<PAGE>
Oppenheimer Global Fund
Annual Report September 30, 1995
[PHOTO]
"We have
ambitious
long-term
goals, so we
need our
investments
to grow
over time."
[LOGO]
<PAGE>
This Fund is for people who want to take advantage of outstanding GROWTH
opportunities the world over.
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the 10-Year Period Ended 9/30/95:
Oppenheimer Global Fund Class A (at NAV)(1)
400.41%
Lipper Global Funds Average(3)
285.67%
HOW YOUR FUND IS MANAGED
Oppenheimer Global Fund looks for outstanding growth opportunities around the
world. The Fund's manager searches out companies that stand to benefit from
one or more key global trends, such as telecommunications expansion, emerging
consumer markets, infrastructure development, and global integration. The
Fund has the flexibility to invest in companies in developed markets as well
as those in emerging markets that hold huge potential demand for goods and
services of the industrialized world.
PERFORMANCE
Total returns at net asset value for the 12 months ended 9/30/95 for Class A
and B shares were 9.26% and 8.34%, respectively.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5- and 10-year periods ended 9/30/95 and since
inception on 12/22/69 were 2.99%, 11.33%, 16.78% and 12.60%, respectively.
For Class B shares, average annual total returns for the 1-year period ended
9/30/95 and since inception of the Class on 8/17/93 were 3.50% and 13.02%,
respectively.(2)
OUTLOOK
"We think the outlook is extremely positive. We see continued growth in
Europe and great potential in Japan, and believe that the U.S. market, backed
by a steady economy, will continue to grow."
Bill Wilby, Portfolio Manager
September 30, 1995
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.
1. Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
2. Class A returns show results of hypothetical investments on 9/30/94, 9/30/90
and 9/30/85, after deducting the current maximum initial sales charge of 5.75%.
Class B shares show results of hypothetical investments on 9/30/94 and 8/17/93
(inception of class) and the deduction of the applicable contingent deferred
sales charge of 5% (1-year) and 3% (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. An explanation of the different total returns is in the
Fund's prospectus.
3. Source: Lipper Analytical Services. The Lipper total return average for the
10-year period was for 10 global funds. The average is shown for comparative
purposes only. Oppenheimer Global Fund is characterized by Lipper as a global
fund. Lipper performance does not take sales charges into consideration. The
Fund was not managed or offered as a "global" fund prior to 1987, but held
foreign securities in its portfolio prior to becoming a global fund.
2 Oppenheimer Global Fund
<PAGE>
Donald W. Spiro
President
Oppenheimer
Global Fund
Jon S. Fossel
Chairman
Oppenheimer
Management
Corporation
Dear OppenheimerFunds Shareholder,
This has been a year of significant differences in the performance of world
stock markets--highlighting the advantages of global funds.
As you may know, global funds have flexibility to invest in both U.S. and
foreign securities, and can change portfolio weightings depending on the
outlook for specific areas or sectors. This is a major advantage because most
stock markets around the world generally move independently of one
another--and this year has been no different--so having the flexibility to
own a portfolio of stocks throughout the world is an especially powerful
diversification tool to lower risk.
Specifically, 1995 is turning out to be an outstanding year for the
domestic stock market while performance overseas has lagged. Driven by
moderate growth with low inflation, falling interest rates, and surging
corporate profitability, the U.S. stock market is well ahead of the
international stock market indices. Moreover, by engineering a "soft landing"
for the U.S. economy, the Federal Reserve created an excellent environment
for stock performance, the main reason our global funds have allocated a
relatively large percentage of their portfolios to the U.S. stock market
until overseas market performance improves.
One of the reasons foreign markets have continued to fall behind the U.S.
market is that earnings of non-U.S. companies have been, until recently,
negatively affected by a weak dollar, especially in Europe and Japan.
Additionally, the devaluation of the Mexican peso late last year jolted
investor confidence in Latin America, which undermined confidence in emerging
markets throughout the world. Thus, many of the markets that performed well
in the early 1990s have performed relatively poorly year-to-date.
As time goes by, the investment values around the world will be
recognized by investors, and we expect many overseas markets to rebound. And
our portfolio managers are preparing for this occurrence. Indeed, as is
typical, there are already early signs of rotation away from U.S. companies
toward international companies, particularly those that focus on exporting.
The primary reason is that the U.S. dollar has finally begun to strengthen
significantly against other major foreign currencies, most notably the
Japanese yen. When the dollar is strong, overseas exporters benefit because
their goods are more competitively priced in world markets, so major
exporters across Europe and Japan should benefit from this development.
In 1995, the U.S. stock market was the clear winner. Next year, it could
be Europe or Asia. Or even Latin America. We're confident that by being able
to diversify investments throughout the world, we will be ready to
participate in any environment.
Your portfolio manager discusses the outlook for your Fund on the
following pages. Thank you for your confidence in OppenheimerFunds, and we
look forward to helping you reach your investment goals in the future.
/s/ Donald W. Spiro /s/ Jon S. Fossel
Donald W. Spiro Jon S. Fossel
October 23, 1995
3 Oppenheimer Global Fund
<PAGE>
Q WHAT IS YOUR OUTLOOK FOR THE FUND?
Q+A AN INTERVIEW WITH YOUR FUND'S MANAGER.
HOW HAS GLOBAL FUND PERFORMED OVER THE LAST 12 MONTHS?
The Fund performed well, primarily as a result of a large position in U.S.
stocks, which more than offset the lagging performance of foreign markets
against the U.S. stock market over the past year.
Having the flexibility to search out companies in the U.S. and around the
world that stand to benefit from one or more of the key global themes has
allowed us to capitalize on significant growth trends.
PERFORMANCE BETWEEN GLOBAL MARKETS VARIED GREATLY OVER THE YEAR. WHY?
Two primary factors caused the U.S. and foreign markets to move in opposite
directions--the peso devaluation, which caused heavy selling in emerging
markets, and weakness in the dollar, which added to the poor performance in
developed markets.
The dollar's weakness contributed to a rise in the prices of U.S.
technology stocks with international sales. They benefited from increased
sales overseas, plus currency profits from translating overseas sales back
into weaker dollars. Of course, any foreign investment is subject to adverse
market changes due to currency fluctuations, and sometimes those shifts can
be sharp. By diversifying the portfolio, by country and industry, we're able
to help mitigate those risks. Thus, foreign company stocks outside of
emerging markets were sold off because the weak dollar made their exports
comparatively more expensive. This, in turn, held earnings down.
HOW HAVE YOU SHIFTED THE PORTFOLIO REGIONALLY?
We made three major moves in the portfolio over the year--a move out of and
then back into Latin America, a move into the U.S. in late 1994, and a recent
move into Japan.
In the beginning of 1995, during the peso difficulties, we sold our
Mexican holdings. We also sold Argentine bank stocks believing that though
their fundamentals were strong,
4 Oppenheimer Global Fund
<PAGE>
A OUR OUTLOOK IS EXTREMELY POSITIVE.
FACING PAGE
Top left: Bill Wilby, Portfolio Manager
Top right: The equity trading desk
THIS PAGE
Jim Ayer, member of the Global Investments team
they'd be most impacted by Mexico-related selling--and we were right. In
March, once we felt the Latin American market had bottomed, we began to
rebuild our positions. For example, in Argentina, we purchased bank stocks
at less than half of what we'd sold them for, and we also began a move into
Brazil.
