OPPENHEIMER INTERNATIONAL SMALL COMPANY FUND
Supplement dated June 3, 1999 to the
Prospectus dated December 29, 1998
The Prospectus is changed as follows:
1. The first paragraph under the heading "What does the Fund Invest In?" on page
3 is deleted and replaced with the following:
The Fund invests mainly in common stock of companies that are domiciled
outside the United States or have their primary operations outside the
U.S., and have market capitalizations of $1.8 billion or less. These are
described as "small-cap companies." The Fund can also buy preferred
stocks, convertible securities and other securities having equity
features. The Fund focuses on equity securities of companies that the
portfolio manager believes have favorable growth prospects. The Fund can
also use hedging instruments and certain derivative investments to try to
manage investment risks. These investments are more fully explained in
"About the Fund's Investments," below.
2. The first bullet point under "How Does the Manager Decide What Securities to
Buy or Sell?" on page 3 is deleted and replaced with the following:
|_| Companies with small capitalizations, that is, $1.8 billion or less.
3. The first sentence under "Special Risks of Small-Cap Stocks" on page 4 is
deleted and replaced with the following: "The Fund focuses its investments on
securities of companies having a market capitalization of $1.8 billion or less,
which can include both established and newer companies."
4. The four bullet points under "The Fund's Principal Investment Policies" on
page 8 are deleted and replaced with the following:
|_| The Fund will invest at least 65% of its total assets in common stocks
and other equity securities of companies having a small market
capitalization that are in developed or emerging markets located
outside the United States.
|_| The Fund currently considers an issuer having a market capitalization
of up to $1.8 billion to be a "small cap issuer." The Fund measures
that capitalization at the time the Fund buys the security, and it is
not required to sell the security if the issuer's capitalization grows
above $1.8 billion. Over time, the Fund may change the range of assets
it uses to define "small cap" issuers, as market conditions change.
|_| The Fund will invest at least 65% of its total assets in foreign
securities.
June 3, 1999 PS0815.003
