OPPENHEIMER QUEST FOR VALUE FUNDS
NSAR-A, 1996-03-26
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<PAGE>      PAGE  1
000 A000000 01/31/96
000 C000000 0000817982
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 OPPENHEIMER QUEST VALUE FUNDS
001 B000000 811-5225
001 C000000 2125041667
002 A000000 33 MAIDEN LANE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10038
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  9
007 C010100  1
007 C020100 US GOV'T INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 SMALL CAPITALIZATION FUND
007 C030200 N
007 C010300  3
007 C020300 OPPORTUNITY FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C020500 NATIONAL   TAX-EXEMPT FUND
007 C030500 Y
007 C010600  6
007 C020600 CALIFORNIA TAX-EXEMPT FUND
007 C030600 Y
007 C010700  7
007 C020700 NEW YORK TAX-EXEMPT FUND
007 C030700 Y
007 C010800  8
007 C020800 INVESTMENT QUALITY INCOME FUND
007 C030800 N
007 C010900  9
007 C020900 GROWTH AND INCOME FUND
007 C030900 N
007 C011000 10
007 C021000 OFFICERS FUND
007 C031000 N
020 C000001      0
<PAGE>      PAGE  2
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH INC
022 B000001 13-5674085
022 C000001      4900
022 D000001      5800
022 A000002 SMITH BARNEY, INC.
022 B000002 13-1912900
022 C000002         0
022 D000002      8514
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003      2800
022 D000003      2800
022 A000004 FIRST ALBANY CORP
022 B000004 14-1391446
022 C000004       980
022 D000004      2837
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005      1300
022 D000005      1300
022 A000006 PAINE WEBBER INC.
022 B000006 13-2638166
022 C000006         0
022 D000006      2476
022 A000007 PRUDENTIAL SECURITIES, INC.
022 B000007 22-2347336
022 C000007      1100
022 D000007      1200
022 A000008 BEAR, STEARNS & CO.
022 B000008 13-3299429
022 C000008      1186
022 D000008       993
022 A000009 TUCKER ANTHONY INC.
022 B000009 04-2566229
022 C000009         0
022 D000009      2077
022 A000010 DAIN BOSWORTH INC.
022 B000010 41-0212020
022 C000010         0
022 D000010      1048
023 C000000      12464
<PAGE>      PAGE  3
023 D000000      31101
026 A000000 Y
026 B000000 Y
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026 G020000 N
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<PAGE>      PAGE  4
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034  000500 N
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039  000500 N
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<PAGE>      PAGE  5
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062 O000500  97.4
062 P000500   0.0
062 Q000500   0.0
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066 A000500 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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030 B000600  4.75
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031 A000600      3
031 B000600      0
032  000600      0
033  000600      2
034  000600 N
035  000600      0
036 B000600      0
037  000600 N
038  000600      0
039  000600 N
040  000600 Y
041  000600 Y
<PAGE>      PAGE  8
042 A000600   0
042 B000600   0
042 C000600   0
042 D000600 100
042 E000600   0
042 F000600   0
042 G000600   0
042 H000600   0
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044  000600      0
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048 I020600 0.000
048 J010600        0
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048 K010600        0
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062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
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062 H000600   0.0
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062 L000600   0.0
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062 P000600   0.0
062 Q000600   0.0
<PAGE>      PAGE  9
062 R000600   0.0
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063 B000600 20.3
064 A000600 N
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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034  000700 N
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039  000700 N
040  000700 Y
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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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SIGNATURE   LESLIE KLEIN                                 
TITLE       ASST TREASURER      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
   <NUMBER> 06
   <NAME> CALIFORNIA TAX EXEMPT
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1996
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<NUMBER-OF-SHARES-REDEEMED>                   (433736)
<SHARES-REINVESTED>                              17938
<NET-CHANGE-IN-ASSETS>                       (3594634)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                     (327145)
<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                                 0
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<PER-SHARE-NII>                                    .17
<PER-SHARE-GAIN-APPREC>                            .30
<PER-SHARE-DIVIDEND>                             (.17)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.85
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
   <NUMBER> 05
   <NAME> NATIONAL TAX-EXEMPT
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1996
<PERIOD-START>                             AUG-01-1995
<PERIOD-END>                               JAN-31-1996
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                                0
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<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              1471168
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (212509)
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<APPREC-INCREASE-CURRENT>                      1311802
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (1258659)
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<NUMBER-OF-SHARES-SOLD>                         100269
<NUMBER-OF-SHARES-REDEEMED>                  (1308698)
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NII>                                    .18
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<EXPENSE-RATIO>                                      0
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000817982
<NAME> QUEST FOR VALUE FAMILY OF FUNDS
<SERIES>
   <NUMBER> 07
   <NAME> NEW YORK TAX EXEMPT FUND
       
<S>                             <C>
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