Late in 1994, we sold some emerging markets stocks and held a larger cash
position than usual. So early this year, we invested some of that cash in the
U.S., in which we had a positive outlook. We increased our domestic exposure
with a focus on technology and financial stocks from 20% to 35%--a move that
worked out well for us in the first half of this year.
We also put some of our cash to work in Asia. Today, we hold roughly 11.6%
of the portfolio in Japan, focusing on technology companies. While many
Japanese technology stocks hit all-time lows, their American counterparts
were setting record highs--despite the fact that their earnings were just as
strong. So in late summer, we began trimming U.S. technology stocks after
their dramatic run-up, and adding Japanese technology stocks in their
place--in effect, selling high and buying low.(1)
BEYOND GEOGRAPHY, WHAT DO YOU LOOK FOR?
The companies we invest in fit one of eight major themes we feel define the
future growth of global economies. These worldwide trends, such as
telecommunications expansion, emerging consumer markets, infrastructure
development and global integration, among others, are the driving force
behind our disciplined "global theme" strategy.
HAS THE DOLLAR'S RENEWED STRENGTH IMPACTED THE PORTFOLIO?
We think the dollar's renewed strength has three implications for world
markets. First, we should see exchange-rate sensitive, export-oriented
cyclical companies in both Japan and Europe outperform for the same reasons
they underperformed when the dollar was weak. We've seen it begin in Japan,
and believe Europe will follow as the dollar continues to strengthen against
the Deutsche mark. We also expect to see better performance from emerging
markets. Dollar strength should bring European and Japanese investors back to
dollar-based markets like Hong Kong and Latin America. And finally, a
stronger dollar should bring foreign investors into the U.S. market. In the
U.S., we believe it will be smaller, growth-oriented stocks that will benefit.
WHAT IS YOUR OUTLOOK FOR THE FUND?
We think the outlook is extremely positive. One of the benefits of investing
globally is exposure to a number of different markets so that you can take
advantage of opportunities all over the world, as well as reduce the risks of
investing in any one market. We see continued growth in Europe and great
potential in Japan, and believe that the U.S. market, backed by a steady
economy, will continue to grow. / /
1. The Fund's portfolio is subject to change.
5 Oppenheimer Global Fund
<PAGE>
FINANCIALS
CONTENTS
STATEMENT OF INVESTMENTS 7
STATEMENT OF ASSETS & LIABILITIES 15
STATEMENT OF OPERATIONS 16
STATEMENTS OF CHANGES IN NET ASSETS 17
FINANCIAL HIGHLIGHTS 18
NOTES TO FINANCIAL STATEMENTS 20
6 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--94.1%
- ---------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--6.0%
- ---------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.3% Minerals Technologies, Inc. 645,000 $24,268,125
-------------------------------------------------------------------------------------------------------
Rhodia-Ster SA, GDR, Preference(1)(8) 577,500 7,724,063
----------
31,992,188
- ---------------------------------------------------------------------------------------------------------------------------------
METALS--1.0% Dofasco, Inc. 651,700 7,862,364
-------------------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B(2) 192,500 4,932,813
-------------------------------------------------------------------------------------------------------
Kurimoto Ltd. 293,000 3,148,301
-------------------------------------------------------------------------------------------------------
Ugine SA 150,000 9,684,014
----------
25,627,492
- ---------------------------------------------------------------------------------------------------------------------------------
PAPER--3.7% Asia Pulp & Paper Co. Ltd., ADR(2) 1,042,400 12,639,100
-------------------------------------------------------------------------------------------------------
Corticeira Amorim SA 496,100 5,641,835
-------------------------------------------------------------------------------------------------------
Duratex SA, Preference 56,100,000 2,884,304
-------------------------------------------------------------------------------------------------------
Mo Och Domsjoe AB Free, Series B 382,000 24,043,147
-------------------------------------------------------------------------------------------------------
Stone Container Corp. 600,000 11,400,000
-------------------------------------------------------------------------------------------------------
Stora Kopparbergs Bergslags AB, Series B 1,945,750 26,262,744
-------------------------------------------------------------------------------------------------------
Svenska Cellulosa AB, Series B 600,000 10,870,172
----------
93,741,302
- ---------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--8.0%
- ---------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--2.0% Autobacs Seven Co., Ltd. 100,000 9,934,108
-------------------------------------------------------------------------------------------------------
Casa Anglo Brasileira SA, Preference 15,356,800 1,369,625
-------------------------------------------------------------------------------------------------------
General Motors Corp. 200,000 9,375,000
-------------------------------------------------------------------------------------------------------
Volkswagen AG 95,000 30,911,179
----------
51,589,912
- ---------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--
0.7% Genting Berhad 1,050,000 9,075,809
-------------------------------------------------------------------------------------------------------
Shimano, Inc. 400,000 8,109,476
-------------------------------------------------------------------------------------------------------
17,185,285
- ---------------------------------------------------------------------------------------------------------------------------------
MEDIA--2.2% Carlton Communications PLC 500,000 8,190,468
-------------------------------------------------------------------------------------------------------
Comcast Corp., Cl. A 850,200 16,897,725
-------------------------------------------------------------------------------------------------------
News Corp. Ltd., ADR(8) 1,000,000 22,000,000
-------------------------------------------------------------------------------------------------------
Reuters Holdings PLC, Series B, ADR 165,500 8,750,813
----------
55,839,006
- ---------------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.3% Promodes SA(8) 65,000 15,792,784
-------------------------------------------------------------------------------------------------------
Singer Co. NV (The) 250,000 6,656,250
-------------------------------------------------------------------------------------------------------
Sonae Industria E. Investimentos 489,000 11,482,017
----------
33,931,051
</TABLE>
7 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL: SPECIALTY--1.8% Benetton Group SpA 1,000,000 $10,518,150
-------------------------------------------------------------------------------------------------------
Gehe AG 28,000 13,380,672
-------------------------------------------------------------------------------------------------------
Gehe AG (New)(2) 6,999 3,231,561
-------------------------------------------------------------------------------------------------------
Giordano International Ltd. 10,000,000 9,183,170
-------------------------------------------------------------------------------------------------------
VBH Verein Baubesch Handel 29,810 9,133,967
----------
45,447,520
- ---------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--16.4%
- ---------------------------------------------------------------------------------------------------------------------------------
BEVERAGES--1.6% Buenos Aires Embotelladora SA, Sponsored ADR(2) 190,000 4,417,500
-------------------------------------------------------------------------------------------------------
Fomento Economico Mexicano SA, Cl. B, Sponsored ADR(1) 2,415,000 6,487,897
-------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 153,000 28,947,565
----------
39,852,962
- ---------------------------------------------------------------------------------------------------------------------------------
FOOD--0.3% PT Indofood Sukses Makmur 1,531,750 7,384,981
- ---------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--9.4% Amgen, Inc.(2) 400,000 19,950,000
-------------------------------------------------------------------------------------------------------
Astra AB Free, Series A 1,000,000 35,873,013
-------------------------------------------------------------------------------------------------------
Ciba-Geigy AG 40,000 32,235,353
-------------------------------------------------------------------------------------------------------
Genentech, Inc.(2) 400,000 19,450,000
-------------------------------------------------------------------------------------------------------
Genzyme Corp.(2) 500,435 29,025,230
-------------------------------------------------------------------------------------------------------
Johnson & Johnson 400,000 29,650,000
-------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(2)(3) 376,800 3,297,000
-------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(2)(3) 264,900 2,317,875
-------------------------------------------------------------------------------------------------------
Plant Genetics Systems(2)(6) 887,280 10,633,472
-------------------------------------------------------------------------------------------------------
Sankyo Co. Ltd. 200,000 4,581,854
-------------------------------------------------------------------------------------------------------
Sanofi SA 305,442 19,594,952
-------------------------------------------------------------------------------------------------------
Schering AG 153,200 11,347,765
-------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 1,434,000 20,060,004
-----------
238,016,518
- ---------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES &
SERVICES--5.1% Clinica y Maternidad Suizo Argentino(2)(6) 1,800 9,452,034
-------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 424,000 20,617,000
-------------------------------------------------------------------------------------------------------
Pharmacia AB, Series A(8) 600,100 18,062,221
