<PAGE>
OPPENHEIMER GLOBAL FUND
SEMI-ANNUAL REPORT MARCH 31, 1994
[Oppenheimer Logo] OPPENHEIMER FUNDS.
"OPPENHEIMER GLOBAL FUND
GIVES ME THE OPPORTUNITY TO INVEST
ANYWHERE IN THE WORLD WHERE THE
GROWTH OPPORTUNITIES ARE HIGH."
<PAGE>
- - -------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------
FUND FACTS
- - -------------------------------------------------------------------------------
FIVE FACTS EVERY SHAREHOLDER SHOULD KNOW
ABOUT OPPENHEIMER GLOBAL FUND
-------------------------------------------------
1 The Fund seeks long-term capital
appreciation from a globally diversi-
fied portfolio of common stocks.
-------------------------------------------------
2 For the six months ended March 31, 1994,
the Fund provided total returns at net
asset value of 13.53% and 13.05% per
Class A and Class B share, respectively.
For the 12 months ended on that date,
the Fund's total return at net asset
IN THIS REPORT: value per Class A share was 33.72%.(1)
ANSWERS TO THREE -------------------------------------------------
TIMELY QUESTIONS YOU 3 The Fund has provided strong long-term
SHOULD ASK YOUR FUND'S investment returns, with average annual
MANAGERS. total returns on Class A shares for the
1-, 5- and 10-year periods ended
/ / HAS THE RECENT March 31, 1994 of 26.03%, 11.77% and
VOLATILITY IN OVERSEAS 14.55%, respectively.(2)
STOCK MARKETS AFFECTED
YOUR INVESTMENT OUTLOOK -------------------------------------------------
OR PORTFOLIO STRATEGY? 4 The five largest stock holdings in the
portfolio at March 31 were:(3) PHILIPS
/ / ARE YOU STILL FOCUSING GLOEILAMP NV. A leading Dutch
ON STOCKS IN EMERGING manufacturer of household appliances and
MARKETS LIKE ASIA AND industrial electronics.
LATIN AMERICA? SIP. Italy's local telephone exchange
and cellular operator.
/ / ARE ANY NEW TRENDS VOLVO. The Sweden-based auto company
INFLUENCING YOUR whose products have strong market
INVESTMENT STRATEGY? positions worldwide.
SKANDINAVISKA ENSKILDA BANKEN GROUP. One
of Sweden's largest financial
institutions.
TELEFONOS DE MEXICO. Mexico's recently
privatized telephone company.
-------------------------------------------------
5 "Today, stock markets overseas offer
considerable opportunities relative to
those in the U.S. In fact, we believe
that gains in foreign markets could
significantly exceed the gains we'll see
in the U.S. this year and continue to
outperform U.S. markets for the next two
to four years, as Europe's economies
emerge from their recessions and
emerging markets continue their rapid
growth."(4)
PORTFOLIO MANAGER BILL WILBY,
MARCH 31, 1994
1. Based on the change in net asset value per Class A share from 9/30/93 to
3/31/94 and 3/31/93 to 3/31/94, without considering any sales charge. Total
return at net asset value for Class B shares from inception on 8/17/93 to
3/31/94 was 17.16%
2. Average annual total return is based on a hypothetical investment held until
3/31/94 after deducting the maximum initial sales charge of 5.75% for Class A
shares. The Fund's maximum sales charge rate on Class A shares was higher during
a portion of the periods shown and actual investment results will be different
as a result of that change. The total return for Class B shares from inception
on 8/17/93 to 3/31/94 was 12.16%, based on a hypothetical investment held for
that period, after deducting the 5% contingent deferred sales charge.
3. The Fund's portfolio is subject to change.
4. Global investment risks, such as currency exchange fluctuation, political
developments and difficulties in trading in foreign markets, can increase the
possibility of share price fluctuation.
All total return figures assume reinvestment of dividends and capital gains
distributions.
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost.
2 Oppenheimer Global Fund
<PAGE>
- - -------------------------------------------------------------------------------
- - -------------------------------------------------------------------------------
REPORT TO SHAREHOLDERS
- - -------------------------------------------------------------------------------
Many stock markets worldwide outperformed the U.S. market during the period
covered in this report, and Oppenheimer Global Fund shareholders again benefited
from the gains. For the six months ended March 31, 1994, the Fund's total return
at net asset value was 13.53% per Class A share, while Class B shareholders
enjoyed a total return of 13.05% per share.(4)
The Federal Reserve's recent steps to increase U.S.
short-term interest rates reinforce the potential for continued foreign-market
outperformance compared to the U.S., and our outlook for the Fund remains
bright. Unlike the U.S. economy, which is well along in its expansion, Europe's
economies are just emerging from their recessions, while certain markets in Asia
and Latin America continue to gain momentum. Over the last six months, your
Fund's managers took four steps to capitalize on the opportunities the global
markets present.
First, your managers reduced positions in Southeast Asia,
taking profits in several markets and sectors where stock prices had risen
sharply, notably in the telecommunications industry. These profits were
reinvested in select markets in northern Asia, where stocks were trading at more
attractive prices.
Second, your managers reduced the Fund's Latin American
investments, where many stocks appear to be overvalued. For example, shares in
BAESA and FEMSA, the leading soft-drink bottlers in Argentina and Mexico
respectively, were sold at a profit.
Third, we took advantage of the global trend toward
corporate restructuring, investing in several companies with strong earnings
potential driven by reorganizations, strategic acquisitions and divestitures,
and the privatization of previously state-owned industries. For example, we took
positions in the worldwide auto industry, adding Volvo and Fiat; increased
holdings in Canada's Dofasco Steel; and our largest position is now in Philips
Gloeilamp, the leading Dutch electronics concern.
Finally, your managers continued to add to the Fund's
technology holdings in the U.S., focusing on world-leading semiconductor
companies like Intel, National Semiconductor, and Advanced Micro Devices, as
well as established software and network-technology firms, such as Microsoft.
Looking ahead, we believe the Fund is well-positioned to
take advantage of global growth opportunities. We appreciate the confidence you
have placed in Oppenheimer Global Fund, and we look forward to continuing to
help you meet your investment goals.
