OPPENHEIMER QUEST BALANCED VALUE FUND
Supplement dated September 25, 1998 to the
Statement of Additional Information dated January 26, 1998
This supplement to the Statement of Additional Information replaces the
supplement dated June 5, 1998 and changes the Statement of Additional
Information as follows:
1. The following paragraphs are added at the end of the section captioned
"Investment Policies and Strategies - Foreign Securities" on page 3:
- Risks of Conversion to Euro. On January 1, 1999, eleven
countries in the European Monetary Union will adopt the euro as their
official currency. However, their current currencies (for example, the
franc, the mark, and the lire) will also continue in use until January 1,
2002. After that date, it is expected that only the euro will be used in
those countries. A common currency is expected to confer some benefits in
those markets, by consolidating the government debt market for those
countries and reducing some currency risks and costs. But the conversion
to the new currency will affect the Fund operationally and also has
potential risks, some of which are listed below. Among other things, the
conversion will affect:
- issuers in which the Fund invests, because
of changes in the competitive environment from a consolidated currency
market and greater operational costs from converting to the new currency.
This might depress stock values.
- vendors the Fund depends on to
carry out its business, such as its Custodian (which holds the foreign
securities the Fund buys), the Manager (which must price the Fund's
investments to deal with the conversion to the euro) and brokers, foreign
markets and securities depositories. If they are not prepared, there could
be delays in settlements and additional costs to the Fund.
- exchange
contracts and derivatives that are outstanding during the transition to
the euro. The lack of currency rate calculations between the affected
currencies and the need to update the Fund's contracts could pose extra
costs to the Fund.
The Manager is upgrading (at its expense) its computer and
bookkeeping systems to deal with the conversion. The Fund's Custodian has
advised the Manager of its plans to deal with the conversion, including
how it will update its record keeping systems and handle the
redenomination of outstanding foreign debt. The Fund's portfolio manager
will also monitor the effects of the conversion on the issuers in which
the Fund invests. The possible effect of these factors on the Fund's
investments cannot be determined with certainty at this time, but they may
reduce the value of some of the Fund's holdings and increase its
operational costs.
2. Effective May 18, 1998 name of the Fund changed to "Oppenheimer Quest
Balanced Value Fund" and all references to the name of the Fund on the front
cover page and throughout the Statement of Additional Information were changed
to reflect the new name.
3. Effective June 2, 1998, Robert G. Galli was appointed as a Trustee of
Oppenheimer Quest For Value Funds (the "Trust"). The biographical information
below for Mr. Galli is added to the section captioned "How the Fund is Managed -
Trustees and Officers of the Trust" immediately following the information on
Thomas W. Courtney on page 18:
Robert G. Galli, Trustee; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of OppenheimerFunds,
Inc. (the "Manager") (October 1995 to December 1997), Vice President (June 1990
to March 1994) and Counsel of Oppenheimer Acquisition Corp., the Manager's
parent holding company; Executive Vice President (December 1977 to October
1995), General Counsel and a director (December 1975 to October 1993) of the
Manager; Executive Vice President and a director of OppenheimerFunds
Distributor, Inc. (July 1978 to October 1993); Executive Vice President and a
director of HarbourView Asset Management Corporation (April 1986 to October
1995), an investment adviser subsidiary of the Manager; Vice President and a
director (October 1988 to October 1993) and Secretary (March 1981 to September
1988) of Centennial Asset Management Corporation, an investment adviser
subsidiary of the Manager; a director (November 1989 to October 1993) and
Executive Vice President (November 1989 to January 1990) of Shareholder
Financial Services, Inc., a transfer agent subsidiary of the Manager; a director
of Shareholder Services, Inc. (August 1984 to October 1993), a transfer agent
subsidiary of the Manager; a director/trustee of other Oppenheimer funds.
