<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000312555
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 OPPENHEIMER QUEST VALUE FUND, INC.
001 B000000 811-2944
001 C000000 2123230200
002 A000000 TWO WORLD TRADE CENTER
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10048
002 D020000 0203
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
018 000000 Y
019 A000000 Y
019 B000000 49
019 C000000 OPPENHEIMR
020 A000001 OPPENHEIMER & CO., INC.
020 B000001 13-2798343
020 C000001 199
020 A000002 FIRST BOSTON
020 B000002 13-5659485
020 C000002 49
020 A000003 COWEN & CO.
020 B000003 13-5616116
020 C000003 26
020 A000004 ROYAL ALLIANCE ASSOCIATES, INC.
020 B000004 93-0987232
020 C000004 25
020 A000005 SMITH BARNEY HARRIS UPHAM & CO., INC.
020 B000005 13-3371860
020 C000005 22
020 A000006 DONALDSON, LUFKIN & JENRETTE SECURITIES
020 B000006 13-2741729
020 C000006 13
020 A000007 SALOMON BROTHERS, INC.
020 B000007 13-3082694
020 C000007 12
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 10
<PAGE> PAGE 2
020 A000009 PAINE WEBBER, INC.
020 B000009 13-2638166
020 C000009 9
020 A000010 CONNING & CO.
020 B000010 06-0384081
020 C000010 9
021 000000 484
022 A000001 MERRILL LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000001 13-5674085
022 C000001 318910
022 D000001 5528
022 A000002 HONG KONG & SHANGHAI BANK
022 B000002 FOREIGN
022 C000002 219633
022 D000002 11365
022 A000003 OPPENHEIMER & CO., INC.
022 B000003 13-2798343
022 C000003 142218
022 D000003 61777
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004 121389
022 D000004 994
022 A000005 FIRST BOSTON CORP. (THE)
022 B000005 13-5659485
022 C000005 37198
022 D000005 3035
022 A000006 MELLON BANK NA
022 B000006 25-0659306
022 C000006 36352
022 D000006 0
022 A000007 COWEN & CO.
022 B000007 13-5616116
022 C000007 10537
022 D000007 15765
022 A000008 ROYAL ALLIANCE ASSOCIATES, INC.
022 B000008 93-0987232
022 C000008 19680
022 D000008 6205
022 A000009 GRANTCHESTER SECURITIES, INC.
022 B000009 13-3502273
022 C000009 24691
022 D000009 0
022 A000010 FIRST HANOVER SECURITIES, INC.
022 B000010 13-3621123
022 C000010 20614
022 D000010 0
023 C000000 1497643
023 D000000 149694
024 000000 N
028 A010000 34685
<PAGE> PAGE 3
028 A020000 0
028 A030000 0
028 A040000 10375
028 B010000 46427
028 B020000 0
028 B030000 0
028 B040000 17954
028 C010000 44903
028 C020000 0
028 C030000 0
028 C040000 11710
028 D010000 46749
028 D020000 1
028 D030000 0
028 D040000 13161
028 E010000 41529
028 E020000 0
028 E030000 0
028 E040000 22940
028 F010000 47591
028 F020000 0
028 F030000 0
028 F040000 15022
028 G010000 261885
028 G020000 1
028 G030000 0
028 G040000 91162
028 H000000 105254
029 000000 Y
030 A000000 3638
030 B000000 5.75
030 C000000 0.00
031 A000000 910
031 B000000 0
032 000000 2728
033 000000 0
034 000000 Y
035 000000 373
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
<PAGE> PAGE 4
042 G000000 0
042 H000000 0
043 000000 5358
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 400000
048 A020000 1.000
048 B010000 400000
048 B020000 0.900
048 C010000 3200000
048 C020000 0.850
048 D010000 4000000
048 D020000 0.800
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 8000000
048 K020000 0.750
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
<PAGE> PAGE 5
062 R000000 0.0
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 387455
071 B000000 129795
071 C000000 658210
071 D000000 20
072 A000000 12
072 B000000 9123
072 C000000 10023
072 D000000 0
072 E000000 0
072 F000000 7709
072 G000000 0
072 H000000 0
072 I000000 743
072 J000000 35
<PAGE> PAGE 6
072 K000000 129
072 L000000 94
072 M000000 13
072 N000000 189
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 24
072 S000000 10
072 T000000 5358
072 U000000 0
072 V000000 0
072 W000000 71
072 X000000 14375
072 Y000000 0
072 Z000000 4771
072AA000000 48474
072BB000000 586
072CC010000 127277
072CC020000 0
072DD010000 1801
