OPPENHEIMER QUEST SMALL CAP VALUE FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 26, 1998
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder
Transaction Expenses" on
page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
by "Retirement Plans" as defined in "Class A Contingent Deferred
Sales Charge" on page 30) in Class A shares, you may have to pay a
sales charge of up to 1% if you sell your shares within 18 calendar
months from the end of the calendar month during which you purchased
those shares. See "How to Buy Shares -- Buying Class A Shares,"
below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 25 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least
$1 million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if
you sell any of those shares within 18 months of buying them, you
may pay a contingent deferred sales charge, described below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" starting on
page 29 are modified
to read as follows:
If you redeem any Class A shares subject to the contingent deferred
sales charge described above within 18 months of the end of the
calendar month of their purchase, a contingent deferred sales charge
(called the "Class A contingent deferred sales charge") may be
deducted from the redemption proceeds. (A different holding period
may apply to shares purchased prior to June 1, 1998).
[continued]
<PAGE>
[continued]
<PAGE>
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" starting on page 29 is
modified to read
as follows:
However, if the shares acquired by exchange are redeemed within 18
months of the end of the calendar month of the purchase of the
exchanged shares, the contingent deferred sales charge will apply.
(A different holding period may apply to shares purchased prior to
June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 31 is
hereby deleted.
6. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales
Charges" are deleted:
o if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion
of the sales commission in installments of 1/18th of the commission
per month (and no further commission will be payable if the shares
are redeemed within 18 months of purchase);
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agreed in
writing to accept the dealer's portion of the sales commission in
installments of 1/12th of the commission per month (and no further
commission will be payable if the shares are redeemed within 12
months of purchase);
7. The sub-section captioned "OppenheimerFunds Internet Web Site" under the
heading "Special Investor Services" is revised as follows:
OppenheimerFunds Internet Web Site. Information about the
Fund,
including your account balance, daily share prices, market
and Fund
portfolio information, may be obtained by visiting the
OppenheimerFunds
Internet Web Site, at the following Internet address:
http://www.oppenheimerfunds.com. Additionally, certain
account
transactions may be requested by any shareholder listed in
the registration
<PAGE>
on an account as well as by the dealer representative of record,
through a special section of that Web Site. To access that section
of the Web Site, you must first obtain a personal identification
number ("PIN") by calling OppenheimerFunds PhoneLink at
1-800-533-3310. If you do not wish to have Internet account
transactions capability for your account, please call our customer
service representatives at 1-800-525-7048. To find out more
information about Internet transactions and procedures, please visit
the Web Site.
May 15, 1998 PSO251.011
<PAGE>
OPPENHEIMER QUEST SMALL CAP VALUE FUND
Supplement dated May 15, 1998 to the Statement of
Additional Information dated January 26, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
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).
May 15, 1998 PXO251.006
OPPENHEIMER QUEST OFFICERS VALUE FUND
Supplement Dated October 18, 1996
To the Prospectus dated February 15, 1996
The Prospectus is amended as follows:
1. The parenthetical in footnote 1 following the table in the section
captioned "Shareholder Transaction Expenses" on page 3 is revised to read as
follows: "($500,000 or more for purchases by "Retirement Plans," as defined in
"Class A Contingent Deferred Sales Charge" on page 24)."
2. The first and second sentences in the sub-section captioned "Class A
Shares" in "How to Buy Shares-Classes of Shares" on page 20 are revised to read
as follows:
If you buy Class A shares, you may pay an initial sales charge on
investments up to $1 million (up to $500,000 for purchases by "Retirement
Plans," as defined in "Class A Contingent Deferred Sales Charge" on page
24). If you purchase Class A shares as part of an investment of at least
$1 million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if you
sell any of those shares within 18 months of buying them, you may pay a
contingent deferred sales charge.
