<PAGE>
[Logo] OPPENHEIMERFUNDS
OPPENHEIMER GLOBAL FUND
ANNUAL REPORT SEPTEMBER 30, 1994
"COLLEGE AND RETIREMENT ARE FAR IN THE FUTURE FOR US. BUT I KNOW I NEED TO START
PLANNING TODAY.
"I CHOSE THIS FUND BECAUSE IT INVESTS IN THE KINDS OF STOCKS THAT OFFER STRONG
POTENTIAL FOR LONG-TERM GROWTH."
WOMAN WITH A
CHILD ON HER
SHOULDERS IN SNOW.
<PAGE>
FUND FACTS
IN THIS REPORT:
ANSWERS TO TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
- - WHAT FACTORS INFLUENCED THE FUND'S BUYING AND SELLING OVER THE PAST 12
MONTHS?
- - ARE YOU STILL CONCENTRATING ON OPPORTUNITIES IN EMERGING MARKETS AND THE
PACIFIC RIM?
- - WHAT'S THE NEAR-TERM OUTLOOK FOR GLOBAL INVESTING?
FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
1 The Fund seeks capital growth by investing in a diversified portfolio of
foreign and domestic common stocks. It is most suitable for investors with
long time horizons who can accept short-term volatility in the Fund's net
asset value.
- --------------------------------------------------------------------------------
2 Total return at net asset value for the 12 months ended September 30, 1994
was 19.19% for Class A shares and 18.10% for Class B shares.(1)
- --------------------------------------------------------------------------------
3 Average annual total returns for Class A shares for the 1-, 5- and 10-year
periods ended September 30, 1994 were 12.34%, 9.55% and 17.07%,
respectively. The average annual total returns for Class B shares for the
1-year period ended September 30, 1994 and since inception on August 17,
1993 were 13.10% and 16.29%, respectively.(2)
- --------------------------------------------------------------------------------
4 The Fund's top five stock holdings on September 30, 1994 were:(3)
PHILIPS GLOEILAMP NV
VEBA AG
KVAERNER INDUSTRIER AS
TELECOM ITALIA SPA
VOLVO AB
- --------------------------------------------------------------------------------
5 "The U.S. economy remains strong and there are persistent upward pressures
on short-term interest rates, while the economic expansion in Europe is
just getting underway, and many emerging markets still have significant
growth potential. In comparison to the U.S. stock markets, short-term
interest rate pressures are therefore less, and earnings growth potential
is faster in most foreign markets. As a result, the international stock
markets are expected to outperform the U.S. markets--and with our emphasis
on rapidly-growing companies in markets worldwide, the Fund is positioned
to deliver superior returns."
PORTFOLIO MANAGER BILL WILBY, SEPTEMBER 30, 1994
(1) Based on the change in net asset value per share from 9/30/93 to 9/30/94,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
(2) Average annual total returns are based on a hypothetical investment held
until 9/30/94, after deducting the current maximum initial sales charge of 5.75%
for Class A shares and the contingent deferred sales charge of 5% (1-year) and
4% (since inception) for Class B shares. The Fund's maximum sales charge rate
for Class A shares was higher during a portion of some of the periods shown, and
actual investment results will be different as a result of the change.
(3) The Fund's portfolio is subject to change.
2 Oppenheimer Global Fund
<PAGE>
REPORT TO SHAREHOLDERS
ABOVE-AVERAGE TOTAL RETURN
TOTAL RETURN FOR THE 1-YEAR PERIOD ENDED 9/30/94
OPPENHEIMER GLOBAL 19.19%
FUND CLASS A (AT NAV)(5)
OPPENHEIMER GLOBAL 18.10%
FUND CLASS B (AT NAV)(5)
LIPPER GLOBAL FUNDS 11.03%
AVERAGE(4)
I'm pleased to report that Oppenheimer Global Fund provided shareholders with an
outstanding total return for the year ended September 30, 1994. As the chart to
the left shows, the Fund dramatically outperformed the average of similar funds
during the period.(4)
The key to success in global investing over the past year has been
being in the right stocks at the right time, and as the performance summary for
Oppenheimer Global Fund on the facing page shows, your managers positioned the
portfolio to capitalize on many of the world's top opportunities.
As noted in our last report, your Fund benefitted early in the fiscal
year from large exposures to markets in the Pacific Rim and Latin America, many
of which enjoyed remarkable gains, as well as from positions in the interest
rate-sensitive financial services and consumer sectors worldwide.
Just as importantly, however, your managers reduced those exposures
before interest rates rose and the high-flying markets in the Pacific Rim
declined in the first part of 1994, putting the profits to work in stocks with
greater potential for gains.
This emphasis on stocks, as opposed to markets or sectors, is
important. Over the past nine months, your managers have taken advantage of the
worldwide trend toward corporate restructuring, concentrating on specific
companies with strong earnings potential driven by strategic reorganizations,
acquisitions, divestitures, and the privatization of state-owned industries.
In addition, your managers took new positions in promising companies
in Portugal and Turkey, and more recently have begun to re-enter the Pacific
Rim, concentrating on telecommunications companies whose shares today are at
attractive prices.
Looking ahead, we believe the outlook for global investors is bright.
Unlike the U.S. economy, which is well along in its expansion, economies in
Europe and many emerging markets are still gaining momentum, and offer
attractive investment opportunities.
We appreciate the confidence you have placed in Oppenheimer Global
Fund's managers, and we look forward to continuing to help you reach your
investment goals.
Donald W. Spiro
President, Oppenheimer Global Fund
October 21, 1994
(4) Source of data: Lipper Analytical Services, Inc., an independent mutual
fund monitoring service, 9/30/94. The Lipper total return average for the 1-year
period ended 9/30/94 was for 82 global funds. The average is shown for
comparative purposes only. Lipper performance does not take sales charges into
consideration.
(5) See footnote 1, page 2.
