CAPITAL APPRECIATION FUND SUPPLEMENT

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GxNYmGIqDvZis+G1jKizSvqXucTBNKhgQ4xfY5eEAuqZfJEkLm2Hw0BD5j5YxoyT lNr8RhpwRwfSWrCliuWV8Q== 0000728889-07-000531.txt : 20070529 0000728889-07-000531.hdr.sgml : 20070528 20070529160234 ACCESSION NUMBER: 0000728889-07-000531 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070529 DATE AS OF CHANGE: 20070529 EFFECTIVENESS DATE: 20070529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OPPENHEIMER CAPITAL APPRECIATION FUND CENTRAL INDEX KEY: 0000319767 IRS NUMBER: 133054122 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-69719 FILM NUMBER: 07883752 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: N/A CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER TARGET FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: OPPENHEIMER TARGET FUND INC DATE OF NAME CHANGE: 19870616

0000319767 S000006959 OPPENHEIMER CAPITAL APPRECIATION FUND

C000018983 A

C000018984 B

C000018985 C

C000018986 N

C000018987 Y

497 1 capappr497052907.htm OPPENHEIMER CAPITAL APPRECIATION FUND SUPPLEMENT CAPITAL APPRECIATION FUND SUPPLEMENT



                       OPPENHEIMER CAPITAL APPRECIATION FUND
                       Supplement dated May 30, 2007 to the
                        Prospectus dated October 26, 2006

     This supplement amends the Prospectus dated October 26, 2006 of Oppenheimer
Capital Appreciation Fund (the "Fund").

     Effective  July 1, 2007,  under the section  "How the Fund Is Managed - The
Manager," the sub-section captioned "Portfolio Managers" beginning on page 13 is
deleted in its entirety and replaced by the following:

     Portfolio Manager.  The Fund's portfolio is managed by Marc L. Baylin, CFA,
who is  primarily  responsible  for  the  day-to-day  management  of the  Fund's
investments.  Mr. Baylin has been a portfolio  manager and Vice President of the
Fund since  October  2005 and has been a Vice  President  of the  Manager  and a
member of the Manager's  Growth Equity  Investment Team since September 2005. He
was Managing Director and Lead Portfolio Manager at JPMorgan Fleming  Investment
Management  from June 2002 to August  2005 and was a Vice  President  of T. Rowe
Price, where he was an investment analyst from June 1993 and a portfolio manager
from March 1999 to June 2002.

     The Statement of Additional  Information  provides  additional  information
about the portfolio  manager's  compensation,  other accounts he manages and his
ownership of Fund shares.




May 30, 2007                                                          PS0320.025

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