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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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 Capital Value Fund, Inc.
In planning and performing our audit of the financial statements of Oppenheimer
Quest Capital Value Fund, Inc. (formerly Quest for Value Dual Purpose Fund,
Inc.) for the period 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 N-SAR, not to
provide assurance on internal control.
The management of Oppenheimer Quest Capital 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 Capital Value Fund, Inc. and the
Securities and Exchange Commission.
/S/Price Waterhouse LLP
Price Waterhouse LLP
Denver, Colorado
November 21, 1997
SHAREHOLDER MEETING (Unaudited)
On May 19, 1997, a special shareholder meeting was held at which the proposed
changes to certain of the Fund's fundamental investment policies, including
changes to the investment objective were approved (Proposal No. 1) and the
Subadvisory Agreement between OppenheimerFunds, Inc. and OpCap Advisors was
approved (Proposal No. 2) 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 5,333,081.606 387,728.558 492,181.397 4,689,389 6,212,991.561
Proposal No. 2 5,193,678.421 344,416.743 674,896.397 4,689,389 6,212,991.561
</TABLE>
<PAGE>
The Fund changed the classification of distributions to shareholders to reflect
the differences between financial statement amounts and distributions determined
in accordance with income tax regulations. Amounts have been reclassified to
reflect a decrease in paid-in capital of $102,000, a decrease in accumulated net
realized gain on investments of $101,806, and an increase in undistributed net
investment income of $203,806.
OPPENHEIMER QUEST CAPITAL VALUE FUND, INC.
By-Laws of the Fund: Filed with Post-Effective Amendment No. 1, 11/25/97, to
Registration Statement on Form N-1A of Oppenheimer Quest Capital Value Fund,
Inc. (Reg. No. 333-16881) and incorporated herein by reference.
Amended By-Laws of the Fund: Filed with Post-Effective Amendment No. 1,
11/25/97, to Registration Statement on Form N-1A of Oppenheimer Quest Capital
Value Fund, Inc. (Reg. No. 333-16881) and incorporated herein by reference.
Investment Advisory Agreement dated 2/28/97: Filed with Post-Effective
Amendment No. 1, 11/25/97, to Registration Statement on Form N-1A of Oppenheimer
Quest Capital Value Fund, Inc. (Reg. No. 333-16881) and incorporated herein by
reference.
Subadvisory Agreement dated 11/5/97: Filed with Post-Effective Amendment
No. 1, 11/25/97, to Registration Statement on Form N-1A of Oppenheimer Quest
Capital Value Fund, Inc. (Reg. No. 333-16881) and incorporated herein by
reference.
