<PAGE> 1
[PHOTO]
ANNUAL REPORT OCTOBER 31, 2000
Oppenheimer
QUEST OPPORTUNITY VALUE FUND (SM)
[OPPENHEIMER FUNDS LOGO]
THE RIGHT WAY TO INVEST
<PAGE> 2
REPORT HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Contents
<S> <C>
1 President's Letter
3 An Interview
with Your Fund's
Manager
7 Fund Performance
12 FINANCIAL
STATEMENTS
30 INDEPENDENT
AUDITORS' REPORT
31 Federal
Income Tax
Information
32 Officers and Trustees
</TABLE>
WE STAYED TRUE TO OUR VALUE DISCIPLINE, EMPHASIZING COMPANIES WE PERCEIVED AS
PROVIDING HIGH RETURN ON CAPITAL--the effective use of cash flow to build
shareholder value--over those simply exhibiting high growth.
WE FOUND SOME OF OUR MOST COMPELLING VALUES AMONG FUNDAMENTALLY SOUND BUSINESSES
that traditionally are less cyclical or less sensitive to changes in the
economy.
AS WE SEEM TO BE TRANSITIONING TOWARD A BROADER MARKET, investors once again
appear willing to explore opportunities on their own merits.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS*
For the 1-Year Period
Ended 10/31/00
Class A
Without With
Sales Chg. Sales Chg.
--------------------------------------------------------------------------------
<S> <C>
2.82% -3.10%
Class B
Without With
Sales Chg. Sales Chg.
--------------------------------------------------------------------------------
2.23% -2.27%
Class C
Without With
Sales Chg. Sales Chg.
--------------------------------------------------------------------------------
2.26% 1.36%
Class Y
--------------------------------------------------------------------------------
3.30%
--------------------------------------------------------------------------------
</TABLE>
*SEE NOTES ON PAGE 10 FOR FURTHER DETAILS.
<PAGE> 3
PRESIDENT'S LETTER
--------------------------------------------------------------------------------
[PHOTO]
BRIDGET A. MACASKILL
President
Oppenheimer
Quest Opportunity
Value Fund
Dear Shareholder,
Over the past several decades, our investment teams have learned the
importance of avoiding complacency when it comes to navigating the financial
markets--especially when times are good. Right now, times appear particularly
good. The U.S. economy is in its tenth year of expansion. In the bond market,
U.S. Treasury issues have been performing favorably over the past year. In
addition, despite volatility in the second quarter, the stock market has been
providing attractive returns from a wide spectrum of industry sectors,
capitalization ranges and investment styles.
We have arrived at this juncture after months of monitoring the rapid pace of
global economic growth and its implications for inflation, as well as the
Federal Reserve Board's evolving monetary policy. At this point, economic
indicators suggest a dampening of short-term inflationary pressures. While
recent increases in oil prices are certainly taking their toll, we don't believe
this signals a return to 1970's-style inflation. Accordingly, if the Fed
continues in its diligence, the economy could maintain its healthy rate of
growth.
In the bond market, the achievement of a federal budget surplus has prompted
the Treasury to buy back many of its long-term securities. The resulting supply
shortage boosted these securities' returns, causing an inversion of the yield
curve-- an unusual situation in which shorter term Treasuries yield more than
their longer term counterparts. Other bond sectors are offering many
opportunities in the form of attractive valuations.
Perhaps most important is that we have begun to see encouraging signs in the
stock market. Formerly high-flying Internet stocks have generally come down to
earth, and investors have begun to refocus on companies with strong business
fundamentals and justifiable valuations. Investors have also returned to
long-neglected, value-oriented companies.
1 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 4
PRESIDENT'S LETTER
--------------------------------------------------------------------------------
What else do these various trends tell us? They tell us that the ability to
discriminate between long-term potential and short-lived fads has become more
critical than ever. Trying to generate good long-term performance requires
tracking the best companies through intensive research, combined with
hard-earned experience.
At OppenheimerFunds, our seasoned portfolio management teams fight
complacency by remaining constantly aware of the risks that face the economy and
financial markets. Virtually anything could affect the overall markets--a surge
in inflation, a decline in productivity, deteriorating corporate earnings, or
even the new Administration's proposals regarding tax reform, healthcare and
Social Security. However, by remaining vigilant in our quest for fundamentally
sound businesses, we believe we can find good investments that can weather
market volatility.
In this environment, we encourage you to consult your financial advisor and
to stay on track with your long-term financial plan. For our part, we will
continue to monitor the opportunities and risks ever present in the financial
markets. Thank you for your confidence in OppenheimerFunds, The Right Way to
Invest.
Sincerely,
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
November 21, 2000
THESE GENERAL MARKET VIEWS REPRESENT OPINIONS OF OPPENHEIMERFUNDS, INC.
AND ARE NOT INTENDED TO PREDICT OR DEPICT PERFORMANCE OF THE SECURITIES MARKETS
OR ANY PARTICULAR FUND. SPECIFIC DISCUSSION, AS IT APPLIES TO YOUR FUND, IS
CONTAINED IN THE PAGES THAT FOLLOW. STOCKS AND BONDS HAVE DIFFERENT TYPES OF
INVESTMENT RISKS; STOCKS ARE SUBJECT TO MARKET VOLATILITY AND BONDS ARE SUBJECT
TO CREDIT AND INTEREST RATE RISKS.
2 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 5
AN INTERVIEW WITH YOUR FUND'S MANAGER
--------------------------------------------------------------------------------
[PHOTO]
PORTFOLIO MANAGEMENT TEAM (L to R)
ELISA MAZEN
RICHARD GLASEBROOK
(Portfolio Manager)
HOW DID OPPENHEIMER QUEST OPPORTUNITY VALUE FUND(SM) PERFORM DURING THE 12
MONTHS THAT ENDED OCTOBER 31, 2000?