3. The first and second paragraphs in the section captioned "Class A
Contingent Deferred Sales Charge" on page 24 are revised to read as follows:
There is no initial sales charge on purchases of Class A shares of any one
or more of the Oppenheimer funds in the following cases:
o Purchases aggregating $1 million or more.
o Purchases by a retirement plan qualified under sections 401(a) or 401(k)
of the Internal Revenue Code, by a non-qualified deferred compensation
plan (not including Section 457 plans), employee benefit plan, group
retirement plan (see "How to Buy Shares - Retirement Plans" in the
Statement of Additional Information for further details), an employee's
403(b)(7) custodial plan account, SEP IRA, SARSEP, or SIMPLE plan (all of
these plans are collectively referred to as "Retirement Plans"); that: (1)
buys shares costing $500,000 or more
<PAGE>
or (2) has, at the time of purchase, 100 or more eligible participants, or
(3) certifies that it projects to have annual plan purchases of $200,000
or more.
o Purchases by an OppenheimerFunds Rollover IRA if the purchases are made
(1) through a broker, dealer, bank or registered investment adviser that
has made special arrangements with the Distributor for these purchases, or
(2) by a direct rollover of a distribution from a qualified retirement
plan if the administrator of that plan has made special arrangements with
the Distributor for those purchases.
The Distributor pays dealers of record commissions on those purchases in
an amount equal to (i) 1.0% for non-Retirement Plan accounts, and (ii) for
Retirement Plan accounts, 1.0% of the first $2.5 million, plus 0.50% of
the next $2.5 million, plus 0.25% of purchases over $5 million. That
commission will be paid only on those purchases that were not previously
subject to a front-end sales charge and dealer commission. No sales
commission will be paid to the dealer, broker or financial institution on
sales of Class A shares purchased with the redemption proceeds of shares
of a mutual fund offered as an investment option in a Retirement Plan in
which Oppenheimer funds are also offered as investment options under a
special arrangement with the Distributor if the purchase occurs more than
30 days after the addition of the Oppenheimer funds as an investment
option to the Retirement Plan.
4. Effective January 1, 1997, the second sentence in the section captioned
"Special
Arrangements with Dealers" on page 25 is deleted.
5. The seventh subparagraph under the section captioned "Waivers of Class
A Sales Charges - Waivers of Initial and Contingent Deferred Sales Charges for
Certain Purchasers" on page 26 is deleted and replaced with the following
subparagraph:
|_| (1) investment advisors and financial planners who charge an
advisory, consulting or other fee for their services and buy shares
for their own accounts or the accounts of their clients, (2)
Retirement Plans and deferred compensation plans and trusts used to
fund those Plans (including, for example, plans qualified or created
under sections 401(a), 403(b) or 457 of the Internal Revenue Code),
and "rabbi trusts" that buy shares for their own accounts, in each
case if those purchases are made through a broker or agent or other
financial intermediary that has made special arrangements with the
Distributor for those purchases; and (3) clients of such investment
advisors or financial planners who buy shares
<PAGE>
for their own accounts may also purchase shares without sales charge
but only if their accounts are linked to a master account of their
investment advisor or financial planner on the books and records of
the broker, agent or financial intermediary with which the
Distributor has made such special arrangements (each of these
investors may be charged a fee by the broker, agent or financial
intermediary for purchasing shares).
6. The section captioned "Waivers of Class A Sales Charges - Waivers of
the Class A Contingent Deferred Sales Charge for Certain Redemptions" on page 27
is revised to read as follows:
The Class A contingent deferred sales charge is also waived if shares that
would otherwise be subject to the contingent deferred sales charge are
redeemed in the following cases:
o to make Automatic Withdrawal Plan payments that are limited
annually to no more than 12% of the original account value;
o involuntary redemptions of shares by operation of law or
involuntary redemptions of small accounts (see "Shareholder
Account Rules and Policies," below);
o if, at the time a purchase order is placed for
Class A shares that
would otherwise be subject to the Class A
contingent deferred
sales charge, the dealer agrees in writing to
accept the dealer's
portion of the commission payable on the sale in
installments of
1/18th of the commission per month ( and no
further commission
will be payable if the shares are redeemed within
18 months of
purchase);
o for distributions from a TRAC-2000 401(k) plan sponsored by
the Distributor due to the termination of the TRAC-2000
program.
