OPPENHEIMER GOLD & SPECIAL MINERALS FUND
Supplement dated May 24, 1999 to the
Prospectus dated October 28, 1998
The Prospectus is changed as follows:
1. The following is added after the second sentence of the second paragraph
under the section titled "Class A Contingent Deferred Sales Charge" on page 29:
"However, that commission will not be paid on purchases of shares in amounts of
$1 million or more (including any right of accumulation) by a retirement plan
that pays for the purchase with the redemption proceeds of Class C shares of one
or more Oppenheimer funds held by the Plan for more than one year."
2. The following is added after the tenth sub-paragraph under the caption
"Waivers of Class A Sales Charges - Waivers of Initial and Contingent Deferred
Sales Charges for Certain Purchases" on page 31:
o Dealers, brokers, banks, or registered investment advisers that have
entered into an agreement with the Distributor to sell shares to defined
contribution employee retirement plans for which the dealer, broker or
investment adviser provides administrative services.
o Retirement plans and deferred compensation plans and trusts used to fund
those plans (including, for example, plans qualified or created under
sections 401(a), 401(k), 403(b) or 457 of the Internal Revenue Code), in
each case if those purchases are made through a broker, agent or other
financial intermediary that has made special arrangements with the
Distributor for those purchases.
3. The fourth sub-paragraph under the caption "Waivers of Class A Sales Charges
- - Waivers of Initial and Contingent Deferred Sales Charges in Certain
Transactions" on page 32 is revised to read as follows:
o Shares purchased through a broker-dealer that has entered into a special
agreement with the Distributor to allow the broker's customers to purchase
and pay for with the proceeds of shares redeemed in the prior 30 days from
a mutual fund (other than a fund managed by the Manager or any of its
subsidiaries) on which an initial sales charge or contingent deferred sales
charge was paid. This waiver also applies to shares purchased by exchange
of shares of Oppenheimer Money Market Fund, Inc. that were purchased and
paid for in this manner. This waiver must be requested when the purchase
order is placed for shares of the Fund, and the Distributor may require
evidence of qualification for this waiver.
4. The first sub-paragraph under the caption "Waivers of Class A Sales
Charges - Waivers of the Class A Contingent Deferred Sales Charges in Certain
Redemptions" on page 32 is revised to read as follows:
o To make Automatic Withdrawal Plan payments that are limited annually to
no more than 12% of the account value measured at the time the Plan is
established, adjusted annually.
5. The section captioned "Waivers for Redemptions of Shares in Certain
Cases" on page 36 is deleted and replaced with the following:
Waivers for Redemptions in Certain Cases. The Class B and Class C
contingent deferred sales charges will be waived for redemptions of shares in
the following cases:
o Shares redeemed involuntarily, as described in "Shareholder Account Rules
and Policies," in the Prospectus.
o Redemptions from accounts other than Retirement Plans following the death
or disability of the last surviving shareholder, including a trustee of a
grantor trust or revocable living trust for which the trustee is also the
sole beneficiary. The death or disability must have occurred after the
account was established, and for disability you must provide evidence of a
determination of disability by the Social Security Administration.
o Distributions from accounts for which the broker-dealer of record has
entered into a special agreement with the Distributor allowing this waiver.
o Redemptions of Class B shares held by Retirement Plans whose records are
maintained on a daily valuation basis by Merrill Lynch or an independent
record keeper under a contract with Merrill Lynch.
o Redemptions requested in writing by a Retirement Plan sponsor of Class C
shares of an Oppenheimer fund in amounts of $1 million or more held by the
Retirement Plan for more than one year, if the redemption proceeds are
invested in Class A shares of one or more Oppenheimer funds.
o Distributions from Retirement Plans or other employee benefit plans for
any of the following purposes:
(1) Following the death or disability (as defined in the Internal
Revenue Code) of the participant or beneficiary. The death or
disability must occur after the participant's account was established
in an Oppenheimer fund.
(2) To return excess contributions made to a participant's account.
(3) To return contributions made due to a mistake of fact.
(4) To make hardship withdrawals, as defined in the plan.1
(5) To make distributions required under a Qualified Domestic
Relations Order or, in the case of an IRA, a divorce or separation
agreement described in Section 71(b) of the Internal Revenue Code.
(6) To meet the minimum distribution requirements of the Internal
Revenue Code.
(7) To make "substantially equal periodic payments" as described in
Section 72(t) of the Internal Revenue Code.
(8) For loans to participants or beneficiaries.2
(9) On account of the participant's separation from service.3
(10) Participant-directed redemptions to purchase shares of a mutual
fund (other than a fund managed by the Manager or a subsidiary of the
Manager) offered as an investment option in a Retirement Plan if the
plan has made special arrangements with the Distributor.
(11) Distributions made on account of a plan termination or
"in-service" distributions," if the redemption proceeds are rolled
over directly to an OppenheimerFunds-sponsored IRA.
(12) Distributions from Retirement Plans having 500 or more eligible
employees, but excluding distributions made because of the Plan's
elimination as investment options under the Plan of all of the
Oppenheimer funds that had been offered.
(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 from the establishment of the
Automatic Withdrawal Plan).
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1. This provision does not apply to IRAs.
2. This provision does not apply to loans from 403(b)(7) custodial plans.
3. This provision does not apply to 403(b)(7) custodial plans if the participant
is less than age 55, nor to IRAs.
May 24, 1999 PS0410.011
