OPPENHEIMER SELECT MANAGERS
                           QM Active Balanced Fund

                     Supplement dated May 19, 2003 to the
                       Prospectus dated March 28, 2003



The Prospectus is changed as follows:

Class Y shares of QM Active  Balanced  Fund are not  currently  available  for
sale.




May 19, 2003                                                  PS0505.019