OPPENHEIMER REAL ASSET FUND
Supplement dated May 25, 1999 to the
Prospectus dated November 30, 1998
The Prospectus is changed as follows:
1. The Supplement dated March 12, 1999 is replaced by this Supplement.
2. The phrase "to the 26 commodities" in the first sentence of the fifth
paragraph under "Investment Objective and Policies" on page 8 is deleted and
replaced by the phrase "among the individual commodities."
3. The word "can" is deleted from the second sentence of the last paragraph on
page 15 and replaced by the word "will."
4. The second paragraph on page 21 is deleted and replaced by the following
paragraphs:
|X| Portfolio Managers. The portfolio managers of the Fund are Russell
Read, Mark Anson, and John Kowalik. Kevin Baum is an associate
portfolio manager of the Fund. They are the persons principally
responsible for the day-to-day management of the Fund's portfolio.
Messrs. Read and Kowalik are Senior Vice Presidents of the Manager and
Mr. Anson is a Vice President of the Manager. Messrs. Read and Anson
are Vice Presidents of the Sub-Advisor and have been portfolio managers
of the Fund since its inception. Messrs. Read, Anson and Kowalik are
Chartered Financial Analysts.
Mr. Read joined the Manager in October, 1993 as Director of
Quantitative Research. Mr. Anson joined the Manager in January, 1996
as Vice President and Assistant Counsel. Prior to that, he was a
Registered Options Principal at Salomon Brothers Inc. and before that
he was an attorney at Chapman and Cutler.
Mr. Kowalik became a Senior Vice President of the Manager in June 1998
and joined the Fund's portfolio management team May 24, 1999. Before
joining the Manager, Mr. Kowalik was Managing Director and Senior
Portfolio Manager at Prudential Global Advisors (1989 - June 1998).
Mr. Kowalik serves as an officer and portfolio manager of other
Oppenheimer funds. Mr. Baum joined the Fund's portfolio management
team May 24, 1999. He served as the Fund's principal trader since its
inception in March 1997. Previously, Mr. Baum was a trading and
securities analyst for the Manager (1993-February 1997).
(continued)
5.
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Thephrase "26 commodities" in the last sentence of the last paragraph under
"Performance of the Fund" on page 23 is deleted and replaced by the phrase
"various commodities."
6. The first sentence of the first paragraph under "Dividends, Capital Gains and
Taxes" on page 45 is deleted and replaced by the following sentence: "The
Fund declares dividends separately for each class of shares from net
investment income, if any, quarterly and intends to pay dividends to
shareholders quarterly, on a date selected by the Board of Trustees."
May 25, 1999 PSO735.008