-------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(2)(6) 318,473 16,910,916
-------------------------------------------------------------------------------------------------------
Rhoen Klinikum AG, Preference 31,014 28,334,275
-------------------------------------------------------------------------------------------------------
Stryker Corp. 300,000 13,987,500
-------------------------------------------------------------------------------------------------------
Tenet Healthcare Corp.(2) 400,000 6,950,000
-------------------------------------------------------------------------------------------------------
U.S. Healthcare, Inc. 350,000 12,381,250
-------------------------------------------------------------------------------------------------------
United States Surgical Corp. 100,000 2,675,000
-----------
129,370,196
</TABLE>
8 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY--5.0%
- ---------------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES &
PRODUCERS--2.0% Baker Hughes, Inc. 575,000 $11,715,625
-------------------------------------------------------------------------------------------------------
Coflexip SA, Sponsored ADR 681,000 10,470,375
-------------------------------------------------------------------------------------------------------
Global Marine, Inc.(2) 2,135,000 15,211,875
-------------------------------------------------------------------------------------------------------
McDermott International, Inc. 270,000 5,332,500
-------------------------------------------------------------------------------------------------------
Transocean AS(2) 410,000 6,652,129
----------
49,382,504
- ---------------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--3.0% British Petroleum Co. PLC 182,454 16,398,053
-------------------------------------------------------------------------------------------------------
Total B 175,000 10,620,848
-------------------------------------------------------------------------------------------------------
OMV AG 200,000 18,677,695
-------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 237,100 29,104,025
----------
74,800,621
- ---------------------------------------------------------------------------------------------------------------------------------
FINANCIAL--15.3%
- ---------------------------------------------------------------------------------------------------------------------------------
BANKS--8.7% Banco Bradesco SA, Preference 1,216,239,718 11,676,759
-------------------------------------------------------------------------------------------------------
Banco de Galicia Y Buenos Aires, ADR(2)(8) 500,000 9,000,000
-------------------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA, ADR(2)(8) 470,000 10,163,750
-------------------------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA, Cl. E 250,000 10,093,750
-------------------------------------------------------------------------------------------------------
BankAmerica Corp. 250,000 14,968,750
-------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. 300,000 18,337,500
-------------------------------------------------------------------------------------------------------
Chemical Banking Corp. 300,000 18,262,500
-------------------------------------------------------------------------------------------------------
Citicorp 632,300 44,735,225
-------------------------------------------------------------------------------------------------------
HSBC Holdings PLC 1,000,000 13,904,095
-------------------------------------------------------------------------------------------------------
Industrial Finance Corp.(3) 5,929,999 18,206,099
-------------------------------------------------------------------------------------------------------
Korea Exchange Bank (New)(2) 117,330 1,344,056
-------------------------------------------------------------------------------------------------------
Korea Exchange Bank(2) 736,670 8,860,753
-------------------------------------------------------------------------------------------------------
Northern Trust Corp. 300,000 13,800,000
-------------------------------------------------------------------------------------------------------
Philippine National Bank(2) 750,000 7,843,974
-------------------------------------------------------------------------------------------------------
PT Lippo Bank 2,995,000 7,104,203
-------------------------------------------------------------------------------------------------------
PT Panin Bank 3,750,000 4,550,971
-------------------------------------------------------------------------------------------------------
Turkiye Garanti Bankasi AS (New)(1) 927,000 6,684,968
-----------
219,537,353
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--
3.0% American Express Co. 440,000 19,525,000
-------------------------------------------------------------------------------------------------------
First NIS Regional Fund(1)(2)(7) 1,320,000 8,778,000
-------------------------------------------------------------------------------------------------------
H & R Block, Inc. 200,000 7,600,000
-------------------------------------------------------------------------------------------------------
Inversiones Y Representacion(2) 1,214,700 2,891,350
-------------------------------------------------------------------------------------------------------
MBNA Corp. 200,000 8,325,000
-------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 300,000 18,750,000
-------------------------------------------------------------------------------------------------------
Nomura Securities Co. Ltd. 500,000 9,832,739
----------
75,702,089
</TABLE>
9 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE--3.6% American International Group, Inc. 300,000 $25,500,000
-------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner AG 9,500 6,135,502
-------------------------------------------------------------------------------------------------------
National Mutual Asia Ltd. 9,000,000 6,926,180
-------------------------------------------------------------------------------------------------------
Skandia Forsakrings AB 1,000,000 23,602,566
-------------------------------------------------------------------------------------------------------
Swiss Reinsurance 30,000 29,502,658
----------
91,666,906
- ---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--14.8%
- ---------------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--
1.8% Hitachi Ltd. 900,000 9,853,013
-------------------------------------------------------------------------------------------------------
LEM Holdings SA(3) 25,000 9,573,134
-------------------------------------------------------------------------------------------------------
Murata Mfg. Co. Ltd. 250,000 9,427,265
-------------------------------------------------------------------------------------------------------
Ushio, Inc. 800,000 8,920,423
-------------------------------------------------------------------------------------------------------
Yokogawa Electric Corp. 800,000 7,176,886
----------
44,950,721
- ---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--
0.3% Cimpor Cimentos de Portugal SA 114,800 1,873,078
-------------------------------------------------------------------------------------------------------
International de Ceramica--UB(2)(3) 385,000 514,139
-------------------------------------------------------------------------------------------------------
Schmalbach-Lubeca AG 20,000 4,033,879
---------
6,421,096
- ---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--6.3% Adia SA(2) 120,000 21,931,180
-------------------------------------------------------------------------------------------------------
First Data Corp. 376,000 23,312,000
-------------------------------------------------------------------------------------------------------
Grontmij NV(3) 100 2,304
-------------------------------------------------------------------------------------------------------
IHC Caland NV 700,000 19,906,950
-------------------------------------------------------------------------------------------------------
ISS International Service System AS, Series B 800,000 21,149,746
-------------------------------------------------------------------------------------------------------
JGC Corp. 970,000 11,209,323
-------------------------------------------------------------------------------------------------------
Raito Kogyo Co. Ltd.(8) 608,000 12,696,195
-------------------------------------------------------------------------------------------------------
Secom Co. Ltd. 150,000 10,035,476
-------------------------------------------------------------------------------------------------------
WMX Technologies, Inc. 515,000 14,677,500
-------------------------------------------------------------------------------------------------------
WPP Group PLC 10,420,000 24,572,671
-----------
159,493,345
- ---------------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--3.6% Bobst Bearers AG(8) 11,180 17,319,018
-------------------------------------------------------------------------------------------------------
Bombardier, Inc., Cl. B 1,477,900 17,281,351
-------------------------------------------------------------------------------------------------------
Buderus AG 18,000 7,880,822
-------------------------------------------------------------------------------------------------------
Commercial del Plata SA(2) 1,921,200 4,496,175
-------------------------------------------------------------------------------------------------------
Mori Seiki Co., Ltd. 400,000 7,987,834
-------------------------------------------------------------------------------------------------------
Plettac AG 16,556 4,409,665
-------------------------------------------------------------------------------------------------------
Powerscreen International PLC 1,980,000 11,281,480
-------------------------------------------------------------------------------------------------------
Valmet Corp., Cl. A 626,000 20,424,311
----------
91,080,656
</TABLE>
10 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION--2.8% Brambles Industries Ltd.(8) 1,500,000 $16,529,699
-------------------------------------------------------------------------------------------------------
Kvaerner AS, Series B 300,000 12,755,975
-------------------------------------------------------------------------------------------------------
Lisnave-Estaleiros Navais de Lisbona SA(2) 872,500 3,788,021
-------------------------------------------------------------------------------------------------------
