OPPENHEIMER QUEST GLOBAL VALUE FUND, INC.
Supplement dated September 25, 1998 to the
Prospectus dated March 30, 1998
The Prospectus is changed as follows:
1. The Supplement dated May 15, 1998 to the Prospectus is replaced by this
Supplement.
2. Footnote number 1 under the table entitled "Shareholder Transaction Expenses"
on page 3 is modified to read as follows:
(1) If you invest $1 million or more ($500,000 or more for purchases
by "Retirement Plans" as defined in "Class A Contingent Deferred
Sales Charge" on page 31) in Class A shares, you may have to pay
a sales charge of up to 1% if you sell your shares within 18
calendar months from the end of the calendar month during which
you purchased those shares. See "How to Buy Shares -- Buying
Class A Shares," below.
3. The following paragraphs should be added as the third and fourth paragraphs
in the section captioned "Investment Risks" under "Foreign Securities Have
Special Risks" on page 14:
- Risks of Conversion to Euro. On January 1, 1999, eleven countries
in the European Monetary Union will adopt the euro as their official
currency. However, their current currencies (for example, the franc, the
mark, and the lire) will also continue in use until January 1, 2002. After
that date, it is expected that only the euro will be used in those
countries. A common currency is expected to confer some benefits in those
markets, by consolidating the government debt market for those countries
and reducing some currency risks and costs. But the conversion to the new
currency will affect the Fund operationally and also has potential risks,
some of which are listed below. Among other things, the conversion will
affect:
- issuers in which the Fund invests, because of changes in
the competitive environment from a consolidated currency market and
greater operational costs from converting to the new currency. This might
depress stock values.
- vendors the Fund depends on to carry out its
business, such as its Custodian (which holds the foreign securities the
Fund buys), the Manager (which must price the Fund's investments to deal
with the conversion to the euro) and brokers, foreign markets and
securities depositories. If they are not prepared, there could be delays
in settlements and additional costs to the Fund.
- exchange contracts
and derivatives that are outstanding during the transition to the euro.
The lack of currency rate calculations between the affected currencies and
the need to update the Fund's contracts could pose extra costs to the
Fund.
The Manager is upgrading (at its expense) its computer and bookkeeping
systems to deal with the conversion. The Fund's Custodian has advised the
Manager of its plans to deal with the conversion, including how it will
update its record keeping systems and handle the redenomination of
outstanding foreign debt. The Fund's portfolio managers will also monitor
the effects of the conversion on the issuers in which the Fund invests.
The possible effect of these factors on the Fund's investments cannot be
determined with certainty at this time, but they may reduce the value of
some of the Fund's holdings and increase its operational costs.
4. The first paragraph of the sub-section "Portfolio Managers" under "How the
Fund is Managed - The Sub-Adviser" on page 20 is hereby deleted and replaced
with the following:
Portfolio Managers. The Fund's portfolio managers, Richard J.
Glasebrook, II and James Sheldon, are employed by the Sub-Adviser and
are primarily responsible for the selection of the Fund's domestic and
foreign investments, respectively. Mr. Glasebrook, who is also a
Managing Director of Oppenheimer Capital, has been portfolio manager of
the Fund since 1991. Mr. Sheldon, who has been a Senior Vice President
of Oppenheimer Capital since February 1998, was named a portfolio
manager of the Fund on September 9, 1998. Prior thereto he was a
General Partner of Omega Advisors, a hedge fund, from September 1996 to
February 1998, and Senior Vice President and International Portfolio
Manager at Lazard Freres Asset Management from December 1992 to August
1996.
5. The second sentence of the paragraph entitled "Class A Sales" in the section
entitled "How to Buy Shares - Classes of Shares" n page 26 is modified to read
as follows:
If you purchase Class A shares as part of an investment of at least
$1 million ($500,000 for Retirement Plans) in shares of one or more
Oppenheimer funds, you will not pay an initial sales charge, but if
you sell any of those shares within 18 months of buying them, you
may pay a contingent deferred sales charge, described below.
6. The first and second sentences of the third paragraph of the section entitled
"Buying Class C Shares - Class A Contingent Deferred Sales Charge" on page 31
are modified to read as follows:
If you redeem any Class A shares subject to the contingent deferred
sales charge described above within 18 months of the end of the
calendar month of their purchase, a contingent deferred sales charge
(called the "Class A contingent deferred sales charge") may be
deducted from the redemption proceeds. (A different holding period
may apply to shares purchased prior to June 1, 1998).
7. The second sentence of the fifth paragraph of the section entitled "Buying
Class A Shares - Class A Contingent Deferred Sales Charge: starting on page 31
is modified to read as follows:
However, if the shares acquired by exchange are redeemed within 18
months of the end of the calendar month of the purchase of the
exchanged shares, the contingent deferred sales charge will apply.
(A different holding period may apply to shares purchased prior to
June 1, 1998).
8. The paragraph entitled "Special Arrangements With Dealers" on page 32 is
hereby deleted.