All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment and principal
value on an investment in the Fund will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
3 Oppenheimer Global Fund
<PAGE>
------------------------------------------------------------
------------------------------------------------------------
STATEMENT OF INVESTMENTS September 30, 1994
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT--10.1%
- ----------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets,
4.95%, dated 9/30/94, to be repurchased at $212,987,821
on 10/3/94, collateralized by U.S. Treasury Nts.,
4.25%--8.50%, 4/15/95-- 7/15/98, with a value of $120,387,791
and U.S. Treasury Bills, 0%, 3/16/95--3/23/95, with a value
of $96,967,742 (Cost $212,900,000) $212,900,000 $212,900,000
- -------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES--0.4%
- -------------------------------------------------------------------------------------------------------------------------------
Banco Nacional de Mexico SA, 7% Exch. Sub. Debs., 12/15/99(1) 4,500,000 5,225,625
-------------------------------------------------------------------------------------------------
International Container Terminal Services, Inc., 6% Cv. Sr. Nts.,
2/19/00(1) 2,000,000 2,800,000
-------------------------------------------------------------------------------------------------
Total Corporate Bonds and Notes (Cost $6,500,000) 8,025,625
- -------------------------------------------------------------------------------------------------------------------------------
UNITS
- -------------------------------------------------------------------------------------------------------------------------------
RIGHTS AND WARRANTS--0.0% China Aerospace International Holdings Ltd. Wts., Exp. 12/95 40 2
-------------------------------------------------------------------------------------------------
Total Rights and Warrants (Cost $3) 2
- -------------------------------------------------------------------------------------------------------------------------------
SHARES
- -------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--2.8%
- -------------------------------------------------------------------------------------------------------------------------------
Fiat SpA 5,714,500 14,579,300
-------------------------------------------------------------------------------------------------
Rhoen Klinikum AG(2)(4) 31,814 19,889,466
-------------------------------------------------------------------------------------------------
Sap AG 23,200 11,827,626
-------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg. 53,000 11,955,755
-------------------------------------------------------------------------------------------------
Total Preferred Stocks (Cost $40,248,622) 58,252,147
- -------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--86.7%
- -------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--6.7%
- -------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.3% Minerals Technologies, Inc. 600,000 17,775,000
-------------------------------------------------------------------------------------------------
Mitsubishi Petrochemical Co. Ltd.(2) 1,500,000 10,503,175
------------
28,278,175
- -------------------------------------------------------------------------------------------------------------------------------
PAPER AND FOREST Corticeira Amorim, SA 259,100 4,389,303
PRODUCTS--2.5% -------------------------------------------------------------------------------------------------
Hansol Paper Ltd., Sponsored GDR(1)(3) 500,659 14,519,111
-------------------------------------------------------------------------------------------------
Indah Kiat 10,480,400 13,726,311
-------------------------------------------------------------------------------------------------
P.T. Pabrik Kertas Tjiwi Kimia 2,500,000 6,089,014
-------------------------------------------------------------------------------------------------
Stora Kopparbergs Bergslags AB(2) 235,350 13,529,318
------------
52,253,057
- -------------------------------------------------------------------------------------------------------------------------------
STEEL--2.9% Dofasco, Inc. 619,600 10,797,491
-------------------------------------------------------------------------------------------------
Kangwon Industrial Co. Ltd. 264,599 5,764,394
-------------------------------------------------------------------------------------------------
Maanshan Iron and Steel Company 19,915,000 6,546,236
-------------------------------------------------------------------------------------------------
Pohang Iron & Steel Co. Ltd. 125,000 18,369,692
-------------------------------------------------------------------------------------------------
Tung Ho Steel Enterprise Corp., GDR(1) 450,000 7,650,000
-------------------------------------------------------------------------------------------------
Ugine SA 150,000 11,514,285
------------
60,642,098
</TABLE>
4 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS--12.8%
- -------------------------------------------------------------------------------------------------------------------------------
AIRLINES--0.3% Vienna International Airport(4) 150,000 $ 6,374,493
- -------------------------------------------------------------------------------------------------------------------------------
AUTOMOBILES--3.8% CIADEA SA 442,016 6,430,940
-------------------------------------------------------------------------------------------------
Consorcio Grupo Dina SA Sponsored ADR(2) 292,000 3,504,000
-------------------------------------------------------------------------------------------------
Consorcio Grupo Dina SA Sponsored ADR, L Series(3) 103,660 1,075,473
-------------------------------------------------------------------------------------------------
Kia Motors Corp. GDS(1)(3) 200,000 4,700,000
-------------------------------------------------------------------------------------------------
Nissan Motor Co. 1,250,000 10,217,736
-------------------------------------------------------------------------------------------------
Volkswagen AG 80,000 21,939,294
-------------------------------------------------------------------------------------------------
Volvo AB, Series B Free(2) 1,772,500 32,345,370
------------
80,212,813
- -------------------------------------------------------------------------------------------------------------------------------
BROADCAST MEDIA--2.7% Comcast Corp., Cl. A Special(3) 500,000 7,656,250
-------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored ADR(1) 150,000 8,681,250
-------------------------------------------------------------------------------------------------
Rogers Communications, Inc., Cl. B(3) 800,000 12,151,991
-------------------------------------------------------------------------------------------------
Scandinavian Broadcasting System SA(3) 315,000 8,268,750
-------------------------------------------------------------------------------------------------
TeleCommunications, Inc., Cl. A(3) 390,000 8,653,125
-------------------------------------------------------------------------------------------------
Television Broadcast 1,500,000 6,968,886
-------------------------------------------------------------------------------------------------
Television Francaise I 41,678 4,077,826
------------
56,458,078
- -------------------------------------------------------------------------------------------------------------------------------
ENTERTAINMENT--0.2% Euro Disney(3) 3,000,000 4,533,183
- -------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD FURNISHINGS AND Philips Gloeilamp NV 1,800,000 55,000,797
APPLIANCES--3.2% -------------------------------------------------------------------------------------------------
Sony Corp.(2) 207,400 12,070,558
------------
67,071,355
- -------------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--1.2% Benetton SpA 700,000 9,423,076
-------------------------------------------------------------------------------------------------
PT Modern Photo Film Co. 1,000,000 5,606,489
-------------------------------------------------------------------------------------------------
Toys 'R' Us, Inc.(3) 300,000 10,687,500
------------
25,717,065
- -------------------------------------------------------------------------------------------------------------------------------
RETAIL STORES: GENERAL Rinascente SpA, Ordinary 836,000 4,922,217
MERCHANDISE CHAINS--0.9% -------------------------------------------------------------------------------------------------
Sears Roebuck de Mexico SA(3) 500,000 6,469,624
-------------------------------------------------------------------------------------------------
Sonae Industria E. Investimentos(3) 378,000 8,372,386
