<PAGE> 1
[PHOTO]
SEMIANNUAL REPORT APRIL 30, 2000
OPPENHEIMER
QUEST OPPORTUNITY VALUE FUND
[OPPENHEIMERFUNDS LOGO]
THE RIGHT WAY TO INVEST
<PAGE> 2
CONTENTS
1 President's Letter
3 An Interview
with Your Fund's
Manager
8 Financial
Statements
24 Officers and Trustees
REPORT HIGHLIGHTS
-------------------------------------------------------------------------------
We continue to employ our bottom-up selection process,
focusing on what we believe are well-managed companies that create shareholder
value by maximizing and effectively deploying free cash flow.
After trailing the market for much of the period,
positive signs began to emerge for the fund beginning in late March.
Due to high valuations, we've found few new stocks worth considering, but
have identified a number of opportunities in companies we already own.
CUMULATIVE
TOTAL RETURNS*
For the 6-Month Period
Ended 4/30/00
Class A
Without With
Sales Chg. Sales Chg.
------------------------
-3.09% -8.67%
Class B
Without With
Sales Chg. Sales Chg.
------------------------
-3.37% -7.62%
Class C
Without With
Sales Chg. Sales Chg.
------------------------
-3.34% -4.19%
Class Y
Without With
Sales Chg. Sales Chg.
------------------------
-2.92% -2.92%
*See Notes on page 7 for further details.
<PAGE> 3
PRESIDENT'S LETTER
-------------------------------------------------------------------------------
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer
Quest Opportunity Value Fund
DEAR SHAREHOLDER,
For many years, we have encouraged investors to consider whether they could
tolerate more risk in their long-term investments by participating in the stock
market, which has historically provided higher long-term returns than any other
asset class. Today, however, we have a very different concern: some investors
may have assumed too much risk by concentrating their investments in just a
handful of stocks or sectors or by "chasing performance."
Several months ago, Alan Greenspan, the Chairman of the Federal Reserve
Board, stated his view that the spectacular returns some sectors of the market
were then experiencing may have been partly responsible for pushing our economy
to growth rates that could lead to higher inflation. Today it is clear that the
dramatic rise in the prices of a narrow segment of the market created enormous
wealth for some investors. The result of this newfound wealth has been a
substantial increase in spending that the Federal Reserve Board believes could
threaten the healthy growth of our economy.
That's why the Fed has been raising interest rates steadily and decisively
over the past year. By making borrowing more expensive, the Fed has been
attempting to slow economic growth. It is a precarious balancing act: too much
tightening creates the risk of recession, while too little opens the door to
inflation.
The implications of the Fed's resolve are clear: investors must continue to
be prepared for near-term market volatility. In the bond market, higher interest
rates usually lead to lower bond prices. In the stock market, slower economic
growth often reduces corporate earnings and puts downward pressure on stock
prices. Highly valued stocks can be particularly vulnerable to a correction. The
Securities and Exchange Commission Chairman, Arthur Levitt, has been cautioning
investors against the expectation that the types of returns seen in the recent
bull market will last forever.
1 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 4
PRESIDENT'S LETTER
-------------------------------------------------------------------------------
Because of the prospect of continued market volatility, we encourage you to
consider diversifying your investments. Indeed, diversification may help you
mitigate the effects of sharp declines in any one area. It may also help you
better position your portfolio to seek greater returns over the long run.
While some "new economy" stocks have risen over the last year, many so-called
"old economy" stocks are selling at low prices. In the bond market, higher
interest rates over the short term may reduce inflation concerns, which should
be beneficial over the long term. By buying out-of-favor investments, you may be
able to profit when and if they return to favor.
What specific investments should you consider today so that you are prepared
for tomorrow? The answer depends on your individual investing goals, risk
tolerance and financial circumstances. We urge you to talk with your financial
advisor about ways to diversify your portfolio. This may include considering
global diversification as part of your strategy. While investing abroad has
special risks, such as the effects of foreign currency fluctuations, it also
offers opportunities to participate in global economic growth and to hedge
against the volatility in U.S. markets.
We thank you for your continued confidence in OppenheimerFunds, The Right Way
to Invest.
Sincerely,
/s/BRIDGET A. MACASKILL
Bridget A. Macaskill
May 19, 2000
2 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 5
AN INTERVIEW WITH YOUR FUND'S MANAGER
-------------------------------------------------------------------------------
[PHOTO]
PORTFOLIO MANAGEMENT
TEAM
Elisa Mazen
Richard Glasebrook
(Portfolio Manager)
HOW DID THE FUND PERFORM DURING THE SIX MONTHS THAT ENDED APRIL 30, 2000?
A. The past six months have been a challenging period for Oppenheimer Quest
Opportunity Value Fund. Relative to the performance of the overall stock market,
the Fund's performance was disappointing. However, after trailing the market for
much of the period, positive signs began to emerge for the Fund beginning in
late March. Concerns over stretched valuations in the technology sector,
interest rates and a negative inflation report unleashed a broad market
sell-off. As a result, investor interest started to shift toward "old economy"
or value stocks. This benefited the Fund, because of the limited exposure it had
to technology. Our reduced exposure to bonds, in what was one of the worst bond
markets in recent history, also aided performance.
IN YOUR OPINION, WHAT DOES THE FUTURE HOLD FOR VALUE INVESTING?
It's true that large-cap value stocks have significantly under performed
large-cap growth stocks for the past several years, an unusually long period for
one investment style to trail the other. But chances are, this will not always
be the case. History tells us that performance disparities between value and
growth dissipate over time and that a well-conceived style of value investing,
as part of a diversified portfolio, can deliver superior long-term performance
while controlling risk. We do not know when value will once again be in favor.
However, we do believe that such a shift is inevitable.
3 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 6
"HISTORY TELLS US THAT IN TIME, A WELL-CONCEIVED STYLE OF VALUE INVESTING, AS
PART OF A DIVERSIFIED PORTFOLIO, CAN DELIVER EXCELLENT LONG-TERM PERFORMANCE
WHILE CONTROLLING RISK."
WHAT ARE SOME EXAMPLES OF STOCKS THAT PERFORMED WELL FOR THE FUND?