A. Although disappointed with our overall performance for the fiscal year,
and having underperformed our benchmark, the S&P 500 Index, we are encouraged by
a late-period resurgence in value stocks. In light of the marked volatility
throughout the period, investors took a more discriminating view of the
overheated technology and telecommunications issues that drove the market in
1999 and early 2000. Therefore, investors generally gravitated toward more
reasonably priced alternatives, offering solid fundamentals and realistic
expectations.
WHY DID INVESTOR SENTIMENT CHANGE?
As we mentioned, investors began to focus on individual opportunities, whatever
their industry classification, rather than fixating on specific sectors
exhibiting spectacular--and often unsustainable--returns. That's a very
different scenario from the one that permeated the landscape earlier in the
year. Back then, the market was in the midst of dot-com euphoria, driven by a
narrow group of fast growing "new economy" stocks that achieved questionably
high valuations. The tide turned in mid-March when inflation concerns reemerged,
signaling that the Federal Reserve Board would likely continue its standing
policy of raising interest rates to slow economic growth. At that point,
investors did an about-face, realizing that the exorbitant prices they were
paying for these high-growth stocks--many without visible earnings or even the
prospect of earnings--might be unjustified. This set off a torrent of widespread
selling, as investors seized upon the opportunity to lock in gains. A "buy on
the dips" rally followed, yet the rebound was short lived, as technology stocks
sold off in July and again in September.
3 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 6
AN INTERVIEW WITH YOUR FUND'S MANAGER
--------------------------------------------------------------------------------
"Investors gravitated toward more reasonably priced alternative with solid
fundamentals and realistic expectations."
Meanwhile, the Federal Reserve Board's yearlong efforts to engineer a soft
landing appeared to take hold, a sign that inflation might well be under
control. Although that prospect suggested an end to further interest rate
hikes, skyrocketing oil prices, Mideast tensions and a number of corporate
profit warnings converged to rattle the markets towards the end of the
reporting period. Amid the ongoing volatility, investors understandably became
more cautious. As a result, many benefited from selective exposure to more
traditional sectors, such as financial services and healthcare.
HOW WAS THE FUND MANAGED IN THIS VOLATILE ENVIRONMENT?
We stayed true to our value discipline, emphasizing issuers that we perceived
as providing high return on capital over those simply exhibiting high growth.
In other words, we focused on companies possessing strong management teams
that are motivated to create wealth for their shareholders. This motivation
can take the form of share buybacks, strategic acquisitions or corporate
restructuring. Whatever the case, it's crucial that the company be
fundamentally sound. We also want to know whether a company offers solid value
relative to itself. So we analyze each company one by one, looking for
businesses that are selling for less than their fair market value--or the
price a prudent buyer would pay for the entire business.
We found some of our most compelling values among fundamentally sound
businesses that traditionally are less cyclical or less sensitive to changes
in the economy. While we had limited exposure to technology during the period,
we closely monitored the sector for out-of-favor opportunities that appeared
poised for a turnaround.
4 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 7
<TABLE>
<CAPTION>
----------------------------------------------------
AVERAGE ANNUAL
TOTAL RETURNS
For the Period Ended 9/30/00(1)
<S> <C> <C>
Class A
1-year 5-year 10-year
----------------------------------------------------
-0.95% 11.53% 17.35%
Class B Since
1-year 5-year Inception
----------------------------------------------------
-0.11% 12.02% 13.99%
Class C Since
1-year 5-year Inception
----------------------------------------------------
3.60% 12.28% 13.88%
Class Y Since
1-year 5-year Inception
----------------------------------------------------
5.59% N/A 10.90%
----------------------------------------------------
</TABLE>
WHICH STOCKS CONTRIBUTED MOST TO THE FUND'S PERFORMANCE?
Even as volatility increased, a number of our holdings experienced growth. For
example, American Home Products Corp. rose, benefiting from the healthcare
rally. Financial services powerhouse Citigroup, Inc. continues to grow its
global business, while its vast distribution network and customer base provide
numerous opportunities to cross-sell its extensive product lineup. Diversified
aerospace giant Boeing Co. continues to lessen its dependence on commercial
aircraft through strategic acquisitions in satellite communications. As for
detractors, Verizon Communications fell victim to earnings concerns arising
from unrealistic expectations for further growth. Revenue and earnings
shortfalls pushed Computer Associates International, Inc., the leader in
systems-management software, to trade near record lows. However, based on
careful analysis, we remain confident in both companies' long-term prospects
and have maintained our holdings.
HOW DID THE FUND'S INCOME INVESTMENTS PERFORM?
We strategically underweighted investments in the high yield market for most
of the year, and therefore avoided most of the volatility within this asset
class. Our exposure to U.S. Treasuries, the best performing fixed income asset
class, proved beneficial to the Fund. Unfortunately, the Fund's conservative
positioning, designed to act largely as a cushion against volatility, held
back overall performance.
1. See page 10 for further details.
5 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 8
PORTFOLIO ALLOCATION(2)
[PIE CHART]
<TABLE>
<S> <C>
-Stocks 70.2%
-Cash
Equivalents 16.5
-Bonds 13.3
</TABLE>
WHAT IS YOUR OUTLOOK FOR THE FUTURE?
We will continue to seek out compelling value on a company-by-company basis,
especially when we believe fundamentally sound, attractively valued businesses
are being sold randomly. As we seem to be transitioning toward a broader
market, investors once again appear willing to explore opportunities on their
own merits. This plays to our strengths as value investors and is just one of
the many reasons why Oppenheimer Quest Opportunity Value Fund is an important
part of The Right Way to Invest.
<TABLE>
<CAPTION>
TOP FIVE COMMON STOCK INDUSTRIES(3)
..................................................
<S> <C>
Diversified Financial 13.6%
..................................................
Banks 8.8
..................................................
Manufacturing 6.3
..................................................