------------
19,764,227
- -------------------------------------------------------------------------------------------------------------------------------
TEXTILES:
- -------------------------------------------------------------------------------------------------------------------------------
APPAREL MANUFACTURERS--0.5% Tokyo Style Co. 565,000 10,104,570
- -------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--8.8%
- -------------------------------------------------------------------------------------------------------------------------------
BEVERAGES: ALCOHOLIC--1.1% Foster's Brewing Group Ltd. 200 169
-------------------------------------------------------------------------------------------------
Jinro Ltd. 219,729 5,722,252
-------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 100,000 16,470,566
------------
22,192,987
</TABLE>
5 Oppenheimer Global Fund
<PAGE>
------------------------------------------------------------
------------------------------------------------------------
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DRUGS--1.4% Astra AB Free, Series A 700,000 $ 16,797,928
-------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 434,000 5,086,790
-------------------------------------------------------------------------------------------------
WPP Group PLC(1) 2,233,000 3,838,373
-------------------------------------------------------------------------------------------------
WPP Group PLC 2,737,000 4,704,714
------------
30,427,805
- -------------------------------------------------------------------------------------------------------------------------------
FOOD PROCESSING--0.4% Molinos Rio de la Plata SA(3) 276,800 2,643,273
-------------------------------------------------------------------------------------------------
PT Sinar Mass Agro Resources & Technology 3,720,000 6,282,484
------------
8,925,757
- -------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE: DIVERSIFIED--0.9% Schering AG 30,800 18,937,916
- -------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE: MISCELLANEOUS--4.3%
Amgen, Inc.(3) 270,700 14,414,775
-------------------------------------------------------------------------------------------------
Chiron Corp. 144,600 9,615,900
-------------------------------------------------------------------------------------------------
Genzyme Corp.(3) 600,000 20,550,000
-------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(3)(4) 376,800 2,731,800
-------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(3)(4) 264,900 1,953,638
-------------------------------------------------------------------------------------------------
Neozyme II Corp., Units(3)(4) 146,000 4,964,000
-------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(1)(3) 637,280 5,943,099
-------------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(1)(3) 318,473 7,703,066
-------------------------------------------------------------------------------------------------
Sumitomo Chemical Co. Ltd. 1,800,000 10,203,085
-------------------------------------------------------------------------------------------------
Takare PLC 4,000,000 13,309,889
------------
91,389,252
- -------------------------------------------------------------------------------------------------------------------------------
HOSPITAL MANAGEMENT--0.5% Community Psychiatric Centers 735,000 10,014,375
- -------------------------------------------------------------------------------------------------------------------------------
MEDICAL PRODUCTS--0.2% Circon Corp.(2)(3) 50,000 600,000
-------------------------------------------------------------------------------------------------
Stryker Corp.(2) 112,900 3,923,275
------------
4,523,275
- -------------------------------------------------------------------------------------------------------------------------------
ENERGY--6.0%
- -------------------------------------------------------------------------------------------------------------------------------
OIL: INTEGRATED
INTERNATIONAL--4.3% British Petroleum Co. PLC 180,000 13,635,000
-------------------------------------------------------------------------------------------------
Compagnie Francaise de Petroleum Total 175,000 10,286,548
-------------------------------------------------------------------------------------------------
Chilectra Metropolitana SA 95,100 4,786,715
-------------------------------------------------------------------------------------------------
OeMV AG(3) 150,000 13,518,321
-------------------------------------------------------------------------------------------------
Repsol SA 325,000 9,908,608
-------------------------------------------------------------------------------------------------
YPF Sociedad Anonima, Sponsored ADR 1,035,300 26,141,325
-------------------------------------------------------------------------------------------------
YuKong Ltd. 249,886 12,608,494
------------
90,885,011
</TABLE>
6 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OIL AND GAS DRILLING--1.4% Global Marine, Inc.(3) 2,135,000 $ 9,073,750
-------------------------------------------------------------------------------------------------
Petroleum Geo-Services AS(2)(3) 922,000 18,065,413
-------------------------------------------------------------------------------------------------
Transocean Drilling AS(3) 410,000 2,657,675
------------
29,796,838
- -------------------------------------------------------------------------------------------------------------------------------
OIL WELL SERVICES AND McDermott International, Inc. 260,000 6,695,000
EQUIPMENT--0.3%
- -------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--10.5%
- -------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES: American Express Co. 440,000 13,365,000
MISCELLANEOUS--2.4% -------------------------------------------------------------------------------------------------
Clinica y Maternidad Suizo Argentina SA(1)(3) 1,800 7,490,592
-------------------------------------------------------------------------------------------------
Coryo Securities Corp. 200,000 3,330,411
-------------------------------------------------------------------------------------------------
Industrial Finance Corporation of Thailand (The) 4,930,000 12,238,631
-------------------------------------------------------------------------------------------------
Industrial Finance Corporation of Thailand (The) 570,000 1,415,014
-------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 125,000 4,328,125
-------------------------------------------------------------------------------------------------
Ssangyong Investment & Securities Co. Ltd. 226,622 5,135,667
-------------------------------------------------------------------------------------------------
Taipei Fund, Cl.B, IDR(1) 44 4,147,000
------------
51,450,440
- -------------------------------------------------------------------------------------------------------------------------------
INSURANCE--1.2% American International Group, Inc. 200,000 17,775,000
-------------------------------------------------------------------------------------------------
National Mutual Asia Ltd. 13,000,000 8,411,840
------------
26,186,840
- -------------------------------------------------------------------------------------------------------------------------------
MAJOR BANKS: Other--5.6% Banco de Galicia, Series B 523,000 4,105,291
-------------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA(3) 818,100 8,181,000
-------------------------------------------------------------------------------------------------
Banco LatinoAmericano de Exportaciones SA, Cl. E 250,000 8,000,000
-------------------------------------------------------------------------------------------------
Banco Portugues de Investimento 280,000 4,389,379
-------------------------------------------------------------------------------------------------
Bank Bali 3,000,000 8,547,597
-------------------------------------------------------------------------------------------------
BankAmerica Corp. 125,000 5,515,625
-------------------------------------------------------------------------------------------------
C.S. Holdings 31,764 12,973,707
-------------------------------------------------------------------------------------------------
Korea First Bank 400,000 6,660,823
-------------------------------------------------------------------------------------------------
PT Lippo Bank 4,066,700 12,147,491
-------------------------------------------------------------------------------------------------
PT Panin Bank(1) 4,000,000 7,306,817
-------------------------------------------------------------------------------------------------
Shin Han Bank Ltd. 238,330 5,460,671
