<PAGE> PAGE 1
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002 A000000 TWO WORLD TRADE CENTER
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020 A000001 OPPENHEIMER & CO., INC.
020 B000001 13-2798343
020 C000001 161
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 145
020 A000003 MORGAN GUARANTY TRUST CO.
020 B000003 13-5123346
020 C000003 22
020 A000004 BEAR SECURITIES CORP.
020 B000004 13-3299429
020 C000004 19
020 A000005 RODMAN & RENSHAW, INC.
020 B000005 36-2679547
020 C000005 18
020 A000006 HONG KONG & SHANGHAI BANK
020 B000006 FOREIGN
<PAGE> PAGE 2
020 C000006 15
020 A000007 LIPPER ANALYTICAL SECURITIES CORP.
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020 C000007 11
020 A000008 MORGAN KEEGAN & CO., INC.
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020 A000009 SMITH BARNEY, HARRIS UPHAM & CO., INC.
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022 B000009 13-2741729
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022 A000010 NORWEST INVESTMENT SERVICES, INC.
<PAGE> PAGE 3
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SIGNATURE GEORGE BOWEN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 312555
<NAME> Oppenheimer Quest Value Fund, Inc. - A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 551,217,161
<RECEIVABLES> 4,871,592
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<TOTAL-LIABILITIES> 3,488,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 377,562,641
<SHARES-COMMON-STOCK> 23,831,339
<SHARES-COMMON-PRIOR> 19,476,461
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 412,246,475
<DIVIDEND-INCOME> 5,762,517
<INTEREST-INCOME> 3,979,691
<OTHER-INCOME> 0
<EXPENSES-NET> 7,724,014
<NET-INVESTMENT-INCOME> 2,018,194
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<NUMBER-OF-SHARES-REDEEMED> 3,849,611
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 312555
<NAME> Oppenheimer Quest Value Fund, Inc. - B
<S> <C>
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<PERIOD-END> OCT-31-1996
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<INVESTMENTS-AT-VALUE> 551,217,161
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<TOTAL-LIABILITIES> 3,488,197
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 377,562,641
<SHARES-COMMON-STOCK> 6,507,830
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<INTEREST-INCOME> 3,979,691
<OTHER-INCOME> 0
<EXPENSES-NET> 7,724,014
<NET-INVESTMENT-INCOME> 2,018,194
<REALIZED-GAINS-CURRENT> 31,502,109
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<NET-CHANGE-FROM-OPS> 103,108,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 187,734
<DISTRIBUTIONS-OF-GAINS> 2,778,986
<DISTRIBUTIONS-OTHER> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 312555
<NAME> Oppenheimer Quest Value Fund, Inc. - C
<S> <C>
<PERIOD-TYPE> 12-MOS
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<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 409,453,987
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<SHARES-COMMON-PRIOR> 706,475
<ACCUMULATED-NII-CURRENT> 1,919,807
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 141,763,174
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<DIVIDEND-INCOME> 5,762,517
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<NET-CHANGE-FROM-OPS> 103,108,920
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 689,670
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,267,566
<NUMBER-OF-SHARES-REDEEMED> 311,646
<SHARES-REINVESTED> 51,443
<NET-CHANGE-IN-ASSETS> 221,320,738
<ACCUMULATED-NII-PRIOR> 2,115,981
<ACCUMULATED-GAINS-PRIOR> 22,214,536
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<GROSS-ADVISORY-FEES> 4,200,099
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<AVERAGE-NET-ASSETS> 18,099,000
<PER-SHARE-NAV-BEGIN> 14.35
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.71
<PER-SHARE-DIVIDEND> 0.05
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<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<PAGE>
To the Board of Directors of
Oppenheimer Quest Value Fund, Inc.
In planning and performing our audit of the financial statements of Oppenheimer
Quest Value Fund, Inc. (the "Fund") for the year ended October 31, 1996, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and may not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/Price Waterhouse LLP
Price Waterhouse LLP
Denver, Colorado
November 21, 1996
<PAGE>
During the year ended October 31, 1996, the Fund adjusted the classification of
net investment income and capital gain (loss) to reflect the differences between
financial statement amounts and distributions determined in accordance with
income tax regulations. Accordingly, during the year ended October 31, 1996,
amounts have been reclassified to reflect a decrease in paid-in capital of
$17,129. Accumulated net realized gain on investments was increased by the same
amount.