Aerospace/Defense 5.4
..................................................
Healthcare/Drugs 4.9
..................................................
</TABLE>
<TABLE>
<CAPTION>
TOP TEN COMMON STOCK HOLDINGS(3)
..................................................
<S> <C>
Freddie Mac 7.2%
..................................................
Boeing Co. 5.4
..................................................
Wells Fargo Co. 4.6
..................................................
McDonald's Corp. 3.9
..................................................
American Home Products Corp. 3.4
..................................................
Verizon Communications 3.4
..................................................
Household International, Inc. 3.1
..................................................
M&T Bank Corp. 2.8
..................................................
Citigroup, Inc. 2.7
..................................................
Texaco, Inc. 2.7
..................................................
</TABLE>
2. Portfolio is subject to change. Percentages are as of October 31, 2000, and
are based on total market value of investments.
3. Portfolio is subject to change. Percentages are as of October 31, 2000, and
are based on net assets.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
6 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 9
FUND PERFORMANCE
-------------------------------------------------------------------------------
HOW HAS THE FUND PERFORMED?
Below is a discussion by OppenheimerFunds, Inc. of the Fund's performance
during its fiscal year ended October 31, 2000, followed by a graphical
comparison of the Fund's performance to an appropriate broad-based market
index.
MANAGEMENT'S DISCUSSION OF PERFORMANCE.
During the fiscal year that ended October 31, 2000, Oppenheimer Quest
Opportunity Value Fund operated in a highly volatile environment that
adversely affected its returns and, in addition, the Fund underperformed its
benchmark, the S&P 500 Index. For most of the period, investors overlooked
value stocks in favor of rising growth stocks. However, in light of recurring
inflation concerns, rising oil prices, a strong U.S. dollar and corporate
profit warnings, the broader stock market began to show signs of strain. At
that point, investors turned to the solid fundamentals, reasonable valuations
and realistic expectations of traditional value stocks. During the period, the
Fund's managers continued their long-standing value discipline and maintained
many of their stock positions. However, because value stocks generally lagged
the broader market for most of the period, this short rally in value stocks
did little to help performance. The managers positioned the Fund's income
investments conservatively, favoring cash over bonds. This provided a cushion
against volatility, but also held back overall performance. The Fund's
portfolio holdings, allocations and strategies are subject to change.
COMPARING THE FUND'S PERFORMANCE TO THE MARKET.
The graphs that follow show the performance of a hypothetical $10,000
investment in each class of shares of the Fund held until October 31, 2000. In
the case of Class A shares, performance is measured over a 10-year period. In
the case of Class B and Class C shares, performance is measured from inception
of those classes on September 1, 1993; and in the case of Class Y shares,
performance is measured from inception of the class on December 16, 1996. The
Fund's performance reflects the deduction of the maximum initial sales charge
on Class A shares, the applicable contingent deferred sales charge on Class B
and Class C shares, and reinvestments of all dividends and capital gains
distributions.
The Fund's performance is compared to the performance of the Standard & Poor's
(S&P) 500 Index, a broad-based index of equity securities widely regarded as a
general measure of the performance of the U.S. equity securities market. Index
performance reflects the reinvestment of dividends but does not consider the
effect of capital gains or transaction costs, and none of the data in the
graphs shows the effect of taxes. The Fund's performance reflects the effects
of Fund business and operating expenses. While index comparisons may be useful
to provide a benchmark for the Fund's performance, it must be noted that the
Fund's investments are not limited to the securities in the index.
7 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 10
FUND PERFORMANCE
-------------------------------------------------------------------------------
CLASS A SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
--Oppenheimer Quest Opportunity Value Fund (Class A)
--S&P 500 Index
<TABLE>
<CAPTION>
Oppenheimer S&P 500 Index
<S> <C> <C>
10/31/90 9425 10000
01/31/91 10935 11417
04/30/91 12780 12558
07/31/91 13862 13080
10/31/91 14179 13342
01/31/92 15894 14002
04/30/92 16617 14316
07/31/92 17041 14750
10/31/92 17289 14669
01/31/93 18332 15481
04/30/93 18532 15636
07/31/93 19145 16035
10/31/93 19769 16856
01/31/94 20570 17471
04/30/94 20222 16466
07/31/94 20559 16861
10/31/94 21430 17506
01/31/95 21394 17563
04/30/95 24144 19337
07/31/95 27619 21257
10/31/95 27835 22129
01/31/96 30561 24345
04/30/96 31953 25173
07/31/96 30780 24775
10/31/96 34393 27458
01/31/97 37674 30754
04/30/97 37295 31497
07/31/97 43193 37686
10/31/97 42186 36272
01/31/98 43555 39027
04/30/98 48015 44432
07/31/98 46091 44961
10/31/98 44646 44256
01/31/99 46393 51715
04/30/99 51617 54130
07/31/99 50253 54045
10/31/99 51929 55613
01/31/00 50190 57063
04/30/00 50324 59609
07/31/00 48768 58890
10/31/00 53390 58993
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS A SHARES OF THE FUND AT 10/31/00(1)
1-YEAR -3.10% 5-YEAR 12.57% 10-YEAR 18.23%
CLASS B SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
--Oppenheimer Quest Opportunity Value Fund (Class B)
--S&P 500 Index
<TABLE>
<CAPTION>
Oppenheimer S&P 500 Index
<S> <C> <C>
09/01/93 10000 10000
10/31/93 9984 10128
01/31/94 10376 10498
04/30/94 10184 9894
07/31/94 10343 10132
10/31/94 10766 10519
01/31/95 10731 10553
04/30/95 12097 11619
07/31/95 13818 12773
10/31/95 13910 13297
01/31/96 15249 14628
04/30/96 15927 15126
07/31/96 15324 14887
10/31/96 17098 16499
01/31/97 18707 18480
04/30/97 18498 18926
07/31/97 21392 22645
10/31/97 20868 21795
01/31/98 21524 23451
04/30/98 23698 26698
07/31/98 22715 27017
10/31/98 21972 26593
01/31/99 22811 31075
04/30/99 25348 32526
07/31/99 24641 32475
10/31/99 25451 33417
01/31/00 24599 34288
04/30/00 24664 35818
07/31/00 23902 35386
10/31/00 26167 35448
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS B SHARES OF THE FUND AT 10/31/00(1)