-------------------------------------------------------------------------------------------------
Skandinaviska Enskilda Banken Group(3) 3,480,000 21,075,150
-------------------------------------------------------------------------------------------------
Standard Chartered Bank PLC 3,206,468 13,273,584
------------
117,637,135
- -------------------------------------------------------------------------------------------------------------------------------
MONEY CENTER BANKS--1.3% Citicorp 632,300 26,872,750
- -------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--20.6%
- -------------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS Ceramica Carabobo CA Sponsored ADR, Cl. B (3)(4) 770,000 5,208,047
GROUP--0.7% -------------------------------------------------------------------------------------------------
Cimentos De Portugal SA 240,000 4,247,786
-------------------------------------------------------------------------------------------------
Thai-German Ceramic Industry Company Ltd. 1,000,000 5,045,042
------------
14,500,875
</TABLE>
7 Oppenheimer Global Fund
<PAGE>
------------------------------------------------------------
------------------------------------------------------------
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONGLOMERATES--3.1% Commercial del Plata 1,921,200 $6,666,144
-------------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 2,000,000 9,447,143
-------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Ltd.(2) 3,000,000 25,429,638
-------------------------------------------------------------------------------------------------
Kinnevik Investments AB, Series B Free(2) 800,000 23,261,755
------------
64,804,680
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.4% BBC Brown Boveri AG 20,000 17,238,367
-------------------------------------------------------------------------------------------------
LEM Holdings SA(4) 27,300 6,783,530
-------------------------------------------------------------------------------------------------
Sumitomo Electric Industries Ltd. 400,000 5,900,774
------------
29,922,671
- -------------------------------------------------------------------------------------------------------------------------------
ENGINEERING AND BAU Holdings AF, Preference(4) 70,000 5,673,848
CONSTRUCTION--4.9% -------------------------------------------------------------------------------------------------
Dong-AH Construction Industrial Co. 201,735 8,537,175
-------------------------------------------------------------------------------------------------
Empresas ICA Sociedad Controladora SA de C.V.(2) 248,500 8,014,125
-------------------------------------------------------------------------------------------------
Foster Wheeler Corp. 200,000 6,875,000
-------------------------------------------------------------------------------------------------
Grontmij NV(4) 205,612 7,323,877
-------------------------------------------------------------------------------------------------
Grupo Tribasa, SA de C.V.(3) 229,350 8,428,613
-------------------------------------------------------------------------------------------------
IHC Caland NV 450,000 10,694,599
-------------------------------------------------------------------------------------------------
Juan Minetti SA(3) 869,069 5,561,691
-------------------------------------------------------------------------------------------------
Leighton Holdings Ltd.(4) 9,128,500 13,915,365
-------------------------------------------------------------------------------------------------
Raito Kogyo Co. Ltd. 306,000 7,265,833
-------------------------------------------------------------------------------------------------
Trafalgar House PLC 10,369,000 13,735,616
-------------------------------------------------------------------------------------------------
VA Technologie AG(1)(3) 75,000 7,480,412
------------
103,506,154
- -------------------------------------------------------------------------------------------------------------------------------
MACHINERY: DIVERSIFIED--1.4% Bobst Bearers AG 11,180 14,237,338
-------------------------------------------------------------------------------------------------
Daifuku 600,000 8,729,912
-------------------------------------------------------------------------------------------------
Powerscreen International PLC 552,000 2,746,442
-------------------------------------------------------------------------------------------------
Tampella AB(3) 942,000 3,234,981
------------
28,948,673
- -------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING:
- -------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED INDUSTRIALS--3.9% Autoliv AB(3) 503,000 15,130,168
-------------------------------------------------------------------------------------------------
CBI Industries, Inc. 385,000 10,443,125
-------------------------------------------------------------------------------------------------
Duewag AG(3) 2,774 699,063
-------------------------------------------------------------------------------------------------
Madeco SA, ADR 100,000 3,325,000
-------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 1,784,000 13,879,752
-------------------------------------------------------------------------------------------------
Nylex Malaysia Berhad 1,500,000 3,451,320
-------------------------------------------------------------------------------------------------
Stewart & Stevenson Services, Inc. 400,000 15,200,000
-------------------------------------------------------------------------------------------------
Valmet Corp., Cl. A(3) 520,000 9,784,277
-------------------------------------------------------------------------------------------------
Vitro Sociedad Anonima, A 400,000 10,350,000
------------
82,262,705
</TABLE>
8 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
POLLUTION CONTROL--0.5% Elco Looser Holdings Inhaber 12,740 $ 7,271,097
-------------------------------------------------------------------------------------------------
WMX Technologies, Inc. 125,000 3,609,375
------------
10,880,472
- -------------------------------------------------------------------------------------------------------------------------------
RAILROADS--0.4% Voest-Alpine Eisenbahnsysteme AG(1) 67,333 8,294,432
- -------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION:
- -------------------------------------------------------------------------------------------------------------------------------
MISCELLANEOUS--4.3% Brambles Industries Ltd. 1,450,000 14,699,973
-------------------------------------------------------------------------------------------------
Kvaerner Industrier AS(2)(4) 849,230 35,906,457
-------------------------------------------------------------------------------------------------
Lisnave-Estaleiros Navais de Lisbona SA(3) 350,000 1,688,052
-------------------------------------------------------------------------------------------------
Malaysian Helicopter Services 1,000,000 3,100,339
-------------------------------------------------------------------------------------------------
Malaysian International Shipping Corp. 1,999,666 6,667,542
-------------------------------------------------------------------------------------------------
Sembawang Shipyard Ltd. 1,500,000 12,040,488
-------------------------------------------------------------------------------------------------
Singmarine Industries Ltd. 2,500,000 6,475,557
-------------------------------------------------------------------------------------------------
Unitor Ships Service AS(2) 600,000 10,916,503
------------
91,494,911
- -------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--12.0%
- -------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE AND Microsoft Corp.(3) 480,600 26,973,675
SERVICES--2.0% -------------------------------------------------------------------------------------------------
Oracle Systems Corp. 250,000 10,750,000
-------------------------------------------------------------------------------------------------
SHL Systemhouse, Inc.(3) 718,000 4,038,750
------------
41,762,425
- -------------------------------------------------------------------------------------------------------------------------------
COMPUTER SYSTEMS--0.6% First Data Corp. 92,500 4,648,125
-------------------------------------------------------------------------------------------------
International Business Machines Corp. 100,000 6,950,000
------------
11,598,125
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Solectron Corp.(2)(3) 124,000 3,270,500
INSTRUMENTATION--0.2%
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Advanced Micro Devices, Inc.(3) 558,300 16,609,425
SEMICONDUCTORS--2.3% -------------------------------------------------------------------------------------------------