Mayne Nickless Ltd. 5,000,000 23,662,378
-------------------------------------------------------------------------------------------------------
Singmarine Industries Ltd. 1,747,000 3,934,161
-------------------------------------------------------------------------------------------------------
Unitor Ships Service AS 632,000 9,698,377
----------
70,368,611
- ---------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--23.5%
- ---------------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--5.6% Canon USA, Inc. 500,000 8,971,107
-------------------------------------------------------------------------------------------------------
Compaq Computer Corp.(2) 275,000 13,303,125
-------------------------------------------------------------------------------------------------------
Digital Equipment Corp.(2) 919,800 41,965,875
-------------------------------------------------------------------------------------------------------
International Business Machines Corp. 449,700 42,440,438
-------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 326,500 7,999,250
-------------------------------------------------------------------------------------------------------
QUALCOMM, Inc.(2) 175,000 8,028,125
-------------------------------------------------------------------------------------------------------
Tokyo Electron Ltd.(8) 420,000 18,349,716
-----------
141,057,636
- ---------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--3.8% CSK Corp. 150,000 4,515,964
-------------------------------------------------------------------------------------------------------
Nintendo Co. Ltd. 641,600 47,152,546
-------------------------------------------------------------------------------------------------------
Novell, Inc.(2) 1,864,200 34,021,650
-------------------------------------------------------------------------------------------------------
Oracle Corp.(2) 142,500 5,468,438
-------------------------------------------------------------------------------------------------------
Sap AG, Preference 25,000 4,084,830
----------
95,243,428
- ---------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--8.9% Advanced Micro Devices, Inc.(2) 378,300 11,017,988
-------------------------------------------------------------------------------------------------------
General Motors Corp., Cl. H 400,000 16,400,000
-------------------------------------------------------------------------------------------------------
Hewlett-Packard Co. 100,000 8,337,500
-------------------------------------------------------------------------------------------------------
Intel Corp. 240,000 14,430,000
-------------------------------------------------------------------------------------------------------
Keyence Corp. 40,000 4,987,328
-------------------------------------------------------------------------------------------------------
Kyocera Corp. 250,000 20,628,479
-------------------------------------------------------------------------------------------------------
Motorola, Inc. 150,000 11,456,250
-------------------------------------------------------------------------------------------------------
Nokia Corp., ADR 108,000 7,533,000
-------------------------------------------------------------------------------------------------------
OKI Electric Industry Co.(2)(8) 1,000,000 9,305,623
-------------------------------------------------------------------------------------------------------
Omron Corp. 460,000 10,724,782
-------------------------------------------------------------------------------------------------------
Philips Electronics NV(8) 1,657,800 81,177,417
-------------------------------------------------------------------------------------------------------
Rohm Co. 204,000 12,945,156
-------------------------------------------------------------------------------------------------------
Samsung Electronics Co.(2) 34,357 8,142,009
-------------------------------------------------------------------------------------------------------
Uniden Corp. 383,000 6,871,867
-----------
223,957,399
</TABLE>
11 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS-
TECHNOLOGY--5.2% Airtouch Communications, Inc.(2) 400,000 $12,250,000
-------------------------------------------------------------------------------------------------------
AT&T Corp. 200,000 13,150,000
-------------------------------------------------------------------------------------------------------
Kinnevik Investments AB Free, Series B(8) 400,000 12,212,704
-------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp. 18,019 16,560,907
-------------------------------------------------------------------------------------------------------
Millicom International Cellular SA(2) 1,144,456 36,765,649
-------------------------------------------------------------------------------------------------------
Millicom, Inc.(2) 207,000 --
-------------------------------------------------------------------------------------------------------
Nippon Comsys Corp.(8) 500,000 6,538,265
-------------------------------------------------------------------------------------------------------
Petersburg Long Distance, Inc.(2) 1,259,000 8,026,125
-------------------------------------------------------------------------------------------------------
Technology Resources Industries Berhad(2) 5,276,000 13,765,196
-------------------------------------------------------------------------------------------------------
Vodafone Group PLC 3,022,222 12,699,576
-----------
131,968,422
- ---------------------------------------------------------------------------------------------------------------------------------
UTILITIES--5.1%
- ---------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--2.3% Compagnie Generale des Eaux 203,472 19,600,658
-------------------------------------------------------------------------------------------------------
Korea Electric Power Co. 400,000 15,048,164
-------------------------------------------------------------------------------------------------------
Veba AG 600,000 23,887,029
----------
58,535,851
- ---------------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES--1.1% Hong Kong & China Gas 14,200,000 22,866,092
-------------------------------------------------------------------------------------------------------
Transportadora de Gas del Sur SA(8) 453,700 4,763,850
----------
27,629,942
- ---------------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--1.7% Telecomunicacoes Brasileiras SA, Preference 529,200,000 24,875,962
-------------------------------------------------------------------------------------------------------
Telefonica de Argentina SA, Sponsored ADR(8) 45,000 1,074,375
-------------------------------------------------------------------------------------------------------
Telefonica del Peru SA, Cl. B 6,468,349 12,377,985
-------------------------------------------------------------------------------------------------------
Telefonos de Mexico SA, Sponsored ADR 155,300 4,930,774
----------
43,259,096
-------------
Total Common Stocks (Cost $1,981,592,348) 2,375,034,089
- ---------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK--0.9%
- ---------------------------------------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg. (Cost $22,412,648) 91,050 22,907,302
UNITS
- ---------------------------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- ---------------------------------------------------------------------------------------------------------------------------------
American Satellite Network, Inc. Wts., Exp. 6/99 51,750 --
-------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR Rts., Exp. 10/95 326,500 375,475
-------------------------------------------------------------------------------------------------------
Plant Genetics Systems Wts., Exp. 12/99(6) 187,500 375,492
-------
Total Rights, Warrants and Certificates (Cost $0) 750,967
</TABLE>
12 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE Repurchase agreement with First Chicago Capital Markets, 6.35%, dated
AGREEMENTS--3.4% 9/29/95, to be repurchased at $86,945,985 on 10/2/95, collateralized by
U.S. Treasury Nts., 4.25%--8.75%, 11/30/95--8/15/00, with a value of
$59,246,914, U.S. Treasury Bills maturing 12/28/95--3/28/96, with a
value of $13,450,803, and U.S. Treasury Bonds, 8.50%--13.25%,
5/15/14--2/15/20, with a value of $16,105,685 (Cost $86,900,000) $86,900,000 $86,900,000
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,090,904,996) 98.4% 2,485,592,358
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.6 41,061,513
------------ --------------
NET ASSETS 100.0% $2,526,653,871
------------ --------------
------------ --------------
</TABLE>
<TABLE>
<CAPTION>
Distribution of investments by country of issue, as a percentage of total investments at value, is as
follows:
COUNTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------------------------------------------------------
United States $874,263,194 35.2%
-------------------------------------------------------------------------------------------------------
Japan 283,963,731 11.4
-------------------------------------------------------------------------------------------------------
Germany 169,678,447 6.8
-------------------------------------------------------------------------------------------------------
Sweden 159,301,292 6.4
-------------------------------------------------------------------------------------------------------
Netherlands 141,199,660 5.7
-------------------------------------------------------------------------------------------------------
France 114,711,196 4.6
-------------------------------------------------------------------------------------------------------
Switzerland 110,561,342 4.4
-------------------------------------------------------------------------------------------------------
Great Britain 81,893,063 3.3
-------------------------------------------------------------------------------------------------------
Australia 62,192,077 2.5
-------------------------------------------------------------------------------------------------------
Hong Kong 52,879,538 2.1
-------------------------------------------------------------------------------------------------------
Korea, Republic of (South) 49,955,890 2.0
-------------------------------------------------------------------------------------------------------
Brazil 48,530,712 2.0
-------------------------------------------------------------------------------------------------------
