OPPENHEIMER QUEST VALUE FUND, INC.
Supplement dated August 11, 1999 to the
Prospectus dated February 26, 1999
The Prospectus is changed as follows:
1. The reference to "portfolio manager" on page 3 of the section captioned "What
Does the Fund Invest In?" is deleted and replaced with "Sub-Adviser".
2. The sub-section caption "How Does the Manager Decide What Securities to Buy
or Sell?" and the first two sentences thereunder on page 3 of the section
captioned "What Does the Fund Invest In?" are deleted and replaced with the
following:
o How Does the Sub-Advisor Decide What Securities to Buy or Sell? In
selecting securities for purchase or sale by the Fund, the portfolio
management team employed by the Sub-Advisor, OpCap Advisors, uses a
"value" approach to investing. They search for securities of companies
believed to be undervalued in the marketplace, in relation to factors
such as a company's assets, earnings, growth potential and cash flows.
3. The reference to "portfolio manager's" in the third bullet on page 3 of the
section captioned "What Does the Fund Invest In? - How Does the Sub-Advisor
Decide What Securities to Buy or Sell?" is deleted and replaced with
"portfolio management team's".
4. The sub-section "Portfolio Manager" on page 13 of the section captioned "How
the Fund is Managed - The Sub-Advisor" is deleted and replaced with the
following:
o Portfolio Management. Since August 11, 1999, the Fund has been managed
by a portfolio management team comprised of senior investment
professionals employed by the Sub-Advisor. This portfolio management
team is primarily responsible for the day-to-day management of the
Fund's portfolio.
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August 11, 1999 PSO225.010
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OPPENHEIMER QUEST VALUE FUND, INC.
Supplement dated August 11, 1999 to the
Statement of Additional Information dated
February 26, 1999, revised May 1, 1999
The Statement of Additional Information is changed as follows:
1. The reference to "portfolio manager" on pages 2 and 6 of the section
captioned "The Fund's Investment Policies" is deleted and replaced with
"Sub-Adviser".
2. The biography of Robert C. Doll, Jr. on page 26 is deleted and replaced with
the following:
O. Leonard Darling, Jr., Vice President, Age: 57 Two World Trade
Center, New York, New York 10048-0203 Chief Investment Officer
(since June 1999) and Executive Vice President (since June 1993) of
the Manager; Chairman of the Board (since June 1999), Senior
Managing Director (since December 1998) and Director (since December
1998) of HarbourView Asset Management Corporation.
2. The last sentence of the first paragraph of the section captioned "The
Manager - The Investment Advisory Agreement" on page 29 is deleted and
replaced with the following: "The Fund's portfolio management team is
employed by the Sub-Adviser and is principally responsible for the day-to-day
management of the Fund's portfolio, as described below."
3. The second sentence of the first paragraph of the section captioned "The
Manager - The Sub-Advisory Agreement" on page 31 is deleted and replaced with
the following: "Under the Sub-Advisory Agreement, the Sub-Advisor agrees not
to change the portfolio management of the Fund without the written approval
of the Manager."
4. The "Legal Counsel" reference on the outside back cover of the Statement of
Additional Information is deleted and replaced with the following:
Legal Counsel
Mayer Brown & Platt
1675 Broadway
New York, New York 10019-5820
August 11, 1999
PX0225.007
