<PAGE> 1
"We know we have to be aggressive for the long term to achieve the high growth
we need."
[OPPENHEIMERFUNDS LOGO]
<PAGE> 2
This Fund is for people who want the kind of SUBSTANTIAL GROWTH available only
through fast-growing small companies.
HOW YOUR FUND IS MANAGED
Oppenheimer Quest Small Cap Value Fund seeks capital appreciation by investing
in stocks of small-cap companies that are believed to be priced below their
true worth. By identifying and investing in small company stocks believed to
be priced below their actual worth, the Fund seeks to capitalize on the
attractive growth potential of these stocks. This value philosophy offers the
potential for significant long-term growth.
PERFORMANCE
Total returns for the 12 months ended 9/30/96 for Class A, B and C shares were
12.62%, 12.06% and 12.04%, respectively, without deducting sales charges.(1)
Your Fund's average annual total returns for Class A shares for the 1-
and 5-year periods ended 9/30/96 and since inception on 1/3/89 were 6.15%,
12.02% and 12.03%, respectively.
For Class B shares, average annual total returns for the 1-year period ended
9/30/96 and since inception on 9/1/93 were 7.06% and 8.04%, respectively. For
Class C shares, average annual total returns for the 1-year period ended
9/30/96 and since inception on 9/1/93 were 11.04% and 8.58%, respectively.(2)
OUTLOOK
"Our outlook for the Fund remains strong. We've built a solid portfolio of
small-cap stocks based on meticulous research of companies that we believe have
superior returns on capital at reasonable valuations."
Louis Goldstein and Timothy McCormack
Portfolio Managers
October 31, 1996
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. The Fund's
Sub-Adviser is OpCap Advisors (formerly Quest for Value Advisors, the Fund's
adviser until 11/22/95).
(1). Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
(2). Class A returns include the current maximum initial sales charge of 5.75%.
Class A shares were first publicly offered on 1/3/89. The Fund's maximum sales
charge rate for Class A shares was lower prior to 11/22/95, so actual results
would have been greater. Class B returns include the applicable contingent
deferred sales charge of 5% (1-year) and 3% (since inception). Class C returns
include the 1% contingent deferred sales charge for the 1-year result. An
explanation of the different total returns is in the Fund's prospectus. Class B
and C shares are subject to an annual .75% asset-based sales charge and Class A
shares are subject to an annual .25% asset-based sales charge.
2 Oppenheimer Quest Small Cap Value Fund
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer Quest
Small Cap Value Fund
Dear Shareholder,
Following a summer of uncertainty surrounding the economy and the stock market,
the arrival of fall brought renewed vigor to both. Most notable, the Dow Jones
Industrial Average broke out of its fluctuating pattern and burst through the
once-unimaginable 6,000 mark, sending many stock prices to all-time highs. But
as the Dow began accelerating faster than the economy, a debate erupted about
how long this bull run could last.
Looking back, the autumn rally was clearly a result of three main
factors: solid corporate profits, low inflation and stabilized interest rates,
all of which attracted investors to Wall Street. And though the stock market is
currently highly valued, there continue to be a number of positive economic
influences that may extend the market's uphill run.
We consider the leading catalyst to be the robust returns from corporate
America, where a strong economy boosted third-quarter earnings. To date, we're
still witnessing a cycle of events that could maintain the appeal of these
companies to investors. For example, corporate streamlining efforts, such as
spinoffs of non-core businesses, and consolidation within industries are
helping to increase the cash flow of many firms. In return, additional cash
flows enable these companies to add shareholder value by initiating stock
repurchasing programs. As corporations buy back record amounts of their own
stocks, they are reducing the supply and thereby raising the book value of
their outstanding shares, a move which further contributes to higher stock
prices.
Additionally, the demand for stocks remains strong, largely because, as
many experts believe, investors are taking more responsibility for their
retirement investments. Indeed, as the country's baby boomers near retirement,
they are becoming increasingly aware of the need to secure their own financial
future, because they expect less and less from standard company pensions or
Social Security. As a result, equity mutual funds have become the fastest
growing means by which these investors are seeking to achieve their long-term
goals.
While these signs appear favorable for many well-managed companies, stock
valuations remain at historically high levels, causing us to become more
cautious about the market overall. We do not, however, expect to see a
significant market decline. In fact, we are confident that as long as
corporate earnings stay healthy, there will continue to be numerous investment
opportunities available to fill the demand for stocks. Nevertheless, it is
becoming more difficult to uncover true values and justify higher prices.
Therefore, we believe the correct approach to take at this point is to
carefully evaluate companies based on individual merits, such as strong
management, fundamental business policies and long-term prospects for the
future.
Your portfolio manager discusses the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ BRIDGET A. MACASKILL
November 21, 1996
3 Oppenheimer Quest Small Cap Value Fund
<PAGE> 4
LOUIS GOLDSTEIN
TIMOTHY MCCORMACK
Portfolio Managers
Q + A
An interview with your Fund's managers.
HOW HAS THE FUND PERFORMED OVER THE PAST YEAR?