/s/ Donald W. Spiro
Donald W. Spiro
President
Oppenheimer Global Fund
April 25, 1994
4. See footnote 1, page 2.
3 Oppenheimer Global Fund
<PAGE>
<TABLE>
------------
Statement of Investments March 31, 1994 (Unaudited)
Face Market Value
Amount See Note 1
- - ------------
<S> <C> <C>
Repurchase Agreements--10.3%
- - ------------
Repurchase agreement with First Chicago Capital Markets, 3.55%,
dated 3/31/94, to be repurchased at $181,271,473 on 4/4/94, collateralized
by U.S. Treasury Nts., 4.125%--9.50%, 5/15/94--10/31/96, with a value of
$115,837,471 and U.S. Treasury Bills, 0%, 5/19/94, with a value of $69,100,707
(Cost $181,200,000) $181,200,000 $181,200,000
- - ------------
Corporate Bonds and Notes--0.7%
- - ------------
Banco Nacional de Mexico SA, 7% Exch. Sub. Debs., 12/15/99(1) 4,500,000 5,197,500
- - ------------
Berjaya Leisure Berhad, 5% Nts., 8/27/98 604,400(2) 189,094
- - ------------
International Container Terminal Services, Inc., 6% Cv. Sr. Nts., 2/19/00(1) 2,000,000 2,800,000
- - ------------
Saga Petroleum AS, 9% Cv. Debs., 12/31/99 15,000,000(2) 3,365,987
------------
Total Corporate Bonds and Notes (Cost $11,658,219) 11,552,581
Units
- - ------------
Rights and Warrants--0.0%
- - ------------
Berjaya Singer Berhad Wts., Exp. 9/98 604,400 317,406
- - ------------
China Aerospace International Holdings Ltd. Wts., Exp. 12/95 8,999,040 745,307
- - ------------
PT Bank International Indonesia Rts., Exp. 4/94 286,800 13,309
------------
Total Rights and Warrants (Cost $961,062) 1,076,022
Shares
- - ------------
Common Stocks--88.7%
- - ------------
Basic Materials--3.5%
- - ------------
Chemicals--0.9%
Minerals Technologies, Inc. 600,000 15,600,000
- - ------------
Paper and Forest
Products--0.9%
Hansol Paper Ltd., Sponsored GDR(1) 465,531 9,776,151
- - ------------
Indah Kiat(3) 3,636,000 4,176,057
- - ------------
Maderas y Sinteticos SA, ADR 90,000 2,317,500
------------
16,269,708
- - ------------
Steel--1.7%
Dofasco, Inc.(3) 619,600 9,859,627
- - ------------
Kangwon Industrial Co. Ltd.(3) 200,000 4,534,626
- - ------------
Pohang Iron & Steel Co. Ltd. 125,000 11,379,153
- - ------------
Pusan Steel Pipe Corp. 103,037 3,395,746
------------
29,169,152
- - ------------
Consumer Cyclicals--15.3%
- - ------------
Airlines--0.7%
Vienna International Airport 290,000 12,734,413
- - ------------
Automobiles--5.3%
CIADEA SA 442,016 6,409,674
- - ------------
CONSORCIO G GRUPO DINA SA, Sponsored ADR(4) 400,000 6,450,000
- - ------------
Fiat SpA, Preference 5,714,500 12,665,013
- - ------------
Fiat SpA di Risp. 6,500,000 13,739,159
- - ------------
Suzuki Motor Corp. 670,000 8,151,127
- - ------------
Volkswagen AG 65,000 19,202,467
- - ------------
Volvo AB, Series B Free(4) 354,500 27,662,994
------------
94,280,434
</TABLE>
4 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Market Value
Shares See Note 1
- - ------------
Broadcast Media--3.0%
Comcast Corp., Cl. A Special(3) 225,000 $3,965,625
- - ------------
Grupo Televisa SA, Sponsored ADR(1)(3) 150,000 7,650,000
- - ------------
Rogers Communications, Inc., Cl. B(3) 800,000 12,296,324
- - ------------
Scandinavian Broadcasting System SA 315,000 7,717,500
- - ------------
TeleCommunications, Inc., Cl. A(3) 190,000 3,942,500
- - ------------
Television Broadcast 1,000,000 3,532,821
- - ------------
Television Francaise I 167,145 13,720,598
------------
52,825,368
- - ------------
Household Furnishings
And Appliances--3.7%
Berjaya Singar Berhad(4) 1,711,000 2,638,290
- - ------------
Electrolux AB, Series B Free 200,000 9,210,551
- - ------------
Philips Gloeilamp NV 1,537,600 41,866,007
- - ------------
Sony Corp. 207,400 11,808,574
------------
65,523,422
- - ------------
Publishing--0.9%
Dun & Bradstreet Corp. (The) 76,300 4,482,625
- - ------------
Oriental Press Group 9,671,000 6,820,667
- - ------------
Time Warner, Inc. 136,600 5,293,250
------------
16,596,542
- - ------------
Retail: Specialty--0.8%
Castorama Dubois Investissements LP 60,300 8,429,648
- - ------------
PT Modern Photo Film Co. 1,060,000 4,918,958
------------
13,348,606
- - ------------
Retail Stores: General
Merchandise Chains--0.4%
Sears Roebuck de Mexico SA(3) 500,000 7,296,577
- - ------------
Textiles: Apparel
Manufacturers--0.5%
Tokyo Style Co. 550,000 9,314,183
- - ------------
Consumer Non-Cyclicals--9.3%
- - ------------
Beverages: Alcoholic--0.4%
Compania Cervecerias Unidas SA, Sponsored ADR 101,400 2,357,550
- - ------------
Jinro Ltd. 219,729 5,390,300
------------
7,747,850
- - ------------
Drugs--2.9%
Astra AB Free, Series A 700,000 13,700,694
- - ------------
Roche Holdings AG 3,500 17,414,740
- - ------------
