OPPENHEIMER ENTERPRISE FUND
Supplement dated September 25, 1998 to the
Statement of Additional Information dated December 15, 1997
The supplement dated May 15, 1998 to the Statement of Additional
Information is replaced by this supplement.
1. The following is added after the paragraph captioned "Risks of Foreign
Securities" on page 4:
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:
o 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.
o 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. o 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 manager 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.
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2. The third sentence of the fourth paragraph in the section entitled "How To
Exchange Shares" on page 43 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).
September 25, 1998 px0885.003