Applied Materials, Inc.(3) 150,000 7,012,500
-------------------------------------------------------------------------------------------------
Motorola, Inc. 100,000 5,275,000
-------------------------------------------------------------------------------------------------
National Semiconductor Corp.(3) 500,000 7,812,500
-------------------------------------------------------------------------------------------------
Tokyo Ohka Kogyo 300,000 11,215,512
------------
47,924,937
</TABLE>
9 Oppenheimer Global Fund
<PAGE>
------------------------------------------------------------
------------------------------------------------------------
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT AND Canon, Inc. 500,000 $ 8,790,536
SUPPLIES--0.4%
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--6.5% A T & T Corp. 400,000 21,600,000
-------------------------------------------------------------------------------------------------
AirTouch Communications, Inc.(3) 600,000 17,175,000
-------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications 12,519 11,283,870
-------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co. Sponsored ADR 100,000 5,375,000
-------------------------------------------------------------------------------------------------
Millicom International Cellular SA(3) 751,256 16,809,353
-------------------------------------------------------------------------------------------------
Nippon Telegraph & Telephone Corp. 1,200 10,669,892
-------------------------------------------------------------------------------------------------
Pakistan Telecommunications, GDR(1)(3) 64,800 12,538,800
-------------------------------------------------------------------------------------------------
Shinawatra Computer Company Ltd. 400,000 12,108,100
-------------------------------------------------------------------------------------------------
Technology Resources Industries(3) 2,500,000 10,236,967
-------------------------------------------------------------------------------------------------
Vodafone Group 6,242,655 19,443,230
------------
137,240,212
- -------------------------------------------------------------------------------------------------------------------------------
UTILITIES--9.3%
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC COMPANIES--3.5% AES Corp. (The) 174,472 3,445,822
-------------------------------------------------------------------------------------------------
Central Costanera SA Cl. B 250,000 899,943
-------------------------------------------------------------------------------------------------
Korea Electric Power Co. 500,000 23,162,636
-------------------------------------------------------------------------------------------------
Sithe Energies, Inc.(3) 315,000 3,898,125
-------------------------------------------------------------------------------------------------
Veba AG 125,000 41,450,378
------------
72,856,904
- -------------------------------------------------------------------------------------------------------------------------------
TELEPHONE--5.8% Compania de Telefonos de Chile SA 194,100 17,032,275
-------------------------------------------------------------------------------------------------
Societa Finanziora Telefonica SpA(2) 2,913,000 9,028,432
-------------------------------------------------------------------------------------------------
Telecommunication de Argentina, Cl. B 1,500,000 10,019,369
</TABLE>
10 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE (continued) Telecomunicazioni SpA 12,463,000 $ 35,152,047
--------------------------------------------------------------------------------------------------
Telefonica de Argentina SA, ADR, Cl. B(2) 130,000 9,002,500
--------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 1,400,000 18,891,686
--------------------------------------------------------------------------------------------------
Telefonos de Mexico SA, Sponsored ADR 375,000 23,437,500
--------------
122,563,809
--------------------------------------------------------------------------------------------------
Total Common Stocks (Cost $1,533,425,663) 1,827,967,516
--------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $1,793,074,288) 100.0% 2,107,145,290
--------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets 0.0 (34,263)
------ --------------
Net Assets 100.0% $2,107,111,027
------ --------------
------ --------------
<FN>
1. Restricted security--See Note 6 of Notes to Financial Statements.
2. Loaned security--See Note 5 of Notes to Financial Statements.
3. Non-income producing security.
4. 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 year ended September 30, 1994. The aggregate fair value of all
securities of affiliated companies as of September 30, 1994 amounted to $64,871,349. Transactions during the period in which the
issuer was an affiliate are as follows:
Balance Balance
September 30, 1993 Gross Additions Gross Reductions September 30, 1994 Dividend
------------------ --------------- ---------------- ------------------ --------
Shares Cost Shares Cost Shares Cost Shares Cost Income
- -------------------------------------------------------------------------------------------------------------------------------
BAU Holdings AF,
Preference(5) 151,400 $ 16,382,522 2,000 $ 198,960 83,400 $9,811,042 70,000 $6,770,440 $ 114,137
- -------------------------------------------------------------------------------------------------------------------------------
Boskalis
Westminster
Koniniije(5) 300,000 4,598,990 -- -- 300,000 4,598,990 0 0 --
- -------------------------------------------------------------------------------------------------------------------------------
Ceramica
Carabobo CA
Sponsored ADR,
Cl. B 770,000 4,229,354 -- -- -- -- 770,000 4,229,354 --
- -------------------------------------------------------------------------------------------------------------------------------
Grontmij NV 287,212 7,922,778 4,032 21 85,632 2,263,497 205,612 5,659,302 173,996
- -------------------------------------------------------------------------------------------------------------------------------
Kvaerner
Industrier AS 500,000 15,252,354 425,000 18,507,156 75,770 2,621,473 849,230 31,138,037 278,630
- -------------------------------------------------------------------------------------------------------------------------------
K-V
Pharmaceutical
Co., Cl. A 441,800 2,382,650 -- -- 65,000 262,300 376,800 2,120,350 --
- -------------------------------------------------------------------------------------------------------------------------------
K-V
Pharmaceutical
Co., Cl. B 335,900 1,210,273 3,700 15,011 74,700 296,563 264,900 928,721 --
- -------------------------------------------------------------------------------------------------------------------------------
Leighton
Holdings
Ltd.(5) 11,665,353 10,717,234 428,500 724,625 2,965,353 2,991,591 9,128,500 8,450,268 632,211
- -------------------------------------------------------------------------------------------------------------------------------
LEM
Holdings SA 25,200 5,066,252 2,100 514,563 -- -- 27,300 5,580,815 243,716
- -------------------------------------------------------------------------------------------------------------------------------
Neozyme II
Corp., Units 146,000 2,205,987 -- -- -- -- 146,000 2,205,987 --
- -------------------------------------------------------------------------------------------------------------------------------
PT Kabelmetal
Indonesia 810,000 1,781,696 430,000 384,800 1,240,000 2,166,496 0 0 --
- -------------------------------------------------------------------------------------------------------------------------------
Rhoen Klinikum
AG,
Preference(5) 26,511 8,593,699 5,303 161,893 -- -- 31,814 8,755,592 260,217
- -------------------------------------------------------------------------------------------------------------------------------
Schaerf AG,
Preference(5) 16,400 4,429,604 -- -- 16,400 4,429,604 0 0 --
- -------------------------------------------------------------------------------------------------------------------------------
Signalbau Huber
AG,
Preference(5) 20,607 7,285,543 -- -- 20,607 7,285,543 0 0 --
- -------------------------------------------------------------------------------------------------------------------------------
Vienna
International
Airport(5) 290,000 13,734,848 -- -- 140,000 6,640,372 150,000 7,094,476 175,720
---------- ------------ ------- ----------- --------- ----------- --------- ----------- ----------
$105,793,784 $20,507,029 $43,367,471 $82,933,342 $1,878,627
---------- ------------ ------- ----------- --------- ----------- --------- ----------- ----------
---------- ------------ ------- ----------- --------- ----------- --------- ----------- ----------