Sankyo Co. Ltd. 460,000 10,207,644
- - ------------
Takeda Chemical Industries Ltd. 868,000 10,306,528
------------
51,629,606
- - ------------
Food Processing--0.3%
PT Sinar Mass Agro Resources & Technology 2,130,000 5,312,823
</TABLE>
5 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
------------
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
<S> <C> <C>
- - ------------
Healthcare: Miscellaneous--3.4%
Chiron Corp.(3) 80,000 $5,260,000
- - ------------
Genzyme Corp.(3) 600,000 16,050,000
- - ------------
K-V Pharmaceutical Co., Cl. A(3)(5) 441,800 4,031,425
- - ------------
K-V Pharmaceutical Co., Cl. B(3)(5) 335,900 3,065,087
- - ------------
Neozyme II Corp., Units 146,000 5,402,000
- - ------------
Plant Genetics Systems International NV(1)(3) 637,280 9,801,251
- - ------------
Quintiles Transnational Corp.(1)(3) 318,473 6,385,511
- - ------------
Takare PLC 3,000,000 10,867,274
------------
60,862,548
- - ------------
Hospital Management--1.7%
Community Psychiatric Centers 735,000 11,760,000
- - ------------
Rhoen Klinikum AG, Preference 31,814 17,531,808
------------
29,291,808
- - ------------
Retail Stores: Food Chains--0.6%
Spar Handels AG, Non-Vtg. 45,000 10,781,846
- - ------------
Energy--6.0%
- - ------------
Oil: Integrated
International--3.2%
British Petroleum Co. PLC 180,000 11,047,500
- - ------------
Distribuidora Chilectra Metropolitan SA 95,100 3,344,382
- - ------------
Poco Petroleum Ltd.(3) 595,000 4,142,324
- - ------------
Societe Nationale Elf Acquitaine 80,000 5,191,890
- - ------------
YPF Sociedad Anonima, Sponsored ADR 857,000 20,353,750
- - ------------
YuKong Ltd. 249,886 11,640,996
------------
55,720,842
- - ------------
Oil and Gas Drilling--2.1%
Compania Naviera Perez SA 800,000 5,016,336
- - ------------
Global Marine, Inc.(3) 2,135,000 8,273,125
- - ------------
Petroleum Geo-Services AS(5) 922,000 17,008,630
- - ------------
Renaissance Energy Ltd.(3) 240,000 4,838,965
- - ------------
Transocean Drilling AS 410,000 2,144,870
------------
37,281,926
- - ------------
Oil Well Services and
Equipment--0.7%
JGC Corp.(4) 396,000 6,282,256
- - ------------
McDermott International, Inc. 260,000 5,265,000
------------
11,547,256
- - ------------
Financial--12.2%
- - ------------
Financial Services:
Miscellaneous--3.5%
American Express Co. 440,000 12,155,000
- - ------------
Coryo Securities Corp. 234,920 4,482,301
- - ------------
Industrial Finance Corp. 4,000,000 6,460,780
- - ------------
Korea Investment & Securities Co. 149,854 3,044,897
- - ------------
Merrill Lynch & Co., Inc. 250,000 9,312,500
- - ------------
Morgan Stanley Group, Inc. 133,100 8,518,400
- - ------------
Peregrine Investment Holdings Ltd. 3,000,000 5,551,576
- - ------------
Sangyoug Investment & Securities 200,000 5,525,801
- - ------------
Sun Hung Kai and Co. 5,938,000 3,169,736
- - ------------
Taipei Fund, Cl. B, IDR(1)(3) 45 3,007,350
------------
61,228,341
</TABLE>
6 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C>
- - ------------
Insurance--0.6% American International Group, Inc. 130,000 $10,936,250
- - ------------
Major Banks: Other--7.4% Banco Frances del Rio de la Plata SA 550,000 5,752,083
- - ------------
Banco LatinoAmericano de Exportaciones SA, Cl. E 250,000 9,312,500
- - ------------
Banco de Galicia, Series B 750,000 6,000,402
- - ------------
Bank Bali 1,659,500 5,544,687
- - ------------
Bankamerica Corp. 125,000 4,921,875
- - ------------
C.S. Holdings 30,000 13,308,595
- - ------------
Grupo Financiero Bancomer, Series C 3,569,000 5,548,430
- - ------------
Korea First Bank 400,000 5,401,904
- - ------------
PT Bank International Indonesia 1,434,000 4,525,071
- - ------------
PT Lippo Bank 4,066,700 9,435,816
- - ------------
PT Panin Bank 3,400,000 5,364,449
- - ------------
Shin Han Bank Ltd. 238,330 4,606,421
- - ------------
Skandinaviska Enskilda Banken Group 3,480,000 23,594,361
- - ------------
Standard Chartered Bank PLC 790,000 12,209,204
- - ------------
Svenska Handelsbanken, Inc. 663,050 9,754,325
- - ------------
United Overseas Bank Ltd. 806,625 5,756,299
------------
131,036,422
- - ------------
Money Center Banks--0.7% Citicorp(3) 350,000 13,125,000
- - ------------
Industrial--20.8%
- - ------------
Building Materials Group--0.5% International de Ceramica SA,
Series B 770,000 4,769,876
- - ------------
Sungei Way Holdings 1,000,000 4,134,235
------------
8,904,111
- - ------------
Commercial Services--0.7% Eurotunnel SA, ESA-Unites(4) 1,700,000 13,030,592
- - ------------
Conglomerates--3.7% Commercial del Plata 594,400 3,447,751
- - ------------
Compagnie Generale des Eaux 15,245 6,952,397
- - ------------