1-YEAR -2.27% 5-YEAR 13.08% LIFE 14.36%
1. See page 10 for further details.
8 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 11
CLASS C SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
--Oppenheimer Quest Opportunity Value Fund (Class C)
--S&P 500 Index
<TABLE>
<CAPTION>
Oppenheimer S&P 500 Index
<S> <C> <C>
09/01/93 10000 10000
10/31/93 9984 10128
01/31/94 10370 10498
04/30/94 10183 9894
07/31/94 10343 10132
10/31/94 10760 10519
01/31/95 10731 10553
04/30/95 12091 11619
07/31/95 13812 12773
10/31/95 13898 13297
01/31/96 15235 14628
04/30/96 15907 15126
07/31/96 15304 14887
10/31/96 17079 16499
01/31/97 18689 18480
04/30/97 18475 18926
07/31/97 21368 22645
10/31/97 20844 21795
01/31/98 21498 23451
04/30/98 23671 26698
07/31/98 22689 27017
10/31/98 21946 26593
01/31/99 22782 31075
04/30/99 25317 32526
07/31/99 24617 32475
10/31/99 25401 33417
01/31/00 24516 34288
04/30/00 24553 35818
07/31/00 23764 35386
10/31/00 25975 35448
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS C SHARES OF THE FUND AT 10/31/00(1)
1-YEAR 1.36% 5-YEAR 13.32% LIFE 14.25%
CLASS Y SHARES
COMPARISON OF CHANGE IN VALUE OF $10,000 HYPOTHETICAL INVESTMENTS IN:
--Oppenheimer Quest Opportunity Value Fund (Class Y)
--S&P 500 Index
<TABLE>
<CAPTION>
Oppenheimer S&P 500 Index
<S> <C> <C>
12/16/96 10000 10000
01/31/97 10635 10624
04/30/97 10531 10881
07/31/97 12215 13019
10/31/97 11951 12531
01/31/98 12353 13482
04/30/98 13637 15349
07/31/98 13109 15532
10/31/98 12714 15289
01/31/99 13216 17866
04/30/99 14712 18700
07/31/99 14343 18670
10/31/99 14841 19212
01/31/00 14361 19713
04/30/00 14408 20593
07/31/00 13985 20344
10/31/00 15331 20380
</TABLE>
AVERAGE ANNUAL TOTAL RETURN OF CLASS Y SHARES OF THE FUND AT 10/31/00(1)
1-YEAR 3.30% LIFE 11.66%
THE PERFORMANCE INFORMATION FOR THE S&P 500 INDEX IN THE GRAPHS BEGINS ON
10/31/90 FOR CLASS A, 8/31/93 FOR CLASS B AND CLASS C, AND 12/31/96 FOR CLASS
Y.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. GRAPHS ARE NOT
DRAWN TO THE SAME SCALE.
9 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 12
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. BECAUSE OF ONGOING
MARKET VOLATILITY, THE FUND'S PERFORMANCE HAS BEEN SUBJECT TO SUBSTANTIAL
SHORT-TERM FLUCTUATIONS AND CURRENT PERFORMANCE MAY BE LESS THAN THE RESULTS
SHOWN. 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 and the ending account values in the graphs include changes in
share price and reinvestment of dividends and capital gains distributions in a
hypothetical investment for the periods shown. 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 a
maximum annual 0.25% 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.
10 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 13
FINANCIALS
-------------------------------------------------------------------------------
11 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 14
STATEMENT OF INVESTMENTS October 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS-69.5%
------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.2%
------------------------------------------------------------------------------------------------
CHEMICALS--2.1%
Dow Chemical Co. 125,000 $ 3,828,125
------------------------------------------------------------------------------------------------
Du Pont (E.I.) de Nemours & Co. 1,300,000 58,987,500
------------
62,815,625
------------------------------------------------------------------------------------------------
METALS--1.1%
Alcoa, Inc. 1,143,700 32,809,894
------------------------------------------------------------------------------------------------
CAPITAL GOODS--12.4%
------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--5.4%
Boeing Co. 2,420,000 164,106,250
------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.7%
Waste Management, Inc. 1,000,000 20,000,000
------------------------------------------------------------------------------------------------
MANUFACTURING--6.3%
ITT Industries, Inc. 2,462,100 80,172,131
------------------------------------------------------------------------------------------------
Minnesota Mining & Manufacturing Co. 686,100 66,294,412
------------------------------------------------------------------------------------------------
Textron, Inc. 887,400 44,758,237
------------
191,224,780
------------------------------------------------------------------------------------------------
COMMUNICATION SERVICES--4.0%
------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS: LONG DISTANCE--4.0%
Verizon Communications 1,766,200 102,108,437
------------------------------------------------------------------------------------------------
WorldCom, Inc.(1) 900,000 21,375,000
------------
123,483,437
------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--0.3%
------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--0.3%
Mattel, Inc. 659,400 8,530,988
------------------------------------------------------------------------------------------------
CONSUMER STAPLES--7.8%
------------------------------------------------------------------------------------------------
BROADCASTING--0.4%
Clear Channel Communications, Inc.(1) 185,000 11,111,563
------------------------------------------------------------------------------------------------
ENTERTAINMENT--3.9%
McDonald's Corp. 3,829,400 118,711,400
------------------------------------------------------------------------------------------------
FOOD & DRUG RETAILERS--3.5%
CVS Corp. 500,000 26,468,750
------------------------------------------------------------------------------------------------
Kroger Co.(1) 3,600,800 81,243,050
------------
107,711,800
</TABLE>
12 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 15
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY--5.3%
------------------------------------------------------------------------------------------------
ENERGY SERVICES--1.1%
Anadarko Petroleum Corp. 330,000 $ 21,136,500
------------------------------------------------------------------------------------------------
Halliburton Co. 353,000 13,083,063
------------
34,219,563
------------------------------------------------------------------------------------------------
OIL: DOMESTIC--4.2%
Texaco, Inc. 1,400,000 82,687,500
------------------------------------------------------------------------------------------------
Tosco Corp. 550,000 15,743,750
------------------------------------------------------------------------------------------------
Unocal Corp. 800,000 27,300,000
------------------------------------------------------------------------------------------------
USX-Marathon Group 100,000 2,718,750
------------
128,450,000
------------------------------------------------------------------------------------------------
FINANCIAL--24.8%
------------------------------------------------------------------------------------------------
BANKS--8.8%
FleetBoston Financial Corp. 775,000 29,450,000
------------------------------------------------------------------------------------------------
M&T Bank Corp. 1,685,000 84,587,000
------------------------------------------------------------------------------------------------
PNC Financial Services Group 200,000 13,375,000
