OPPENHEIMER SELECT MANAGERS
                       Mercury Advisors Focus Growth Fund

                                 Supplement dated November 7, 2001 to the
                                    Prospectus dated February 16, 2001

1.       The eleventh paragraph appearing in the section entitled "How the Funds
         are Managed" on page 45 that identifies James D. McCall as the
         portfolio manager for OSM - Mercury Advisors Focus Growth Fund is
         deleted and replaced with the following paragraph:

                  The portfolio manager with respect to the OSM - Mercury
                  Advisors Focus Growth Fund is Michael S. Hahn since November
                  6, 2001. Mr. Hahn has been an Associate Portfolio Manager of
                  Merrill Lynch Investment Managers since 1999. Mr. Hahn was a
                  portfolio manager and analyst for the PBHG family of mutual
                  funds from 1996 to 1999 and an assistant portfolio manager for
                  First Maryland Bancorp from 1994 to 1996.

2.       The last paragraph appearing in the section entitled "How the Funds are
         Managed - The SubAdvisers" on page 48 that identifies Aaron Harris as
         the sole portfolio manager for OSM - Gartmore Millennium Growth Fund II
         is deleted and replaced with the following paragraph:

                  The Fund's  portfolio  managers,  Aaron Harris (since  inception) and Nick Ford (since October 1,
                  2001), are employed by Villanova and are the persons  primarily  responsible for the selection of
                  the OSM - Gartmore  Millennium  Growth Fund's portfolio  securities.  Mr. Harris joined Villanova
                  in April  2000.  Prior to  joining  Villanova,  Mr.  Harris  was a  portfolio  manager,  managing
                  portions of several  portfolios for Nicholas  Applegate  Capital  Management.  Mr. Harris manages
                  funds  similar  to the OSM -  Gartmore  Millennium  Growth  Fund II and other  global  technology
                  funds.  Mr. Ford joined  Villanova in 1998,  serving as an investment  manager on the U.S. equity
                  team. Prior to joining  Villanova,  Mr. Ford served as the director of U.S.  equities at Clerical
                  Medical  Investment  Group in  London.  From  1995 to 1996,  Mr.  Ford was a U.S.  equities  fund
                  manager for Sun Alliance Investment Management.


November 7, 2001                                                                                PS0505.008