeeming, or transferring the Fund's other classes of shares
(other than the time those orders must be received by the Distributor or
Transfer Agent) and the special account features available to purchasers of
those other classes of shares described elsewhere in this Prospectus do not
apply to Class Y shares. In addition, the exchange privilege described under
"How to Exchange Shares" on page 48 does not apply to Class Y shares of the
Fund. If Class Y shares are held by an institutional investor, instructions
for purchasing, redeeming or transferring Class Y shares must be submitted
by the institutional investor, not by its customers for whose benefit the
shares are held.
8. The section captioned "Special Investor Services" is revised by adding the
following after the sub-section captioned "Shareholder Transactions by Fax" on
page 45:
OPPENHEIMERFUNDS INTERNET WEB SITE. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio
information, may be obtained by visiting the OppenheimerFunds Internet Web
Site, at the following Internet address: http://www.oppenheimerfunds.com.
Additionally, certain account transactions may be requested by any
shareholder listed in the registration on an account as well as by the
dealer representative of record, through a special section of that Web Site.
To access that section of the Web Site, you must first obtain a personal
identification number ("PIN") by calling OppenheimerFunds PhoneLink at
1-800-533-3310. If you do not wish to have Internet account transactions
capability for your account, please call our customer service
representatives at 1-800-525-7048. To find out more information about
Internet transactions and procedures, please visit the Web Site.
9. The following is added following the first sentence under the heading "How to
Exchange Shares" on page 48:
THE EXCHANGE PRIVILEGE DOES NOT, HOWEVER, APPLY TO CLASS Y SHARES OF THE
FUND.
July 27, 1998 PS0735.006
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