------------------------------------------------------------------------------------------------
Wells Fargo Co. 3,007,300 139,275,581
------------
266,687,581
------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--13.6%
Citigroup, Inc. 1,583,333 83,322,899
------------------------------------------------------------------------------------------------
Fannie Mae 198,500 15,284,500
------------------------------------------------------------------------------------------------
Freddie Mac 3,669,000 220,140,000
------------------------------------------------------------------------------------------------
Household International, Inc. 1,895,000 95,342,188
------------
414,089,587
------------------------------------------------------------------------------------------------
INSURANCE--2.4%
American General Corp. 100,000 8,050,000
------------------------------------------------------------------------------------------------
John Hancock Financial Services, Inc.(1) 580,000 18,342,500
------------------------------------------------------------------------------------------------
XL Capital Ltd., Cl. A 600,000 46,125,000
------------
72,517,500
------------------------------------------------------------------------------------------------
HEALTHCARE--4.8%
------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--4.8%
American Home Products Corp. 1,639,100 104,082,850
------------------------------------------------------------------------------------------------
Bristol-Myers Squibb Co. 350,000 21,328,125
------------------------------------------------------------------------------------------------
Merck & Co., Inc. 250,000 22,484,375
------------
147,895,350
</TABLE>
13 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 16
STATEMENT OF INVESTMENTS Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
------------------------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY--6.4%
------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--1.8%
Compaq Computer Corp. 1,000,000 $ 30,410,000
------------------------------------------------------------------------------------------------
Dell Computer Corp.(1) 850,000 25,075,000
------------
55,485,000
------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--4.4%
Computer Associates International, Inc. 1,642,800 52,364,250
------------------------------------------------------------------------------------------------
Compuware Corp.(1) 324,400 2,554,650
------------------------------------------------------------------------------------------------
Electronic Data Systems Corp. 300,000 14,081,250
------------------------------------------------------------------------------------------------
Microsoft Corp.(1) 630,000 43,391,250
------------------------------------------------------------------------------------------------
Sabre Holdings Corp. 651,902 21,797,973
------------
134,189,373
------------------------------------------------------------------------------------------------
ELECTRONICS--0.2%
Intel Corp. 160,000 7,200,000
------------------------------------------------------------------------------------------------
TRANSPORTATION--0.5%
------------------------------------------------------------------------------------------------
AIR TRANSPORTATION--0.5%
AMR Corp.(1) 450,000 14,737,500
------------
Total Common Stocks (Cost $1,696,860,386) 2,115,977,191
PRINCIPAL
AMOUNT
------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--13.2%
------------------------------------------------------------------------------------------------
Federal National Mortgage Assn. Unsec Nts., 6.50%, 8/15/04 $400,000,000 399,894,400
------------------------------------------------------------------------------------------------
U.S. Treasury Nts.:
7.50%, 11/15/01-5/15/02 2,000,000 2,032,884
7.875%, 8/15/01 550,000 556,697
------------
Total U.S. Government Obligations (Cost $399,034,754) 402,483,981
</TABLE>
14 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 17
<TABLE>
<CAPTION>
PRINICPAL MARKET VALUE
AMOUNT SEE NOTE 1
================================================================================================
<S> <C> <C>
SHORT-TERM NOTES--16.3%
American Express Credit Corp., 6.47%, 11/15/00 $102,953,000 $ 102,693,959
------------------------------------------------------------------------------------------------
Canadian Imperial Bank of Commerce, 6.46%, 12/11/00 30,000,000 29,784,666
------------------------------------------------------------------------------------------------
Federal National Mortgage Assn.:
6.37%, 11/13/00 25,638,000 25,583,562
6.38%, 11/20/00 100,000,000 99,664,069
------------------------------------------------------------------------------------------------
Ford Motor Credit Co.:
6.45%, 11/2/00 35,292,000 35,285,677
6.48%, 11/6/00-11/27/00 71,152,000 71,015,618
------------------------------------------------------------------------------------------------
General Electric Capital Services:
6.48%, 11/21/00 14,027,000 13,976,503
6.50%, 12/7/00 35,546,000 35,314,951
------------------------------------------------------------------------------------------------
General Motors Acceptance Corp., 6.50%, 11/29/00 84,289,000 83,863,061
------------
Total Short-Term Notes (Cost $497,182,066) 497,182,066
------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,593,077,206) 99.0% 3,015,643,238
------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.0 30,051,045
------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $3,045,694,283
=================================
</TABLE>
FOOTNOTE TO STATEMENT OF INVESTMENTS
1. Non-income-producing security.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 18
STATEMENT OF ASSETS AND LIABILITIES October 31, 2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
==================================================================================
ASSETS
Investments, at value (cost $2,593,077,206)--
see accompanying statement $3,015,643,238
----------------------------------------------------------------------------------
Cash 117,106
----------------------------------------------------------------------------------
Receivables and other assets:
Investments sold 38,138,238
Interest and dividends 6,652,043
Shares of beneficial interest sold 1,346,278
Other 36,681
---------------
Total assets 3,061,933,584
==================================================================================
LIABILITIES
Payables and other liabilities:
Investments purchased 8,461,959
Shares of beneficial interest redeemed 5,885,220
Management and administrative fees 615,886
Distribution and service plan fees 614,532
Trustees' compensation 362,632
Transfer and shareholder servicing agent fees 41,049
Other 258,023
---------------
Total liabilities 16,239,301
==================================================================================
NET ASSETS $3,045,694,283
===============
==================================================================================
COMPOSITION OF NET ASSETS
Par value of shares of beneficial interest $ 855,500
----------------------------------------------------------------------------------
Additional paid-in capital 2,327,686,921