5. Not an affiliate as of September 30, 1994.
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
--------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES September 30, 1994
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS Investments, at value (including repurchase agreements
of $212,900,000) (cost $1,793,074,288)--see accompanying
statement $2,107,145,290
--------------------------------------------------------------------------
Collateral for securities loaned, at value--Note 5 132,497,560
--------------------------------------------------------------------------
Receivables:
Investments sold 16,494,205
Shares of beneficial interest sold 5,531,691
Dividends and interest 2,781,233
--------------------------------------------------------------------------
Other 107,076
--------------
Total assets 2,264,557,055
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
LIABILITIES Collateral for securities loaned--Note 5 132,497,560
--------------------------------------------------------------------------
Bank overdraft 6,305,451
--------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 12,423,431
Shares of beneficial interest redeemed 4,158,946
Distribution and service plan fees--Note 4 950,578
Custodian fees 326,544
Other 783,518
--------------
Total liabilities 157,446,028
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
NET ASSETS $2,107,111,027
--------------
--------------
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $1,580,693,639
NET ASSETS --------------------------------------------------------------------------
Overdistributed net investment income (4,537,834)
--------------------------------------------------------------------------
Accumulated net realized gain from investment and
foreign currency transactions 216,912,136
--------------------------------------------------------------------------
Net unrealized appreciation on investments and
translation of assets and liabilities
denominated in foreign currencies 314,043,086
--------------
Net assets $2,107,111,027
--------------
--------------
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on
net assets of $1,920,564,896 and 50,954,880 shares of
beneficial interest outstanding) $37.69
Maximum offering price per share (net asset value plus
sales charge of 5.75% of offering price) $39.99
--------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per
share (based on net assets of $186,546,131 and 4,993,283
shares of beneficial interest outstanding) $37.36
</TABLE>
See accompanying Notes to Financial Statements.
12 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
--------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Year Ended September 30, 1994
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Dividends:
Unaffiliated companies (net of withholding taxes of
$2,931,621) $19,565,961
Affiliated companies (net of withholding taxes of $152,158) 1,878,627
--------------------------------------------------------------------------
Interest 5,826,894
--------------------------------------------------------------------------
Securities lending fees--Note 5 497,168
--------------------------------------------------------------------------
Total income 27,768,650
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 4 11,927,942
--------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 3,044,364
Class B--Note 4 886,625
--------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 2,285,983
--------------------------------------------------------------------------
Custodian fees and expenses 1,555,028
--------------------------------------------------------------------------
Shareholder reports 1,068,116
--------------------------------------------------------------------------
Trustees' fees and expenses 168,907
--------------------------------------------------------------------------
Legal and auditing fees 78,281
--------------------------------------------------------------------------
Registration and filing fees:
Class A 64,300
Class B 61,525
--------------------------------------------------------------------------
Other 398,964
--------------------------------------------------------------------------
Total expenses 21,540,035
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 6,228,615
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain (loss) from:
GAIN (LOSS) ON INVESTMENTS Investments:
AND FOREIGN CURRENCY Unaffiliated companies 216,715,062
TRANSACTIONS Affiliated companies 5,569,243
Foreign currency transactions 649,651
--------------------------------------------------------------------------
Net realized gain 222,933,956
--------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 12,393,060
Translation of assets and liabilities denominated in foreign
currencies 32,271,748
--------------------------------------------------------------------------
Net change 44,664,808
--------------------------------------------------------------------------
Net realized and unrealized gain on investments and foreign
currency transactions 267,598,764
--------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations $273,827,379
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS Year Ended September 30,
1994 1993
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income $6,228,615 $10,207,156
----------------------------------------------------------------------------------------------------
Net realized gain on investments and foreign currency
transactions 222,933,956 135,381,724
----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on
investments and translation of assets and liabilities
denominated in foreign currencies 44,664,808 60,465,689
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 273,827,379 206,054,569
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.251 and $.119 per share, respectively) (10,150,479) (4,821,327)
SHAREHOLDERS Class B ($.178 per share) (81,844) --
----------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments and
foreign currency transactions:
Class A ($3.365 and $.122 per share, respectively) (135,248,957) (4,976,171)
Class B ($3.365 per share) (1,541,613) --
----------------------------------------------------------------------------------------------------
Beneficial Interest
Transactions
Net increase (decrease) in net assets resulting from Class
A beneficial interest transactions--Note 2 407,788,581 (22,024,735)
----------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B beneficial
interest transactions--Note 2 177,716,315 5,954,666
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 712,309,382 180,187,002
----------------------------------------------------------------------------------------------------
Beginning of year 1,394,801,645 1,214,614,643
----------------------------------------------------------------------------------------------------
End of year [including undistributed (overdistributed)
net investment income of ($4,537,834) and $9,918,309,
respectively] $2,107,111,027 $1,394,801,645
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS A CLASS B
- -----------------------------------------------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
SEPTEMBER 30, SEPT. 30,
1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1994 1993(1)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <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 $38.29 $28.88 $17.36 $16.47 $34.99 $33.33
- -----------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income .17 .26 .17 .05 .02 .20 .04 .05 .12 .14 .08 .03
Net realized and unrealized
gain (loss) on investments and
foreign currency transactions 6.10 4.99 (1.50) 6.14 .29 9.11 (9.70) 13.28 11.56 1.71 5.83 1.63
- -----------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 6.27 5.25 (1.33) 6.19 .31 9.31 (9.66) 13.33 11.68 1.85 5.91 1.66
- -----------------------------------------------------------------------------------------------------------------------------
Dividends and distributions
to shareholders:
Dividends from net investment
income (.25) (.12) (.11) (.08) (.11) (.09) (.07) (.11) (.10) (.04) (.18) --
Distributions from net realized
gain on investments and foreign
currency transactions (3.37) (.12) (.58) (1.69) (3.00) (1.73) (5.62) (3.81) (.06) (.92) (3.36) --
- -----------------------------------------------------------------------------------------------------------------------------
Total dividends and
distributions to
shareholders (3.62) (.24) (.69) (1.77) (3.11) (1.82) (5.69) (3.92) (.16) (.96) (3.54) --
- -----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of
period $37.69 $35.04 $30.03 $32.05 $27.63 $30.43 $22.94 $38.29 $28.88 $17.36 $37.36 $34.99
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(2) 19.19% 17.67% (4.23)% 23.71% .79% 42.87% (25.17)% 52.65% 67.63% 12.00% 18.10% 3.64%
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) $1,921 $1,389 $1,215 $1,076 $720 $523 $371 $601 $372 $232 $187 $6
- -----------------------------------------------------------------------------------------------------------------------------
Average net assets (in
millions) $1,711 $1,213 $1,194 $899 $672 $446 $398 $473 $331 $226 $88 $3
- -----------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding
at end of period (in
thousands) 50,955 39,632 40,441 33,585 26,056 17,183 16,191 15,708 12,891 13,347 4,993 172
- -----------------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at
end of period (in thousands) N/A $-- $60,000 $60,000 $60,000 $30,000 $30,000 $35,000 $22,000 $14,000 N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------
Average amount of debt
outstanding throughout each
period (in thousands) N/A $18,247 $60,000 $60,000 $42,877 $30,000 $31,052 $26,290 $19,058 $3,877 N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------
Average number of shares
outstanding throughout each
period (in thousands) N/A 39,853 37,435 30,607 21,982 16,968 17,173 15,099 13,205 14,476 N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------
Average amount of debt per
share outstanding throughout
each period N/A $.46 $1.60 $1.96 $1.95 $1.77 $1.81 $1.74 $1.44 $.27 N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) .38% .84% .55% .22% .16% .73% .15% .16% .47% .81% (.3%) 1.52%(3)
Expenses 1.15% 1.18% 1.36% 1.65% 1.68% 1.90% 1.89% 1.49% 1.60% 1.21% 2.08% 2.40%(3)
- -----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 78.3% 86.9% 18.0% 19.9% 27.2% 62.6% 25.2% 37.0% 25.2% 29.0% 78.3% 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 year ended September 30, 1994 were $1,557,137,514 and $1,318,260,043,
respectively. See accompanying Notes to Financial Statements.