While the small-cap market has had its share of ups and downs over the past
year, we were pleased with the Fund's performance during this time. Oppenheimer
Quest Small Cap Value Fund's total return at net asset value was 12.62% for the
12 months ended September 30, 1996,1 compared with 11.60% for its benchmark,
the Russell 2000 Small Stock Index.(2)
WHAT CHARACTERISTICS DO YOU LOOK FOR WHEN EVALUATING STOCKS?
Using our long-held, bottom-up investment philosophy that emphasizes intensive
research, we look for strong individual companies that are currently
undervalued in the market. Specifically, we look for businesses led by
management teams focused on maximizing shareholder value. In addition, these
companies should have a history of above-average investment returns and
display the ability to generate substantial cash flows.
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
A telecommunications company performed very well over the period, responding to
the growth of the market. We purchased these shares when they were undervalued,
and since then, the company has benefited from the interest surrounding the
Internet. As more people began "surfing the net," it became apparent to the
telecommunications industry that better systems were needed to handle the
growing demand.
Another profitable investment during the past six months was a top
producer of sheets and towels. Over the last few years, the company utilized
much of its capital to improve its operations. As a result, it now leads the
industry in market share, as well as operating earnings margin.(3)
DID ANY INVESTMENTS OR MARKET FACTORS HURT THE FUND OVER THE PERIOD?
Two of our larger positions, which were in the healthcare industry, failed to
meet our expectations this year, after positive returns in 1995. However,
although the performance of these stocks seems to reflect the lower returns of
small-cap stocks in the healthcare industry overall, we still view them as
attractive investments. These two companies are undergoing positive transitions
by restructuring their businesses and streamlining their operations. So, while
the stock prices of these two firms do not reflect their full potential, we
expect that they will in the future.
WHAT IS YOUR OUTLOOK FOR THE FUND?
Our outlook for the Fund remains strong. We've built a solid portfolio of
small-cap stocks based on meticulous research of companies that we believe have
superior returns on capital at reasonable valuations. Therefore, we remain
confident that this approach will ensure good long-term performance, despite
near-term market fluctuations.
1. Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if sales
charges were taken into account.
2. The Fund's investments are not limited to securities in the Russell 2000,
which cannot be purchased directly by investors. The Russell 2000 Index is a
capitalization-weighted index of 2,000 U.S. issuers whose common stocks are
traded on the New York and American Stock Exchanges and NASDAQ.
3. The Fund's portfolio is subject to change.
4 Oppenheimer Quest Small Cap Value Fund
<PAGE> 5
FINANCIALS
CONTENTS
Statement of Investments 6
Statement of Assets & Liabilities 9
Statement of Operations 10
Statements of Changes in Net Assets 11
Financial Highlights 12
Notes to Financial Statements 14
Report of Independent Accountants 17
Federal Income Tax Information 18
5 Oppenheimer Quest Small Cap Value Fund
<PAGE> 6
STATEMENT OF INVESTMENTS October 31, 1996
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
====================================================================================================================================
<S> <C> <C>
SHORT-TERM NOTES--10.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Household Finance Corp., 5.25%, 11/26/96(1) $10,668,000 $10,629,106
--------------------------------------------------------------------------------------------------
Prudential Funding Corp., 5.25%, 12/4/96(1) 4,509,000 4,487,301
----------
Total Short-Term Notes (Cost $15,116,407) 15,116,407
====================================================================================================================================
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--0.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Collins Industries, Inc., 8.75% Nts., 1/11/00 (Cost $62,950) 62,950 57,636
====================================================================================================================================
CONVERTIBLE CORPORATE BONDS AND NOTES--1.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs., 6/30/14(2) 1,363,500 1,410,948
--------------------------------------------------------------------------------------------------
Security Capital Realty, Inc., 12% Cv. Sub. Debs. Interest Shares,
6/30/14(2) 78,585 78,585
---------
Total Convertible Corporate Bonds and Notes (Cost $1,372,940) 1,489,533
<CAPTION>
SHARES
====================================================================================================================================
<S> <C> <C> <C>
COMMON STOCKS--91.1%
- ------------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.2%
- ------------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.1% McWhorter Technologies, Inc.(3) 84,200 1,620,850
- ------------------------------------------------------------------------------------------------------------------------------------
PAPER--2.1% Shorewood Packaging Corp.(3) 162,000 3,057,750
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--11.9%
- ------------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--8.1% Borg-Warner Automotive, Inc. 55,100 2,114,462
--------------------------------------------------------------------------------------------------
Cousins Properties, Inc. 101,800 2,328,675
--------------------------------------------------------------------------------------------------
Security Capital Industrial Trust 150,600 2,729,625
--------------------------------------------------------------------------------------------------
Security Capital Pacific Trust 120,363 2,708,167
--------------------------------------------------------------------------------------------------
Security Capital Realty, Inc.(2)(3) 1,800 1,948,320
------------
11,829,249
- ------------------------------------------------------------------------------------------------------------------------------------
MEDIA--1.2% Katz Media Group, Inc.(3) 210,400 1,762,100
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.8% WestPoint Stevens, Inc.(3) 100,000 2,662,500
- ------------------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--0.8% Nu-Kote Holding, Inc., Cl. A(3) 120,200 1,141,900
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--11.4%
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--6.7% Dentsply International, Inc. 51,900 2,186,287
--------------------------------------------------------------------------------------------------
SpaceLabs Medical, Inc.(3) 320,000 6,480,000