----------------------------------------------------------------------------------
Undistributed net investment income 37,468,278
----------------------------------------------------------------------------------
Accumulated net realized gain on investment transactions 257,117,552
----------------------------------------------------------------------------------
Net unrealized appreciation on investments 422,566,032
---------------
NET ASSETS $3,045,694,283
===============
</TABLE>
16 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 19
<TABLE>
<S> <C>
==================================================================================
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on
net assets of $1,325,551,785 and 36,775,021 shares of
beneficial interest outstanding) $36.04
Maximum offering price per share (net asset value plus
sales charge of 5.75% of offering price) $38.24
----------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price
per share (based on net assets of $1,393,095,330 and
39,525,873 shares of beneficial interest outstanding) $35.25
----------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price (excludes applicable
contingent deferred sales charge) and offering price per
share (based on net assets of $287,102,608 and 8,145,968
shares of beneficial interest outstanding) $35.24
----------------------------------------------------------------------------------
Class Y Shares:
Net asset value, redemption price and offering price per
share (based on net assets of $39,944,560 and 1,103,128
shares of beneficial interest outstanding) $36.21
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 20
STATEMENT OF OPERATIONS For the Year Ended October 31, 2000
===============================================================================
<TABLE>
<S> <C>
INVESTMENT INCOME
Interest $ 67,844,146
----------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $367,071) 33,922,933
-------------
Total income 101,767,079
==================================================================================
EXPENSES
Management fees 30,169,099
----------------------------------------------------------------------------------
Distribution and service plan fees:
Class A 6,846,239
Class B 15,880,138
Class C 3,367,914
----------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees:
Class A 1,601,481
Class B 2,654,304
Class C 410,639
Class Y 45,886
----------------------------------------------------------------------------------
Custodian fees and expenses 154,443
----------------------------------------------------------------------------------
Trustees' compensation 90,860
----------------------------------------------------------------------------------
Other 2,843,980
-------------
Total expenses 64,064,983
Less expenses paid indirectly (107,690)
-------------
Net expenses 63,957,293
==================================================================================
NET INVESTMENT INCOME 37,809,786
==================================================================================
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain on investments 342,221,019
----------------------------------------------------------------------------------
Net change in unrealized depreciation on investments (363,469,820)
-------------
Net realized and unrealized loss (21,248,801)
==================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $16,560,985
=============
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 21
STATEMENT OF CHANGES IN NET ASSETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, 2000 1999
========================================================================================
<S> <C> <C>
OPERATIONS
Net investment income $ 37,809,786 $ 9,198,544
----------------------------------------------------------------------------------------
Net realized gain (loss) 342,221,019 490,176,111
----------------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) (363,469,820) 147,750,241
----------------------------------
Net increase in net assets resulting from operations 16,560,985 647,124,896
========================================================================================
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A (8,890,623) (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 (209,173,343) (100,567,795)
Class B (230,006,058) (102,846,211)
Class C (49,963,441) (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 (291,217,948) (377,200,503)
Class B (348,902,559) (203,279,021)
Class C (90,356,233) (86,850,052)
Class Y (8,444,749) 27,078,745
========================================================================================
NET ASSETS
Total decrease (1,227,205,468) (248,554,988)
----------------------------------------------------------------------------------------
Beginning of period 4,272,899,751 4,521,454,739
----------------------------------
End of period (including undistributed net investment
income of $37,468,278 and $9,098,760, respectively) $3,045,694,283 $4,272,899,751
==================================
</TABLE>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
19 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 22
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A YEAR ENDED OCTOBER 31, 2000 1999 1998 1997 1996(1)
================================================================================================
<S> <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
------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income .59 .22 .31 .16 .10
Net realized and unrealized gain .34 5.46 1.72 6.46 5.62
---------------------------------------------------
Total income from investment operations .93 5.68 2.03 6.62 5.72
------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.20) (.31) (.18) (.11) (.13)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29)
---------------------------------------------------
Total dividends and/or distributions
to shareholders (4.85) (2.16) (1.21) (.89) (.42)
------------------------------------------------------------------------------------------------
Net asset value, end of period $36.04 $39.96 $36.44 $35.62 $29.89
===================================================
================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 2.82% 16.31% 5.83% 22.66% 23.56%
================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,326 $1,820 $2,027 $1,839 $897
------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,486 $1,894 $2,071 $1,399 $609
------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 1.42% 0.50% 0.85% 0.67% 0.64%
Expenses 1.53% 1.57% 1.54%(4) 1.54%(4) 1.62%(4)
------------------------------------------------------------------------------------------------
Portfolio turnover rate 63% 47% 45% 30% 25%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
20 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 23
<TABLE>
<CAPTION>
CLASS B YEAR ENDED OCTOBER 31, 2000 1999 1998 1997 1996(1)
==================================================================================================
<S> <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
--------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .32 (.02) .13 .06 .05
