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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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SIGNATURE BRIAN W. WIXTED
TITLE TREASURER
Report of Independent Accountants
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, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinions 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, 1999.
This report is intended solely for the information and use of the Board of
Trustees, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Denver, Colorado
November 19, 1999
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, 1999, amounts have been reclassified to reflect a decrease in
additional paid-in capital of $2,328,131. Overdistributed net investment income
was decreased by the same amount.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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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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<NAME> Oppenheimer Quest Opportunity Value Fund-C
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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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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 265,735,426
<INVESTMENTS-AT-VALUE> 252,056,893
<RECEIVABLES> 5,982,376
<ASSETS-OTHER> 42,058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,081,327
<PAYABLE-FOR-SECURITIES> 2,104,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,009,976
<TOTAL-LIABILITIES> 3,114,601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 276,773,096
<SHARES-COMMON-STOCK> 5,095,059
<SHARES-COMMON-PRIOR> 5,822,034
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 22,637
<ACCUMULATED-NET-GAINS> (8,105,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,678,533)
<NET-ASSETS> 82,948,895
<DIVIDEND-INCOME> 2,446,994
<INTEREST-INCOME> 1,486,229
<OTHER-INCOME> 0
<EXPENSES-NET> 6,275,677
<NET-INVESTMENT-INCOME> (2,342,454)
<REALIZED-GAINS-CURRENT> (7,872,596)
<APPREC-INCREASE-CURRENT> 11,641,212
<NET-CHANGE-FROM-OPS> 1,426,162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,157,168
<DISTRIBUTIONS-OTHER> 75,096
<NUMBER-OF-SHARES-SOLD> 1,802,096
<NUMBER-OF-SHARES-REDEEMED> 2,714,320
<SHARES-REINVESTED> 185,249
<NET-CHANGE-IN-ASSETS> (53,348,377)
<ACCUMULATED-NII-PRIOR> (8,314)
<ACCUMULATED-GAINS-PRIOR> 9,779,029
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,901,782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,281,670
<AVERAGE-NET-ASSETS> 94,863,000
<PER-SHARE-NAV-BEGIN> 16.84
<PER-SHARE-NII> (0.22)
<PER-SHARE-GAIN-APPREC> 0.21
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.54
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 16.28
<EXPENSE-RATIO> 2.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</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 C
<SERIES>
<NUMBER> 2
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> Oct-31-1999
<INVESTMENTS-AT-COST> 265,735,426
<INVESTMENTS-AT-VALUE> 252,056,893
<RECEIVABLES> 5,982,376
<ASSETS-OTHER> 42,058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,081,327
<PAYABLE-FOR-SECURITIES> 2,104,625
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,009,976
<TOTAL-LIABILITIES> 3,114,601
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 276,773,096
<SHARES-COMMON-STOCK> 1,289,503
<SHARES-COMMON-PRIOR> 1,588,622
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 22,637
<ACCUMULATED-NET-GAINS> (8,105,200)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,678,533)
<NET-ASSETS> 20,959,294
<DIVIDEND-INCOME> 2,446,994
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<EXPENSES-NET> 6,275,677
<NET-INVESTMENT-INCOME> (2,342,454)
<REALIZED-GAINS-CURRENT> (7,872,596)
<APPREC-INCREASE-CURRENT> 11,641,212
<NET-CHANGE-FROM-OPS> 1,426,162
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 839,170
<DISTRIBUTIONS-OTHER> 19,960
<NUMBER-OF-SHARES-SOLD> 778,674
<NUMBER-OF-SHARES-REDEEMED> 1,127,488
<SHARES-REINVESTED> 49,695
<NET-CHANGE-IN-ASSETS> (53,348,377)
<ACCUMULATED-NII-PRIOR> (8,314)
<ACCUMULATED-GAINS-PRIOR> 9,779,029
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,901,782
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,281,670
<AVERAGE-NET-ASSETS> 24,964,000
<PER-SHARE-NAV-BEGIN> 16.81
<PER-SHARE-NII> (0.25)
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.54
<RETURNS-OF-CAPITAL> 0.01
<PER-SHARE-NAV-END> 16.25
<EXPENSE-RATIO> 2.45
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,946,085,469
<INVESTMENTS-AT-VALUE> 1,984,476,482