Argentina 46,259,034 1.9
-------------------------------------------------------------------------------------------------------
Norway 29,106,481 1.2
-------------------------------------------------------------------------------------------------------
Canada 25,143,715 1.0
-------------------------------------------------------------------------------------------------------
Malaysia 22,841,005 0.9
-------------------------------------------------------------------------------------------------------
Portugal 22,784,951 0.9
-------------------------------------------------------------------------------------------------------
Denmark 21,149,746 0.9
-------------------------------------------------------------------------------------------------------
Finland 20,424,311 0.8
-------------------------------------------------------------------------------------------------------
Indonesia 19,040,155 0.8
-------------------------------------------------------------------------------------------------------
Austria 18,677,695 0.8
-------------------------------------------------------------------------------------------------------
Thailand 18,206,099 0.7
-------------------------------------------------------------------------------------------------------
Russia 16,804,125 0.7
-------------------------------------------------------------------------------------------------------
Singapore 16,573,261 0.6
-------------------------------------------------------------------------------------------------------
Peru 12,377,985 0.5
-------------------------------------------------------------------------------------------------------
Mexico 11,932,811 0.5
-------------------------------------------------------------------------------------------------------
Italy 10,518,150 0.4
-------------------------------------------------------------------------------------------------------
Panama 10,093,750 0.4
-------------------------------------------------------------------------------------------------------
Philippines 7,843,974 0.3
-------------------------------------------------------------------------------------------------------
Turkey 6,684,968 0.3
-------------- ------
Total $2,485,592,358 100.0%
-------------- ------
-------------- ------
</TABLE>
1. Represents a security sold under Rule 144A, which
is exempt from registration under the Securities
Act of 1933, as amended. This security has been
determined to be liquid under guidelines
established by the Board of Trustees. These
securities amount to $29,674,928 or 1.17% of the
Fund's net assets, at September 30, 1995.
2. Non-income producing security.
13 Oppenheimer Global Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------
3. 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
twelve months ended September 30, 1995. The
aggregate fair value of all securities of
affiliated companies as of September 30, 1995
amounted to $33,908,247. Transactions during the
period in which the issuer was an affiliate are
as follows:
<TABLE>
<CAPTION>
BALANCE SEPTEMBER 30, 1994 GROSS ADDITIONS GROSS REDUCTIONS BALANCE SEPTEMBER 30, 1995
SHARES COST SHARES COST SHARES COST SHARES COST INCOME
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grontmij NV(4) 205,612 $5,659,302 8,212 $-- 213,724 $5,659,302 100 $-- $224,413
- -----------------------------------------------------------------------------------------------------------------------------------
Industrial
Finance Corp.(5) 5,500,000 9,156,314 3,429,999 5,627,606 3,000,000 4,844,393 5,929,999 9,939,527 287,077
- -----------------------------------------------------------------------------------------------------------------------------------
International
de Ceramica--UB 770,000 4,229,354 -- -- 385,000 2,221,401 385,000 2,007,953 --
- -----------------------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical
Co., Cl. A 376,800 2,120,350 -- -- -- -- 376,800 2,120,350 --
- -----------------------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical
Co., Cl. B 264,900 928,721 -- -- -- -- 264,900 928,721 --
- -----------------------------------------------------------------------------------------------------------------------------------
Kvaerner AS,
Series B 849,230 31,138,037 -- -- 849,230 31,138,037 -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 27,300 5,580,815 -- -- 2,300 556,260 25,000 5,024,555 283,915
- -----------------------------------------------------------------------------------------------------------------------------------
Neozyme II Corp.,
Units 146,000 2,205,987 -- -- 146,000 2,205,987 -- -- --
----------- ---------- ----------- ----------- --------
$61,018,880 $5,627,606 $46,625,380 $20,021,106 $795,405
----------- ---------- ----------- ----------- --------
----------- ---------- ----------- ----------- --------
</TABLE>
4. Not an affiliate as of September 30, 1995.
5. Not an affiliate as of September 30, 1994.
6. Identifies issues considered to be illiquid--See
Note 6 of Notes to Financial Statements.
7. First NIS Regional Fund, a closed-end fund listed
on the Luxembourg Stock Exchange, is offered in
installments. The Fund entered the first
installment (40% of the total commitment) on
November 29, 1994. The second and third
installments (30% each of the total commitment) are
provisional and may be postponed indefinitely at
the discretion of the Board of NIS Fund.
8. Loaned Security--See Note 5 of Notes to Financial
Statements.
See accompanying Notes to Financial Statements.
14 Oppenheimer Global Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995
<TABLE>
<S> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS Investments, at value--see accompanying statement:
Unaffiliated companies (cost $2,070,883,890) $2,451,684,111
Affiliated companies (cost $20,021,106) 33,908,247
-------------------------------------------------------------------------------------------------------
Cash 2,999,374
-------------------------------------------------------------------------------------------------------
Receivables:
Investments sold 57,385,862
Shares of beneficial interest sold 4,217,030
Interest and dividends 3,708,083
Collateral for securities on loan--Note 5 99,459,557
-------------------------------------------------------------------------------------------------------
Other 235,393
-------------
Total assets 2,653,597,657
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Net unrealized depreciation on forward foreign currency exchange contracts--Note 7 74,667,783
-------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 15,010,682
Shares of beneficial interest redeemed 5,537,969
Distribution and service plan fees--Note 4 1,183,262
Payable for return of collateral for securities on loan--Note 5 99,459,557
Shareholder reports 349,810
Transfer and shareholder servicing agent fees 227,292
Trustees' fees--Note 1 187,942
Other 319,489
-------------------------------------------------------------------------------------------------------
Total liabilities 126,943,786
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets $2,526,653,871
--------------
--------------
- ---------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $2,004,455,631
NET ASSETS -------------------------------------------------------------------------------------------------------
Undistributed net investment income 13,182,028
-------------------------------------------------------------------------------------------------------
Accumulated net realized gain from investment and foreign currency transactions 118,689,010
-------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 390,327,202
--------------
Net assets $2,526,653,871
--------------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets of $2,186,172,825
and 59,349,162 shares of beneficial interest outstanding) $36.84
Maximum offering price per share (net asset value plus sales charge of 5.75% of
offering price) $39.09
-------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $340,481,046 and 9,414,987 shares of beneficial interest outstanding) $36.16
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Global Fund
<PAGE>
STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 1995
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME Interest $ 14,532,780
-------------------------------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $1,984,336) 31,218,516
Affiliated companies (net of foreign withholding taxes of $187,826) 795,405
Lending fees--Note 5 500,000
------------
Total income 47,046,701
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 4 16,152,873
-------------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 3,540,735
Class B 2,565,109
-------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 3,569,242
-------------------------------------------------------------------------------------------------------
Custodian fees and expenses 1,527,046
-------------------------------------------------------------------------------------------------------
Shareholder reports 1,057,985
-------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 84,944
-------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 30,427
Class B 44,407
-------------------------------------------------------------------------------------------------------
Legal and auditing fees 52,313
-------------------------------------------------------------------------------------------------------
Insurance expenses 40,109
-------------------------------------------------------------------------------------------------------
Other 269,677
-------------------------------------------------------------------------------------------------------
Total expenses 28,934,867
- ---------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 18,111,834
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain on:
GAIN (LOSS) ON Investments:
INVESTMENTS AND Unaffiliated companies 72,536,985
FOREIGN CURRENCY Affiliated companies 8,274,238
Foreign currency transactions 37,846,605
------------
Net realized gain 118,657,828
-------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 87,556,192
Translation of assets and liabilities denominated in foreign currencies (11,272,076)
------------
Net change 76,284,116
------------
Net realized and unrealized gain on investments and foreign currency 194,941,944
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $213,053,778
------------
------------
</TABLE>
See accompanying Notes to Financial Statements.