One of our picks, a globally integrated media company, was a standout. The
announced acquisition of Time Warner by America Online was a boon to media
companies in general. However, the firm's fundamentals proved compelling as
well. Key to its earnings picture was the ownership of both content and
distribution, allowing for substantial cross-promotion opportunities. Management
has effectively built a global platform through its increasingly popular
broadcast TV and cable networks in the United States and satellite investments
in Great Britain, Asia and Latin America. In turn, a $1 billion share buy-back
program bolstered shareholder value, aided by the company's 30% annual return on
assets for the past five years.
American Home Products Corp., a pharmaceutical and healthcare company, was
another solid performer. The company has an impressive and, in our view,
underrated new product pipeline and one of the lowest exposures to patent
expiration. The new product pipeline appears poised to add as much as $4 billion
in sales to the $8 billion already in place. In addition, American Home is
considered an attractive takeover target, which could further boost its share
price.
4 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 7
AVERAGE ANNUAL
TOTAL RETURNS
For the Periods Ended 3/31/00(1)
Class A
1-Year 5-Year 10-Year
-------------------------
-0.67% 15.20% 15.95%
Class B Since
1-Year 5-Year Inception
-------------------------
0.20% 15.74% 14.61%
Class C Since
1-Year 5-Year Inception
-------------------------
3.92% 15.96% 14.54%
Class Y Since
1-Year 5-Year Inception
-------------------------
5.87% N/A 11.55%
Because of ongoing market volatility, the Fund's returns may fluctuate and may
be less than the results shown.
DID YOU IDENTIFY ANY NEW OPPORTUNITIES TO INVEST IN DURING THE PERIOD?
Although there are a number of undervalued stocks out there, we've found few
worth pursuing, explaining our relatively high cash position. The opportunities
we have identified are in several financial stocks we already own, such as
Freddie Mac and Wells Fargo Co. While hurt in the near-term by the Federal
Reserve's previous interest rate hikes, we believe anticipated rate increases
have already been discounted. We expect Freddie Mac, a quasi-governmental agency
that securitizes and guarantees residential mortgages, to grow between 15% and
20% this year, compared to 11% for the market at large. Wells Fargo, the
sixth-largest U.S. bank holding company, has benefited from smart acquisitions
and has become a clear leader in Internet banking, growing their online business
by approximately 10,000 customers per week.
We also added to our position in DuPont (E.I.) De Nemours & Co., a
diversified chemicals company. Although its share price has been held back by
inflation concerns, DuPont has demonstrated consistent earnings growth with high
free cash flow, which could lead to strategic acquisitions or share buy-backs.
Management's renewed focus on its core strengths further contributes to our
optimism.
1. See Notes on page 7 for further details.
5 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 8
AN INTERVIEW WITH YOUR FUND'S MANAGER
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
[PIE CHART]
PORTFOLIO ALLOCATION(2)
------------------------------------
<S> <C>
- Stocks 68.9%
- Bonds 16.0
- Cash
Equivalents 15.1
------------------------------------
</TABLE>
WHAT IS YOUR OUTLOOK FOR THE FUND OVER THE COMING MONTHS?
Volatility is here to stay for the time being. As a result, our mix remains
conservative, emphasizing solid, growing companies that use their cash flow to
build shareholder value. The recent uncertainty in the market may be a blessing
in disguise for the Fund, opening up new opportunities previously not available
to us. Prudence, however, continues to be an appropriate course of action. For
that reason, we will continue to look for ways to put our cash to work, but only
when we consider it in the best long-term interests of our shareholders. That's
just one of many reasons why Oppenheimer Quest Opportunity Value Fund is an
important part of The Right Way to Invest.
<TABLE>
<CAPTION>
TOP TEN COMMON STOCK HOLDINGS(3)
----------------------------------------------------------
<S> <C>
McDonald's Corp. 8.6%
----------------------------------------------------------
Freddie Mac 8.5
----------------------------------------------------------
Wells Fargo Co. 7.5
----------------------------------------------------------
Du Pont (E.I.) De Nemours & Co. 6.0
----------------------------------------------------------
American Home Products Corp. 5.0
----------------------------------------------------------
Boeing Co. 4.8
----------------------------------------------------------
ITT Industries, Inc. 4.5
----------------------------------------------------------
Computer Associates International, Inc. 4.4
----------------------------------------------------------
Bell Atlantic Corp. 4.3
----------------------------------------------------------
Pharmacia Corp. 4.1
----------------------------------------------------------
TOP FIVE COMMON STOCK INDUSTRIES(3)
----------------------------------------------------------
Diversified Financial 15.6%
----------------------------------------------------------
Banks 12.6
----------------------------------------------------------
Manufacturing 10.2
----------------------------------------------------------
Healthcare/Drugs 9.9
----------------------------------------------------------
Entertainment 8.9
</TABLE>
2. Portfolio is subject to change. Percentages are as of April 30, 2000, and are
based on total market value of investments.
3. Portfolio is subject to change. Percentages are as of April 30, 2000, and are
based on total market value of common stock.
6 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 9
NOTES
-------------------------------------------------------------------------------
IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR QUARTERLY
UPDATES ON THE FUND'S PERFORMANCE, PLEASE CONTACT YOUR FINANCIAL ADVISOR, CALL
US AT 1.800.525.7048 OR VISIT OUR WEBSITE AT WWW.OPPENHEIMERFUNDS.COM.
OppenheimerFunds, Inc. became the Fund's advisor on 11/22/95. The Fund's
sub-advisor is OpCap Advisors, which was the Fund's advisor prior to 11/22/95.
The portfolio manager is employed by the Fund's sub-advisor.
Total returns include changes in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods shown.
Cumulative total returns are not annualized. The Fund's total returns shown do
not show the effects of income taxes on an individual's investment. Taxes may
reduce your actual investment returns on income or gains paid by the Fund or any
gains you may realize if you sell your shares.
CLASS A shares were first publicly offered on 1/3/89. Unless otherwise noted,
Class A returns include the current maximum initial sales charge of 5.75%. The
Fund's maximum sales charge for Class A shares was lower prior to 11/24/95, so
actual performance may have been higher. Class A shares are subject to an annual
0.20% asset-based sales charge. There is a voluntary waiver of a portion of the
Class A asset-based sales charge as described in the Prospectus.