4. The following is added as the last paragraph to the section captioned "How
the Fund is Managed - Deferred Compensation Plan" on page 20:
On June 2, 1998 the Trust adopted a retirement plan that provides for
payment to a retired Trustee of up to 80% of the average compensation paid
during that Trustee's five years of service in which the highest compensation
was received. A Trustee must serve in that capacity for any of the Oppenheimer
Quest Funds, Oppenheimer Rochester Funds or the Oppenheimer MidCap Fund for at
least 15 years to be eligible for the maximum payment. Because each Trustee's
retirement benefits will depend on the amount of the Trustee's future
compensation and length of service, the amount of those benefits cannot be
determined as of this time nor can the Fund estimate the number of years of
credited service that will be used to determine those benefits.
5. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" starting on page 45 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired
by exchange of Class A shares of other Oppenheimer funds purchased
subject to a Class A contingent deferred sales charge within 18
months of the end of the calendar month of the purchase of the
exchanged Class A shares, the Class A contingent deferred sales
charge is imposed on the redeemed shares (see "Class A Contingent
Deferred Sales Charge" in the Prospectus). (A different holding
period may apply to shares purchased prior to June 1, 1998).
6. The references to the Fund's Custodian "State Street Bank and Trust Company"
appearing on page 48 and the back outside cover are replaced with "Citibank,
N.A." and the address for the new Custodian is 111 Wall Street, New York, New
York 10005.
September 25, 1998 PXO257.006
<PAGE>
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
Supplement dated September 25, 1998 to the
Statement of Additional Information dated January 26, 1998
This supplement to the Statement of Additional Information replaces the
supplement dated June 5, 1998 and changes the Statement of Additional
Information as follows:
1. The following paragraphs are added at the end of the section captioned
"Investment Policies and Strategies - Foreign Securities" on page 3:
- Risks of Conversion to Euro. On January 1, 1999, eleven
countries in the European Monetary Union will adopt the euro as their
official currency. However, their current currencies (for example, the
franc, the mark, and the lire) will also continue in use until January 1,
2002. After that date, it is expected that only the euro will be used in
those countries. A common currency is expected to confer some benefits in
those markets, by consolidating the government debt market for those
countries and reducing some currency risks and costs. But the conversion
to the new currency will affect the Fund operationally and also has
potential risks, some of which are listed below. Among other things, the
conversion will affect:
- issuers in which the Fund invests, because
of changes in the competitive environment from a consolidated currency
market and greater operational costs from converting to the new currency.
This might depress stock values.
- vendors the Fund depends on to
carry out its business, such as its Custodian (which holds the foreign
securities the Fund buys), the Manager (which must price the Fund's
investments to deal with the conversion to the euro) and brokers, foreign
markets and securities depositories. If they are not prepared, there could
be delays in settlements and additional costs to the Fund.
- exchange
contracts and derivatives that are outstanding during the transition to
the euro. The lack of currency rate calculations between the affected
currencies and the need to update the Fund's contracts could pose extra
costs to the Fund.
The Manager is upgrading (at its expense) its computer and
bookkeeping systems to deal with the conversion. The Fund's Custodian has
advised the Manager of its plans to deal with the conversion, including
how it will update its record keeping systems and handle the
redenomination of outstanding foreign debt. The Fund's portfolio manager
will also monitor the effects of the conversion on the issuers in which
the Fund invests. The possible effect of these factors on the Fund's
investments cannot be determined with certainty at this time, but they may
reduce the value of some of the Fund's holdings and increase its
operational costs.