Hopewell Holdings Ltd. 6,000,000 5,629,220
- - ------------
Hutchison Whampoa Ltd. 2,000,000 8,152,663
- - ------------
Jardine Matheson Holdings Ltd.(3) 3,000,000 20,187,547
- - ------------
Kinnevik Investments AB, Series B Free(4) 300,000 6,831,159
- - ------------
Sophus Berendsen AS, Series B(4) 153,000 13,499,231
------------
64,699,968
- - ------------
Containers: Paper--0.1% PT Surabaya Agung Industries(3) 1,833,000 1,935,135
- - ------------
Electrical Equipment--2.0% BBC Brown Boveri AG 25,000 20,796,897
- - ------------
Felten & Guilleaume Energietechnik AG(4) 25,000 5,795,242
- - ------------
LEM Holdings SA(5) 25,200 6,260,363
- - ------------
PT Kabelmetal Indonesia(5) 810,000 2,875,503
------------
35,728,005
- - ------------
Engineering and
Construction--5.2%
BAU Holdings AF, Preference 151,400 15,688,308
- - ------------
Boskalis Westminster Koniniije(4) 300,000 8,088,520
- - ------------
Danieli & Co., Non-Vtg. 1,632,000 6,686,109
- - ------------
Dong--AH Construction Industrial Co. 185,024 6,991,788
</TABLE>
7 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
------------
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
<S> <C> <C>
- - ------------
Engineering and
Construction--5.2%
(continued)
Foster Wheeler Corp. 200,000 $8,000,000
- - ------------
Grontmij NV(5) 201,580 7,035,355
- - ------------
IHC Caland NV 450,000 9,734,997
- - ------------
Leighton Holdings Ltd. 10,229,859 15,776,727
- - ------------
Raito Kogyo Co. Ltd.(4) 306,000 7,445,507
- - ------------
Taeyoung Corp. 90,020 6,747,684
------------
92,194,995
- - ------------
Machinery Tools--0.5% Fanuc Ltd. 220,000 8,864,533
- - ------------
Machinery: Diversified--0.8% Bobst Bearers AG 12,180 14,437,589
- - ------------
Manufacturing: Diversified
Industrials--2.4%
CBI Industries, Inc. 265,000 7,916,875
- - ------------
Duewag AG 2,883 922,160
- - ------------
Madeco SA, ADR(4) 100,000 2,925,000
- - ------------
Mitsubishi Heavy Industries Ltd. 1,784,000 11,303,389
- - ------------
Nylex Malaysia Berhad 1,500,000 2,849,270
- - ------------
Stewart & Stevenson Services, Inc. 180,000 8,010,000
- - ------------
Vitro Sociedad Anonima, ADR 400,000 7,850,000
------------
41,776,694
- - ------------
Pollution Control--0.6% Elco Looser Holdings Inhaber 12,200 6,927,567
- - ------------
WMX Technologies, Inc. 125,000 2,968,750
------------
9,896,317
- - ------------
Railroads--0.5% Voest-Alpine Eisenbahnsysteme AG(1) 67,333 9,722,261
- - ------------
Transportation:
Miscellaneous--3.8%
Brambles Industries Ltd. 1,000,000 9,533,744
- - ------------
Kvaerner Industrier AS 424,230 21,492,296
- - ------------
Malaysian International Shipping Corp. 1,250,000 3,957,320
- - ------------
Royal Nedlloyd Groep NV(3)(4) 297,000 9,969,980
- - ------------
Sembawang Shipyard Ltd. 800,000 5,505,127
- - ------------
Singmarine Industries Ltd. 1,500,000 4,014,155
- - ------------
Unitor Ships Service AS 600,000 11,977,133
------------
66,449,755
- - ------------
Technology--17.4%
- - ------------
Aerospace/Defense--0.4% China Aerospace International Holdings Ltd. 24,582,000 6,839,347
- - ------------
Computer Software
And Services--3.4%
Microsoft Corp.(3) 185,300 15,704,175
- - ------------
Novell, Inc.(3) 205,100 3,717,438
- - ------------
Oracle Systems Corp.(3) 250,000 8,031,250
- - ------------
Sap AG, Preference(3) 12,826 19,590,793
- - ------------
SHL Systemhouse, Inc.(3) 1,528,000 10,505,000
- - ------------
Synopsys, Inc.(3) 50,000 2,187,500
------------
59,736,156
- - ------------
Computer Systems--0.5% Cisco Systems, Inc.(3) 170,000 5,822,500
- - ------------
First Data Corp. 92,500 3,896,563
------------
9,719,063
</TABLE>
8 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C>
- - ------------
Electronics:
Instrumentation--0.2%
Solectron Corp.(4) 124,000 $3,735,500
- - ------------
Electronics:
Semiconductors--2.9%
Advanced Micro Devices, Inc.(3) 450,000 13,893,750
- - ------------
Applied Materials, Inc.(3) 150,000 6,675,000
- - ------------
Intel Corp. 200,000 13,500,000
- - ------------
Motorola, Inc. 75,000 7,593,750
- - ------------
National Semiconductor Corp.(3) 500,000 10,500,000
------------
52,162,500
- - ------------
Telecommunications--10.0% American Telephone & Telegraph Co. 200,000 10,250,000
- - ------------
Carlton Communications PLC 1,000,000 12,812,100
- - ------------
Korea Mobile Telecommunications(3) 12,519 7,512,195
- - ------------
Millicom International Cellular SA(3) 521,857 12,328,872
- - ------------
Societa Finanziora Telefonica SPA(4) 6,001,000 21,451,583
- - ------------
Societa Italiana per L'Eserrcizio delle Telecomunicazioni SPA(4) 12,463,000 37,167,230
