OPPENHEIMER ENTERPRISE FUND
               Supplement dated September 15, 2000 to the
                       Prospectus dated December 17, 1999

The Prospectus is changed as follows:

1. This  supplement  replaces  the Fund's  prospectus  supplement  dated
   June 26, 2000.

2. Effective  September  15,  2000,  the  Fund's  Distributor,  OppenheimerFunds
   Distributor, Inc., will accept orders to purchase shares of the Fund from new
   investors,  whether such purchase orders are submitted by brokers, dealers or
   other  financial  institutions,  or  directly  by  investors,  or by exchange
   requests from a shareholder owning shares of another  Oppenheimer fund (or by
   a broker of record acting on behalf of a shareholder).

   In addition, on September 15, 2000, the $5,000 per account per month limit is
   removed  for  additional   purchases  of  shares  of  the  Fund  by  existing
   shareholders that owned shares of the Fund on or before July 1, 1999.

3. 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."

4.    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.

5.    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

6.    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."

7. 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.

8.    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.

9.    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.

10.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).


September 15, 2000                                      PS0885.018