OPPENHEIMER ENTERPRISE FUND
Supplement dated June 26, 2000 to the
Prospectus dated December 17, 1999
The Prospectus is changed as follows:
This supplement replaces the Fund's prospectus supplement dated June 15, 2000.
1. The first paragraph on the front cover is revised to read as follows:
"Oppenheimer Enterprise Fund is a mutual fund. It seeks capital
appreciation to make your investment grow. It emphasizes investments in
common stocks of companies that have growth potential."
2. The paragraph captioned "What does the Fund Invest In?" on page 3 is revised
to read as follows:
WHAT DOES THE FUND INVEST IN? The Fund invests mainly in common
stocks of companies with higher growth rates. These may be newer
companies or established companies of any capitalization range
that the portfolio manager believes have favorable growth
prospects. The Fund previously focused on small-cap issuers, but
may now invest without limit in companies in any capitalization
range. The Fund focuses mainly on domestic companies, but may buy
foreign stocks as well.
3. In the paragraph captioned "How Does The Portfolio Manager Decide What
Securities To Buy or Sell?" on page 3, the four bullet points are revised to
read as follows:
o Companies with management that has a proven ability to handle rapid growth o
Companies with innovative products or services
o Companies with superior earnings and revenue growth
o Companies with growth rates that the portfolio manager believes are
sustainable
4. In the paragraph captioned "Who is the Fund Designed For?" on page 3,
the second sentence is revised to read as follows: "Investors in the
Fund should be willing to assume the greater risks of short-term share
price fluctuations that are typical for an aggressive growth fund."
5. The section captioned "Special Risks of Small-Cap Stocks" on page 4 is
deleted, and the section captioned "Risks of Investing in Stocks" on
pages 3 and 4 is revised to read as follows:
RISKS OF INVESTING IN STOCKS. Stocks fluctuate in price, and their
short-term volatility at times may be great. Because the Fund
invests primarily in common stocks of U.S. companies, the value of
the Fund's portfolio will be affected by changes in the U.S. stock
markets and the special economic and other factors that might
primarily affect the prices of growth stocks. Market risk will
affect the Fund's net asset value per share, which will fluctuate
as the values of the Fund's portfolio securities change. A variety
of factors can affect the price of a particular stock and the
prices of individual stocks do not all move in the same direction
uniformly or at the same time. Different stock markets may behave
differently from each other.
Other factors can affect a particular stock's price, such as poor
earnings reports by the issuer, loss of major customers, major
litigation against the issuer, or changes in government
regulations affecting the issuer or its industry.
Risks of Growth Stocks. Stocks of growth companies, particularly
newer companies, may offer opportunities for greater long-term
capital appreciation but may be more volatile than stocks of
larger, more established companies. They have greater risks if the
company's earnings growth or stock price fails to increase as
expected.
6. The paragraph captioned "How Risky is the Fund Overall?" on page 4 is revised
to read as follows:
HOW RISKY IS THE FUND OVERALL? The risks described above
collectively form the risk overall profile of the Fund, and can
affect the value of the Fund's investments, its investment
performance and its prices per share. Particular investments and
investment strategies also have risks. These risks mean that you
can lose money by investing in the Fund. When you redeem your
shares, they may be worth more or less than what you paid for
them. There is no assurance that the Fund will achieve its
investment objective.
In the short term, high-growth stocks can be very volatile. The
price of the Fund's shares can go up and down substantially. The
Fund generally does not use income-oriented investments to help
cushion the Fund's total return from changes in stock prices. In
the OppenheimerFunds spectrum, the Fund is an aggressive growth
fund, designed for investors willing to assume greater risks. It
is likely to be subject to greater fluctuations in its share
prices than funds that emphasize large capitalization stocks, or
funds that focus on both stocks and bonds.
7. The paragraph captioned "Small-Cap Stock Investments" on page 8 is deleted
and replaced with the following:
Growth Stock Investments. The Manager looks for stocks of
companies that have growth potential. Growth companies may be
developing new products or services or may be expanding into new
markets for their products. They may be newer companies or more
established companies entering a growth cycle. The Fund's
investments are not limited to issuers in a specific
capitalization range, such as large-cap or small-cap companies,
and the Fund can invest in issuers in all capitalization ranges.
Market capitalization refers to the market value of all of a
company's issued and outstanding stock. Because the stocks of
companies that have smaller market capitalizations tend to be more
volatile, to the extent that the Fund holds small-cap stocks, its
share prices may fluctuate more and the risks of loss are greater.
Newer growth companies tend to retain a large part of their
earnings for research, development or investment in capital
assets. Therefore, they do not tend to emphasize paying dividends,
and may not pay any dividends for a protracted period. They are
selected for the Fund's portfolio because the Manager believes the
price of the stock will increase over time.
8. The sub-section "Portfolio Manager" on page 11 of the section captioned
"How the Fund is Managed - The Manager " is deleted and replaced with the
following:
Portfolio Manager. The portfolio manager of the Fund is David Hyun. He is the
person principally responsible for the day-to-day management of the Fund. Mr.
Hyun is a Vice President of the Fund and the Manager. He joined the Manager on
June 26, 2000 from Fred Alger Management, Inc. where he was a portfolio manager
(December 1997 - June 2000), a technology analyst (August 1993 - December 1997)
and a research associate (January 1991 - August 1993).
June 26, 2000 PS0885.017