--------------------------------------------------------------------------------------------------
Sylvan, Inc.(3) 84,700 1,090,512
-----------
9,756,799
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & Magellan Health Services, Inc.(3) 355,300 6,528,637
SERVICES--4.7% --------------------------------------------------------------------------------------------------
Vital Signs, Inc. 14,200 301,750
-----------
6,830,387
</TABLE>
6 Oppenheimer Quest Small Cap Value Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ENERGY--6.3%
- ----------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & Petroleum Heat & Power Co., Inc., Cl. A 165,000 $ 1,216,875
PRODUCERS--2.3% ------------------------------------------------------------------------------------------
St. Mary Land & Exploration Co. 105,500 2,136,375
-----------
3,353,250
- ----------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--4.0% Belden & Blake Corp.(3) 49,000 1,298,500
------------------------------------------------------------------------------------------
Nuevo Energy Co.(3) 31,800 1,586,025
------------------------------------------------------------------------------------------
Seagull Energy Corp.(3) 58,000 1,254,250
------------------------------------------------------------------------------------------
Triton Energy Corp.(3) 37,400 1,668,975
-----------
5,807,750
- ----------------------------------------------------------------------------------------------------------------------------
FINANCIAL--14.0%
- ----------------------------------------------------------------------------------------------------------------------------
BANKS--0.6% First Financial Caribbean Corp. 36,000 927,000
- ----------------------------------------------------------------------------------------------------------------------------
INSURANCE--13.4% ACE Ltd. 68,000 3,723,000
------------------------------------------------------------------------------------------
Berkley (W.R.) Corp. 39,200 2,038,400
------------------------------------------------------------------------------------------
Delphi Financial Group, Inc., Cl. A 113,640 3,181,920
------------------------------------------------------------------------------------------
E.W. Blanch Holdings, Inc. 149,400 3,081,375
------------------------------------------------------------------------------------------
Everest Reinsurance Holdings, Inc. 44,000 1,122,000
------------------------------------------------------------------------------------------
Horace Mann Educators Corp. 95,000 3,253,750
------------------------------------------------------------------------------------------
Protective Life Corp. 43,500 1,500,750
------------------------------------------------------------------------------------------
United Wisconsin Services, Inc. 69,900 1,808,662
-----------
19,709,857
- ----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--20.6%
- ----------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--4.3% AVX Corp. 41,400 765,900
------------------------------------------------------------------------------------------
Oak Industries, Inc.(3) 219,300 5,564,738
----------
6,330,638
- ----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--3.2% Dal-Tile International, Inc.(3) 144,000 2,520,000
------------------------------------------------------------------------------------------
Interpool, Inc. 101,700 2,211,975
----------
4,731,975
- ----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--3.2% Briggs & Stratton Corp. 45,000 1,800,000
------------------------------------------------------------------------------------------
International Imaging Materials, Inc.(3) 87,600 2,080,500
------------------------------------------------------------------------------------------
McGrath Rentcorp 36,300 862,125
-----------
4,742,625
- ----------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--9.9% Baldwin Technology Co., Inc., Cl. A(3) 510,500 1,531,500
------------------------------------------------------------------------------------------
Carlisle Cos., Inc. 43,300 2,462,688
------------------------------------------------------------------------------------------
Crane Co. 62,800 2,920,200
------------------------------------------------------------------------------------------
EASCO, Inc. 5,000 30,000
------------------------------------------------------------------------------------------
Greenfield Industries, Inc. 42,200 1,118,300
------------------------------------------------------------------------------------------
Harmon Industries, Inc. 50,400 856,800
------------------------------------------------------------------------------------------
United Dominion Industries Ltd. 269,600 5,560,500
-----------
14,479,988
</TABLE>
7 Oppenheimer Quest Small Cap Value Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY--22.7%
- ---------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--1.3% Tracor, Inc.(3) 87,000 $ 1,979,250
- ---------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--2.5% Exabyte Corp.(3) 164,000 2,173,000
-----------------------------------------------------------------------------------------
Wang Laboratories, Inc.(3) 65,000 1,519,375
------------
3,692,375
- ---------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--3.6% BancTec, Inc.(3) 258,900 5,275,088
- ---------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--14.1% Arrow Electronics, Inc.(3) 70,100 3,338,513
-----------------------------------------------------------------------------------------
Channell Commercial Corp.(3) 32,000 374,000
-----------------------------------------------------------------------------------------
EG&G, Inc. 381,200 6,718,650
-----------------------------------------------------------------------------------------
Exar Corp.(3) 261,500 3,595,625
-----------------------------------------------------------------------------------------
Marshall Industries(3) 177,300 5,341,163
-----------------------------------------------------------------------------------------
Unitrode Corp.(3) 56,200 1,348,800
------------
20,716,751
- ---------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS- ECI Telecommunications Ltd. 89,000 1,780,000
TECHNOLOGY--1.2%
- ---------------------------------------------------------------------------------------------------------------------------
UTILITIES--1.0%
- ---------------------------------------------------------------------------------------------------------------------------
Aquila Gas Pipeline Corp. 96,600 1,400,700
------------
Total Common Stocks (Cost $120,275,475) 133,588,782
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $136,827,772) 102.4% 150,252,358
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (2.4) (3,559,147)
-------- ------------
NET ASSETS 100.0% $146,693,211
======== ============
</TABLE>
1. Short-term notes are generally traded on a discount basis; the
interest rate is the discount rate received by the Fund at the time of
purchase.