CLASS B shares were first publicly offered on 9/1/93. Unless otherwise noted,
Class B returns include the applicable contingent deferred sales charges of 5%
(1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72
months after purchase, the "life of class" return for Class B uses Class A
performance for the period after conversion.
Class B shares are subject to an annual 0.75% asset-based sales charge.
CLASS C shares were first publicly offered on 9/1/93. Unless otherwise noted,
Class C returns include the contingent deferred sales charge of 1% for the
one-year period. Class C shares are subject to an annual 0.75% asset-based sales
charge.
CLASS Y shares were first publicly offered on 12/16/96. Class Y shares are
offered only to certain institutional investors under special agreement with the
Distributor.
An explanation of the calculation of performance is in the Fund's Statement of
Additional Information.
7 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 10
STATEMENT OF INVESTMENTS April 30, 2000 / Unaudited
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS--68.2%
------------------------------------------------------------------------------------
BASIC MATERIALS--5.9%
------------------------------------------------------------------------------------
CHEMICALS--4.1%
Du Pont (E.I.) De Nemours & Co. 2,900,000 $137,568,750
------------------------------------------------------------------------------------
PAPER--1.8%
Champion International Corp. 900,000 59,175,000
------------------------------------------------------------------------------------
CAPITAL GOODS--11.5%
------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--3.3%
Boeing Co. 2,800,000 111,125,000
------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.7%
Emerson Electric Co. 425,000 23,321,875
------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.5%
Waste Management, Inc. 1,149,300 18,245,137
------------------------------------------------------------------------------------
MANUFACTURING--7.0%
ITT Industries, Inc. 3,240,000 102,262,500
------------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 686,100 59,347,650
------------------------------------------------------------------------------------
Textron, Inc. 1,175,000 72,776,562
--------------
234,386,712
------------------------------------------------------------------------------------
COMMUNICATION SERVICES--5.1%
------------------------------------------------------------------------------------
TELECOMMUNICATIONS: LONG DISTANCE--2.2%
MCI WorldCom, Inc.(1) 300,000 13,631,250
------------------------------------------------------------------------------------
Sprint Corp. (Fon Group) 1,008,500 62,022,750
--------------
75,654,000
------------------------------------------------------------------------------------
TELEPHONE UTILITIES--2.9%
Bell Atlantic Corp. 1,650,000 97,762,500
------------------------------------------------------------------------------------
CONSUMER CYCLICALS--0.1%
------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--0.1%
Carnival Corp. 200,000 4,975,000
------------------------------------------------------------------------------------
CONSUMER STAPLES--8.6%
------------------------------------------------------------------------------------
ENTERTAINMENT--6.1%
McDonald's Corp. 5,200,000 198,250,000
------------------------------------------------------------------------------------
News Corp. Ltd., Sponsored ADR, Preference 141,000 6,204,000
--------------
204,454,000
------------------------------------------------------------------------------------
FOOD & DRUG RETAILERS--2.5%
Kroger Co.(1) 4,500,000 83,531,250
------------------------------------------------------------------------------------
ENERGY--4.1%
------------------------------------------------------------------------------------
ENERGY SERVICES--0.4%
Anadarko Petroleum Corp. 350,000 15,203,125
------------------------------------------------------------------------------------
OIL: DOMESTIC--3.7%
Chevron Corp. 1,000,000 85,125,000
------------------------------------------------------------------------------------
Tosco Corp. 250,000 8,015,625
</TABLE>
8 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------
<S> <C> <C>
OIL: DOMESTIC Continued
Unocal Corp. 800,000 $ 25,850,000
------------------------------------------------------------------------------------
USX-Marathon Group 200,000 4,662,500
--------------
123,653,125
------------------------------------------------------------------------------------
FINANCIAL--20.3%
------------------------------------------------------------------------------------
BANKS--8.6%
FleetBoston Financial Corp. 1,041,000 36,890,437
------------------------------------------------------------------------------------
M&T Bank Corp. 182,700 80,250,975
------------------------------------------------------------------------------------
Wells Fargo Co. 4,164,000 170,984,250
--------------
288,125,662
------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--10.7%
Citigroup, Inc. 1,187,500 70,582,031
------------------------------------------------------------------------------------
Freddie Mac 4,222,500 193,971,094
------------------------------------------------------------------------------------
Household International, Inc. 2,000,000 83,500,000
------------------------------------------------------------------------------------
John Hancock Financial Services, Inc.(1) 553,200 10,095,900
--------------
358,149,025
------------------------------------------------------------------------------------
INSURANCE--1.0%
XL Capital Ltd., Cl. A 735,144 35,011,233
------------------------------------------------------------------------------------
HEALTHCARE--6.7%
------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--6.7%
American Home Products Corp. 2,050,000 115,184,375
------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 332,200 17,419,738
------------------------------------------------------------------------------------
Pharmacia Corp. 1,870,200 93,393,113
--------------
225,997,226
------------------------------------------------------------------------------------
TECHNOLOGY--5.5%
------------------------------------------------------------------------------------
COMPUTER HARDWARE--1.0%
Compaq Computer Corp. 350,000 10,237,500
------------------------------------------------------------------------------------
Dell Computer Corp.(1) 120,000 6,015,000
------------------------------------------------------------------------------------
International Business Machines Corp. 150,000 16,743,750
--------------
32,996,250
------------------------------------------------------------------------------------
COMPUTER SERVICES--0.3%
Unisys Corp.1 400,000 9,275,000
------------------------------------------------------------------------------------
COMPUTER SOFTWARE--3.8%
Computer Associates International, Inc. 1,800,000 100,462,500
------------------------------------------------------------------------------------
Electronic Data Systems Corp. 250,000 17,187,500
------------------------------------------------------------------------------------
Sabre Holdings Corp. 289,060 10,099,034
--------------
127,749,034
</TABLE>
9 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 12
STATEMENT OF INVESTMENTS Unaudited / Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS--0.4%
Intel Corp. 50,000 $ 6,340,625
------------------------------------------------------------------------------------
Solectron Corp.(1) 125,000 5,851,563
---------------
12,192,188
------------------------------------------------------------------------------------
TRANSPORTATION--0.4%
------------------------------------------------------------------------------------
AIR TRANSPORTATION--0.4%
AMR Corp.(1) 400,000 13,625,000
---------------
Total Common Stocks (Cost $1,957,371,077) 2,292,176,092
PRINCIPAL
AMOUNT
------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--11.7%
Federal National Mortgage Assn. Unsec Nts.,
6.50%, 8/15/04 $400,000,000 388,987,600
------------------------------------------------------------------------------------
U.S. Treasury Nts.:
7.50%, 5/15/02 1,000,000 1,015,312
7.50%, 11/15/01 1,000,000 1,011,875
7.875%, 8/15/01 550,000 558,078
---------------
Total U.S. Government Obligations (Cost $398,559,699) 391,572,865
------------------------------------------------------------------------------------
SHORT-TERM NOTES--19.1%
American Express Credit Corp.:
5.87%, 5/8/00 77,889,000 77,799,145
6.12%, 6/8/00 46,816,000 46,513,569
------------------------------------------------------------------------------------
Federal Home Loan Bank, 5.84%, 5/11/00 22,573,000 22,536,381
------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
5.88%, 5/16/00 72,035,000 71,858,098
5.94%, 5/3/00 47,240,000 47,224,411
------------------------------------------------------------------------------------