- - ------------
Technology Resources Industries(3) 3,000,000 13,520,067
- - ------------
Telecommunication de Argentina, Cl. B 1,500,000 8,325,558
- - ------------
Telefonica de Espana, ADS 850,000 10,397,043
- - ------------
Telefonica de Espana SA, Sponsored ADR 100,000 3,600,000
- - ------------
Telefonos de Mexico SA, Sponsored ADR 375,000 22,593,750
- - ------------
Vodafone Group 2,063,100 15,804,454
------------
175,762,852
- - ------------
Utilities--4.2%
- - ------------
Electric Companies--3.0% AES Corp. (The) 155,780 3,115,610
- - ------------
California Energy Co., Inc.(3) 150,000 2,700,000
- - ------------
Korea Electric Power Co.(3) 550,000 16,354,387
- - ------------
Sithe Energies, Inc.(3) 300,000 3,787,500
- - ------------
Tokyo Electric Power Corp. 491,000 15,100,850
- - ------------
Verbund Oest Electriz 200,500 11,580,137
------------
52,638,484
- - ------------
Telephone (New)--1.2% Compania de Telefonos de Chile SA(4) 137,900 12,307,575
- - ------------
Telefonica de Argentina SA, ADR, Cl. B(4) 130,000 8,108,750
------------
20,416,325
------------
Total Common Stocks (Cost $1,282,696,313) 1,568,111,105
- - ------------
Total Investments, at Value (Cost $1,476,515,594) 99.7% 1,761,939,708
- - ------------
Other Assets Net of Liabilities .3 5,110,531
------------ ------------
Net Assets 100.0% $1,767,050,239
------------ ------------
------------ ------------
<FN>
1. Restricted security--See Note 6 of Notes to Financial Statements.
2. Face amount is reported in foreign currency.
3. Non-income producing security.
4. Loaned security--See Note 5 of Notes to Financial Statements.
</TABLE>
9 Oppenheimer Global Fund
<PAGE>
------------
Statement of Investments (Unaudited) (Continued)
- - ------------
<TABLE>
<S><C>
<FN>
5. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the six months ended March 31,
1994. The aggregate fair value of all securities of affiliated companies as of
March 31, 1994 amounted to $36,244,938. Transactions during the period in which
the issuer was an affiliate are as follows:
</TABLE>
<TABLE>
<CAPTION>
Balance Balance
September 30, 1993 Gross Additions Gross Reductions March 31, 1994
------------------- ------------------ --------------------- ----------------------- Dividend
Shares Cost Shares Cost Shares Cost Shares Cost Income
------ ---- ------ ---- ------ ---- ------ ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BAU Holdings AF, Preference(6) 151,400 $16,382,522 -- $ -- -- $ -- 151,400 $16,382,522 $ --
- - ------------
Boskalis Westminster Koniniije(6) 300,000 4,598,990 -- -- -- -- 300,000 4,598,990 --
- - ------------
Grontmij NV 287,212 7,922,778 -- -- 85,632 2,263,497 201,580 5,659,281 --
- - ------------
Kvaerner Industrier AS(6) 500,000 15,252,354 -- -- 75,770 2,621,473 424,230 12,630,881 --
- - ------------
K-V Pharmaceutical Co., Cl. A 441,800 2,382,650 -- -- -- -- 441,800 2,382,650 --
- - ------------
K-V Pharmaceutical Co., Cl. B 335,900 1,210,273 -- -- -- -- 335,900 1,210,273 --
- - ------------
Leighton Holdings Ltd.(6) 11,665,353 10,717,234 229,859 437,764 1,665,353 1,679,644 10,229,859 9,475,354 724,621
- - ------------
LEM Holdings SA 25,200 5,066,252 -- -- -- -- 25,200 5,066,252 --
- - ------------
Petroluem Geo-Services AS 357,000 6,421,977 565,000 3,497,183 -- -- 922,000 9,919,160 --
- - ------------
PT Kabelmetal Indonesia 810,000 1,781,696 -- -- -- -- 810,000 1,781,696 --
- - ------------
Rhoen Klinikum AG, Preference(6) 26,511 8,593,699 5,303 161,893 -- -- 31,814 8,755,592 --
- - ------------
Schaerf AG, Preference(6) 16,400 4,429,604 -- -- 16,400 4,429,604 -- -- --
- - ------------
Signalbau Huber AG, Preference(6) 20,607 7,285,543 -- -- 20,607 7,285,543 -- -- --
- - ------------
Vienna International Airport(6) 290,000 13,734,848 -- -- -- -- 290,000 13,734,848 --
------------ ---------- ----------- ----------- ---------
$105,780,420 $4,096,840 $18,279,761 $91,597,499 $724,621
------------ ---------- ----------- ----------- ---------
------------ ---------- ----------- ----------- ---------
<FN>
6. Not an affiliate as of March 31, 1994.
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities March 31, 1994 (Unaudited)
- - ----------------------------------------------------------------------
<S> <C>
Assets
Investments, at value (cost $1,476,515,594)--see accompanying statement $1,761,939,708
--------------
Collateral for securities loaned, at value--Note 5 132,796,000
--------------
Cash 2,131,491
--------------
Receivables:
Investments sold 18,157,779
Shares of beneficial interest sold 8,312,399
Dividends and interest 2,303,894
--------------
Other 929,987
--------------
Total assets 1,926,571,258
--------------
Liabilities
Collateral for securities loaned--Note 5 132,796,000
--------------
Payables and other liabilities:
Investments purchased 15,360,881
Shares of beneficial interest redeemed 9,948,120
Distribution and service plan fees--Note 4 829,867
Other 586,151
--------------
Total liabilities 159,521,019
--------------
Net Assets $1,767,050,239
--------------
--------------
- - --------------
Composition of Net Assets
Paid-in capital $1,293,388,279
--------------
Accumulated net investment loss (946,670)
--------------
Accumulated net realized gain from investment and foreign currency
transactions 189,188,316
--------------
Net unrealized appreciation on investments and translation of
assets and liabilities denominated in foreign currencies 285,420,314
--------------
Net assets $1,767,050,239
--------------
--------------
- - -------------
Net Asset Value Per Share
Class A Shares: Net asset value and redemption price per share
(based on net assets of $1,678,229,101 and 46,747,175 shares of
beneficial interest outstanding) $35.90
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $38.09
------------
Class B Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $88,821,138 and 2,484,018 shares of
beneficial interest outstanding) $35.76
</TABLE>
See accompanying Notes to Financial Statements
11 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
------------
Statement of Operations For the Six Months Ended March 31, 1994 (Unaudited)
<S> <C>
------------
Investment Income
Dividends:
Unaffiliated companies (net of withholding taxes of $352,588) $6,135,352
Affiliated companies (net of withholding taxes of $127,874) 724,621
------------
Interest 1,560,401
------------
Securities lending fees--Note 5 247,168
------------
Total income 8,667,542
------------
Expenses
Management fees--Note 4 5,335,471
------------
Distribution and service plan fees:
Class A--Note 4 1,458,877
Class B--Note 4 188,012
------------
Transfer and shareholder servicing agent fees--Note 4 1,019,911
------------
Custodian fees and expenses 638,898
------------
Shareholder reports 454,053
------------
Trustees' fees and expenses 56,878
------------
Legal and auditing fees 45,729
------------
Registration and filing fees:
Class A 11,092
Class B 29,465
------------
Other 62,951
------------
Total expenses 9,301,337
------------
Net Investment Loss (633,795)
------------
Realized and Unrealized
Gain (Loss) on Investments
And Foreign Currency
Transactions
Net realized gain (loss) from:
Investments:
Unaffiliated companies 169,956,594
Affiliated companies (1,184,299)
Foreign currency transactions (776,813)
------------
Net realized gain 167,995,482
------------
Net change in unrealized appreciation or depreciation on:
Investments 23,198,382
Translation of assets and liabilities denominated in foreign currencies (7,156,346)
------------
Net change 16,042,036
------------
Net realized and unrealized gain on investments and foreign
currency transactions 184,037,518
------------
Net Increase in Net Assets Resulting From Operations $183,403,723
------------
------------
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
------------
Statements of Changes in Net Assets
Six Months Ended Year Ended
March 31, 1994 September 30,
(Unaudited) 1993
<S> <C> <C>
Operations
Net investment income (loss) $(633,795) $10,207,156
-------------- --------------
Net realized gain on investments and foreign currency transactions 167,995,482 135,381,724
--------------
Net change in unrealized appreciation or depreciation on investments
and translation of assets and liabilities denominated in foreign currencies 16,042,036 60,465,689
-------------- --------------