2. Identifies issues considered to be illiquid--See Note 5 of Notes to
Financial Statements.
3. Non-income producing security. See accompanying Notes to Financial
Statements.
8 Oppenheimer Quest Small Cap Value Fund
<PAGE> 9
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1996
<TABLE>
=========================================================================================================================
<S> <C> <C>
ASSETS Investments, at value (cost $136,827,772)--see accompanying statement $150,252,358
-----------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 1,029,023
Investments sold 838,142
Interest and dividends 155,909
-----------------------------------------------------------------------------------------------
Other 9,200
------------
Total assets 152,284,632
=========================================================================================================================
LIABILITIES Bank overdraft 164,639
-----------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 4,134,293
Shares of beneficial interest redeemed 1,147,923
Distribution and service plan fees 31,510
Transfer agent and accounting service fees 10,077
Trustees' fees 3,276
Other 99,703
------------
Total liabilities 5,591,421
=========================================================================================================================
NET ASSETS $146,693,211
============
=========================================================================================================================
COMPOSITION OF Par value of shares of beneficial interest $ 77,390
NET ASSETS -----------------------------------------------------------------------------------------------
Additional paid-in capital 114,615,487
-----------------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 18,575,748
-----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments--Note 3 13,424,586
------------
Net assets $146,693,211
============
=========================================================================================================================
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net
assets of $102,746,109 and 5,398,787 shares of beneficial
interest outstanding) $19.03
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $20.19
-----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $30,765,729 and 1,637,492 shares of
beneficial interest outstanding) $18.79
-----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $13,181,373 and 702,671 shares of
beneficial interest outstanding) $18.76
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Quest Small Cap Value Fund
<PAGE> 10
STATEMENT OF OPERATIONS For the Year Ended October 31, 1996
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Dividends (net of foreign withholding taxes of $6,932) $ 1,867,796
-----------------------------------------------------------------------------------------------
Interest 1,256,038
-----------
Total income 3,123,834
=========================================================================================================================
EXPENSES Management fees--Note 4 1,558,482
-----------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 588,072
Class B 264,640
Class C 115,068
-----------------------------------------------------------------------------------------------
Transfer agent and accounting service fees--Note 4 235,421
-----------------------------------------------------------------------------------------------
Shareholder reports 163,557
-----------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 62,575
Class B 9,573
Class C 6,633
-----------------------------------------------------------------------------------------------
Legal and auditing fees 38,885
-----------------------------------------------------------------------------------------------
Custodian fees and expenses 32,948
-----------------------------------------------------------------------------------------------
Trustees' fees and expenses 24,625
-----------------------------------------------------------------------------------------------
Other 39,366
-----------
Total expenses 3,139,845
=========================================================================================================================
NET INVESTMENT LOSS (16,011)
=========================================================================================================================
REALIZED AND Net realized gain on investments 19,244,292
UNREALIZED GAIN -----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments 4,837,245
-----------
Net realized and unrealized gain 24,081,537
=========================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $24,065,526
===========
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Quest Small Cap Value Fund
<PAGE> 11
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
1996 1995
=============================================================================================================================
<S> <C> <C> <C>
OPERATIONS Net investment income (loss) $ (16,011) $ 818,568
------------------------------------------------------------------------------------------------
Net realized gain 19,244,292 8,543,743
------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 4,837,245 3,040,965
----------- -----------
Net increase in net assets resulting from operations 24,065,526 12,403,276
=============================================================================================================================
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A (758,969) --
SHAREHOLDERS Class B (44,363) --
Class C (29,083) --
------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (6,609,655) (3,010,761)
Class B (1,335,461) (434,007)
