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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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<PAGE> PAGE 22
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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Fund Name Change
Oppenheimer Quest Growth and Income Value Fund changed its name effective May
17, 1998 to Oppenheimer Quest Balanced Value Fund.
Return of Capital
The Fund adjusts the classification of distributions 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, 1998, amounts have been
reclassified to reflect a decrease in additional paid-in capital of
$2,000,652, a decrease in accumulated net investment loss of $1,996,425,
and an increase in accumulated net realized gain on investments of $4,227.
Return of Capital
The Fund adjusts the classification of distributions 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, 1998, amounts have been
reclassified to reflect a decrease in undistributed net investment income
of $8,252. Accumulated net realized gain on investments was increased by
the same amount.
Acquisition of Oppenheimer Quest Officers Value Fund
On June 12, 1998, Oppenheimer Quest Value Fund, Inc. acquired all the net
assets of Oppenheimer Quest Officers Value Fund, pursuant to an agreement
and plan of reorganization approved by the Oppenheimer Quest Officers Value
Fund shareholders on February 18, 1998. The Fund issued (at an exchange
ratio of 0.643267 shares of the Fund to one share of Oppenheimer Officers
Value Fund) 314,171 shares of capital stock valued at $7,009,162 in exchange
for the net assets of Oppenheimer Quest Officers Value Fund, resulting in
combined net assets of $1,516,410,126 on June 12, 1998. The net assets
acquired included net unrealized appreciation of $1,143,229. The exchange
qualified as a tax-free reorganization for federal income tax purposes.
Auditor Letter
To the Board of Trustees and Shareholders of
Oppenheimer Quest for Value Funds
In planning and performing our audits of the financial statements of Oppenheimer
Quest for Value Funds for the year ended October 31, 1998, 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 for Value Funds 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 controls. Generally, controls 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 controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of Oppenheimer Quest for Value Funds and the Securities and
Exchange Commission.
PricewaterhouseCoopers LLP
Denver, Colorado
November 20, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<EXPENSE-RATIO> 1.00
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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 - Class A
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
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<INVESTMENTS-AT-COST> 333,200,590
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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 - Class B
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Small Cap Value Fund - Class C
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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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 Balanced Value Fund - A
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 2,687,502
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<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
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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 Balanced Value Fund - B
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 817982
<NAME> Oppenheimer Quest Balanced Value Fund - C
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
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</TABLE>