Ford Motor Credit Co., 5.98%, 5/11/00 78,305,000 78,174,927
------------------------------------------------------------------------------------
General Electric Capital Services, 6.01%, 5/10/00 99,438,000 99,288,595
------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc., 6.06%, 5/18/00 57,884,000 57,718,355
------------------------------------------------------------------------------------
Morgan Stanley Dean Witter & Co., 6.05%, 5/15/00 50,000,000 49,882,361
------------------------------------------------------------------------------------
Prudential Funding Corp.:
5.92%, 5/30/00 41,724,000 41,520,317
6%, 5/22/00 50,000,000 49,825,000
--------------
Total Short-Term Notes (Cost $642,341,159) 642,341,159
------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,998,271,935) 99.0% 3,326,090,116
------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.0 35,003,006
----------------------------
NET ASSETS 100.0% $3,361,093,122
============================
</TABLE>
FOOTNOTE TO THE STATEMENT OF INVESTMENTS
1. Non-income-producing security.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
10 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 13
STATEMENT OF ASSETS AND LIABILITIES Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
APRIL 30, 2000
------------------------------------------------------------------------------------
<S> <C>
ASSETS
Investments, at value (cost $2,998,271,935)--see
accompanying statement $ 3,326,090,116
------------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 46,282,321
Interest and dividends 6,616,298
Shares of beneficial interest sold 2,066,122
Other 125,145
------------------
Total assets 3,381,180,002
------------------------------------------------------------------------------------
LIABILITIES
Bank overdraft 3,876,950
------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 13,843,057
Distribution and service plan fees 690,017
Transfer and shareholder servicing agent fees 478,201
Trustees' compensation 332,691
Other 865,964
------------------
Total liabilities 20,086,880
------------------------------------------------------------------------------------
NET ASSETS $ 3,361,093,122
==================
------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
Par value of shares of beneficial interest $ 1,000,157
------------------------------------------------------------------------------------
Additional paid-in capital 2,736,184,742
------------------------------------------------------------------------------------
Undistributed net investment income 18,091,907
------------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 277,998,135
------------------------------------------------------------------------------------
Net unrealized appreciation on investments 327,818,181
------------------
NET ASSETS $3,361,093,122
==================
------------------------------------------------------------------------------------
</TABLE>
<TABLE>
------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
<S> <C>
Class A Shares:
Net asset value and redemption price per share (based on
net assets of $1,447,474,348 and 42,608,815 shares of
beneficial interest outstanding) $33.97
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $36.04
------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per share
(based on net assets of $1,546,370,631 and 46,409,385 shares
of beneficial interest outstanding) $33.32
------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $324,062,809 and 9,728,655 shares
of beneficial interest outstanding) $33.31
------------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $43,185,334 and 1,268,883 shares of
beneficial interest outstanding) $34.03
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 14
STATEMENT OF OPERATIONS Unaudited
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE SIX MONTHS ENDED APRIL 30, 2000
------------------------------------------------------------------------------------
INVESTMENT INCOME
------------------------------------------------------------------------------------
<S> <C>
Interest $ 36,032,913
------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $365,204) 17,560,038
----------------
Total income 53,592,951
------------------------------------------------------------------------------------
EXPENSES
Management fees 16,431,265
------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 3,790,098
Class B 8,679,714
Class C 1,867,558
------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 942,000
Class B 1,522,482
Class C 259,914
Class Y 45,823
------------------------------------------------------------------------------------
Custodian fees and expenses 132,234
------------------------------------------------------------------------------------
Trustees' compensation 57,918
------------------------------------------------------------------------------------
Other 1,516,882
----------------
Total expenses 35,245,888
Less expenses paid indirectly (85,481)
----------------
Net expenses 35,160,407
------------------------------------------------------------------------------------
NET INVESTMENT INCOME 18,432,544
------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on investments 285,523,022
-----------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation
on investments (458,217,671)
----------------
Net realized and unrealized loss (172,694,649)
------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(154,262,105)
================
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 15
STATEMENTS OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 2000 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1999
------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 18,432,544 $ 9,198,544
-----------------------------------------------------------------------------------------
Net realized gain 285,523,022 490,176,111
-----------------------------------------------------------------------------------------
Net change in unrealized appreciation or
depreciation (458,217,671) 147,750,241
--------------------------------------
Net increase (decrease) in net assets
resulting from operations (154,262,105) 647,124,896
-----------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (8,889,752) (16,812,169)
Class B -- (7,874,144)
Class C -- (1,648,542)
Class Y (549,645) (285,979)
-----------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (209,167,323) (100,567,795)
Class B (230,005,581) (102,846,211)
Class C (49,963,602) (24,240,838)
Class Y (6,261,854) (1,153,375)
-----------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase (decrease) in net assets resulting
from beneficial interest transactions:
Class A (92,484,882) (377,200,503)
Class B (119,771,209) (203,279,021)
Class C (37,641,132) (86,850,052)
Class Y (2,809,544) 27,078,745
-----------------------------------------------------------------------------------------
NET ASSETS
Total decrease (911,806,629) (248,554,988)
-----------------------------------------------------------------------------------------
Beginning of period 4,272,899,751 4,521,454,739
--------------------------------------
End of period (including undistributed net
investment income of $18,091,907 and $9,098,760,
respectively) $3,361,093,122 $4,272,899,751
======================================
</TABLE>
13 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<PAGE> 16
FINANCIAL HIGHLIGHTS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2000 OCTOBER 31,
CLASS A (UNAUDITED) 1999 1998 1997 1996(1) 1995
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $39.96 $36.44 $35.62 $29.89 $ 24.59 $19.69
-----------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .25 .22 .31 .16 .10 .23(2)
Net realized and unrealized gain (loss) (1.39) 5.46 1.72 6.46 5.62 5.40
----------------------------------------------------------
Total income (loss) from
investment operations (1.14) 5.68 2.03 6.62 5.72 5.63
-----------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.20) (.31) (.18) (.11) (.13) (.12)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29) (.61)
----------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.85) (2.16) (1.21) (.89) (.42) (.73)
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $33.97 $39.96 $36.44 $35.62 $ 29.89 $24.59
==========================================================
=================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) (3.09)% 16.31% 5.83% 22.66% 23.56% 29.88%
=================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,447 $1,820 $2,027 $1,839 $897 $367
-----------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,624 $1,894 $2,071 $1,399 $609 $252
---------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment income 1.29% 0.50% 0.85% 0.67% 0.64% 1.02%
Expenses 1.56% 1.57% 1.54%(5) 1.54%(5) 1.62%(5) 1.69%(5)
-----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 37% 47% 45% 30% 25% 21%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