Net realized and unrealized gain .39 5.41 1.68 6.31 5.47
---------------------------------------------------
Total income from investment operations .71 5.39 1.81 6.37 5.52
--------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.14) (.04) (.03) (.07)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29)
---------------------------------------------------
Total dividends and/or distributions
to shareholders (4.65) (1.99) (1.07) (.81) (.36)
--------------------------------------------------------------------------------------------------
Net asset value, end of period $35.25 $39.19 $35.79 $35.05 $29.49
===================================================
==================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 2.23% 15.72% 5.29% 22.05% 22.92%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $1,393 $1,970 $1,996 $1,706 $719
--------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,586 $1,986 $1,976 $1,239 $426
--------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 0.82% (0.03)% 0.35% 0.17% 0.12%
Expenses 2.13% 2.10% 2.04%(4) 2.03%(4) 2.14%(4)
--------------------------------------------------------------------------------------------------
Portfolio turnover rate 63% 47% 45% 30% 25%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
21 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 24
FINANCIAL HIGHLIGHTS Continued
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS C YEAR ENDED OCTOBER 31, 2000 1999 1998 1997 1996(1)
==================================================================================================
<S> <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
--------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .35 (.01) .13 .06 .06
Net realized and unrealized gain .37 5.40 1.68 6.30 5.44
--------------------------------------------------
Total income from investment operations .72 5.39 1.81 6.36 5.50
--------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income -- (.12) (.04) (.02) (.07)
Distributions from net realized gain (4.65) (1.85) (1.03) (.78) (.29)
--------------------------------------------------
Total dividends and/or distributions
to shareholders (4.65) (1.97) (1.07) (.80) (.36)
--------------------------------------------------------------------------------------------------
Net asset value, end of period $35.24 $39.17 $35.75 $35.01 $29.45
==================================================
==================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 2.26% 15.74% 5.29% 22.05% 22.89%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $287 $428 $476 $434 $181
--------------------------------------------------------------------------------------------------
Average net assets (in millions) $336 $448 $487 $316 $105
--------------------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income (loss) 0.86% (0.02)% 0.35% 0.17% 0.12%
Expenses 2.08% 2.08% 2.04%(4) 2.04%(4) 2.14%(4)
--------------------------------------------------------------------------------------------------
Portfolio turnover rate 63% 47% 45% 30% 25%
</TABLE>
1. On November 22, 1995, OppenheimerFunds, Inc. became the investment advisor
to the Fund.
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 25
<TABLE>
<CAPTION>
CLASS Y YEAR ENDED OCTOBER 31, 2000 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 from investment operations:
Net investment income .71 .35 .48 .17
Net realized and unrealized gain .39 5.48 1.74 5.67
------------------------------------------
Total income from investment operations 1.10 5.83 2.22 5.84
-----------------------------------------------------------------------------------------
Dividends and 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 $36.21 $40.17 $36.64 $35.77
==========================================
=========================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) 3.30% 16.74% 6.38% 19.51%
=========================================================================================
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) $40 $55 $23 $15
-----------------------------------------------------------------------------------------
Average net assets (in millions) $44 $41 $20 $ 6
-----------------------------------------------------------------------------------------
Ratios to average net assets:(3)
Net investment income 1.87% 0.98% 1.39% 1.30%
Expenses 1.07% 1.14% 1.00%(4) 0.91%(4)
-----------------------------------------------------------------------------------------
Portfolio turnover rate 63% 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
23 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 26
NOTES TO FINANCIAL STATEMENTS
===============================================================================
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 a front-end sales charge. Class B and Class C shares are sold without a
front-end 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 listed or traded on National Stock Exchanges
or other domestic or foreign exchanges are valued based on the last sale price
of the security traded on that exchange prior to the time when the Fund's
assets are valued. In the absence of a sale, the security is valued 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. Short-term "money market type"
debt securities with remaining maturities of sixty days or less are valued at
amortized cost (which approximates market value).
-------------------------------------------------------------------------------
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.
24 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 27
-------------------------------------------------------------------------------
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
year ended October 31, 2000, a provision of $6,620 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 $318,412 as of October 31,
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 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Net investment
income (loss) and net realized gain (loss) may differ for financial statement
and tax purposes. The character of dividends and distributions made during the
fiscal 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 dividends and 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.
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, 2000, amounts have been reclassified to reflect an
increase in paid-in capital of $77,572,244. Accumulated net realized gain on
investments was decreased by the same amount. This reclassification includes
$77,572,244 distributed in connection with Fund share redemptions which
increased paid-in capital and reduced accumulated net realized gain. Net
assets of the Fund were unaffected by the reclassifications.
-------------------------------------------------------------------------------
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
25 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 28
NOTES TO FINANCIAL STATEMENTS Continued
===============================================================================
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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.
