John V. Murphy
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President & OppenheimerFunds Logo
Chief Executive Officer 498 Seventh Avenue, 10th Floor
New York, NY 10018
800.225.5677
www.oppenheimerfunds.com
July 7, 2003
Dear Oppenheimer Select Managers QM Active Balanced Fund Shareholder,
One of the things we are proud of at OppenheimerFunds, Inc. is our commitment
to our Fund shareholders. I am writing to you today to let you know about a
positive change that has been proposed for Oppenheimer Select Managers QM
Active Balanced Fund.
After careful consideration, the Board of Trustees has determined that it
would be in the best interest of shareholders of Oppenheimer Select Managers
QM Active Balanced Fund ("QMAB Fund") to reorganize into another Oppenheimer
Fund, Oppenheimer Multiple Strategies Fund ("MS Fund"). A shareholder
meeting has been scheduled in August, and all QMAB Fund shareholders of
record as of June 18th are being asked to vote either in person or by proxy,
on the proposed reorganization. You will find a notice of the meeting, a
ballot card, a proxy statement detailing the proposal, an MS Fund prospectus
and a postage-paid return envelope enclosed for your use.
Why does the Board of Trustees recommend this change?
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QMAB Fund seeks income and long-term growth of capital and MS Fund seeks high
total investment return consistent with preservation of principal. In
seeking their investment objectives, QMAB Fund and MS Fund utilize a similar
investing strategy. Both Funds invest primarily in a wide variety of equity
securities, debt securities and money market instruments.
Among other factors, the QMAB Fund Board considered that the expense ratio of
MS Fund has been lower than the expense ratio of QMAB Fund. Although past
performance is not predictive of future results, shareholders of QMAB Fund
would have an opportunity to become shareholders of a Fund with a better
long-term performance history.
How do you vote?
No matter how large or small your investment, your vote is important, so
please review the proxy statement carefully. To cast your vote, simply mark,
sign and date the enclosed proxy ballot and return it in the postage-paid
envelope today. Remember, it can be costly for the Fund--and ultimately for
you as a shareholder--to remail ballots if not enough responses are received
to conduct the meeting.
If you have any questions about the proposal, please feel free to contact
your financial advisor or call us at 1.800.225.5677. As always, we
appreciate your confidence in OppenheimerFunds and look forward to serving
you for many years to come.
Sincerely,
/s/John V. Murphy
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John V. Murphy
Enclosures
Oppenheimer Balanced Fund Inactive
Filed: 20 Jun 03, 12:00am