2. Based on average shares outstanding for the period.
3. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended April 30, 2000, were $1,129,750,221and $2,063,021,175, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 17
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2000 OCTOBER 31,
CLASS B (UNAUDITED) 1999 1998 1997 1996(1) 1995
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $39.19 $35.79 $35.05 $29.49 $24.33 $19.59
-------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .13 (.02) .13 .06 .05 .11(2)
Net realized and unrealized gain (loss) (1.35) 5.41 1.68 6.31 5.47 5.36
--------------------------------------------------------------
Total income (loss) from
investment operations (1.22) 5.39 1.81 6.37 5.52 5.47
-------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.14) (.04) (.03) (.07) (.12)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29) (.61)
--------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.65) (1.99) (1.07) (.81) (.36) (.73)
-------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $33.32 $39.19 $35.79 $35.05 $29.49 $24.33
==============================================================
===================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) (3.37)% 15.72% 5.29% 22.05% 22.92% 29.19%
===================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,546 $1,970 $1,996 $1,706 $719 $218
------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,741 $1,986 $1,976 $1,239 $426 $117
-------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment income (loss) 0.71% (0.03)% 0.35% 0.17% 0.12% 0.48%
Expenses 2.14 2.10% 2.04%(5) 2.03%(5) 2.14%(5) 2.21%(5)
-------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 37% 47% 45% 30% 25% 21%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
2. Based on average shares outstanding for the period.
3. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.Total
returns are not annualized for periods of less than one full year.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended April 30, 2000, were $1,129,750,221 and $2,063,021,175, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 18
FINANCIAL HIGHLIGHTS Continued
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2000 OCTOBER 31,
CLASS C (UNAUDITED) 1999 1998 1997 1996(1) 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $39.17 $35.75 $35.01 $29.45 $24.31 $19.58
----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .14 (.01) .13 .06 .06 .08(2)
Net realized and unrealized gain (loss) (1.35) 5.40 1.68 6.30 5.44 5.38
----------------------------------------------------------------------------
Total income (loss) from
investment operations (1.21) 5.39 1.81 6.36 5.50 5.46
----------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income-- -- (.12) (.04) (.02) (.07) (.12)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29) (.61)
----------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (4.65) (1.97) (1.07) (.80) (.36) (.73)
----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $33.31 $39.17 $35.75 $35.01 $29.45 $24.31
============================================================================
==================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) (3.34)% 15.74% 5.29% 22.05% 22.89% 29.16%
==================================================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $324 $ 428 $ 476 $ 434 $181 $50
----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $375 $ 448 $ 487 $ 316 $105 $24
----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:(4)
Net investment income (loss) 0.74% (0.02)% 0.35% 0.17% 0.12% 0.37%
Expenses 2.11% 2.08% 2.04%(5) 2.04%(5) 2.14%(5) 2.31%(5)
----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(6) 37% 47% 45% 30% 25% 21%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
2. Based on average shares outstanding for the period.
3. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.
Total returns are not annualized for periods of less than one full year.
4. Annualized for periods of less than one full year.
5. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
6. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended April 30, 2000, were $1,129,750,221and $2,063,021,175, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 19
<TABLE>
<CAPTION>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 2000 OCTOBER 31,
CLASS Y (UNAUDITED) 1999 1998 1997(1)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period $40.17 $36.64 $35.77 $29.93
---------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .32 .35 .48 .17
Net realized and unrealized gain (loss) (1.40) 5.48 1.74 5.67
----------------------------------------------------
Total income (loss) from investment operations (1.08) 5.83 2.22 5.84
---------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.41) (.45) (.32) --
Distributions from net realized gain (4.65) (1.85) (1.03) --
----------------------------------------------------
Total dividends and/or distributions
to shareholders (5.06) (2.30) (1.35) --
----------------------------------------------------
Net asset value, end of period $34.03 $40.17 $36.64 $35.77
====================================================
=========================================================================================================
TOTAL RETURN, AT NET ASSET VALUE2 (2.92)% 16.74% 6.38% 19.51%
=========================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $43 $55 $23 $15
---------------------------------------------------------------------------------------------------------
Average net assets (in millions) $49 $41 $20 $ 6
---------------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 1.68% 0.98% 1.39% 1.30%
Expenses, net of indirect expenses 1.16% 1.14% 1.00%(4) 0.91%(4)
---------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 37% 47% 45% 30%
</TABLE>
1. For the period from December 16, 1996 (inception of offering) to October
31, 1997.
2. Assumes a $1,000 hypothetical initial investment on the business day before
the first day of the fiscal period (or inception of offering), with all
dividends and distributions reinvested in additional shares on the reinvestment
date, and redemption at the net asset value calculated on the last business day
of the fiscal period. Sales charges are not reflected in the total returns.Total
returns are not annualized for periods of less than one full year.