2. Effective June 2, 1998, Robert G. Galli was appointed a Trustee of
Oppenheimer Quest For Value Funds (the "Trust"). The biographical information
below for Mr. Galli should be added to the section captioned "How the Fund is
Managed - Trustees and Officers of the Trust" immediately following the
information on Thomas W. Courtney on page 11:
Robert G. Galli, Trustee; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of OppenheimerFunds,
Inc. (the "Manager") (October 1995 to December 1997), Vice President (June 1990
to March 1994) and Counsel of Oppenheimer Acquisition Corp., the Manager's
parent holding company; Executive Vice President (December 1977 to October
1995), General Counsel and a director (December 1975 to October 1993) of the
Manager; Executive Vice President and a director of OppenheimerFunds
Distributor, Inc. (July 1978 to October 1993); Executive Vice President and a
director of HarbourView Asset Management Corporation (April 1986 to October
1995), an investment adviser subsidiary of the Manager; Vice President and a
director (October 1988 to October 1993) and Secretary (March 1981 to September
1988) of Centennial Asset Management Corporation, an investment adviser
subsidiary of the Manager; a director (November 1989 to October 1993) and
Executive Vice President (November 1989 to January 1990) of Shareholder
Financial Services, Inc., a transfer agent subsidiary of the Manager; a director
of Shareholder Services, Inc. (August 1984 to October 1993), a transfer agent
subsidiary of the Manager; a director/trustee of other Oppenheimer funds.
3. The following is added as the last paragraph to the section captioned "How
the Fund is Managed - Deferred Compensation Plan" on page 14:
On June 2, 1998 the Trust adopted a retirement plan that provides for
payment to a retired Trustee of up to 80% of the average compensation paid
during that Trustee's five years of service in which the highest compensation
was received. A Trustee must serve in that capacity for any of the Oppenheimer
Quest Funds, Oppenheimer Rochester Funds or the Oppenheimer MidCap Fund for at
least 15 years to be eligible for the maximum payment. Because each Trustee's
retirement benefits will depend on the amount of the Trustee's future
compensation and length of service, the amount of those benefits cannot be
determined as of this time nor can the Fund estimate the number of years of
credited service that will be used to determine those benefits.
4. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" starting on page 45 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired
by exchange of Class A shares of other Oppenheimer funds purchased
subject to a Class A contingent deferred sales charge within 18
months of the end of the calendar month of the purchase of the
exchanged Class A shares, the Class A contingent deferred sales
charge is imposed on the redeemed shares (see "Class A Contingent
Deferred Sales Charge" in the Prospectus). (A different holding
period may apply to shares purchased prior to June 1, 1998).
5. The references to the Fund's Custodian "State Street Bank and Trust
Company" appearing on page 44 and the back outside cover are replaced with
"Citibank, N.A." and the address for the new Custodian is 111 Wall Street,
New York, New York 10005.
September 25, 1998 PX0236.007
<PAGE>
OPPENHEIMER QUEST SMALL CAP VALUE FUND
Supplement dated September 25, 1998 to the
Statement of Additional Information dated January 26, 1998
This supplement to the Statement of Additional Information replaces the
supplement dated June 5, 1998 and changes the Statement of Additional
Information as follows:
2. The following paragraphs are added at the end of the section captioned
"Investment Policies and Strategies - Foreign Securities" on page 3:
- Risks of Conversion to Euro. On January 1, 1999, eleven
countries in the European Monetary Union will adopt the euro as their
official currency. However, their current currencies (for example, the
franc, the mark, and the lire) will also continue in use until January 1,
2002. After that date, it is expected that only the euro will be used in
those countries. A common currency is expected to confer some benefits in
those markets, by consolidating the government debt market for those
countries and reducing some currency risks and costs. But the conversion
to the new currency will affect the Fund operationally and also has
potential risks, some of which are listed below. Among other things, the
conversion will affect:
- issuers in which the Fund invests, because
of changes in the competitive environment from a consolidated currency
market and greater operational costs from converting to the new currency.
This might depress stock values.
- vendors the Fund depends on to
carry out its business, such as its Custodian (which holds the foreign
securities the Fund buys), the Manager (which must price the Fund's
investments to deal with the conversion to the euro) and brokers, foreign
markets and securities depositories. If they are not prepared, there could
be delays in settlements and additional costs to the Fund.