072DD020000 107
072EE000000 31428
073 A010000 0.0723
073 A020000 0.0148
073 B000000 0.9222
073 C000000 0.0000
074 A000000 296
074 B000000 0
074 C000000 208553
074 D000000 0
074 E000000 0
074 F000000 886505
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 8330
074 M000000 18
074 N000000 1103702
074 O000000 16827
074 P000000 75
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4037
074 S000000 0
074 T000000 1082763
074 U010000 34131
<PAGE> PAGE 7
074 U020000 14789
074 V010000 20.49
074 V020000 20.17
074 W000000 0.0000
074 X000000 57930
074 Y000000 0
075 A000000 0
075 B000000 818675
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 85000
081 A000000 Y
081 B000000 93
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
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 shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 826,017,277
<INVESTMENTS-AT-VALUE> 1,095,057,724
<RECEIVABLES> 8,330,242
<ASSETS-OTHER> 18,189
<OTHER-ITEMS-ASSETS> 295,542
<TOTAL-ASSETS> 1,103,701,697
<PAYABLE-FOR-SECURITIES> 16,826,880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,111,479
<TOTAL-LIABILITIES> 20,938,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,121,539
<SHARES-COMMON-STOCK> 34,130,613
<SHARES-COMMON-PRIOR> 23,831,339
<ACCUMULATED-NII-CURRENT> 4,754,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,846,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 269,040,447
<NET-ASSETS> 699,230,322
<DIVIDEND-INCOME> 10,022,532
<INTEREST-INCOME> 9,123,410
<OTHER-INCOME> 0
<EXPENSES-NET> 14,374,519
<NET-INVESTMENT-INCOME> 4,771,423
<REALIZED-GAINS-CURRENT> 47,887,290
<APPREC-INCREASE-CURRENT> 127,277,273
<NET-CHANGE-FROM-OPS> 179,935,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,801,385
<DISTRIBUTIONS-OF-GAINS> 22,962,861
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,030,841
<NUMBER-OF-SHARES-REDEEMED> 6,112,033
<SHARES-REINVESTED> 1,380,466
<NET-CHANGE-IN-ASSETS> 530,130,697
<ACCUMULATED-NII-PRIOR> 1,919,807
<ACCUMULATED-GAINS-PRIOR> 31,387,019
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,708,982
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,374,519
<AVERAGE-NET-ASSETS> 560,582,000
<PER-SHARE-NAV-BEGIN> 17.30
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 4.07
<PER-SHARE-DIVIDEND> 0.07
<PER-SHARE-DISTRIBUTIONS> 0.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.49
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<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 Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 826,017,277
<INVESTMENTS-AT-VALUE> 1,095,057,724
<RECEIVABLES> 8,330,242
<ASSETS-OTHER> 18,189
<OTHER-ITEMS-ASSETS> 295,542
<TOTAL-ASSETS> 1,103,701,697
<PAYABLE-FOR-SECURITIES> 16,826,880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,111,479
<TOTAL-LIABILITIES> 20,938,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,121,539
<SHARES-COMMON-STOCK> 14,788,764
<SHARES-COMMON-PRIOR> 6,507,830
<ACCUMULATED-NII-CURRENT> 4,754,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,846,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 269,040,447
<NET-ASSETS> 298,348,393
<DIVIDEND-INCOME> 10,022,532
<INTEREST-INCOME> 9,123,410
<OTHER-INCOME> 0
<EXPENSES-NET> 14,374,519
<NET-INVESTMENT-INCOME> 4,771,423
<REALIZED-GAINS-CURRENT> 47,887,290
<APPREC-INCREASE-CURRENT> 127,277,273
<NET-CHANGE-FROM-OPS> 179,935,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 107,344
<DISTRIBUTIONS-OF-GAINS> 6,696,217
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,222,271
<NUMBER-OF-SHARES-REDEEMED> 1,323,617
<SHARES-REINVESTED> 382,280
<NET-CHANGE-IN-ASSETS> 530,130,697
<ACCUMULATED-NII-PRIOR> 1,919,807
<ACCUMULATED-GAINS-PRIOR> 31,387,019
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,708,982
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,374,519
<AVERAGE-NET-ASSETS> 200,752,000
<PER-SHARE-NAV-BEGIN> 17.08