9. The following sub-paragraphs of the section entitled "Waivers of Class A
Sales Charges" are deleted:
? if, at the time of purchase of shares (if purchased prior to May
1, 1997) the dealer agreed in writing to accept the dealer's portion
of the sales commission in installments of 1/18th of the commission
per month (and no further commission will be payable if the shares
are redeemed within 18 months of purchase); ? if, at the time of
purchase of shares (if purchased during the period May 1, 1997
through December 31, 1997) the dealer agreed in writing to accept
the dealer's portion of the sales commission in installments of
1/12th of the commission per month (and no further commission will
be payable if the shares are redeemed within 12 months of purchase);
10. The sub-section captioned ?OppenheimerFunds Internet Web Site? under the
heading "Special Investor Services" is revised as follows:
OppenheimerFunds Internet Web Site. Information about the Fund,
including your account balance, daily share prices, market and Fund
portfolio information, may be obtained by visiting the
OppenheimerFunds Internet Web Site, at the following Internet
address: ttp://www.oppenheimerfunds.com. Additionally, certain
account transactions may be requested by any shareholder listed in
the registration on an account as well as by the dealer
representative of record, through a special section of that Web
Site. To access that section of the Web Site, you must first obtain
a personal identification number ("PIN") by calling OppenheimerFunds
PhoneLink at 1-800-533-3310. If you do not wish to have Internet
account transactions capability for your account, please call our
customer service representatives at 1-800-525-7048. To find out more
information about Internet transactions and procedures, please visit
the Web Site.
11. The "Custodian of Portfolio Securities" reference on the outside back
cover is replaced with the following:
Custodian of Portfolio Securities
Citibank, N.A.
111 Wall Street
New York, New York 10005
September 25, 1998 PSO254.11
OPPENHEIMER QUEST GLOBAL VALUE FUND, INC.
Supplement dated September 25, 1998 to the
Statement of Additional Information dated March 30, 1998
This supplement to the Statement of Additional Information replaces the
supplement dated June 5, 1998 and changes the Statement of Additional
Information as follows:
1. Effective June 2, 1998, Robert G. Galli was appointed as a Director of the
Fund. The biographical information below for Mr. Galli is added to the section
captioned "How the Fund is Managed - Directors and Officers of the Fund"
immediately following the information on Thomas W. Courtney on page 21:
Robert G. Galli, Director; Age: 64
19750 Beach Road, Jupiter Island, Florida 33469
Formerly he held the following positions: Vice Chairman of OppenheimerFunds,
Inc. (the "Manager") (October 1995 to December 1997), Vice President (June 1990
to March 1994) and Counsel of Oppenheimer Acquisition Corp., the Manager's
parent holding company; Executive Vice President (December 1977 to October
1995), General Counsel and a director (December 1975 to October 1993) of the
Manager; Executive Vice President and a director of OppenheimerFunds
Distributor, Inc. (July 1978 to October 1993); Executive Vice President and a
director of HarbourView Asset Management Corporation (April 1986 to October
1995), an investment adviser subsidiary of the Manager; Vice President and a
director (October 1988 to October 1993) and Secretary (March 1981 to September
1988) of Centennial Asset Management Corporation, an investment adviser
subsidiary of the Manager; a director (November 1989 to October 1993) and
Executive Vice President (November 1989 to January 1990) of Shareholder
Financial Services, Inc., a transfer agent subsidiary of the Manager; a director
of Shareholder Services, Inc. (August 1984 to October 1993), a transfer agent
subsidiary of the Manager; a director/trustee of other Oppenheimer funds.
2. The biography for Pierre Daviron set forth in the section captioned "How the
Fund is Managed - Directors and Officers of the Fund" is replaced with the
following:
James Sheldon, Portfolio Manager, Age: 35
Senior Vice President of Oppenheimer Capital (since February 1998);
General Partner of Omega Advisers, a hedge fund, from September 1996 to
February 1998 and Senior Vice President and International Portfolio
Manager at Lazard Freres Asset Management from December 1992 to August
1996.
3. The following is added as the last paragraph to the section captioned "How
the Fund is Managed - Deferred Compensation Plan" on page 24:
On June 2, 1998 the Fund adopted a retirement plan that provides for
payment to a retired Director of up to 80% of the average compensation paid
during that Director's five years of service in which the highest compensation
was received. A Director must serve in that capacity for any of the Oppenheimer
Quest Funds, Oppenheimer Rochester Funds or the Oppenheimer MidCap Fund for at
least 15 years to be eligible for the maximum payment. Because each Director's
retirement benefits will depend on the amount of the Director's future
compensation and length of service, the amount of those benefits cannot be
determined as of this time nor can the Fund estimate the number of years of
credited service that will be used to determine those benefits.
4. The paragraph within the section captioned "How the Fund is Managed The
Manager and Its Affiliates" under "Portfolio Management" is revised to read as
follows:
- Portfolio Management. The Portfolio Managers of the Fund
are Richard J. Glasebrook, II and James Sheldon, who are principally
responsible for the day-to-day management of the Fund's portfolio.
Their backgrounds are described in the Prospectus under "Portfolio
Managers".
5. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" starting on page 48 is revised to read as follows:
However, if you redeem Class A shares of the Fund that were
acquired by exchange of Class A shares of other Oppenheimer funds
purchased subject to a Class A contingent deferred sales charge
within 18 months of the end of the calendar month of the purchase of
the exchanged Class A shares, the Class A contingent deferred sales
charge is imposed on the redeemed shares (see "Class A Contingent
Deferred Sales Charge" in the Prospectus). (A different holding
period may apply to shares purchased prior to June 1, 1998).
6. The references to the Fund's Custodian "State Street Bank and Trust Company"
appearing on page 51 and the back outside cover are replaced with "Citibank,
N.A." and the address for the new Custodian is 111 Wall Street, New York, New
York 10005.
September 25, 1998 px0254.008
