OPPENHEIMER QUEST SMALL CAP VALUE FUND
Supplement dated January 1, 1997 to the
Prospectus dated February 15, 1996
The Prospectus, as previously amended and supplemented, is hereby
further amended and supplemented as follows:
1. In the section captioned "A Brief Overview of the Fund - Who
Manages the Fund?", the seventh sentence thereof is amended to read
as follows: "The Fund has three portfolio managers, Timothy
McCormack, Timothy Curro and Gavin Albert, who are employed by the
Sub-Adviser and are primarily responsible for the selection of the
Fund's securities."
2. The section captioned "Portfolio Managers" in "How the Fund is
Managed" is amended to read as follows: "The portfolio managers of
the Fund are Timothy McCormack, Timothy Curro and Gavin Albert.
Mr. McCormack has been a portfolio manager of the Fund since May
1996, and Messrs. Curro and Albert became the portfolio managers of
the Fund effective January 1, 1997. Mr. McCormack, a Vice
President of Oppenheimer Capital, joined that firm in 1994; from
1993 to 1994, he was a securities analyst at U.S. Trust Company and
prior thereto he was a securities analyst at Gabelli & Company.
Mr. Curro has been a Vice President of Oppenheimer Capital since
November 1996. Prior thereto, he was a general partner of Value
Holdings, L.P., an investment partnership, from May 1995 to
November 1996, a Vice President in the equity research department
at UBS Securities Inc., from June 1994 through May 1995 and from
January 1991 through February 1993 and was a partner with Omega
Advisors, Inc. from March 1993 to March 1994. Mr. Albert, a Vice
President of Oppenheimer Capital since December 1996, joined that
firm in September 1994 as a research analyst. Prior thereto he was
a management consultant for EDS Energy Management in 1994, a
graduate student at the Vanderbilt University Business School from
September 1992 to May 1994 and a financial analyst in the Corporate
Finance department of Texaco, Inc. from 1990 to 1992.
January 1, 1997 PS0251.007
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OPPENHEIMER QUEST SMALL CAP VALUE FUND
Supplement Dated January 1, 1997
to the Statement of Additional Information dated February 15, 1996
The Statement of Additional Information, as previously
amended and supplemented, is hereby further amended and
supplemented as follows:
The section captioned "Trustees and Officers of the
Trust" in "How the Fund is Managed" is revised by deleting the
paragraphs referring to Jenny Beth Jones and Louis Goldstein, and
adding in lieu thereof the following:
Gavin Albert, Portfolio Manager; Age: 28
Two World Financial Center, 225 Liberty Street, New York, New York
10080
Vice President of Oppenheimer Capital; formerly, a research analyst
with Oppenheimer Capital, prior to which (in reverse chronological
order) he was a management consultant for EDS Energy Management
(management consulting firm), a graduate student at the Vanderbilt
University Business School and a financial analyst in the Corporate
Finance department of Texaco, Inc. (integrated oil and gas
company).
Timothy Curro, Portfolio Manager; Age: 37
Two World Financial Center, 225 Liberty Street, New York, New York
10080
Vice President of Oppenheimer Capital; formerly a general partner
of Value Holdings, L.P., an investment partnership, prior to which
he was a Vice President in the equity research department at UBS
Securities Inc. (investment management ) and a partner with Omega
Advisors, Inc. (investment management).
Timothy McCormack, Portfolio Manager; Age: 32
Two World Financial Center, 225 Liberty Street, New York, New York
10080
Vice President of Oppenheimer Capital; formerly a securities
analyst at U.S. Trust Company (investment management) and prior
thereto a securities analyst at Gabelli & Company (invesment
management).
January 1, 1997 PX0251.003