3. Annualized for periods of less than one full year.
4. Expense ratio has not been grossed up to reflect the effect of expenses paid
indirectly.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the period
ended April 30, 2000, were $1,129,750,221and $2,063,021,175, respectively.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 20
NOTES TO FINANCIAL STATEMENTS Unaudited
------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Quest Opportunity Value Fund (the Fund), a series of Oppenheimer
Quest for Value Funds, is an open-end management investment company registered
under the Investment Company Act of 1940, as amended. The Fund's investment
objective is to seek growth of capital. The Fund's investment advisor is
OppenheimerFunds, Inc. (the Manager). The Manager has entered into a
sub-advisory agreement with OpCap Advisors.
The Fund offers Class A, Class B, Class C and Class Y shares. Class A
shares are sold at their offering price, which is normally net asset value plus
an initial sales charge. Class B and Class C shares are sold without an initial
sales charge but may be subject to a contingent deferred sales charge (CDSC).
Class Y shares are sold to certain institutional investors without either a
front-end sales charge or a CDSC. All classes of shares have identical rights
to earnings, assets and voting privileges, except that each class has its own
expenses directly attributable to that class and exclusive voting rights with
respect to matters affecting that class. Classes A, B and C shares have
separate distribution and/or service plans. No such plan has been adopted for
Class Y shares. Class B shares will automatically convert to Class A shares six
years after the date of purchase. The following is a summary of significant
accounting policies consistently followed by the Fund.
------------------------------------------------------------------------------
SECURITIES VALUATION. Securities for which quotations are readily available are
valued at the last sale price, or if in the absence of a sale, at the last sale
price on the prior trading day if it is within the spread of the closing bid
and asked prices, and if not, at the closing bid price. Securities (including
restricted securities) for which quotations are not readily available are
valued primarily using dealer-supplied valuations, a portfolio pricing service
authorized by the Board of Trustees, or at their fair value. Fair value is
determined in good faith under consistently applied procedures under the
supervision of the Board of Trustees. Foreign currency contracts are valued
based on the closing prices of the forward currency contract rates in the
London foreign exchange markets on a daily basis as provided by a reliable
bank, dealer or pricing service. Short-term "money market type" debt securities
with remaining maturities of sixty days or less are valued at cost (or last
determined market value) and adjusted for amortization or accretion to maturity
of any premium or discount.
------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES. Income, expenses (other than
those attributable to a specific class), gains and losses are allocated daily
to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.
------------------------------------------------------------------------------
18 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 21
------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Fund has adopted an unfunded retirement plan for the
Fund's independent Board of Trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended April 30, 2000, a provision of $16,694 was made for the Fund's projected
benefit obligations and payments of $3,500 were made to retired trustees,
resulting in an accumulated liability of $328,486 as of April 30, 2000.
The Board of Trustees has adopted a deferred compensation plan for
independent trustees that enables trustees to elect to defer receipt of all or a
portion of annual compensation they are entitled to receive from the Fund. Under
the plan, the compensation deferred is periodically adjusted as though an
equivalent amount had been invested for the Board of Trustees in shares of one
or more Oppenheimer funds selected by the trustee. The amount paid to the Board
of Trustees under the plan will be determined based upon the performance of the
selected funds. Deferral of trustees' fees under the plan will not affect the
net assets of the Fund, and will not materially affect the Fund's assets,
liabilities or net investment income per share.
------------------------------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders, which are determined in accordance with income tax regulations,
are recorded on the ex-dividend date.
------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes. The character of distributions made during the year from net
investment income or net realized gains may differ from its ultimate
characterization for federal income tax purposes. Also, due to timing of
dividend distributions, the fiscal year in which amounts are distributed may
differ from the fiscal year in which the income or realized gain was recorded by
the Fund.
------------------------------------------------------------------------------
EXPENSE OFFSET ARRANGEMENTS. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Fund.
------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for as of trade date and dividend
income is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the Fund is informed of the dividend if
such information is obtained subsequent to the ex-dividend date. Realized gains
and losses on investments and unrealized appreciation and depreciation are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the reporting
period. Actual results could differ from those estimates.
19 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 22
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
================================================================================
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of $.01 par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED APRIL 30, 2000 YEAR ENDED OCTOBER 31, 1999
SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Sold 4,432,835 $ 153,733,579 8,551,790 $ 321,080,745
Dividends and/or
distributions reinvested 6,049,537 209,555,684 3,117,078 110,843,305
Redeemed (13,429,185) (455,774,145) (21,744,473) (809,124,553)
--------------------------------------------------------------------------
Net decrease (2,946,813) $ (92,484,882) (10,075,605) $(377,200,503)
==========================================================================
-----------------------------------------------------------------------------------------------------------------
CLASS B
Sold 2,124,776 $ 72,661,937 5,241,255 $ 193,785,720
Dividends and/or
distributions reinvested 6,410,680 218,352,247 2,988,020 104,730,514
Redeemed (12,379,964) (410,785,393) (13,745,009) (501,795,255)
-------------------------------------------------------------------------
Net decrease (3,844,508) $(119,771,209) (5,515,734) $(203,279,021)
========================================================================
-----------------------------------------------------------------------------------------------------------------
CLASS C
Sold 706,766 $ 24,205,320 1,504,878 $ 55,520,355
Dividends and/or
distributions reinvested 1,400,226 47,663,691 707,828 24,788,138
Redeemed (3,308,622) (109,510,143) (4,581,669) (167,158,545)
------------------------------------------------------------------------
Net decrease (1,201,630) $ (37,641,132) (2,368,963) $ (86,850,052)
========================================================================
-----------------------------------------------------------------------------------------------------------------
CLASS Y
Sold 233,280 $ 8,020,099 1,134,727 $ 42,223,962
Dividends and/or
distributions reinvested 196,523 6,811,499 40,419 1,439,354
Redeemed (522,459) (17,641,142) (436,981) (16,584,571)
----------------------------------------------------------------------
Net increase (decrease) (92,656) $ (2,809,544) 738,165 $ 27,078,745
======================================================================
</TABLE>
------------------------------------------------------------------------------
3. UNREALIZED GAINS AND LOSSES ON SECURITIES
As of April 30, 2000, net unrealized appreciation on securities of $327,818,181
was composed of gross appreciation of $397,842,725, and gross depreciation of
$70,024,544.