Net increase in net assets resulting from operations 183,403,723 206,054,569
--------------
Dividends and
Distributions to
Shareholders
Dividends from net investment income:
Class A ($.251 and $.119 per share, respectively) (10,149,323) (4,821,327)
Class B ($.178 per share) (81,861) --
--------------
Distributions from net realized gain on investments and foreign currency
transactions:
Class A ($3.365 and $.122 per share, respectively) (135,242,300) (4,976,171)
Class B ($3.365 per share) (1,541,751) --
--------------
Beneficial Interest
Transactions
Net increase (decrease) in net assets resulting from Class A beneficial
interest transactions--Note 2 250,093,420 (22,024,735)
--------------
Net increase in net assets resulting from Class B beneficial interest
transactions--Note 2 85,766,686 5,954,666
--------------
Net Assets
Total increase 372,248,594 180,187,002
--------------
Beginning of period 1,394,801,645 1,214,614,643
-------------- --------------
End of period (including (accumulated net investment loss)
undistributed net investment income of ($946,670) and
$9,918,309, respectively) $1,767,050,239 $1,394,801,645
-------------- --------------
-------------- --------------
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Global Fund
<PAGE>
------------
Financial Highlights
<TABLE>
<CAPTION>
Class A Class B
-------------------------------------------------------------------- ----------------------------
Six Months Six Months
Ended Year Ended Ended Period Ended
March 31, 1994 September 30, March 31, 1994 September 30,
(Unaudited) 1993 1992 1991 1990 1989 (Unaudited) 1993(1)
-------------- ------------- ---- ---- ---- ---- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- - ------------
Per Share Operating Data:
Net asset value, beginning of period $35.04 $30.03 $32.05 $27.63 $30.43 $22.94 $34.99 $33.33
- - ------------
Income (loss) from
investment operations:
Net investment income (loss) (.01) .26 .17 .05 .02 .20 .06 .03
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions 4.49 4.99 (1.50) 6.14 .29 9.11 4.26 1.63
---------- ---------- ---------- ---------- -------- -------- ------- -------
Total income (loss) from investment
operations 4.48 5.25 (1.33) 6.19 .31 9.31 4.32 1.66
- - ------------
Dividends and distributions to
shareholders:
Dividends from net investment income (.25) (.12) (.11) (.08) (.11) (.09) (.18) --
Distributions from net realized gain
on investments and foreign currency
transactions (3.37) (.12) (.58) (1.69) (3.00) (1.73) (3.37) --
---------- ---------- ---------- ---------- -------- -------- ------- -------
Total dividends and distributions
to shareholders (3.62) (.24) (.69) (1.77) (3.11) (1.82) (3.55) --
- - ------------
Net asset value, end of period $35.90 $35.04 $30.03 $32.05 $27.63 $30.43 $35.76 $34.99
---------- ---------- ---------- ---------- -------- -------- ------- -------
---------- ---------- ---------- ---------- -------- -------- ------- -------
- - ------------
Total Return, at Net Asset Value(2) 13.53% 17.67% (4.23)% 23.71% .79% 42.87% 13.05% 3.64%
- - ------------
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $1,678,229 $1,388,773 $1,214,615 $1,076,336 $719,893 $522,866 $88,821 $6,028
- - ------------
Average net assets (in thousands) $1,594,734 $1,213,098 $1,193,870 $898,592 $672,246 $445,819 $33,294 $2,939
- - ------------
Number of shares outstanding at
end of period (in thousands) 46,747 39,632 40,441 33,585 26,056 17,183 2,484 172
- - ------------
Ratios to average net assets
Net investment income (loss) (.06)% .84% .55% .22% .16% .73% (1.0%)(3) 1.52%(3)
Expenses 1.12%(3) 1.18% 1.36% 1.65% 1.68% 1.90% 2.36%(3) 2.40%(3)
- - ------------
Portfolio turnover rate(4) 37.7% 86.9% 18.0% 19.9% 27.2% 62.6% 37.7% 86.9%
<FN>
1. For the period from August 17, 1993 (inception of offering) to September 30,
1993.
2. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period, with all dividends and distributions reinvested
in additional shares on the reinvestment date, and redemption at the net asset
value calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns.
3. Annualized.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the six
months ended March 31, 1994 were $75,480,834 and $143,562,959, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Global Fund
<PAGE>
------------
Notes to Financial Statements (Unaudited)
- - ------------
1. Significant
Accounting Policies
Oppenheimer Global Fund (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer Management Corporation
(the Manager). The Fund offers both Class A and Class B shares. Class A shares
are sold with a front-end sales charge. Class B shares may be subject to a
contingent deferred sales charge. Both classes of shares have identical rights
to earnings, assets and voting privileges, except that each class has its own
distribution and/or service plan, expenses directly attributable to a particular
class and exclusive voting rights with respect to matters affecting a single
class. Class B shares will automatically convert to Class A shares six years
after the date of purchase. The following is a summary of significant accounting
policies consistently followed by the Fund.
- - ------------
Investment Valuation. Portfolio securities are valued at 4:00 p.m. (New York
time) on each trading day. Listed and unlisted securities for which such
information is regularly reported are valued at the last sale price of the day
or, in the absence of sales, at values based on the closing bid or asked price
or the last sale price on the prior trading day. Long-term debt securities are
valued by a portfolio pricing service approved by the Board of Trustees.
Long-term debt securities which cannot be valued by the approved portfolio
pricing service are valued by averaging the mean between the bid and asked
prices obtained from two active market makers in such securities. Short-term
debt securities having a remaining maturity of 60 days or less are valued at
cost (or last determined market value) adjusted for amortization to maturity of
any premium or discount. Securities for which market quotes are not readily
available are valued under procedures established by the Board of Trustees to
determine fair value in good faith. Forward foreign currency exchange contracts
are valued at the forward rate on a daily basis.
Foreign Currency Translation. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of securities and investment income are translated at
the rates of exchange prevailing on the respective dates of such transactions.
The Fund generally enters into forward currency exchange contracts as a hedge,
upon the purchase or sale of a security denominated in a foreign currency. In
addition, the Fund may enter into such contracts as a hedge against changes in
foreign currency exchange rates on portfolio positions. A forward exchange
contract is a commitment to purchase or sell a foreign currency at a future
date, at a negotiated rate. Risks may arise from the potential inability of the
counterparty to meet the terms of the contract and from unanticipated movements
in the value of a foreign currency relative to the U.S. dollar.
The effect of changes in foreign currency exchange rates on investments is
separately identified from the fluctuations arising from changes in market
values of securities held and reported with all other foreign currency gains and
losses in the Fund's results of operations.
- - ------------
Repurchase Agreements. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. If the seller of the agreement defaults and the value of
the collateral declines, or if the seller enters an insolvency proceeding,
realization of the value of the collateral by the Fund may be delayed or
limited.
- - ------------
Allocation of Income, Expenses and Gains and Losses. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.
- - ------------
Federal Income Taxes. The Fund intends to continue to comply with provisions of
the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income tax provision is required.
- - ------------
Trustees' Fees and Expenses. The Fund has adopted a nonfunded retirement plan
for the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended March 31, 1994, a provision of $12,296 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $171,256. No
payments have been made under the plan.