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 3.97
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.17
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 312555
<NAME> Oppenheimer Quest Value Fund, Inc. - C Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 826,017,277
<INVESTMENTS-AT-VALUE> 1,095,057,724
<RECEIVABLES> 8,330,242
<ASSETS-OTHER> 18,189
<OTHER-ITEMS-ASSETS> 295,542
<TOTAL-ASSETS> 1,103,701,697
<PAYABLE-FOR-SECURITIES> 16,826,880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,111,479
<TOTAL-LIABILITIES> 20,938,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,121,539
<SHARES-COMMON-STOCK> 4,070,613
<SHARES-COMMON-PRIOR> 1,713,838
<ACCUMULATED-NII-CURRENT> 4,754,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,846,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 269,040,447
<NET-ASSETS> 82,098,206
<DIVIDEND-INCOME> 10,022,532
<INTEREST-INCOME> 9,123,410
<OTHER-INCOME> 0
<EXPENSES-NET> 14,374,519
<NET-INVESTMENT-INCOME> 4,771,423
<REALIZED-GAINS-CURRENT> 47,887,290
<APPREC-INCREASE-CURRENT> 127,277,273
<NET-CHANGE-FROM-OPS> 179,935,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,574
<DISTRIBUTIONS-OF-GAINS> 1,768,806
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,955,467
<NUMBER-OF-SHARES-REDEEMED> 704,333
<SHARES-REINVESTED> 105,641
<NET-CHANGE-IN-ASSETS> 530,130,697
<ACCUMULATED-NII-PRIOR> 1,919,807
<ACCUMULATED-GAINS-PRIOR> 31,387,019
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,708,982
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,374,519
<AVERAGE-NET-ASSETS> 55,969,000
<PER-SHARE-NAV-BEGIN> 17.07
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 3.98
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.17
<EXPENSE-RATIO> 2.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 312555
<NAME> Oppenheimer Quest Value Fund, Inc. - Y Shares
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> DEC-12-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 826,017,277
<INVESTMENTS-AT-VALUE> 1,095,057,724
<RECEIVABLES> 8,330,242
<ASSETS-OTHER> 18,189
<OTHER-ITEMS-ASSETS> 295,542
<TOTAL-ASSETS> 1,103,701,697
<PAYABLE-FOR-SECURITIES> 16,826,880
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,111,479
<TOTAL-LIABILITIES> 20,938,359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 761,121,539
<SHARES-COMMON-STOCK> 150,224
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4,754,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 47,846,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 269,040,447
<NET-ASSETS> 3,086,417
<DIVIDEND-INCOME> 10,022,532
<INTEREST-INCOME> 9,123,410
<OTHER-INCOME> 0
<EXPENSES-NET> 14,374,519
<NET-INVESTMENT-INCOME> 4,771,423
<REALIZED-GAINS-CURRENT> 47,887,290
<APPREC-INCREASE-CURRENT> 127,277,273
<NET-CHANGE-FROM-OPS> 179,935,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 176,674
<NUMBER-OF-SHARES-REDEEMED> 26,450
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 530,130,697
<ACCUMULATED-NII-PRIOR> 1,919,807
<ACCUMULATED-GAINS-PRIOR> 31,387,019
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,708,982
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,374,519
<AVERAGE-NET-ASSETS> 1,372,000
<PER-SHARE-NAV-BEGIN> 16.50
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 3.95
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.55
<EXPENSE-RATIO> 1.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<PAGE>
SHAREHOLDER MEETING (Unaudited)
On June 2, 1997, a special shareholder meeting was held at which the selection
of Price Waterhouse LLP as the independent accountants and auditors of the Fund
for the fiscal year beginning November 1, 1996 was ratified (Proposal No. 1),
the proposed changes to certain of the Fund's fundamental investment policies,
including changes to the investment objective were approved (Proposal No. 2),
the investment Advisory Agreement between the Fund and OppenheimerFunds, Inc.
