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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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074 W001000 0.0000
074 X001000 338
074 Y001000 0
075 A001000 0
075 B001000 6973
076 001000 0.00
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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<CIK> 817982
<NAME> Oppenheimer Quest Officers Value Fund
<SERIES>
<NUMBER> 10
<NAME> Oppenheimer Quest For Value Funds
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Opportunity Value Fund-A
<SERIES>
<NUMBER> 3
<NAME> Oppenheimer Quest For Value Funds
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Opportunity Value Fund-B
<SERIES>
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<NAME> Oppenheimer Quest For Value Funds
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Opportunity Value Fund-C
<SERIES>
<NUMBER> 3
<NAME> Oppenheimer Quest For Value Funds
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Small Cap Value Fund-A
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Small Cap Value Fund-B
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Small Cap Value Fund-C
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Growth & Income Value Fund-A
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
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<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Growth & Income Value Fund-B
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 58,557,251
<INVESTMENTS-AT-VALUE> 64,463,374
<RECEIVABLES> 1,136,407
<ASSETS-OTHER> 6,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 65,606,506
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 300,325
<TOTAL-LIABILITIES> 300,325
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,779,400
<SHARES-COMMON-STOCK> 1,060,887
<SHARES-COMMON-PRIOR> 700,417
<ACCUMULATED-NII-CURRENT> 120,291
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<ACCUMULATED-NET-GAINS> 6,500,367
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,906,123
<NET-ASSETS> 13,174,945
<DIVIDEND-INCOME> 574,115
<INTEREST-INCOME> 1,602,402
<OTHER-INCOME> 0
<EXPENSES-NET> 1,120,558
<NET-INVESTMENT-INCOME> 1,055,959
<REALIZED-GAINS-CURRENT> 6,454,155
<APPREC-INCREASE-CURRENT> 3,175,436
<NET-CHANGE-FROM-OPS> 10,685,550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 138,167
<DISTRIBUTIONS-OF-GAINS> 359,598
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482,330
<NUMBER-OF-SHARES-REDEEMED> 164,144
<SHARES-REINVESTED> 42,284
<NET-CHANGE-IN-ASSETS> 18,772,822
<ACCUMULATED-NII-PRIOR> 62,229
<ACCUMULATED-GAINS-PRIOR> 2,211,414
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 472,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,134,043
<AVERAGE-NET-ASSETS> 10,097,000
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> 0.17
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<PER-SHARE-DIVIDEND> 0.16
<PER-SHARE-DISTRIBUTIONS> 0.50
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<EXPENSE-RATIO> 2.53
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<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Growth & Income Value Fund-C
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 58,557,251
<INVESTMENTS-AT-VALUE> 64,463,374
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<TOTAL-LIABILITIES> 300,325
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<SHARES-COMMON-PRIOR> 167,833
<ACCUMULATED-NII-CURRENT> 120,291
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,500,367
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 574,115
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<NET-CHANGE-FROM-OPS> 10,685,550
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<DISTRIBUTIONS-OF-INCOME> 28,888
<DISTRIBUTIONS-OF-GAINS> 82,370
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 47,618
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</TABLE>
<PAGE>
To the Board of Trustees of
Oppenheimer Quest for Value Funds
In planning and performing our audits of the financial statements of Oppenheimer
Quest Growth & Income Value Fund, Oppenheimer Quest Officers Value Fund,
Oppenheimer Quest Opportunity Value Fund, and Oppenheimer Quest Small Cap Value
Fund (constituting Oppenheimer Quest for Value Funds, hereafter referred to as
the "Fund") for the year ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 may not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/S/Price Waterhouse LLP
Price Waterhouse LLP
Denver, Colorado
November 21, 1996
<PAGE>
During the year ended October 31, 1996, the Fund adjusted the classifications of
net investment income and capital gain (loss) to shareholders to reflect the
differences between financial statement amounts and distributions determined in
accordance with income tax regulations. Accordingly, during the year ended
October 31, 1996, amounts have been reclassified to reflect a decrease in
accumulated net realized gain on investments of $52,557. Net investment loss was
decreased by the same amount.
<PAGE>
During the year ended October 31, 1996, the Fund adjusted the classification of
net investment income and capital gain (loss) to reflect the differences
between financial statement amounts and distributions determined in accordance
with income tax regulations. Accordingly, during the year ended October 31,
1996, amounts have been reclassified to reflect a decrease in accumulated net
realized gain on investments of $31,296. Net investment income was decreased by
the same amount.
