OPPENHEIMER GOLD & SPECIAL MINERALS FUND
SUPPLEMENT DATED MAY 15, 1998 TO THE
PROSPECTUS DATED OCTOBER 15, 1997
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases by
"Retirement Plans" as defined in "Class A Contingent Deferred Sales Charge"
on page 29) in Class A shares, you may have to pay a sales charge of up to
1% if you sell your shares within 18 calendar months from the end of the
calendar month during which you purchased those shares. See "How to Buy
Shares -- Buying Class A Shares," below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 24 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least $1
million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge, described below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" on page 29 are
modified to read as
follows:
If you redeem any Class A shares subject to the contingent deferred sales
charge described above within 18 months of the end of the calendar month of
their purchase, a contingent deferred sales charge (called the "Class A
contingent deferred sales charge") may be deducted from the redemption
proceeds. (A different holding period may apply to shares purchased prior
to June 1, 1998).
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares- Class A Contingent Deferred Sales Charge" on page 30 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18
months of the end
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of the calendar month of the purchase of the exchanged shares, the
contingent deferred sales charge will apply. (A different holding period
may apply to shares purchased prior to June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 30 is
hereby deleted.
6. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales Charges- Waivers of the Class A Contingent Deferred Sales Charge for
Certain Redemptions" on page 33 are deleted:
o if, at the time of purchase of shares (prior to May 1, 1997) the
dealer agreed in writing to accept the dealer's portion of the sales
commission in installments of 1/18th of the commission per month (and no
further commission will be payable if the shares are redeemed within 18
months of purchase)
o if, at the time of purchase of shares (on or after May 1, 1997) the
dealer agrees in writing to accept the dealer's portion of the sales
commission in installments of 1/12th of the commission per month (and no
further commission will be payable if the shares are redeemed within 12
months of purchase)
7. The section captioned "Special Investor Services" is revised by adding the
following after the sub-section captioned "Shareholder Transactions by Fax" on
page 39:
OPPENHEIMERFUNDS INTERNET WEB SITE. Information about the Fund, including
your account balance, daily share prices, market and Fund portfolio information,
may be obtained by visiting the OppenheimerFunds Internet Web Site, at the
following Internet address: http://www.oppenheimerfunds.com. Additionally,
certain account transactions may be requested by any shareholder listed in the
registration on an account as well as by the dealer representative of record,
through a special section of that Web Site. To access that section of the Web
Site, you must first obtain a personal identification number ("PIN") by calling
OppenheimerFunds PhoneLink at 1-800-533-3310. If you do not wish to have
Internet account transactions capability for your account, please call our
customer service representatives at 1- 800-525-7048. To find out more
information about Internet transactions and procedures, please visit the Web
Site.
May 15, 1998 PS0410.010
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OPPENHEIMER GOLD & SPECIAL MINERALS FUND
SUPPLEMENT DATED MAY 15, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 15, 1997
The Statement of Additional Information is changed as follows effective June 1,
1998:
1. This supplement replaces the supplement dated December 12, 1997 to the
Statement of Additional Information.
2. The following paragraph, titled "Deferred Compensation Plan," is added
directly after the Trustee Compensation Table on page 22:
DEFERRED COMPENSATION PLAN. The Board of Trustees has adopted a Deferred
Compensation Plan for disinterested trustees that enables them to elect to
defer receipt of all or a portion of the annual fees they are entitled to
receive from the Fund. Under the plan, the compensation deferred by a
Trustee is periodically adjusted as though an equivalent amount had been
invested in shares of one or more Oppenheimer funds selected by the
Trustee. The amount paid to the Trustees under the plan will be determined
based upon the performance of the selected funds. Deferral of Trustees'
fees under the plan will not materially affect the Fund's assets,
liabilities and net income per share. The plan will not obligate the Fund
to retain the services of any Trustee or to pay any particular level of
compensation to any Trustee. Pursuant to an Order issued by the Securities
and Exchange Commission, the Fund may invest in the funds selected by the
Trustee under the plan without shareholder approval for the limited
purpose of determining the value of the Trustee's deferred fee account.
3. The following is added to the third paragraph in the section titled "How to
Exchange Shares" on page 41:
However, shares of Oppenheimer Money Market Fund, Inc. purchased with the
redemption proceeds of shares of other mutual funds (other than funds
managed by the Manager or its subsidiaries) redeemed within the 30 days
prior to that purchase may subsequently be exchanged for shares of other
Oppenheimer funds without being subject to an initial or contingent
deferred sales charge, whichever is applicable. To qualify for that
privilege, the investor or the investor's dealer must notify the
Distributor of eligibility for this privilege at the time the shares of
Oppenheimer Money Market Fund, Inc. are purchased, and, if requested, must
supply proof of entitlement to this privilege.
4. The fifth paragraph in the section entitled "How To Exchange Shares" on page
41 is revised to read as follows:
No contingent deferred sales charge is imposed on exchanges of shares of
any class purchased subject to a contingent deferred sales charge.
However, if you redeem Class A
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shares of the Fund that were acquired by exchange of Class A shares of
other Oppenheimer funds purchased subject to a Class A contingent deferred
sales charge within 18 months of the end of the calendar month of the
purchase of the exchanged Class A shares, the Class A contingent deferred
sales charge is imposed on the redeemed shares (see "Class A Contingent
Deferred Sales Charge" in the Prospectus). (A different holding period may
apply to shares purchased prior to June 1, 1998). The Class B contingent
deferred sales charge is imposed on Class B shares acquired by exchange if
they are redeemed within six years of the initial purchase of the
exchanged Class B shares. The Class C contingent deferred sales charge is
imposed on Class C shares acquired by exchange if they are redeemed within
12 months of the initial purchase of the exchanged Class C shares.
May 15, 1998 PX0410.006
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