3
OPPENHEIMER MULTIPLE STRATEGIES FUND
Supplement dated September 25, 1998 to the
Statement of Additional Information dated January 23, 1998
The supplement dated August 21, 1998 to the Statement of Additional Information
is replaced by this supplement.
1. The following is added directly above the paragraph titled "Loans of
Portfolio Securities" on page 11.
- Risks of Conversion to Euro. On January 1, 1999, eleven countries in the
European Monetary Union will adopt the euro as their official currency.
However, their current currencies (for example, the franc, the mark, and
the lire) will also continue in use until January 1, 2002. After that
date, it is expected that only the euro will be used in those countries. A
common currency is expected to confer some benefits in those markets, by
consolidating the government debt market for those countries and reducing
some currency risks and costs. But the conversion to the new currency will
affect the Fund operationally and also has potential risks, some of which
are listed below. Among other things, the conversion will affect: o
issuers in which the Fund invests, because of changes in the competitive
environment from a consolidated currency market and greater operational
costs from converting to the new currency. This might depress stock
values. o vendors the Fund depends on to carry out its business, such as
its Custodian (which holds the foreign securities the Fund buys), the
Manager (which must price the Fund's investments to deal with the
conversion to the euro) and brokers, foreign markets and securities
depositories. If they are not prepared, there could be delays in
settlements and additional costs to the Fund. o exchange contracts and
derivatives that are outstanding during the transition to the euro. The
lack of currency rate calculations between the affected currencies and the
need to update the Fund's contracts could pose extra costs to the Fund.
The Manager is upgrading (at its expense) its computer and bookkeeping systems
to deal with the conversion. The Fund's Custodian has advised the Manager of its
plans to deal with the conversion, including how it will update its record
keeping systems and handle the redenomination of outstanding foreign debt. The
Fund's portfolio manager will also monitor the effects of the conversion on the
issuers in which the Fund invests. The possible effect of these factors on the
Fund's investments cannot be determined with certainty at this time, but they
may reduce the value of some of the Fund's holdings and increase its operational
costs.
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.
[over]
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 APortfolio 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 AHow 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).
September 25, 1998 PX0240.007