16 Oppenheimer Global Fund
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30,
1995 1994
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS Net investment income $ 18,111,834 $ 6,228,615
-------------------------------------------------------------------------------------------------------
Net realized gain on investments and foreign currency
transactions 118,657,828 222,933,956
-------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on
investments and translation of assets and liabilities
denominated in foreign currencies 76,284,116 44,664,808
-------------- --------------
Net increase in net assets resulting from operations 213,053,778 273,827,379
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A ($.251 per share) -- (10,150,479)
SHAREHOLDERS Class B ($.178 per share) -- (81,844)
-------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments and foreign
currency transactions:
Class A ($3.749 and $3.365 per share, respectively) (194,601,466) (135,248,957)
Class B ($3.749 and $3.365 per share, respectively) (22,711,659) (1,541,613)
- ---------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from Class A beneficial
TRANSACTIONS interest transactions--Note 2 273,668,816 407,788,581
-------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B beneficial
interest transactions--Note 2 150,133,375 177,716,315
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 419,542,844 712,309,382
-------------------------------------------------------------------------------------------------------
Beginning of period 2,107,111,027 1,394,801,645
-------------- --------------
End of period [including undistributed (overdistributed)
net investment income of $13,182,028 and $(4,537,834),
respectively] $2,526,653,871 $2,107,111,027
-------------- --------------
-------------- --------------
See accompanying Notes to Financial Statements.
</TABLE>
17 Oppenheimer Global Fund
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------
YEAR ENDED SEPTEMBER 30,
1995 1994 1993 1992 1991
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $37.69 $35.04 $30.03 $32.05 $27.63
-------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .31 .17 .26 .17 .05
Net realized and unrealized gain (loss) on
investments and foreign currency 2.59 6.10 4.99 (1.50) 6.14
------ ------ ------- ------- -------
Total income (loss) from investment operations 2.90 6.27 5.25 (1.33) 6.19
-------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.25) (.12) (.11) (.08)
Distributions from net realized gain on
investments and foreign currency transactions (3.75) (3.37) (.12) (.58) (1.69)
------ ------ ------ ------- -------
Total dividends and distributions to
shareholders (3.75) (3.62) (.24) (.69) (1.77)
-------------------------------------------------------------------------------------------------
Net asset value, end of period $36.84 $37.69 $35.04 $30.03 $32.05
------ ------ ------ ------- -------
------ ------ ------ ------- -------
-------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) 9.26% 19.19% 17.67% (4.23)% 23.71%
-------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $2,186 $1,921 $1,389 $1,215 $1,076
-------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,979 $1,711 $1,213 $1,194 $899
-------------------------------------------------------------------------------------------------
Number of shares outstanding at end of
period (in thousands) 59,349 50,955 39,632 40,441 33,585
-------------------------------------------------------------------------------------------------
Amount of debt outstanding at end of period
(in thousands) N/A N/A $-- $60,000 $60,000
-------------------------------------------------------------------------------------------------
Average amount of debt oustanding throughout
each period (in thousands) N/A N/A $18,247 $60,000 $60,000
-------------------------------------------------------------------------------------------------
Average number of shares outstanding
throughout each period (in thousands) N/A N/A 39,853 37,435 30,607
-------------------------------------------------------------------------------------------------
Average amount of debt per share
outstanding throughout each period N/A N/A $.46 $1.60 $1.96
-------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) .90% .38% .84% .55% .22%
Expenses 1.20% 1.15% 1.18% 1.36% 1.65%
-------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 84.4% 78.3% 86.9% 18.0% 19.9%
</TABLE>
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. Total
returns are not annualized for periods of less than one full year.
18 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
CLASS A CLASS B
-------------------------------------------------- -------------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
1990 1989 1988 1987 1986 1995 1994 1993(1)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $30.43 $22.94 $38.29 $28.88 $17.36 $37.36 $34.99 $33.33
- ------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .02 .20 .04 .05 .12 .06 .08 .03
Net realized and unrealized gain (loss) on
investments and foreign currency .29 9.11 (9.70) 13.28 11.56 2.49 5.83 1.63
------- ------- ------- ------- ------- ------ ------ ------
Total income (loss) from investment operations .31 9.31 (9.66) 13.33 11.68 2.55 5.91 1.66
- ------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.11) (.09) (.07) (.11) (.10) -- (.18) --
Distributions from net realized gain on
investments and foreign currency transactions (3.00) (1.73) (5.62) (3.81) (.06) (3.75) (3.36) --
------- ------- ------- ------- ------- ------ ------ ------
Total dividends and distributions to
shareholders (3.11) (1.82) (5.69) (3.92) (.16) (3.75) (3.54) --
- ------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $27.63 $30.43 $22.94 $38.29 $28.88 $36.16 $37.36 $34.99
------- ------- ------- ------- ------- ------ ------ ------
------- ------- ------- ------- ------- ------ ------ ------
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(2) .79% 42.87% (25.17)% 52.65% 67.63% 8.34% 18.10% 3.64%
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $720 $523 $371 $601 $372 $340 $187 $6
- ------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $672 $446 $398 $473 $331 $258 $88 $3
- ------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at end of
period (in thousands) 26,056 17,183 16,191 15,708 12,891 9,415 4,993 172
- ------------------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end of period
(in thousands) $60,000 $30,000 $30,000 $35,000 $22,000 N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------
Average amount of debt oustanding throughout
each period (in thousands) $42,877 $30,000 $31,052 $26,290 $19,058 N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------
Average number of shares outstanding
throughout each period (in thousands) 21,982 16,968 17,173 15,099 13,205 N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------
Average amount of debt per share
outstanding throughout each period $1.95 $1.77 $1.81 $1.74 $1.44 N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) .16% .73% .15% .16% .47% .09% (.30)% 1.52%(3)
Expenses 1.68% 1.90% 1.89% 1.49% 1.60% 2.03% 2.08% 2.40%(3)
- ------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 27.2% 62.6% 25.2% 37.0% 25.2% 84.4% 78.3% 86.9%
</TABLE>
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 period ended
September 30, 1995 were $2,047,739,414 and $1,735,610,246, respectively.