Class C (506,878) (91,772)
=============================================================================================================================
BENEFICIAL INTEREST Net increase (decrease) in net assets resulting from beneficial interest
TRANSACTIONS transactions--Note 2:
Class A (24,805,861) (11,016,993)
Class B 4,861,970 6,073,460
Class C 3,040,987 5,301,995
=============================================================================================================================
NET ASSETS Total increase (decrease) (2,121,787) 9,225,198
------------------------------------------------------------------------------------------------
Beginning of period 148,814,998 139,589,800
------------ ------------
End of period (including undistributed net investment income
of $817,130 in 1995) $146,693,211 $148,814,998
============ ============
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Quest Small Cap Value Fund
<PAGE> 12
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,
1996(2) 1995 1994 1993 1992
================================================================================================================================
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $17.31 $16.33 $17.68 $14.60 $13.52
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .03 .11(3) (.03)(3) (.04)(3) --(3)
Net realized and unrealized gain 2.79 1.29 .01 4.26 1.50
--------- ------- ------- ------- --------
Total income (loss) from
investment operations 2.82 1.40 (.02) 4.22 1.50
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.11) -- -- -- --
Distributions from net realized gain (.99) (.42) (1.33) (1.14) (.42)
--------- ------- ------- ------- --------
Total dividends and distributions to shareholders (1.10) (.42) (1.33) (1.14) (.42)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $19.03 $17.31 $16.33 $17.68 $14.60
========= ======= ======= ======= ========
================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(4) 17.17% 8.82% 0.04% 30.21% 11.60%
================================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands) $102,746 $116,307 $120,102 $104,898 $39,693
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $117,765 $119,440 $115,276 $75,500 $32,551
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.11% 0.67% (0.14)% (0.36)% (0.04)%
Expenses 1.90% 1.80% 1.88% 1.89% 2.11%
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 70.4% 76.0% 67.0% 74.0% 95.0%
Average brokerage commission rate(7) $0.0515 -- -- -- --
</TABLE>
1. For the period from September 1, 1993 (inception of
offering) to October 31, 1993.
2. On November 22, 1995, OppenheimerFunds, Inc. became the
investment adviser to the Fund.
3. Based on average shares outstanding for the period.
4. Assumes a hypothetical initial investment on the business
day before the first day of the fiscal period (or inception
of offering), with all dividends and distributions
reinvested in additional shares on the reinvestment date,
and redemption at the net asset value calculated on the last
business day of the fiscal period. Sales charges are not
reflected in the total returns. Total returns are not
annualized for periods of less than one full year.
12 Oppenheimer Quest Small Cap Value Fund
<PAGE> 13
<TABLE>
<CAPTION>
CLASS B CLASS C
- ----------------------------------------------------------- -----------------------------------------------------
YEAR ENDED OCTOBER 31, YEAR ENDED OCTOBER 31,
1996(2) 1995 1994 1993(1) 1996(2) 1995 1994 1993(1)
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
$17.11 $16.24 $17.66 $17.19 $17.11 $16.23 $17.67 $17.19
- ------------------------------------------------------------------------------------------------------------------------------
(.06) .02(3) (.11)(3) (.02)(3) (.05) .01(3) (.13)(3) (.02)(3)
2.76 1.27 .02 .49 2.75 1.29 .02 .50
- ------- ------- ------- ------- -------- ------- ------- -------
2.70 1.29 (.09) .47 2.70 1.30 (.11) .48
- ------------------------------------------------------------------------------------------------------------------------------
(.03) -- -- -- (.06) -- -- --
(.99) (.42) (1.33) -- (.99) (.42) (1.33) --
- ------- ------- ------- ------- -------- ------- ------- -------
(1.02) (.42) (1.33) -- (1.05) (.42) (1.33) --
- ------------------------------------------------------------------------------------------------------------------------------
$18.79 $17.11 $16.24 $17.66 $18.76 $17.11 $16.23 $17.67
======= ======= ======= ======= ======== ======= ======= =======
==============================================================================================================================
16.57% 8.17% (0.39)% 2.73% 16.55% 8.24% (0.51)% 2.79%
==============================================================================================================================
$30,766 $23,440 $16,144 $1,754 $13,181 $9,068 $3,344 $235
- ------------------------------------------------------------------------------------------------------------------------------
$26,478 $20,105 $9,401 $934 $11,501 $6,114 $1,381 $138
- ------------------------------------------------------------------------------------------------------------------------------
(0.37)% 0.09% (0.70)% (1.15)%(5) (0.40)% 0.08% (0.81)% (1.20)%(5)
2.38% 2.37% 2.48% 2.57%(5) 2.40% 2.38% 2.59% 2.57%(5)
- ------------------------------------------------------------------------------------------------------------------------------
70.4% 76.0% 67.0% 74.0% 70.4% 76.0% 67.0% 74.0%
$0.0515 -- -- -- $0.0515 -- -- --
</TABLE>
5. Annualized.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of investment securities (excluding short-term securities)
for the period ended October 31, 1996 were $96,608,078 and $113,296,341,
respectively.
7. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period, divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
13 Oppenheimer Quest Small Cap Value Fund
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Quest Small Cap Value Fund (the Fund),
formerly named Quest for Value Small Capitalization
Fund, a series of Oppenheimer Quest for Value Funds,
is a diversified open-end management investment
company registered under the Investment Company Act
of 1940, as amended. The Fund's investment objective
is to seek capital appreciation through investments
in a diversified portfolio which under normal
conditions will have at least 65% of its assets
invested in equity securities of companies with
market capitalizations under $1 billion. On November
22, 1995, OCC Distributors (previously Quest for
Value Distributors), OpCap Advisors (previously
Quest for Value Advisors) and their parent
Oppenheimer Capital consummated a transaction with
OppenheimerFunds, Inc. (the Manager), which resulted
in the sale to the Manager of certain mutual fund
assets of OCC Distributors and OpCap Advisors
including the transfer of Quest for Value Funds and
the use of the name "Quest for Value." As part of
the transaction, the Fund entered into an investment
advisory agreement with the Manager and the Manager
entered into a sub-advisory agreement with OpCap
Advisors (the former Manager). The Fund offers Class
A, Class B and Class C shares. Class A shares are
sold with a front-end sales charge. Class B and
Class C shares may be subject to a contingent
deferred sales charge. All three classes of shares
have identical rights to earnings, assets and voting
privileges, except that each class has its own
distribution and/or service plan, expenses directly
attributable to a particular class and exclusive
voting rights with respect to matters affecting a
single class. Class B shares will automatically
convert to Class A shares six years after the date
of purchase. The following is a summary of
significant accounting policies consistently
followed by the Fund.
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INVESTMENT VALUATION. Portfolio securities are
valued at the close of the New York Stock Exchange
on each trading day. Listed and unlisted securities
for which such information is regularly reported are
valued at the last sale price of the day or, in the
absence of sales, at values based on the closing bid
or the last sale price on the prior trading day.
Long-term and short-term "non-money market" debt
securities are valued by a portfolio pricing service
approved by the Board of Trustees. Such securities
which cannot be valued by the approved portfolio
pricing service are valued using dealer-supplied
valuations provided the Manager is satisfied that
the firm rendering the quotes is reliable and that
the quotes reflect current market value, or are
valued under consistently applied procedures
established by the Board of Trustees to determine
fair value in good faith. Short-term "money market
type" debt securities having a remaining maturity of
60 days or less are valued at cost (or last
determined market value) adjusted for amortization
to maturity of any premium or discount.
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ALLOCATION OF INCOME, EXPENSES, AND GAINS AND
LOSSES. Income, expenses (other than those
attributable to a specific class) and gains and
losses are allocated daily to each class of shares
based upon the relative proportion of net assets
represented by such class. Operating expenses
directly attributable to a specific class are
charged against the operations of that class.
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FEDERAL TAXES. The Fund intends to continue to
comply with provisions of the Internal Revenue Code
applicable to regulated investment companies and to
distribute all of its taxable income, including any
net realized gain on investments not offset by loss
carryovers, to shareholders. Therefore, no federal
income or excise tax provision is required.
-----------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
-----------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net
investment income (loss) and net realized gain
(loss) may differ for financial statement and tax
purposes. The character of the distributions made
during the year from net investment income or net
realized gains may differ from their ultimate
characterization for federal income tax purposes.
Also, due to timing of dividend distributions, the
fiscal year in which amounts are distributed may
differ from the year that the income or realized
gain (loss) was recorded by the Fund.
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.
14 Oppenheimer Quest Small Cap Value Fund
<PAGE> 15
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1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
OTHER. Investment transactions are accounted for on
the date the investments are purchased or sold
(trade date) and dividend income is recorded on the
ex-dividend date. Realized gains and losses on
investments and unrealized appreciation and
depreciation are determined on an identified cost
basis, which is the same basis used for federal
income tax purposes.
The preparation of financial statements
in conformity with generally accepted accounting
principles requires management to make estimates and
assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial
statements and the reported amounts of income and
expenses during the reporting period. Actual results
could differ from those estimates.
================================================================================
2. SHARES OF
BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $.01
par value shares of beneficial interest.
Transactions in shares of beneficial interest were
as follows:
<TABLE>
<CAPTION>
Year Ended October 31, 1996 Year Ended October 31, 1995
---------------------------- ----------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 1,937,231 $35,893,632 2,307,655 $38,194,245
Dividends and distributions reinvested 420,196 7,076,100 181,647 2,840,961
Redeemed (3,676,057) (67,775,591) (3,125,095) (52,052,199)
---------- ------------ ---------- ------------
Net decrease (1,318,630) $(24,805,859) (635,793) $(11,016,993)
========== ============ ========== ============
-----------------------------------------------------------------------------------------------------
Class B:
Sold 551,514 $10,124,916 620,242 $10,160,304
Dividends and distributions reinvested 78,798 1,315,750 26,272 408,265
Redeemed (362,432) (6,578,696) (271,244) (4,495,109)
---------- ------------ ---------- ------------
Net increase 267,880 $4,861,970 375,270 $6,073,460
========== ============ ========== ============
-----------------------------------------------------------------------------------------------------
Class C:
Sold 389,343 $7,061,411 389,503 $6,393,572
Dividends and distributions reinvested 31,101 518,457 5,721 88,907
Redeemed (247,719) (4,538,881) (71,284) (1,180,484)
---------- ------------ ---------- ------------
Net increase 172,725 $3,040,987 323,940 $5,301,995
========== ============ ========== ============
===============================================================================================================================
</TABLE>
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At October 31, 1996, net unrealized appreciation on
investments of $13,424,586 was composed of gross
appreciation of $19,225,136, and gross depreciation
of $5,800,550.