-------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with
the investment advisory agreement with the Fund which provides for a fee of
1.00% of the first $400 million of average annual net assets of the Fund, 0.90%
of the next $400 million, 0.85% of the next $3.2 billion, 0.80% of the next $4
billion, and 0.75% of average annual net assets in excess of $8 billion. The
Fund's management fee for the six months ended April 30, 2000, was 0.87% of the
average annual net assets for each class of shares, annualized for periods of
less than one full year.
20 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 23
-------------------------------------------------------------------------------
SUB-ADVISOR FEES. The Manager pays OpCap Advisors (the Sub-Advisor) monthly an
annual fee based on the fee schedule set forth in the Prospectus. For the six
months ended April 30, 2000, the Manager paid $5,430,973 to the Sub-Advisor.
-------------------------------------------------------------------------------
TRANSFER AGENT FEES. OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for the Fund and other
Oppenheimer funds. The Fund pays OFS an annual maintenance fee of $18.00 for
each Fund shareholder account and reimburses OFS for its out-of-pocket
expenses. During the six months ended April 30, 2000, the Fund paid OFS
$2,930,902.
-------------------------------------------------------------------------------
DISTRIBUTION AND SERVICE PLAN FEES. Under its General Distributor's Agreement
with the Manager, the Distributor acts as the Fund's principal underwriter in
the continuous public offering of the different classes of shares of the Fund.
The compensation paid to (or retained by) the Distributor from the sale of
shares or on the redemption of shares is shown in the table below for the period
indicated.
<TABLE>
<CAPTION>
AGGREGATE CLASS A COMMISSIONS COMMISSIONS COMMISSIONS
FRONT-END FRONT-END ON CLASS A ON CLASS B ON CLASS C
SALES CHARGES SALES CHARGES SHARES SHARES SHARES
ON CLASS A RETAINED BY ADVANCED BY ADVANCED BY ADVANCED BY
SIX MONTHS ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
April 30, 2000 $1,499,175 $358,863 $514,487 $1,893,003 $180,867
</TABLE>
1. The Distributor advances commission payments to dealers for certain sales of
Class A shares and for sales of Class B and Class C shares from its own
resources at the time of sale.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
CONTINGENT DEFERRED CONTINGENT DEFERRED CONTINGENT DEFERRED
SALES CHARGES SALES CHARGES SALES CHARGES
SIX MONTHS ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
April 30, 2000 $32,301 $3,763,853 $33,257
</TABLE>
The Fund has adopted Distribution and Service Plans for Class A, Class B and
Class C shares under Rule 12b-1 of the Investment Company Act. Under those
plans the Fund pays the Distributor for all or a portion of its costs incurred
in connection with the distribution and/or servicing of the shares of the
particular class.
------------------------------------------------------------------------------
CLASS A DISTRIBUTION AND SERVICE PLAN FEES. Under the plan the Fund pays an
asset-based sales charge to the Distributor at an annual rate of 0.20% of
average annual net assets of Class A shares of the Fund (the Board of Trustees
can set this rate up to 0.25%). Effective January 1, 2000, the asset-based
charge rate for Class A shares has been voluntarily reduced from 0.25% to 0.20%
of average annual net assets representing Class A shares. The Fund also pays a
service fee to the Distributor of 0.25% of the average annual net assets of
Class A shares. The Distributor currently uses the fees it receives from the
Fund to pay brokers, dealers and other financial institutions. The Distributor
makes payments to plan recipients quarterly at an annual rate not to exceed
0.25% of the average annual net assets consisting of Class A shares of the
Fund. For the six months ended April 30, 2000, payments under the Class A Plan
totaled $3,790,098, all of which was paid by the Distributor to recipients.
That included $170,866 paid to an affiliate of the
21 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 24
NOTES TO FINANCIAL STATEMENTS Unaudited/Continued
================================================================================
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
Distributor's parent company. Any unreimbursed expenses the Distributor incurs
with respect to Class A shares in any fiscal year cannot be recovered in
subsequent years.
------------------------------------------------------------------------------
CLASS B AND CLASS C DISTRIBUTION AND SERVICE PLAN FEES. Under each plan,
service fees and distribution fees are computed on the average of the net asset
value of shares in the respective class, determined as of the close of each
regular business day during the period. The Class B and Class C plans provide
for the Distributor to be compensated at a flat rate, whether the Distributor's
distribution expenses are more or less than the amounts paid by the Fund under
the plan during the period for which the fee is paid.
The Distributor retains the asset-based sales charge on Class B shares. The
Distributor retains the asset-based sales charge on Class C shares during the
first year the shares are outstanding. The asset-based sales charges on Class B
and Class C shares allow investors to buy shares without a front-end sales
charge while allowing the Distributor to compensate dealers that sell those
shares.
The Distributor's actual expenses in selling Class B and Class C shares may
be more than the payments it receives from the contingent deferred sales
charges collected on redeemed shares and asset-based sales charges from the
Fund under the plans. If any plan is terminated by the Fund, the Board of
Trustees may allow the Fund to continue payments of the asset-based sales
charge to the Distributor for distributing shares before the plan was
terminated. The plans allow for the carry-forward of distribution expenses, to
be recovered from asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the six months ended April 30,
2000, were as follows:
<TABLE>
<CAPTION>
DISTRIBUTOR'S DISTRIBUTOR'S
AGGREGATE UNREIMBURSED
UNREIMBURSED EXPENSES AS %
TOTAL PAYMENTS AMOUNT RETAINED EXPENSES OF NET ASSETS
UNDER PLAN BY DISTRIBUTOR UNDER PLAN OF CLASS
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class B Plan $8,679,714 $6,778,979 $25,032,243 1.62%
Class C Plan 1,867,558 223,046 4,303,451 1.33
</TABLE>
------------------------------------------------------------------------------
5. BANK BORROWINGS
The Fund may borrow from a bank for temporary or emergency purposes including,
without limitation, funding of shareholder redemptions provided asset coverage
for borrowings exceeds 300%. The Fund has entered into an agreement which
enables it to participate with other Oppenheimer funds in an unsecured line of
credit with a bank, which permits borrowings up to $400 million, collectively.
Interest is charged to each fund, based on its borrowings, at a rate equal to
the Federal Funds Rate plus 0.45%. Borrowings are payable 30 days after such
loan is executed. The Fund also pays a commitment fee equal to its pro rata
share of the average unutilized amount of the credit facility at a rate of
0.08% per annum.