See accompanying Notes to Financial Statements.
19 Oppenheimer Global Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- ------------------------------------------------------------------------------
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Global Fund (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer Management Corporation
(the Manager). The Fund offers both Class A and Class B shares. Class A
shares are sold with a front-end sales charge. Class B shares may be subject
to a contingent deferred sales charge. Both classes of shares have identical
rights to earnings, assets and voting privileges, except that each class has
its own distribution and/or service plan, expenses directly attributable to a
particular class and exclusive voting rights with respect to matters
affecting a single class. Class B shares will automatically convert to Class
A shares six years after the date of purchase. The following is a summary of
significant accounting policies consistently followed by the Fund.
- -------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange 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
and short-term ``non-money market'' debt securities are valued by a portfolio
pricing service approved by the Board of Trustees. Such securities which
cannot be valued by the approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is satisfied that the firm
rendering the quotes is reliable and that the quotes reflect current market
value, or under consistently applied procedures established by the Board of
Trustees to determine fair value in good faith. Short-term ``money market
type'' 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. Forward contracts are valued based on
the closing prices of the forward currency contract rates in the London
foreign exchange markets on a daily basis as provided by a reliable bank or
dealer.
- -------------------------------------------------------------------------------
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 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 Statement 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. The market value of the underlying securities is
required to be at least 102% of the resale price at the time of purchase. 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 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 or excise 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, 1995, a provision of $3,280 was made for the Fund's
projected benefit obligations and a payment of $3,122 was made to a retired
trustee, resulting in an accumulated liability of $169,027 at September 30,
1995.
20 Oppenheimer Global Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- -------------------------------------------------------------------------------
1. SIGNIFICANT
ACCOUNTING POLICIES (continued)
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- -------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax
purposes primarily because of the recognition of certain foreign currency
gains (losses) as ordinary income (loss) for tax purposes. The character of
the distributions made during the year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividend distributions, the
fiscal year in which amounts are distributed may differ from the year that
the income or realized gain (loss) was recorded by the Fund.
During the year ended September 30, 1995, 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, during the year ended
September 30, 1995, amounts have been reclassified to reflect a decrease in
paid-in capital of $40,199, a decrease in undistributed net investment income
of $391,972, and an increase in accumulated net realized gain on investments
of $432,171.
- -------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life
of the respective securities, in accordance with federal income tax
requirements. Realized gains and losses on investments and unrealized
appreciation and depreciation are determined on an identified cost basis,
which is the same basis used for federal income tax purposes.
- -----------------------------------------------------------------------------
2. SHARES OF
BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of
beneficial interest of each class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 1995 SEPTEMBER 30, 1994
SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------
Class A:<S> <C> <C> <C> <C>
Sold 14,970,471 $515,346,870 17,855,832 $660,092,556
Dividends and distributions reinvested 5,837,688 185,638,506 4,104,346 137,249,235
Redeemed (12,413,877) (427,316,560) (10,636,826) (389,553,210)
----------- ------------ ----------- ------------
Net increase 8,394,282 $273,668,816 11,323,352 $407,788,581
----------- ------------ ----------- ------------
----------- ------------ ----------- ------------
- -------------------------------------------------------------------------------------------------------
Class B:
Sold 5,628,673 $192,633,540 5,282,343 $194,604,861
Dividends and distributions reinvested 687,798 21,610,609 46,691 1,559,020
Redeemed (1,894,767) (64,110,774) (508,033) (18,447,566)
----------- ------------ ----------- ------------
Net increase 4,421,704 $150,133,375 4,821,001 $177,716,315
----------- ------------ ----------- ------------
----------- ------------ ----------- ------------
</TABLE>
- ------------------------------------------------------------------------------
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At September 30, 1995, net unrealized appreciation on investments of
$394,687,362 was composed of gross appreciation of $435,976,095, and gross
depreciation of $41,288,733.
- ------------------------------------------------------------------------------
4. MANAGEMENT FEES AND
OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .80% on the
first $250 million of average annual 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. The Manager
has voluntarily agreed to reduce the management fee to which it is entitled
under the Agreement to .65% on net assets in excess of $3.5 billion. The
Manager has agreed to reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent state regulatory limit on
Fund expenses.
For the year ended September 30, 1995, commissions (sales charges paid by
investors) on sales of Class A shares totaled $6,476,502, of which $1,984,299
was retained by Oppenheimer Funds Distributor, Inc. (OFDI), a subsidiary of
the Manager, as general distributor, and by an affiliated broker/dealer.
Sales charges advanced to broker/dealers by OFDI on sales of the Fund's Class
B shares totaled $6,065,266, of which $529,637 was paid to an affiliated
broker/dealer. During the year ended September 30, 1995, OFDI received
contingent deferred sales charges of $513,685 upon redemption of Class B
shares, as reimbursement for sales commissions advanced by OFDI at the time
of sale of such shares.
21 Oppenheimer Global Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- ------------------------------------------------------------------------------
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
(continued)
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 accounts that hold shares of the Fund,
including amounts paid to brokers, dealers, 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. At
September 30, 1995, OFDI had incurred unreimbursed expenses of $11,881,867.
During the year ended September 30, 1995, OFDI paid $198,942 and $18,200,
respectively, to an affiliated broker/dealer as reimbursement for Class A and
Class B personal service and maintenance expenses and retained $2,350,901 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, 1995, the Fund had on loan securities valued at
$99,459,557. Cash of $99,425,357 was received as collateral for the loans,
and has been invested in the approved instruments identified below. U.S.
Treasury Bonds valued at $34,200 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
Security September 30, 1995
- ------------------------------------------------------------------------------------------------------
<S> <C>
Repurchase agreement with First Boston Corp., 6.70%, dated 9/29/95 and
maturing on 10/2/95, collateralized by Federal Home Loan Mortgage Corp.,
5.292%--6.50%, 10/15/08--2/15/24, with a value of $51,520,200, and by Federal
National Mortgage Assn., 3.335%--8.40%, 12/25/00--10/25/22, with a value of
$47,858,800 $99,379,000
- -------------------------------------------------------------------------------------------------------
Repurchase agreement with First Boston Corp., 6.60%,
dated 9/29/95 and maturing on 12/29/95, collateralized by Federal National
Mortgage Assn., 5.733%, 11/25/16, with a value of $46,000 46,000
- -------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 9%, 11/15/18 34,200
- -------------------------------------------------------------------------------------------------------
Cash on hand 357
- -------------------------------------------------------------------------------------------------------
$99,459,557
-----------
-----------
</TABLE>
- ------------------------------------------------------------------------------
6. ILLIQUID AND
RESTRICTED SECURITIES
At September 30, 1995, investments in securities included issues that are
illiquid or restricted. The securities are often purchased in private
placement transactions, are not registered under the Securities Act of 1933,
may have contractual restrictions on resale, and 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 illiquid and restricted securities. The aggregate value of these
securities subject to this limitation at September 30, 1995 was $37,371,914,
which represents 1.48% of the Fund's net assets. Information concerning these
securities is as follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT AS
SECURITY ACQUISITION DATE COST PER UNIT OF SEPTEMBER 30, 1995
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 5/16/94 $3,883.33 $5,251.13
Plant Genetics Systems 5/27/92--3/7/95 $ 11.99 $ 11.98
- ------------------------------------------------------------------------------------------------------
Plant Genetics Systems Wts., Exp. 12/99 3/7/95 $ -- $ 2.00
- -------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 $ 17.27 $ 53.10
</TABLE>
Pursuant to guidelines adopted by the Board of Trustees, certain unregistered
securities are determined to be liquid and are not included within the 10%
limitation specified above.