15 Oppenheimer Global Fund
<PAGE>
------------
Notes to Financial Statements (Unaudited) (Continued)
- - ------------
1. Significant
Accounting Policies
(continued)
Distributions to Shareholders. Dividends and distributions to shareholders
are recorded on the ex-dividend date.
- - ------------
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
- - ------------
2. Shares of
Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended March 31, 1994 Year Ended September 30, 1993(1)
- - ------------ ------------
Shares Amount Shares Amount
- - ------------ ------ ------ ------ ------
<S> <C> <C> <C> <C>
Class A:
Sold 8,803,201 $325,556,025 9,261,030 $281,817,220
Dividends and distributions reinvested 4,104,259 137,246,323 324,902 9,233,707
Redeemed (5,791,813) (212,708,928) (10,395,776) (313,075,662)
- - ------------ ------------ ------------ ------------ ------------
Net increase (decrease) 7,115,647 $250,093,420 (809,844) $(22,024,735)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
- - ------------
Class B:
Sold 2,375,200 $88,229,423 174,932 $ 6,018,401
Dividends and distributions reinvested 46,695 1,559,148 -- --
Redeemed (110,159) (4,021,885) (2,650) (63,735)
- - ------------ ------------ ------------ ------------ -----------
Net increase 2,311,736 $85,766,686 172,282 $ 5,954,666
- - ------------ ------------ ------------ ------------
- - ------------ ------------ ------------ ------------
<FN>
1. For the year ended September 30, 1993 for Class A shares and for the period
from August 17, 1993 (inception of offering) to September 30, 1993 for Class B
shares.
</TABLE>
- - ------------
3. Unrealized Gains and Losses on Investments
At March 31, 1994, net unrealized appreciation of investments of $285,424,114
was composed of gross appreciation of $329,516,701, and gross depreciation of
$44,092,587.
- - ------------
4. Management Fees and Other Transactions With Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .75% on the
first $200 million of net assets with a reduction of .03% on each $200 million
thereafter to $800 million, .60% on the next $200 million and .57% on net assets
in excess of $1 billion.
The Manager has agreed to reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent applicable regulatory limit on
Fund expenses.
For the six months ended March 31, 1994, commissions (sales charges paid by
investors) on sales of Class A shares totaled $4,324,996, of which $1,368,250
was retained by Oppenheimer Funds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer.
During the six months ended March 31, 1994, OFDI received contingent deferred
sales charges of $14,467 upon redemption of Class B shares, as reimbursement for
sales commissions advanced by OFDI at the time of sale of such shares.
Oppenheimer Shareholder Services (OSS), a division of the Manager, is the
transfer and shareholder servicing agent for the Fund, and for other registered
investment companies. OSS's total costs of providing such services are allocated
ratably to these companies.
16 Oppenheimer Global Fund
<PAGE>
------------
- - ------------
4. Management Fees and Other Transactions With Affiliates (continued)
Under separate approved plans, each class may expend up to .25% of its net
assets annually to reimburse OFDI for costs incurred in connection with the
personal service and maintenance of accounts that hold shares of the Fund,
including amounts paid to brokers, dealers, banks and other institutions. In
addition, Class B shares are subject to an asset-based sales charge of .75% of
net assets annually, to reimburse OFDI for sales commissions paid from its own
resources at the time of sale and associated financing costs. In the event of
termination or discontinuance of the Class B plan, the Board of Trustees may
allow the Fund to continue payment of the asset-based sales charge to OFDI for
distribution expenses incurred on Class B shares sold prior to termination or
discontinuance of the plan. During the six months ended March 31, 1994, OFDI
paid $65,018 to an affiliated broker/dealer as reimbursement for Class A
personal service and maintenance expenses and retained $188,012 as reimbursement
for Class B sales commissions and service fee advances, as well as financing
costs.
- - ------------
5. Securities Loaned
The Fund has entered into a securities lending arrangement with the custodian.
Under the terms of the agreement, the Fund receives an annual fee of $500,000,
plus 25% of the annual net income from lending transactions in excess of
$1,500,000. In exchange for such fees, the custodian is authorized to loan
securities on behalf of the Fund, against receipt of cash collateral at least
equal in value to the value of the securities loaned. The collateral is invested
by the custodian in money market instruments approved by the Manager. As of
March 31, 1994, the Fund had on loan securities valued at $126,404,410. Cash of
$132,796,000 was received as collateral for the loans, and has been invested in
the approved instruments identified below. The Fund bears the risk of any
deficiency in the amount of collateral available for return to a borrower due to
a loss in an approved investment.
<TABLE>
<CAPTION>
Valuation as of
Security March 31, 1994
<S> <C>
------------
Federal Home Loan Mortgage Corp., 5.375%, 9/15/94 (Cost $50,000,000) $ 50,000,000
------------
Repurchase agreement with Goldman Sachs and Co., 3.65%, dated 3/31/94, to be repurchased
at $82,804,280 on 4/4/94, collateralized by U.S. Treasury Bonds, STRIPS, 0%, 11/15/15, with a value
of $82,796,000 (Cost $82,796,000) 82,796,000
------------
Collateral for securities loaned (Cost $132,796,000) $132,796,000
------------
------------
</TABLE>
6. Restricted Securities
The Fund owns securities purchased in private placement transactions, without
registration under the Securities Act of 1933 (the Act). The securities are
valued under methods approved by the Board of Trustees as reflecting fair value.
The Fund intends to invest no more than 10% of its net assets (determined at the
time of purchase) in restricted and illiquid securities, excluding securities
eligible for resale pursuant to Rule 144A of tthe Act that are determined to be
liquid by the Board of Trustees or by the Manager under Board-approved
guidelines. Restricted and illiquid securities amount to $19,194,112, or 1.09%
of the Fund's net assets, at March 31, 1994.