===============================================================================
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>
YEAR ENDED OCTOBER 31, 2000 YEAR ENDED OCTOBER 31, 1999
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Sold 7,510,230 $ 258,452,757 8,551,790 $ 321,080,745
Dividends and/or
distributions reinvested 6,049,732 209,562,575 3,117,078 110,843,305
Redeemed (22,340,569) (759,233,280) (21,744,473) (809,124,553)
----------------------------------------------------------------
Net decrease (8,780,607) $(291,217,948) (10,075,605) $(377,200,503)
================================================================
------------------------------------------------------------------------------------------
CLASS B
Sold 3,198,691 $ 108,472,452 5,241,255 $ 193,785,720
Dividends and/or
distributions reinvested 6,410,646 218,351,091 2,988,020 104,730,514
Redeemed (20,337,357) (675,726,102) (13,745,009) (501,795,255)
----------------------------------------------------------------
Net decrease (10,728,020) $(348,902,559) (5,515,734) $(203,279,021)
================================================================
------------------------------------------------------------------------------------------
CLASS C
Sold 1,009,406 $ 34,298,800 1,504,878 $ 55,520,355
Dividends and/or
distributions reinvested 1,400,221 47,663,530 707,828 24,788,138
Redeemed (5,193,944) (172,318,563) (4,581,669) (167,158,545)
----------------------------------------------------------------
Net decrease (2,784,317) $ (90,356,233) (2,368,963) $ (86,850,052)
================================================================
------------------------------------------------------------------------------------------
CLASS Y
Sold 351,312 $ 12,049,286 1,134,727 $ 42,223,962
Dividends and/or
distributions reinvested 196,523 6,811,498 40,419 1,439,354
Redeemed (806,246) (27,305,533) (436,981) (16,584,571)
----------------------------------------------------------------
Net increase (decrease) (258,411) $ (8,444,749) 738,165 $ 27,078,745
================================================================
</TABLE>
26 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 29
===============================================================================
3. PURCHASES AND SALES OF SECURITIES
The aggregate cost of purchases and proceeds from sales of securities, other
than short-term obligations, for the year ended October 31, 2000, were
$1,785,099,738 and $2,995,579,417, respectively.
As of October 31, 2000, unrealized appreciation (depreciation) based on
cost of securities for federal income tax purposes of $2,613,943,994 was:
Gross unrealized appreciation $ 499,765,191
Gross unrealized depreciation (96,031,328)
--------------
Net unrealized appreciation $ 403,733,863
==============
===============================================================================
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 year ended October 31, 2000, was an
annualized rate of 0.87%, before any waiver by the Manager if applicable.
-------------------------------------------------------------------------------
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 year
ended October 31, 2000, the Manager paid $9,956,112 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 for each
Fund shareholder account and reimburses OFS for its out-of-pocket expenses.
-------------------------------------------------------------------------------
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.
27 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 30
NOTES TO FINANCIAL STATEMENTS Continued
-------------------------------------------------------------------------------
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued
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
YEAR ENDED SHARES DISTRIBUTOR DISTRIBUTOR(1) DISTRIBUTOR(1) DISTRIBUTOR(1)
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
October 31, 2000 $2,360,212 $598,916 $796,337 $2,961,258 $266,906
</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
YEAR ENDED RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR RETAINED BY DISTRIBUTOR
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
October 31, 2000 $50,864 $6,290,552 $56,181
</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 year ended October 31, 2000, payments under the Class A
Plan totaled $6,846,239, all of which was paid by the Distributor to
recipients. That included $313,417 paid to an affiliate of the 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.
28 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 31
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 carryforward of distribution expenses, to
be recovered from asset-based sales charges in subsequent fiscal periods.
Distribution fees paid to the Distributor for the year ended October 31, 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 $15,880,138 $12,377,407 $19,019,435 1.37%
Class C Plan 3,367,914 428,543 4,444,864 1.55
</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 year ended or at October
31, 2000.
29 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 32
INDEPENDENT AUDITORS' REPORT
===============================================================================
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND:
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Oppenheimer Quest Opportunity Value
Fund as of October 31, 2000, and the related statement of operations, the
statement of changes in net assets and the financial highlights for the year
then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audit. The statement of changes in net assets for the year ended October 31,
1999, and the financial highlights for each of the years in the four-year
period ended October 31, 1999, were audited by other auditors whose report
dated November 19, 1999, expressed an unqualified opinion on this information.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of October 31, 2000,
by correspondence with the custodian and brokers; and where confirmations were
not received from brokers, we performed other auditing procedures. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Oppenheimer Quest Opportunity Value Fund as of October 31, 2000, the results
of its operations, the changes in its net assets and the financial highlights
for the year then ended, in conformity with accounting principles generally
accepted in the United States of America.
KPMG LLP
Denver, Colorado
November 21, 2000
30 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 33
FEDERAL INCOME TAX INFORMATION Unaudited
===============================================================================
In early 2001 shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 2000.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
Dividends and distributions of $4.8484, $4.6508, $4.6508 and $5.0590 per
share were paid to Class A, Class B, Class C and Class Y shareholders,
respectively, on December 8, 1999, of which $4.4180 was designated as a
"capital gain distribution" for federal income tax purposes. Whether received
in stock or in cash, the capital gain distribution should be treated by
shareholders as a gain from the sale of capital assets held for more than one
year (long-term capital gains).
Dividends paid by the Fund during the fiscal year ended October 31, 2000,
which are not designated as capital gain distributions should be multiplied by
46.44% to arrive at the net amount eligible for the corporate
dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
31 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 34
OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Series of Oppenheimer Quest For Value Funds
================================================================================================
<S> <C>
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
================================================================================================
INVESTMENT ADVISOR OppenheimerFunds, Inc.
================================================================================================
SUB-ADVISOR OpCap Advisors
================================================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
================================================================================================
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
================================================================================================
CUSTODIAN OF PORTFOLIO Citibank, N.A.
SECURITIES
================================================================================================
INDEPENDENT AUDITORS KPMG LLP
================================================================================================
LEGAL COUNSEL Mayer, Brown & Platt
For more complete information about Oppenheimer Quest Opportunity
Value Fund, please refer to the Prospectus. To obtain a copy, call
your financial advisor, call OppenheimerFunds Distributor, Inc. at
1.800.525.7048, or visit the OppenheimerFunds website at
WWW.OPPENHEIMERFUNDS.COM.
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.
</TABLE>
(C)Copyright 2000 OppenheimerFunds, Inc. All rights reserved.
32 OPPENHEIMER QUEST OPPORTUNITY VALUE FUND
<PAGE> 35
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.
[OPPENHEIMER FUNDS LOGO]
RA0236.001.1000 DECEMBER 30, 2000