The Fund had no borrowings outstanding during the six months ended April
30, 2000.
22 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 25
SHAREHOLDER MEETING Unaudited
--------------------------------------------------------------------------------
On March 10, 2000, a shareholder meeting was held to approve a new subadvisory
agreement between the Manager and the Sub-Advisor as described in the Fund's
proxy statement for that meeting. The following is a report of the votes cast:
<TABLE>
<CAPTION>
WITHHELD/
FOR AGAINST ABSTAIN TOTAL
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
63,249,496 733,224 1,211,609 65,194,329
</TABLE>
23 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 26
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
A Series of Oppenheimer Quest For Value Funds
==============================================================================
OFFICERS AND TRUSTEES Bridget A. Macaskill, Chairman of the Board of
Trustees and President
Paul Y. Clinton, Trustee
Thomas W. Courtney, Trustee
Robert G. Galli, Trustee
Lacy B. Herrmann, Trustee
George Loft, Trustee
O. Leonard Darling, Vice President
Andrew J. Donohue, Secretary
Brian W. Wixted, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
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INVESTMENT ADVISOR OppenheimerFunds, Inc.
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SUB-ADVISOR OpCap Advisors
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DISTRIBUTOR OppenheimerFunds Distributor, Inc.
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TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
------------------------------------------------------------------------------
CUSTODIAN OF Citibank, N.A.
PORTFOLIO SECURITIES
------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG LLP
------------------------------------------------------------------------------
LEGAL COUNSEL Mayer, Brown & Platt
The financial statements included herein have been
taken from the records of the Fund without
examination of those records by the independent
auditors.
This is a copy of a report to shareholders of
Oppenheimer Quest Opportunity Value Fund. This
report must be preceded or accompanied by a
Prospectus of Oppenheimer Quest Opportunity Value
Fund. For material information concerning the Fund,
see the Prospectus.
SHARES OF OPPENHEIMER FUNDS ARE NOT DEPOSITS OR
OBLIGATIONS OF ANY BANK, ARE NOT GUARANTEED BY ANY
BANK, ARE NOT INSURED BY THE FDIC OR ANY OTHER
AGENCY, AND INVOLVE INVESTMENT RISKS, INCLUDING THE
POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
OPPENHEIMER FUNDS ARE DISTRIBUTED BY
OPPENHEIMERFUNDS DISTRIBUTOR, INC., TWO WORLD TRADE
CENTER, NEW YORK, NY 10048-0203.
(C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
24 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 27
OPPENHEIMERFUNDS FAMILY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GLOBAL EQUITY
Developing Markets Fund Global Fund
International Small Company Fund Quest Global Value Fund
Europe Fund Global Growth & Income Fund
International Growth Fund
---------------------------------------------------------------------------------------------------------------------
EQUITY
Stock Stock & Bond
Enterprise Fund1 Main Street(R) Growth & Income Fund
Discovery Fund Quest Opportunity Value Fund
Main Street(R) Small Cap Fund Total Return Fund
Quest Small Cap Value Fund Quest Balanced Value Fund
MidCap Fund Capital Income Fund(2)
Capital Appreciation Fund Multiple Strategies Fund
Growth Fund Disciplined Allocation Fund
Disciplined Value Fund Convertible Securities Fund
Quest Value Fund
Trinity Growth Fund Specialty
Trinity Core Fund Real Asset Fund
Trinity Value Fund Gold & Special Minerals Fund
---------------------------------------------------------------------------------------------------------------------
FIXED INCOME
Taxable Municipal
International Bond Fund California Municipal Fund(3)
World Bond Fund Main Street(R) California Municipal Fund(3)
High Yield Fund Florida Municipal Fund(3)
Champion Income Fund New Jersey Municipal Fund(3)
Strategic Income Fund New York Municipal Fund(3)
Bond Fund Pennsylvania Municipal Fund(3)
Senior Floating Rate Fund Municipal Bond Fund
U.S. Government Trust Insured Municipal Fund
Limited-Term Government Fund Intermediate Municipal Fund
Rochester Division
Rochester Fund Municipals
Limited Term New York Municipal Fund
---------------------------------------------------------------------------------------------------------------------
MONEY MARKET(4)
Money Market Fund Cash Reserves
</TABLE>
1. Effective July 1, 1999, this fund is closed to new investors. See prospectus
for details.
2. On 4/1/99, the Fund's name was changed from "Oppenheimer Equity Income Fund."
3. Available to investors only in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
these funds may seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in these funds.
25 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 28
INFORMATION AND SERVICES
--------------------------------------------------------------------------------
As an Oppenheimer fund shareholder, you can benefit from special services
designed to make investing simple. Whether it's automatic investment plans,
timely market updates, or immediate account access, you can count on us whenever
you need assistance. So call us today, or visit our website-- we're here to
help.
INTERNET
24-hr access to account information and transactions(1)
WWW.OPPENHEIMERFUNDS.COM
-----------------------------------------------------------------
GENERAL INFORMATION
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.525.7048
-----------------------------------------------------------------
TELEPHONE TRANSACTIONS
Mon-Fri 8am-9pm ET, Sat 10am-4pm ET
1.800.852.8457
-----------------------------------------------------------------
PHONELINK
24-hr automated information and automated transactions
1.800.533.3310
-----------------------------------------------------------------
TELECOMMUNICATIONS DEVICE FOR THE DEAF (TDD)
Mon-Fri 9am-6:30pm ET
1.800.843.4461
-----------------------------------------------------------------
OPPENHEIMERFUNDS MARKET HOTLINE
24 hours a day, timely and insightful messages on the economy and
issues that may affect your investments
1.800.835.3104
-----------------------------------------------------------------
TRANSFER AND SHAREHOLDER SERVICING AGENT
OppenheimerFunds Services
P.O. Box 5270, Denver, CO 80217-5270
-----------------------------------------------------------------
TICKER SYMBOLS Class A: QVOPX Class B: QOPBX Class C: QOPCX
Class Y: QOPYX
1. At times this website may be inaccessible or its transaction feature may be
unavailable.
[OPPENHEIMERFUNDS LOGO]
RS0236.001.0400 June 29, 2000