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in
accordance with the investment advisory agreement
with the Fund which provides for a fee of 1.00% on
the first $400 million of average annual net assets,
0.90% on the next $400 million and 0.85% on net
assets in excess of $800 million. Prior to November
22, 1995, management fees were paid to the former
Manager at an annual rate of 1.00% of the Fund's
average net assets. The Manager has agreed to
reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent
applicable regulatory limit on Fund expenses. The
Manager acts as the accounting agent for the Fund at
an annual fee of $55,000, plus out-of-pocket costs
and expenses reasonably incurred. Prior to November
22, 1995, accounting service fees were paid monthly
to the former Manager.
Effective November 22, 1995, the
Manager pays OpCap Advisors (the Sub-Adviser) based
on the fee schedule set forth in the Prospectus. For
the period ended October 31, 1996, the Manager paid
$581,663 to the Sub-Adviser.
For the year ended October 31, 1996,
commissions (sales charges paid by investors) on
sales of Class A shares totaled $297,166, of which
$115,180 was retained by OppenheimerFunds
Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by affiliated
broker/dealers. Sales charges advanced to
broker/dealers by OFDI on sales of the Fund's Class
B and Class C shares totaled $317,703 and $58,943,
of which $5,034 was paid to an affiliated
broker/dealer for Class B. During the year ended
October 31, 1996, OFDI received contingent deferred
sales charges of $99,115 and $3,583, respectively,
upon redemption of Class B and Class C shares as
reimbursement for sales commissions advanced by OFDI
at the time of sale of such shares.
15 Oppenheimer Quest Small Cap Value Fund
<PAGE> 16
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
(CONTINUED)
OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing
agent for the Fund, and for other registered
investment companies. The Fund pays OFS an annual
maintenance fee of $14.85 for each Fund shareholder
account and reimburses OFS for its out-of-pocket
expenses. During the period ended October 31, 1996,
the Fund paid OFS $169,511.
The Fund has adopted a Distribution and
Service Plan for Class A shares to compensate OFDI
for a portion of its costs incurred in connection
with the personal service and maintenance of
accounts that hold Class A shares. Under the Plan,
the Fund pays an annual asset-based sales charge to
OFDI of 0.25% per year on Class A shares. The Fund
also pays a service fee to OFDI of 0.25% per year.
Both fees are computed on the average annual net
assets of Class A shares of the Fund, determined as
of the close of each regular business day. OFDI uses
all of the service fee and a portion of the
asset-based sales charge to compensate brokers,
dealers, banks and other financial institutions
quarterly for providing personal service and
maintenance of accounts of their customers that hold
Class A shares. OFDI retains the balance of the
asset-based sales charge to reimburse itself for its
other expenditures under the Plan. During the period
ended October 31, 1996, OFDI paid $1,102 to an
affiliated broker/dealer as compensation for Class A
personal service and maintenance expenses.
The Fund has adopted compensation type
Distribution and Service Plans for Class B and Class
C shares to compensate OFDI for its services and
costs in distributing Class B and Class C shares and
servicing accounts. Under the Plans, the Fund pays
OFDI an annual asset-based sales charge of 0.75% per
year on Class B and Class C shares, as compensation
for sales commissions paid from its own resources at
the time of sale and associated financing costs. If
the Plans are terminated by the Fund, the Board of
Trustees may allow the Fund to continue payments of
the asset-based sales charge to OFDI for certain
expenses it incurred before the Plans were
terminated. OFDI also receives a service fee of
0.25% per year as compensation for costs incurred in
connection with the personal service and maintenance
of accounts that hold shares of the Fund, including
amounts paid to brokers, dealers, banks and other
financial institutions. Both fees are computed on
the average annual net assets of Class B and Class C
shares, determined as of the close of each regular
business day. During the year ended October 31,
1996, OFDI retained $206,892 and $65,837,
respectively, as compensation for Class B and Class
C sales commissions and service fee advances, as
well as financing costs. At October 31, 1996, OFDI
had incurred unreimbursed expenses of $82,925 for
Class B and $36,379 for Class C.
================================================================================
5. ILLIQUID AND RESTRICTED
SECURITIES
At October 31, 1996, investments in securities
included issues that are illiquid or restricted.
