OPPENHEIMER INTERNATIONAL SMALL COMPANY FUND
Supplement dated October 25, 1999 to the
Prospectus dated December 29, 1998
The Prospectus is changed as follows:
1. The supplement dated August 20, 1999 is replaced by this supplement.
2. 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.
3. 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.
4. 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."
5. 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
(continued)
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.
6. The third paragraph of the section entitled "How the Fund is Managed" on page
12 is revised to read as follows:
|_| Portfolio Managers. The portfolio managers of the Fund are George
Evans and Shanquan Li. They became the portfolio managers on August 20,
1999, and are the persons principally responsible for the day-to-day
management of the Fund's portfolio. They are also Vice Presidents of
the Fund and of the Manager, and serve as officers and portfolio
managers for other Oppenheimer funds. Mr. Evans joined the Manager in
September 1990. Prior to joining the Manager in July 1997, Mr. Li was a
Senior Quantitative Analyst in the Investment Policy Group of Brown
Brothers Harriman & Co., and a consultant for Acadian Asset Management,
Inc.
7. The first sentence of the section entitled "Buying Shares Through
OppenheimerFunds AccountLink" on page 13 is revised to read as follows:
With AccountLink, shares are purchased for your account by a transfer
of money from your bank account through the Automated Clearing House
(ACH) system.
8. The parenthetical reference "(such as Automatic Withdrawal Plans)" in the
second sentence of the section "Are There Differences in Account Features that
Matter to You?" on page 16 is deleted.
9. The first bulleted paragraph in the section entitled "Certain Requests
Require a Signature Guarantee" on page 23, is revised to read as follows:
|_| You wish to redeem more than $100,000 and receive a check
10. The first sentence of the section entitled "Telephone Redemptions Paid by
Check" on page 24, is revised to read as follows:
Up to $100,000 may be redeemed by telephone in any 7-day period.
October 25, 1999 3 PS0815.005
<PAGE>
OPPENHEIMER INTERNATIONAL SMALL COMPANY FUND
Supplement dated October 25, 1999 to the
Statement of Additional Information dated August 20, 1999
The Statement of Additional Information is changed as follows:
1. The first paragraph under the heading "Investments in Equity Securities" on
page 2 is deleted and replaced with the following:
The Fund focuses its investments in equity securities of foreign
small-cap growth companies. Equity securities include common stocks,
preferred stocks, rights and warrants, and securities convertible into
common stock. The Fund's investments primarily include stocks of
companies having a market capitalization of $1.8 billion or less, but
the Fund can purchase securities of issuers having a larger market
capitalization.
2. The first paragraph of the section entitled "How to Buy Shares - AccountLink"
on page 40 is revised to read as follows:
Shares will be purchased on the regular business day you instruct the
Distributor to initiate the Automated Clearing House ("ACH") transfer
to buy the shares. Dividends will begin to accrue on shares purchased
with the proceeds of ACH transfers on the business day the Fund
receives federal fund for the purchase through the ACH system before
the close of business of The New York Stock Exchange.
3. The third paragraph of the section entitled "How to Exchange Shares - How
Exchanges Affect Contingent Deferred Sales Charges" on page 54 is deleted.
4. In Appendix B the section entitled "Waivers of Class A Sales Charges of
Oppenheimer Funds - Waivers of the Class A Contingent Deferred Sales Charge
for Certain Redemptions" on page B-4, the first bullet point is revised as
follows:
|_| To make Automatic Withdrawal Plan payments that are limited to no more than
12% of the account value annually measured at the time the Plan is established,
adjusted annually.
5. In the section entitled "Waivers of Class B and Class C Sales Charges of
Oppenheimer Funds - Waivers for Redemptions in Certain Cases", on page B-5,
number 13 under the 7th bullet (for retirement plans) is revised to read as
follows:
(continued)
(13) For distributions from a participant's account under an
Automatic Withdrawal Plan after the participant reaches age
59-1/2, as long as the aggregate value of the distributions
does not exceed 10% of the account's value annually measured
at the time the plan is established, adjusted annually.
6. In the section entitled "Class A, Class B and Class C Contingent Deferred
Sales Charge Waivers - Waivers for Redemptions of Shares Purchased Prior to
March 6, 1995," on page B-8, the first bullet point is revised to read as
follows:
|_| withdrawals under an automatic withdrawal plan holding only either
Class B or Class C shares if the annual withdrawal does not exceed
10% of the account value annually measured at the time the plan is
established, adjusted annually, and
7. In the section entitled "Class A, Class B and Class C Contingent Deferred
Sales Charge Waivers - Waivers for Redemptions of Shares Purchased on or
After March 6, 1995 but Prior to November 24, 1995" on page B-8, the second
bullet point is revised to read as follows:
|_| withdrawals under an automatic withdrawal plan (but only for Class
B or Class C shares) where the annual withdrawals do not exceed
10% of the account value annually measured at the time the plan is
established, adjusted annually.
October 25, 1999 PX0815.003