</TABLE>
15 Oppenheimer Global Fund
<PAGE>
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Global Fund (the Fund) is registered
ACCOUNTING POLICIES 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 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
foreign 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 year ended
September 30, 1994, a provision of $9,909 was made
for the Fund's projected benefit obligations
resulting in an accumulated liability of $168,869.
No payments have been made under the plan.
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on the
ex-dividend date.
16 Oppenheimer Global Fund
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
1. SIGNIFICANT Change in Accounting for Distributions to
ACCOUNTING POLICIES Shareholders. Effective October 1, 1993, the
(CONTINUED) Fund adopted Statement of Position 93--2:
Determination, Disclosure, and Financial
Statement Presentation of Income, Capital
Gain, and Return of Capital Distributions
by Investment Companies. As a result, the
Fund changed the classification of
distributions to shareholders to better
disclose the differences between financial
statement amounts and distributions
determined in accordance with income tax
regulations. Accordingly, subsequent to
September 30, 1993, amounts have been
reclassified to reflect an increase in
paid-in capital of $37,660,570, a decrease
in undistributed net investment income of
$10,130,636, and a decrease in undistributed
capital gain on investments of $27,529,934.
During the year ended September 30, 1994, in
accordance with Statement of Position 93--2,
undistributed net investment loss was
increased by $321,799 and undistributed
capital gain was increased by $321,799.
- -------------------------------------------------------------------------------
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 The Fund has authorized an unlimited number
BENEFICIAL INTEREST of no par value shares of beneficial interest
of each class. Transactions in shares of
beneficial interest were as follows:
<TABLE>
<CAPTION>
Year Ended September 30, 1994 Year Ended September 30, 1993(1)
----------------------------- --------------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 17,855,832 $660,092,556 9,261,030 $281,817,220
Dividends and distributions
reinvested 4,104,346 137,249,235 324,902 9,233,707
Redeemed (10,636,826) (389,553,210) (10,395,776) (313,075,662)
------------ ------------- ------------ -------------
Net increase (decrease) 11,323,352 $407,788,581 (809,844) $(22,024,735)
------------ ------------- ------------ -------------
------------ ------------- ------------ -------------
- -----------------------------------------------------------------------------------------------------------------------
Class B:
Sold 5,282,343 $194,604,861 174,932 $6,018,401
Dividends and distributions
reinvested 46,691 1,559,020 -- --
Redeemed (508,033) (18,447,566) (2,650) (63,735)
---------- ------------- -------- -----------
Net increase 4,821,001 $177,716,315 172,282 $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 At September 30, 1994, net unrealized
LOSSES ON INVESTMENTS appreciation on investments of $314,071,002
was composed of gross appreciation of
$348,141,897, and gross depreciation of
$34,070,895.
- -------------------------------------------------------------------------------
4. MANAGEMENT FEES AND Management fees paid to the Manager were in
OTHER TRANSACTIONS accordance with the investment advisory
WITH AFFILIATES agreement with the Fund which provides for an
annual fee of .80% on the first $250 million
of net assets, .77% on the next $250 million,
.75% on the next $500 million, .69% on the
next $1 billion and .67% on net assets in
excess of $2 billion. Prior to June 27, 1994,
management fees were as follows: .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 year ended September 30, 1994,
commissions (sales charges paid by investors)
on sales of Class A shares totaled $8,458,588,
of which $2,717,037 was retained by
Oppenheimer Funds Distributor, Inc. (OFDI),
a subsidiary of the Manager, as general
distributor, and by an affiliated
broker/dealer. During the year ended
September 30, 1994, OFDI received contingent
deferred sales charges of $113,861 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.
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
17 Oppenheimer Global Fund
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- -------------------------------------------------------------------------------
4. MANAGEMENT FEES AND OTHER accounts that hold shares of the Fund,
TRANSACTIONS WITH AFFILIATES including amounts paid to brokers, dealers,
(CONTINUED) banks and other financial 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 year ended September 30, 1994,
OFDI paid $147,794 and $286, respectively,
to an affiliated broker/dealer as
reimbursement for Class A and Class B
personal service and maintenance expenses
and retained $940,937 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 September 30,
1994, the Fund had on loan securities valued
at $132,497,560. Cash of $129,191,075 was
received as collateral for the loans, and has
been invested in the approved instruments
identified below. U.S. Treasury Notes valued
at $3,306,485 were also received as
collateral. 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 September 30, 1994
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
Repurchase agreement with First Boston Corp., 5.08%, dated 9/27/94 and maturing
on 12/30/94, collateralized by U.S. Treasury Bonds, STRIPS, 0%, 11/15/11, with
a value of $24,472,000 $24,472,000
- -----------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Merrill Lynch, 5.25%, dated 9/30/94 and maturing
10/3/94, collateralized by U.S. Treasury Bonds, STRIPS, 0%, 8/15/11--8/15/14,
with a value of $103,529,000 $103,529,000
U.S. Treasury Nts., 5.875%, 3/31/99 3,306,485
Cash on hand 1,190,075
- -----------------------------------------------------------------------------------------------------------------------
Collateral for securities loaned and cash on hand $132,497,560
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</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 the Act that are determined to
be liquid by the Board of Trustees or by the
Manager under Board-approved guidelines.