Restricted securities are often purchased in private
placement transactions, are not registered under the
Securities Act of 1933, may have contractual
restrictions on resale, and are valued under methods
approved by the Board of Trustees as reflecting fair
value. A security may be considered illiquid if it
lacks a readily available market or if its valuation
has not changed for a certain period of time. The
Fund intends to invest no more than 10% of its net
assets (determined at the time of purchase and
reviewed from time to time) in illiquid or
restricted securities. Certain restricted
securities, eligible for resale to qualified
institutional investors, are not subject to that
limit. The aggregate value of illiquid or restricted
securities subject to this limitation at October 31,
1996 was $3,437,853, which represents 2.34% of the
Fund's net assets. Information concerning restricted
securities is as follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT
SECURITY ACQUISITION DATES COST PER UNIT AS OF OCT. 31, 1996
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Security Capital Realty, Inc. 7/29/93--1/19/94 $683.92 $1,082.40
--------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc.,
12% Cv. Sub. Debs., 6/30/14 7/1/94 94.26 103.48
--------------------------------------------------------------------------------------------------------
Security Capital Realty, Inc.,
12% Cv. Sub. Debs.
Interest Shares, 6/30/14 1/1/95--6/30/96 100.00 100.00
</TABLE>
16 Oppenheimer Quest Small Cap Value Fund
<PAGE> 17
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Board of Trustees and Shareholders of
Oppenheimer Quest Small Cap Value Fund
In our opinion, the accompanying statement of assets
and liabilities, including the statement of
investments, and the related statements of
operations and of changes in net assets and the
financial highlights present fairly, in all material
respects, the financial position of Oppenheimer
Quest Small Cap Value Fund (formerly Quest for Value
Small Capitalization Fund, one of the portfolios
constituting Oppenheimer Quest for Value Funds,
formerly Quest for Value Family of Funds, hereafter
referred to as the Fund) at October 31, 1996, the
results of its operations for the year then ended,
the changes in its net assets for each of the two
years in the period then ended and the financial
highlights for the periods indicated, in conformity
with generally accepted accounting principles. These
financial statements and financial highlights
(hereafter referred to as financial statements) are
the responsibility of the Fund's management; our
responsibility is to express an opinion on these
financial statements based on our audits. We
conducted our audits of these financial statements
in accordance with generally accepted auditing
standards which require that we plan and perform the
audit to obtain reasonable assurance about whether
the financial statements are free of material
misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and
disclosures in the financial statements, assessing
the accounting principles used and significant
estimates made by management, and evaluating the
overall financial statement presentation. We believe
that our audits, which included confirmation of
securities at October 31, 1996 by correspondence
with the custodian and the application of
alternative auditing procedures for unsettled
security transactions, provide a reasonable basis
for the opinion expressed above.
Price Waterhouse LLP
Denver, Colorado
November 21, 1996
17 Oppenheimer Quest Small Cap Value Fund
<PAGE> 18
FEDERAL INCOME TAX INFORMATION (Unaudited)
================================================================================
In early 1997 shareholders will receive information
regarding all dividends and distributions paid to
them by the Fund during calendar year 1996.
Regulations of the U.S. Treasury Department require
the Fund to report this information to the Internal
Revenue Service.
Distributions of $1.1073, $1.0263 and
$1.0503 per share were paid to Class A, Class B and
Class C shareholders, respectively, on December 21,
1995, of which, for each class of shares, $0.8052
was designated as a capital gain distribution" for
federal income tax purposes.
Whether received in stock or in cash, the capital
gain distribution should be treated by shareholders
as a gain from the sale of capital assets held for
more than one year (long-term capital gains).
Dividends paid by the Fund during the
fiscal year ended October 31, 1996 which are not
designated as capital gain distributions should be
multiplied by 22.28% to arrive at the net amount
eligible for the corporate dividend-received
deduction.
The foregoing information is presented
to assist shareholders in reporting distributions
received from the Fund to the Internal Revenue
Service. Because of the complexity of the federal
regulations which may affect your individual tax
return and the many variations in state and local
tax regulations, we recommend that you consult your
tax adviser for specific guidance.
18 Oppenheimer Quest Small Cap Value Fund
<PAGE> 19
OPPENHEIMER QUEST SMALL CAP VALUE FUND
A Series of Oppenheimer Quest for Value Funds
================================================================================
OFFICERS AND TRUSTEES Bridget A. Macaskill, Chairman of the Board of
Trustees and President
Paul Y. Clinton, Trustee
Thomas W. Courtney, Trustee
Lacy B. Herrmann, Trustee
George Loft, Trustee
Robert C. Doll, Jr., Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
INVESTMENT ADVISER OppenheimerFunds, Inc.
================================================================================
SUB-ADVISER OpCap Advisors
================================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
================================================================================
CUSTODIAN OF State Street Bank and Trust Company
PORTFOLIO SECURITIES
================================================================================
INDEPENDENT ACCOUNTANTS Price Waterhouse LLP
================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of
Oppenheimer Quest Small Cap Value Fund. This report
must be preceded or accompanied by a Prospectus of
Oppenheimer Quest Small Cap Value Fund. For material
information concerning the Fund, see the Prospectus.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any
bank, and are not insured by the FDIC or any other
agency, and involve investment risks, including
possible loss of the principal amount invested.
19 Oppenheimer Quest Small Cap Value Fund
<PAGE> 20
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
PHONELINK
24 hours a day, automated
information and transactions
1-800-533-3310
TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
1-800-835-3104
RA0251.001.1096 December 31, 1996
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