<TABLE>
<CAPTION>
Valuation Per Unit
as of March 31,
Security Acquisition Date Cost Per Unit 1994
<S> <C>
- - ------------
Banco Nacional de Mexico SA, 7% Exch. Sub. Debs., 12/15/99(1) 12/1/92 $100.00 $115.50
- - ------------
Grupo Televisa SA, Sponsored ADR(1) 3/26/93--4/22/93 $ 38.37 $ 51.00
- - ------------
Hansol Paper Ltd., Sponsored GDR(1) 2/4/93 $16.56 $21.00
- - ------------
International Container Terminal Services, Inc.,
6% Cv. Sr. Nts., 2/19/00(1) 2/19/93 $ 100.00 $ 140.00
- - ------------
Plant Genetics Systems International NV 5/27/92 $ 11.18 $ 15.38
- - ------------
Quintiles Transnational Corp. 8/2/93 $ 17.27 $20.05
- - ------------
Taipei Fund, Cl. B, IDR 12/20/93 $71,263.60 $66,830.00
- - ------------
Voest-Alpine Eisenbahnsysteme AG(1) 7/19/93--12/20/93 $104.51 $ 144.39
<FN>
1. Transferable under Rule 144A of the Act.
</TABLE>
17 Oppenheimer Global Fund
<PAGE>
------------
Oppenheimer Global Fund
- - ------------
Officers and Trustees
Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Edmund T. Delaney, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
William L. Wilby, Vice President
George C. Bowen, Treasurer
Lynn M. Coluccy, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- - ------------
Investment Advisor Oppenheimer Management Corporation
- - ------------
Distributor Oppenheimer Funds Distributor, Inc.
- - ------------
Transfer and Shareholder
Servicing Agent
Oppenheimer Shareholder Services
- - ------------
Custodian of
Portfolio Securities
The Bank of New York
- - ------------
Independent Auditors KPMG Peat Marwick
- - ------------
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the records of the
Fund without examination by the independent auditors.
This is a copy of a report to shareholders of Oppenheimer Global Fund. This
report must be preceded or accompanied by a Prospectus of Oppenheimer Global
Fund. For material information concerning the Fund, see the Prospectus.
18 Oppenheimer Global Fund
<PAGE>
- - ------------
The Family of Oppenheimer Funds
- - ------------
OppenheimerFunds offers over 35 funds designed to fit virtually every investment
goal. Whether you're investing for retirement, your children's education, or
tax-free income, we have the funds to help you seek your objective.
When you invest with Oppenheimer Funds, you can feel comfortable knowing
that you are investing with a respected financial institution with over 30 years
of experience in helping people just like you reach their financial goals. And
you're investing with a leader in global, growth stock, and flexible fixed
income investments--with over 1.8 million shareholder accounts and more than 26
billion under Oppenheimer's management and that of our affiliates.
As an OppenheimerFunds shareholder, you can easily exchange shares of
eligible funds of the same class by mail or by telephone for a small
administrative fee.(1) For more information on OppenheimerFunds, please contact
your financial advisor or call us at 1-800-525-7048 for a prospectus. You may
also write us at the address shown on the back cover. As always, please read the
prospectus carefully before you invest.
- - ------------
Specialty Stock Funds
Global Bio-Tech Fund
Global Environment Fund
Gold & Special Minerals Fund
- - ------------
Stock Funds
Discovery Fund
Time Fund
Target Fund
Special Fund
Global Fund
Oppenheimer Fund
Value Stock Fund
- - ------------
Stock and Bond Funds
Main Street Income & Growth Fund
Total Return Fund
Global Growth & Income Fund
Equity Income Fund
Asset Allocation Fund
- - ------------
Bond Funds
High Yield Fund
Champion High Yield Fund
Strategic Income & Growth Fund
Strategic Income Fund
Strategic Diversified Income Fund
Strategic Investment Grade Bond Fund
Strategic Short-Term Income Fund
Investment Grade Bond Fund
Mortgage Income Fund
U.S. Government Trust
Limited-Term Government(2)
- - ------------
Tax-Exempt Funds
New York Tax-Exempt Fund(3)
California Tax-Exempt Fund(3)
Pennsylvania Tax-Exempt Fund(3)
Florida Tax-Exempt Fund(3)
New Jersey Tax-Exempt Fund(3)
Tax-Free Bond Fund
Insured Tax-Exempt Bond Fund
Intermediate Tax-Exempt Bond Fund
- - ------------
Money Market Funds
Money Market Fund
Cash Reserves
Tax-Exempt Cash Reserves
1. The fee is waived for PhoneLink exchanges between existing accounts. Exchange
privileges are subject to change or termination.
2. Formerly Government Securities Fund.
3. Available only to residents of those states.
OppenheimerFunds are distributed by Oppenheimer Funds Distributor, Inc., Two
World Trade Center, New York, NY 10048-0203.
(C) Copyright 1994 Oppenheimer Management Corporation. All rights reserved.
19 Oppenheimer Global Fund
<PAGE>
- - ------------
``How may I help you?''
- - ------------
``Just as OppenheimerFunds offers over 35 different mutual funds designed to
help meet virtually every investment need, Oppenheimer Shareholder Services
offers a variety of services to satisfy your individual needs. Whenever you
require help, we're only a toll-free phone call away.
``For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
``When you want to make account transactions, it's easy for you to redeem
shares, exchange shares, or conduct AccountLink transactions, simply by calling
our Telephone Transactions number.
``And for added convenience, OppenheimerFunds' PhoneLink, an automated
voice response system, is available 24 hours a day, 7 days a week. PhoneLink
gives you access to a variety of fund, account, and market information. You can
even make purchases, exchanges and redemptions using your touch-tone phone. Of
course, PhoneLink will always give you the option to speak with a Customer
Service Representative during the hours shown to the left.
``When you invest in OppenheimerFunds, you know you'll receive a high
level of customer service. The International Customer Service Association knows
it, too, as it awarded Oppenheimer Shareholder Services a 1993 Award of
Excellence for consistently demonstrating superior customer service.
``Whatever your needs, we're ready to assist you.''
1993 AWARD OF EXCELLENCE LOGO
B&W PHOTO
Barbara Hennigar
Chief Executive Officer
Oppenheimer Shareholder Services
General Information
1-800-525-7048
Talk to a Customer Service Representative.
Monday through Friday from 8:30 a.m. to 8:00 p.m., and Saturday from 10:00 a.m.
to 2:00 p.m. ET.
Telephone Transactions
1-800-852-8457
Make account transactions with a Customer Service Representative. Monday through
Friday from 8:30 a.m. to 8:00 p.m. ET.
PhoneLink
1-800-533-3310
Get automated information or make automated transactions. 24 hours a day, 7 days
a week.
Telecommunication
Device for the Deaf
1-800-843-4461
Service for the hearing impaired.
Monday through Friday from 8:30 a.m. to 8:00 p.m. ET.
OppenheimerFunds
Information Hotline
1-800-835-3104
Hear timely and insightful messages on the economy and issues that affect your
finances.
24 hours a day, 7 days a week.
RS330.0594.N
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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Bulk Rate
U.S. Postage
PAID
Permit No. 469
Denver, CO
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