Restricted and illiquid securities, excluding
securities eligible for resale pursuant to
Rule 144A of the Act amount to $25,283,757,
or 1.2% of the Fund's net assets, at
September 30, 1994. Illiquid and/or
restricted securities, including those
restricted securities that are transferable
under Rule 144A of the Act are listed below.
<TABLE>
<CAPTION>
Valuation Per Unit as
Security Acquisition Date Cost Per Unit of September 30, 1994
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Banco Nacional de Mexico SA, 7% Exch.
Sub. Debs., 12/15/99(1) 12/1/92 $100.00 $116.13
- -----------------------------------------------------------------------------------------------------------------------
Clinica y Maternidad Suizo Argentina SA 4/12/94 $3,883.33 $4,161.44
- -----------------------------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored ADR(1) 3/26/93--4/22/93 $38.37 $57.88
- -----------------------------------------------------------------------------------------------------------------------
Hansol Paper Ltd., Sponsored GDR(1) 2/4/93 $13.46 $29.00
- -----------------------------------------------------------------------------------------------------------------------
International Container Terminal
Services, Inc., 6% Cv. Sr. Nts., 2/19/00(1) 2/19/93 $100.00 $140.00
- -----------------------------------------------------------------------------------------------------------------------
Kia Motors Corp. GDS(1) 5/6/94--8/11/94 $27.39 $23.50
- -----------------------------------------------------------------------------------------------------------------------
PT Panin Bank(1) 7/28/93--9/22/94 $1.02 $1.83
- -----------------------------------------------------------------------------------------------------------------------
Pakistan Telecommunications, GDR(1) 9/19/94--9/30/94 $185.30 $193.50
- -----------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV 5/27/92 $11.18 $9.33
- -----------------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 $17.27 $24.19
- -----------------------------------------------------------------------------------------------------------------------
Taipei Fund Cl. B, IDR 12/20/93--3/4/94 $71,203.69 $94,250.00
- -----------------------------------------------------------------------------------------------------------------------
Tung Ho Steel Enterprise Corp., GDR(1) 9/9/94 $17.20 $17.00
- -----------------------------------------------------------------------------------------------------------------------
VA Technologie AG(1) 8/26/94--9/13/94 $105.45 $99.74
- -----------------------------------------------------------------------------------------------------------------------
Voest-Alpine Eisenbahnsysteme AG(1) 7/19/93--12/20/93 $104.51 $123.19
- -----------------------------------------------------------------------------------------------------------------------
WPP Group PLC(1) 9/5/94 $1.79 $1.72
<FN>
1. Transferable under Rule 144A of the Act.
</TABLE>
18 Oppenheimer Global Fund
<PAGE>
- ---------------------------------------
INDEPENDENT AUDITORS' REPORT
- ---------------------------------------
The Board of Trustees and Shareholders of Oppenheimer Global Fund:
We have audited the accompanying statements of investments and assets and
liabilities of Oppenheimer Global Fund as of September 30, 1994, and the
related statement of operations for the year then ended, the statements
of changes in net assets for each of the years in the two-year period then
ended and the financial highlights for each of the years in the ten-year
period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of September 30, 1994, by correspondence
with the custodian and brokers; and where confirmations were not received from
brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Oppenheimer Global Fund as of September 30, 1994, the results of
its operations for the year then ended, the changes in its net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the ten-year period then ended, in
conformity with generally accepted accounting principles.
KPMG PEAT MARWICK LLP
Denver, Colorado
October 21, 1994
19 Oppenheimer Global Fund
<PAGE>
- -------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
- -------------------------------------------
In early 1995, shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 1994.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
A distribution of $3.365 per share was paid on November 30, 1993, of
which $3.264 was designated as a ``capital gain distribution'' for federal
income tax purposes. Whether received in stock or cash, the capital gain
distribution should be treated by shareholders as a gain from the sale of
capital assets held for more than one year (long-term capital gains).
Dividends paid by the Fund during the fiscal year ended September 30, 1994
which are not designated as capital gain distributions should be multiplied by
10.45% to arrive at the net amount eligible for the corporate dividend-received
deduction.
The Fund has elected the application of Section 853 of the Internal
Revenue Code to permit shareholders to take a federal income tax credit or
deduction, at their option, on a per share basis for an aggregate amount of
$3,083,779 of foreign income taxes paid by the Fund during the fiscal year
ended September 30, 1994. A separate notice will be mailed to each
shareholder in January of 1995, which will reflect the proportionate share of
such foreign taxes (as well as the dividend expected to be paid by the Fund
in December of 1994) which must be treated by shareholders as gross income
for federal income tax purposes.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Fund to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
20 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
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- -------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- -------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- -------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER Oppenheimer Shareholder Services
SERVICING AGENT
- -------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
- -------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
- -------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
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.
21 Oppenheimer Global Fund
<PAGE>
- -------------------------------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
- -------------------------------------------------------------------------------
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 OppenheimerFunds, 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.
- -------------------------------------------------------------------------------
Stock Funds Discovery Fund Global Fund
Global Emerging Growth Fund2 Oppenheimer Fund
Time Fund Value Stock Fund
Target Fund Gold & Special Minerals Fund
Growth Fund3
- -------------------------------------------------------------------------------
Stock & 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
- -------------------------------------------------------------------------------
Tax-Exempt Funds
New York Tax-Exempt Fund4
California Tax-Exempt Fund4
Pennsylvania Tax-Exempt Fund4
Florida Tax-Exempt Fund4
New Jersey Tax-Exempt Fund4
Tax-Free Bond Fund
Insured Tax-Exempt Bond Fund
Intermediate Tax-Exempt Bond Fund
- -------------------------------------------------------------------------------
Money Market Funds Money Market Fund Cash Reserves
1. The fee is waived for PhoneLink exchanges between existing accounts.
Exchange privileges are subject to change or termination.
2. Formerly Oppenheimer Global Bio-Tech Fund and Oppenheimer Global Environment
Fund.
3. Formerly Special Fund.
4. 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.
22 Oppenheimer Global Fund
<PAGE>
"HOW MAY I HELP YOU?"
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 PHOTO OF
DEVICE FOR THE DEAF BARBARA H.
1-800-843-4461
SERVICE FOR THE HEARING IMPAIRED. ICSA LOGO
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.
"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."
RA330.1194.N
[Logo] OPPENHEIMERFUNDS
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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