was approved (Proposal No. 3), the subadvisory Agreement between
OppenheimerFunds, Inc. and OpCap Advisors was approved (Proposal No. 4), the
Fund's Class A 12b-1 Distribution and Service Plan was approved by Class A
shareholders (Proposal No. 5), the Fund's Class B 12b-1 Distribution and Service
Plan was approved by Class B shareholders (Proposal No. 6), and the Fund's Class
C 12b-1 Distribution and Service Plan was approved by Class C shareholders
(Proposal No. 7) as described in the Fund's proxy statement for that meeting.
The following is a report of the votes cast:
<TABLE>
<CAPTION>
WITHHELD/ BROKER
PROPOSAL FOR AGAINST ABSTAIN NON-VOTES TOTAL
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Proposal No. 1 20,889,092.525 287,701.575 954,970.833 16,579,920 22,131,764.933
Proposal No. 2 19,493,341.968 1,298,010.268 1,357,555.547 16,579,920 22,148,907.783
Proposal No. 3 20,084,238.656 786,542.583 1,278,232.184 16,579,920 22,149,013.423
Proposal No. 4 19,991,516.339 818,803.616 1,340,032.468 16,579,920 22,150,352.423
Proposal No. 5 13,948,867.689 700,107.512 1,050,094.100 11,523,914 15,699,069.301
Proposal No. 6 4,471,016.044 240,150.475 306,841.447 3,970,870 5,018,007.966
Proposal No. 7 1,288,639.000 84,549.036 59,570.281 1,085,198 1,432,758.317
</TABLE>
950 Seventeenth Street Telephone 303 893 8100
Suite 2500
Denver, CO 80202
PRICE WATERHOUSE LLP [LOGO]
To the Board of Directors
and Shareholders of
Oppenheimer Quest Value Fund, Inc.
In planning and performing our audit of the financial statements of Oppenheimer
Quest Value Fund, Inc. for the year ended October 31, 1997, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
NoSAR, not to provide assurance on internal control.
The management of Oppenheimer Quest Value Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of control activities. Generally, control
activities that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles. Those control
activities include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 specific
internal control components 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 not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Board of Directors of Oppenheimer Quest Value Fund, Inc. and the Securities and
Exchange Commission.
/S/Price Waterhouse LLP
Price Waterhouse LLP
Denver, Colorado
November 21, 1997
OPPENHEIMER QUEST VALUE FUND, INC.
Amendment No. 1 to By-Laws: Filed with Post-Effective Amendment No. 40,
12/18/97, to Registration Statement on Form N-1A of Oppenheimer Quest Capital
Value Fund, Inc. (Reg. No. 2-65223) and incorporated herein by reference.
Investment Advisory Agreement dated 6/2/97: Filed with Post-Effective Amendment
No. 40, 12/18/97, to Registration Statement on Form N-1A of Oppenheimer Quest
Capital Value Fund, Inc. (Reg. No. 2-65223) and incorporated herein by
reference.
Amendment dated 10/22/97 to Investment Advisory Agreement: Filed with
Post-Effective Amendment No. 40, 12/18/97, to Registration Statement on
Form N-1A of Oppenheimer Quest Capital Value Fund, Inc. (Reg. No. 2-65223) and
incorporated herein by reference.
Subadvisory Agreement dated 11/5/97: Filed with Post-Effective Amendment No.
40, 12/18/97, to Registration Statement on Form N-1A of Oppenheimer Quest
Capital Value Fund, Inc. (Reg. No. 2-65223) and incorporated herein by
reference.