<RECEIVABLES> 34,489,119
<ASSETS-OTHER> 132,205
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,019,097,806
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,023,214
<TOTAL-LIABILITIES> 5,023,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,920,190,009
<SHARES-COMMON-STOCK> 54,788,895
<SHARES-COMMON-PRIOR> 8,765,091
<ACCUMULATED-NII-CURRENT> 5,227,907
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,265,663
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,391,013
<NET-ASSETS> 899,084,244
<DIVIDEND-INCOME> 4,957,113
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<EXPENSES-NET> 17,218,296
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<REALIZED-GAINS-CURRENT> 50,925,358
<APPREC-INCREASE-CURRENT> 25,800,019
<NET-CHANGE-FROM-OPS> 90,932,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,078,115
<DISTRIBUTIONS-OF-GAINS> 19,068,191
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 52,113,404
<NUMBER-OF-SHARES-REDEEMED> 7,682,755
<SHARES-REINVESTED> 1,593,155
<NET-CHANGE-IN-ASSETS> 1,796,536,445
<ACCUMULATED-NII-PRIOR> 1,351,480
<ACCUMULATED-GAINS-PRIOR> 30,815,220
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,029,613
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,248,618
<AVERAGE-NET-ASSETS> 454,409,000
<PER-SHARE-NAV-BEGIN> 15.50
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.88
<PER-SHARE-DIVIDEND> 0.26
<PER-SHARE-DISTRIBUTIONS> 1.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.41
<EXPENSE-RATIO> 1.51
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</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-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,946,085,469
<INVESTMENTS-AT-VALUE> 1,984,476,482
<RECEIVABLES> 34,489,119
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<OTHER-ITEMS-LIABILITIES> 5,023,214
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,920,190,009
<SHARES-COMMON-STOCK> 49,242,012
<SHARES-COMMON-PRIOR> 3,948,199
<ACCUMULATED-NII-CURRENT> 5,227,907
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,391,013
<NET-ASSETS> 801,484,611
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,048,066
<DISTRIBUTIONS-OF-GAINS> 8,965,339
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<NUMBER-OF-SHARES-SOLD> 47,556,516
<NUMBER-OF-SHARES-REDEEMED> 3,017,631
<SHARES-REINVESTED> 754,928
<NET-CHANGE-IN-ASSETS> 1,796,536,445
<ACCUMULATED-NII-PRIOR> 1,351,480
<ACCUMULATED-GAINS-PRIOR> 30,815,220
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,029,613
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,248,618
<AVERAGE-NET-ASSETS> 355,797,000
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 2.84
<PER-SHARE-DIVIDEND> 0.18
<PER-SHARE-DISTRIBUTIONS> 1.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.28
<EXPENSE-RATIO> 2.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</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 - C
<SERIES>
<NUMBER> 9
<NAME> Oppenheimer Quest for Value Funds
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1,946,085,469
<INVESTMENTS-AT-VALUE> 1,984,476,482
<RECEIVABLES> 34,489,119
<ASSETS-OTHER> 132,205
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<TOTAL-ASSETS> 2,019,097,806
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,023,214
<TOTAL-LIABILITIES> 5,023,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,920,190,009
<SHARES-COMMON-STOCK> 19,269,829
<SHARES-COMMON-PRIOR> 1,357,998
<ACCUMULATED-NII-CURRENT> 5,227,907
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 50,265,663
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,391,013
<NET-ASSETS> 313,505,737
<DIVIDEND-INCOME> 4,957,113
<INTEREST-INCOME> 26,468,618
<OTHER-INCOME> 0
<EXPENSES-NET> 17,218,296
<NET-INVESTMENT-INCOME> 14,207,435
<REALIZED-GAINS-CURRENT> 50,925,358
<APPREC-INCREASE-CURRENT> 25,800,019
<NET-CHANGE-FROM-OPS> 90,932,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,204,827
<DISTRIBUTIONS-OF-GAINS> 3,441,385
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,021,846
<NUMBER-OF-SHARES-REDEEMED> 1,400,575
<SHARES-REINVESTED> 290,560
<NET-CHANGE-IN-ASSETS> 1,796,536,445
<ACCUMULATED-NII-PRIOR> 1,351,480
<ACCUMULATED-GAINS-PRIOR> 30,815,220
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,029,613
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,248,618
<AVERAGE-NET-ASSETS> 139,356,000
<PER-SHARE-NAV-BEGIN> 15.40
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 2.83
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 1.92
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.27
<EXPENSE-RATIO> 2.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
