OPPENHEIMER MULTIPLE STRATEGIES FUND
Supplement dated August 21, 1998 to the
Prospectus dated January 23, 1998
The Prospectus is changed as follows:
1. The supplement dated May 15, 1998 to the Prospectus dated January 23, 1998 is
deleted and replaced with this supplement.
2. 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 33) 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.
3. The third sentence under the caption "A Brief Overview of the Fund -- Who
Manages the Fund?" on page 6 is replaced with the following:
The Fund's portfolio managers, who are employed by the Manager and are
primarily responsible for the selection of the Fund's securities, are
Richard H. Rubinstein, David P. Negri, George Evans and Michael S. Levine.
4. The paragraph titled "Portfolio Manager" on page 22 is deleted and replaced
with the following:
o PORTFOLIO MANAGERS. The portfolio mangers of the Fund are Richard H.
Rubinstein, David P. Negri, George Evans and Michael S. Levine. In August,
1998, Messrs. Negri, Evans and Levine joined Mr. Rubinstein as the persons
primarily responsible for the day-to-day management of the Fund's
portfolio, with Mr. Rubinstein having had this responsibility since June,
1990. Messrs. Rubinstein and Negri are Senior Vice Presidents of the
Manager, and Messrs. Evans and Levine are Vice Presidents of the Manager.
Each also serves as an officer and portfolio manager of other Oppenheimer
funds.
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5. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 28 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.
6. 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 34 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).
7. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" on page 34 is modified
to read as follows:
However, if the shares acquired by exchange are redeemed within 18 months of the
end 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).
8. The paragraph entitled "Special Arrangements With Dealers" on page 34 is
hereby deleted.
9. 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 37 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
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<PAGE>
are redeemed within 18 months of purchase)
o if, at the time of purchase of shares (if purchased during the period
May 1, 1997 through December 31, 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)
10. The section captioned "Shareholder Transactions by Fax" under "Special
Investor Services" on page 43 should be revised to read as follows:
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.
August 21, 1998 PS0240.014
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OPPENHEIMER MULTIPLE STRATEGIES FUND
SUPPLEMENT DATED AUGUST 21, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 23, 1998
The Statement of Additional Information is changed as follows.
1. The Supplement dated May 15, 1998 to the Statement of Additional Information
dated January 23, 1998 is deleted and replaced with this supplement.
2. The following is added after the biography of Richard H. Rubinstein on page
27:
DAVID P. NEGRI, VICE PRESIDENT AND PORTFOLIO MANAGER; AGE: 44 Senior Vice
President of the Manager (since May, 1998); previously Vice President of
the Manager (June 1989 to May, 1998); an officer of other Oppenheimer
funds.
GEORGE EVANS, VICE PRESIDENT AND PORTFOLIO MANAGER; AGE: 39 Vice President
of the Manager (since September 1990) and HarbourView Asset Management
Corporation (since July 1994); an officer of other Oppenheimer funds.
MICHAEL S. LEVINE, VICE PRESIDENT AND PORTFOLIO MANAGER; AGE: 33 Vice
President of the Manager (since June 1998); previously an Assistant Vice
President of the Manager (April 1996 to June 1998) and an Analyst for the
Manager; formerly portfolio manager and research associate for Amas
Securities, Inc., before which he was an analyst for Shearson Lehman
Hutton Inc.
3. The text under the caption "Portfolio Management" on page 30 is deleted and
replaced with the following:
The portfolio mangers of the Fund are Richard H. Rubinstein, David P.
Negri, George Evans and Michael S. Levine. In August, 1998, Messrs. Negri,
Evans and Levine joined Mr. Rubinstein as the persons primarily responsible
for the day-to-day management of the Fund's portfolio, with Mr. Rubinstein
having had this responsibility since June, 1990. Messrs. Rubinstein and
Negri are Senior Vice Presidents of the Manager, and Messrs. Evans and
Levine are Vice Presidents of the Manager. Each also serves as an officer
and portfolio manager of other Oppenheimer funds.
4. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" on page 51 is revised to read as follows:
However, if you redeem Class A 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).
August 21, 1998 PX0240.006