o for distributions from Retirement Plans, deferred
compensation
plans or other employee benefit plans for any of
the following
purposes: (1) following the death or disability
(as defined in the
<PAGE>
Internal Revenue Code) of the participant or beneficiary (the
death or disability must occur after the participant's account
was established); (2) to return excess contributions; (3) to
return contributions made due to a mistake of fact; (4)
hardship withdrawals, as defined in the plan; (5) under a
Qualified Domestic Relations Order, as defined in the Internal
Revenue Code; (6) to meet the minimum distribution
requirements of the Internal Revenue Code; (7) to establish
"substantially equal periodic payments" as described in
Section 72(t) of the Internal Revenue Code; (8) for retirement
distributions or loans to participants or beneficiaries; (9)
separation from service; (10) participant-directed redemptions
to purchase shares of a mutual fund (other than a fund managed
by the Manager or its subsidiary) offered as an investment
option in a Retirement Plan in which Oppenheimer funds are
also offered as investment options under a special arrangement
with the Distributor; or (11) plan termination or "in-service
distributions", if the redemption proceeds are rolled over
directly to an OppenheimerFunds IRA.
October 18, 1996 PS0229.005
OPPENHEIMER QUEST OFFICERS VALUE FUND
Supplement dated May 15, 1998 to the Statement of
Additional Information dated January 26, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
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).
May 15, 1998 PXO229.005
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
Supplement dated May 15, 1998 to the
Prospectus dated January 26, 1998
The Prospectus is changed as follows effective June 1, 1998:
1. Footnote number 1 under the table entitled "Shareholder
Transaction Expenses" on
page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
by "Retirement Plans" as defined in "Class A Contingent Deferred
Sales Charge" on page 29) in Class A shares, you may have to pay a
sales charge of up to 1% if you sell your shares within 18 calendar
months from the end of the calendar month during which you purchased
those shares. See "How to Buy Shares -- Buying Class A Shares,"
below.
2. The second sentence of the paragraph entitled "Class A Shares" in the section
entitled "How to Buy Shares-Classes of Shares" on page 24 is modified to read as
follows:
If you purchase Class A shares as part of an investment of at least
$1 million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if
you sell any of those shares within 18 months of buying them, you
may pay a contingent deferred sales charge, described below.
3. The first and second sentences of the third paragraph of the section entitled
"Buying Class A Shares-Class A Contingent Deferred Sales Charge" starting on
page 29 are modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred
sales charge described above within 18 months of the end of the
calendar month of their purchase, a contingent deferred sales charge
(called the "Class A contingent deferred sales charge") may be
deducted from the redemption proceeds. (A different holding period
may apply to shares purchased prior to June 1, 1998).
[continued]
<PAGE>
4. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares-Class A Contingent Deferred Sales Charge" starting on page 29 is
modified to read as follows:
However, if the shares acquired by exchange are redeemed within 18
months of the end of the calendar month of the purchase of the
exchanged shares, the contingent deferred sales charge will apply.
(A different holding period may apply to shares purchased prior to
June 1, 1998).
5. The paragraph entitled "Special Arrangements With Dealers" on page 30 is
hereby deleted.
6. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales
Charges" are deleted:
o if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion
of the sales commission in installments of 1/18th of the commission
per month (and no further commission will be payable if the shares
are redeemed within 18 months of purchase);
o if, at the time of purchase of shares (if purchased during the
period May 1, 1997 through December 31, 1997) the dealer agreed in
writing to accept the dealer's portion of the sales commission in
installments of 1/12th of the commission per month (and no further
commission will be payable if the shares are redeemed within 12
months of purchase);
7. The sub-section captioned "OppenheimerFunds Internet Web Site" under the
heading "Special Investor Services" is revised as follows:
OppenheimerFunds Internet Web Site. Information about the
Fund,
including your account balance, daily share prices, market
and Fund
portfolio information, may be obtained by visiting the
OppenheimerFunds
Internet Web Site, at the following Internet address:
http://www.oppenheimerfunds.com. Additionally, certain
account
transactions may be requested by any shareholder listed in
the registration
<PAGE>
on an account as well as by the dealer representative of record,
through a special section of that Web Site. To access that section
of the Web Site, you must first obtain a personal identification
number ("PIN") by calling OppenheimerFunds PhoneLink at
1-800-533-3310. If you do not wish to have Internet account
transactions capability for your account, please call our customer
service representatives at 1-800-525-7048. To find out more
information about Internet transactions and procedures, please visit
the Web Site.
May 15, 1998 PSO236.009
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
Supplement dated May 15, 1998 to the Statement of
Additional Information dated January 26, 1998
The Statement of Additional Information is changed as follows effective June 1,
1998:
The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" starting on page 40 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).
May 15, 1998 PXO236.005