22 Oppenheimer Global Fund
<PAGE>
- ------------------------------------------------------------------------------
7. FORWARD CONTRACTS
A forward foreign currency exchange contract (forward contract) is a
commitment to purchase or sell a foreign currency at a future date, at a
negotiated rate.
The Fund uses forward contracts to seek to manage foreign currency risks.
They may also be used to tactically shift portfolio currency risk. The Fund
generally enters into forward 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.
Forward contracts are valued based on the closing prices of the forward
currency contract rates in the London foreign exchange markets on a daily
basis as provided by a reliable bank or dealer. The Fund will realize a gain
or loss upon the closing or settlement of the forward transaction.
In this report, securities held in segregated accounts to cover net
exposure on outstanding forward contracts are noted in the Statement of
Investments where applicable. Unrealized appreciation or depreciation on
forward contracts is reported in the Statement of Assets and Liabilities.
Realized and unrealized gains and losses are reported with all other foreign
currency gains and losses in the Fund's Statement of Operations.
Risks include the potential inability of the counterparty to meet the
terms of the contract and unanticipated movements in the value of a foreign
currency relative to the U.S. dollar. At September 30, 1995, outstanding
forward contracts to purchase and sell currencies were as follows:
<TABLE>
<CAPTION>
CONTRACT UNREALIZED
AMOUNT VALUATION AS OF APPRECIATION
CONTRACTS TO PURCHASE EXCHANGE DATE (000S) SEPTEMBER 30, 1995 (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Brazilian Real (BRR) 10/2/95--10/3/95 66 BRR $68,912 $(27)
- -------------------------------------------------------------------------------------------------------
Japanese Yen (JPY) 10/4/95 457,515 JPY 4,640,969 39,132
---------- --------
$4,709,881 $39,105
---------- --------
---------- --------
CONTRACT UNREALIZED
AMOUNT VALUATION AS OF APPRECIATION
CONTRACTS TO SELL EXCHANGE DATE (000S) SEPTEMBER 30, 1995 (DEPRECIATION)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Canadian Dollar (CAD) 10/2/95 2,122 CAD $1,575,242 $(6,765)
- -------------------------------------------------------------------------------------------------------
German Deutsche Mark (DEM) 10/4/95--10/5/95 4,014 DEM 2,821,400 (12,149)
- -------------------------------------------------------------------------------------------------------
Hong Kong Dollar (HKD) 10/2/95 18,565 HKD 2,401,179 (610)
- -------------------------------------------------------------------------------------------------------
Japanese Yen (JPY) 10/2/95--12/22/95 8,821,572 JPY 90,463,976 (4,669,498)
- -------------------------------------------------------------------------------------------------------
Mexican Peso (MXP) 10/2/95 406 MXP 63,844 (260)
- -------------------------------------------------------------------------------------------------------
Netherlands Guilder (NLG) 10/2/95--10/3/95 145 NLG 91,104 (31)
- -------------------------------------------------------------------------------------------------------
Singapore Dollar (SGD) 10/4/95--10/6/95 240 SGD 169,047 (461)
- -------------------------------------------------------------------------------------------------------
Swiss Franc (CHF) 10/3/95 11,128 CHF 9,687,820 (2,503)
- -------------------------------------------------------------------------------------------------------
British Pound Sterling (GBP)10/2/95--10/3/95 1,024 GBP 1,620,427 (14,611)
------------ ----------
$108,894,039 (4,706,888)
------------ ----------
------------ ----------
$(4,667,783)
-----------
-----------
</TABLE>
23 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, 1995, 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. Our procedures included confirmation of
securities owned as of September 30, 1995, 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, 1995, 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 20, 1995
24 Oppenheimer Global Fund
<PAGE>
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
- ------------------------------------------------------------------------------
In early 1996, shareholders will receive information regarding all dividends
and distributions paid to them by the Fund during calendar year 1995.
Regulations of the U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
A distribution of $3.749 per share was paid on December 19, 1994, of which
$2.937 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, 1995
which are not designated as capital gain distributions should be multiplied
by 34.06% 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 $2,172,162
of foreign income taxes paid by the Fund during the fiscal year ended
September 30, 1995. A separate notice will be mailed to each shareholder in
January of 1996, 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
1995) 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.
25 Oppenheimer Global Fund
<PAGE>
OPPENHEIMER GLOBAL FUND
- ------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Bridget A. Macaskill, 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.
Shares of Oppenheimer funds are not deposits or obligations of any bank, are
not guaranteed by any bank, and are not insured by the FDIC or any other
agency, and involve investment risks, including possible loss of the
principal amount invested.
26 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
OPPENHEIMERFUNDS FAMILY
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OppenheimerFunds offers over 30 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 35 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 2.8 million shareholder accounts and more than $38 billion under Oppenheimer's
management and that of our affiliates.
At OppenheimerFunds, we don't charge a fee to exchange shares. And you can exchange shares easily by mail or
by telephone.1 For more information on Oppenheimer funds, 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 Fund Oppenheimer Fund
Target Fund Value Stock Fund
Growth Fund Gold & Special Minerals Fund
- -----------------------------------------------------------------------------------------------------------------------------------
STOCK & BOND FUNDS Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth &Income Fund Strategic Income & Growth Fund
- -----------------------------------------------------------------------------------------------------------------------------------
BOND FUNDS High Yield Fund Bond Fund
Champion Income Fund U.S. Government Trust
Strategic Income Fund Limited-Term Government Fund
International Bond Fund
- -----------------------------------------------------------------------------------------------------------------------------------
TAX-EXEMPT FUNDS New York Tax-Exempt Fund(2) New Jersey Tax-Exempt Fund(2)
California Tax-Exempt Fund(2) Tax-Free Bond Fund
Pennsylvania Tax-Exempt Fund(2) Insured Tax-Exempt Fund
Florida Tax-Exempt Fund(2) Intermediate Tax-Exempt Fund
- -----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS Money Market Fund Cash Reserves
1. Exchange privileges are subject to change or termination. Shares may be exchanged only to the same
class of eligible funds.
2. Available only to investors in certain states. Oppenheimer funds are distributed by Oppenheimer Funds
Distributor, Inc., Two World Trade Center, New York, NY 10048-0203.
-C- Copyright 1995 Oppenheimer Management Corporation. All rights reserved.
</TABLE>
27 Oppenheimer Global Fund
<PAGE>
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-8 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
PHONELINK
24 hours a day, automated
information and transactions
1-800-533-3310
TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
1-800-835-3104
RAO290.001.0986 November 30, 1995
[PHOTO]
Jennifer Leonard, Customer Service Representative
Oppenheimer Shareholder Services
"How may I help you?"
As an Oppenheimer funds shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or
ready account access, you can benefit from services designed to make
investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account
and handle administrative requests. You can reach them at our General
Information number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your Oppenheimer funds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
Oppenheimer Shareholder Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
- -------------------------------------------------------------------------------
[LOGO] --------------
Oppenheimer Funds Distributor, Inc. Bulk Rate
P.O. Box 5270 U.S. Postage
Denver, CO 80217-5270 PAID
Permit No. 377
Hackensack, NJ
--------------