- exchange
contracts and derivatives that are outstanding during the transition to
the euro. The lack of currency rate calculations between the affected
currencies and the need to update the Fund's contracts could pose extra
costs to the Fund.
The Manager is upgrading (at its expense) its computer and
bookkeeping systems to deal with the conversion. The Fund's Custodian has
advised the Manager of its plans to deal with the conversion, including
how it will update its record keeping systems and handle the
redenomination of outstanding foreign debt. The Fund's portfolio manager
will also monitor the effects of the conversion on the issuers in which
the Fund invests. The possible effect of these factors on the Fund's
investments cannot be determined with certainty at this time, but they may
reduce the value of some of the Fund's holdings and increase its
operational costs.
2. Effective June 2, 1998, Robert G. Galli was appointed as a Trustee of
Oppenheimer Quest For Value Funds (the "Trust") . The biographical information
below for Mr. Galli should be added to the section captioned "How the Fund is
Managed - Trustees and Officers of the Trust" immediately following the
information on Thomas W. Courtney on page 17:
Robert G. Galli, Trustee; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of OppenheimerFunds,
Inc. (the "Manager") (October 1995 to December 1997), Vice President (June 1990
to March 1994) and Counsel of Oppenheimer Acquisition Corp., the Manager's
parent holding company; Executive Vice President (December 1977 to October
1995), General Counsel and a director (December 1975 to October 1993) of the
Manager; Executive Vice President and a director of OppenheimerFunds
Distributor, Inc. (July 1978 to October 1993); Executive Vice President and a
director of HarbourView Asset Management Corporation (April 1986 to October
1995), an investment adviser subsidiary of the Manager; Vice President and a
director (October 1988 to October 1993) and Secretary (March 1981 to September
1988) of Centennial Asset Management Corporation, an investment adviser
subsidiary of the Manager; a director (November 1989 to October 1993) and
Executive Vice President (November 1989 to January 1990) of Shareholder
Financial Services, Inc., a transfer agent subsidiary of the Manager; a director
of Shareholder Services, Inc. (August 1984 to October 1993), a transfer agent
subsidiary of the Manager; a director/trustee of other Oppenheimer funds.
3. Effective May 18, 1998, the biography for Timothy Curro on page 18 is
deleted.
4. The following is added as the last paragraph to the section captioned "How
the Fund is Managed - Deferred Compensation Plan" on page 20:
On June 2, 1998 the Trust adopted a retirement plan that provides for
payment to a retired Trustee of up to 80% of the average compensation paid
during that Trustee's five years of service in which the highest compensation
was received. A Trustee must serve in that capacity for any of the Oppenheimer
Quest Funds, Oppenheimer Rochester Funds or the Oppenheimer MidCap Fund for at
least 15 years to be eligible for the maximum payment. Because each Trustee's
retirement benefits will depend on the amount of the Trustee's future
compensation and length of service, the amount of those benefits cannot be
determined as of this time nor can the Fund estimate the number of years of
credited service that will be used to determine those benefits.
5. Effective May 18, 1998, the first sentence of the section entitled "Portfolio
Management" on page 20 is modified to delete Timothy Curro a portfolio manager
of the Fund.
6. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" starting on page 44 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were acquired
by exchange of Class A shares of other Oppenheimer funds purchased
subject to a Class A contingent deferred sales charge within 18
months of the end of the calendar month of the purchase of the
exchanged Class A shares, the Class A contingent deferred sales
charge is imposed on the redeemed shares (see "Class A Contingent
Deferred Sales Charge" in the Prospectus). (A different holding
period may apply to shares purchased prior to June 1, 1998).
7. The references to the Fund's Custodian "State Street Bank and Trust Company"
appearing on page 47 and the back outside cover are replaced with "Citibank,
N.A." and the address for the new Custodian is 111 Wall Street, New York, New
York 10005.
September 25, 1998 PXO251.009
