<PAGE> 1
OPPENHEIMER GLOBAL FUND
Semiannual Report March 31, 1995
"We have
ambitious
long-term
goals, so we
[PHOTO] need our
investments
to grow
over time."
[LOGO] OPPENHEIMER FUNDS
<PAGE> 2
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 3/31/95:
Oppenheimer Global Fund
Class A(4)
393.69%
Lipper Global Funds Average(1)
256.52%
THE FUND'S CLASS A SHARES
ARE RANKED **** AMONG
1,158 EQUITY FUNDS AS OF
3/31/95.(2)
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
PERFORMANCE
- --------------------------------------------------------------------------------
Total returns at net asset value for the 6 months ended 3/31/95 for Class A and
B shares were -3.46% and -3.86%, respectively.(3)
Many of the world's financial markets have been volatile recently and, like
many mutual funds, your Fund felt the effects. While difficult periods are hard
to accept, they're an inevitable part of investing. That's why keeping a
long-term perspective is crucial to getting the most from your investment and
helping you through short-term market fluctuations.
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5- and 10-year periods ended 3/31/95 and since
inception of the Class on 12/22/69 were -4.47%, 6.62%, 16.63% and 12.32%,
respectively. For Class B shares, average annual total returns for the 1-year
period ended 3/31/95 and since inception of the Class on 8/17/93 were -4.04% and
8.34%, respectively.(4)
- --------------------------------------------------------------------------------
OUTLOOK
- --------------------------------------------------------------------------------
"The past six months have been a challenging period for offshore investors, but
when you compare the performance of global and international funds, the
advantages of global investing are clear. With its global focus, this Fund
provides diversification, plus the flexibility to invest in the U.S. market in
volatile times."
Bill Wilby, Portfolio Manager
March 31, 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. Source: Lipper Analytical Services. The Lipper total return average for the
10-year period was for 12 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. Source: Morningstar Mutual Funds, 3/31/95. Morningstar, Inc., an independent
mutual fund monitoring service, produces proprietary monthly rankings of funds
in broad investment categories (equity, taxable bond, tax-exempt bond, or
"hybrid") based on risk-adjusted investment return, after considering sales
charges and expenses. Investment return measures a fund's (or class's) 3-, 5-
and 10-year (depending on the inception of the class or fund) average annual
total returns in excess of 90-day U.S. Treasury bill returns. Risk measures a
fund's (or class's) performance below 90-day U.S. Treasury bill returns. Risk
and returns are combined to produce star rankings, reflecting performance
relative to the average fund in a fund's category. Five stars is the highest
ranking (top 10%), 4 stars is "above average" and 1 star is the lowest (bottom
1%). The 4-star current ranking is a weighted average of the 3- and 5-year
rankings for the class, which were both 2 stars. The Fund was ranked among 1,158
equity funds. Rankings are subject to change. The Fund's Class A and B shares
have the same portfolio.
3. Based on the change in net asset value per share from 9/30/94 to 3/31/95,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
4. Class A returns show results of hypothetical investments on 4/1/94, 4/1/90
and 4/1/85, after deducting the current maximum initial sales charge of 5.75%.
Class B returns show results of hypothetical investments on 4/1/94 and 8/17/93
(inception of class) and the deduction of the applicable contingent deferred
sales charge of 5% (1-year) and 4% (since inception) for Class B shares. The
Fund's maximum sales charge rate for Class A shares was higher during a portion
of some of the periods shown, and actual investment results will be different as
a result of the change. An explanation of the different total returns is in the
Fund's prospectus.
2 Oppenheimer Global Fund
<PAGE> 3
[PHOTO]
Donald W. Spiro
President
Oppenheimer
Global Fund
[PHOTO]
Jon S. Fossel
Chairman and CEO
Oppenheimer
Management
Corporation
Dear OppenheimerFunds Shareholder,
As we review events in the world's stock markets over the past several months,
such as the devaluation of the Mexican peso, the political and economic
uncertainties surrounding much of Europe, and the dollar's decline against many
other major currencies, one question comes to mind: Is the bloom off the global
investing rose?
That's a good question and, at OppenheimerFunds, we believe there is a good
answer: For investors seeking the potential benefits of diversification--
improved returns and lower overall risk--global investing is actually more
important than ever before.
Given the current perception of heightened global risk, this may seem like
an unusual statement. But over the past two years, there has been an
unprecedented situation--almost universally favorable conditions in many of the
world's stock markets.
Starting in the early 1990s, investors began allocating increasing amounts
of capital offshore, causing stock prices worldwide to rise virtually in unison.
On the heels of Mexico's devaluation of the peso and following other events,
these conditions are changing. Capital inflows are diminishing and offshore
markets are no longer moving in lockstep. Instead, they are returning to their
historic pattern of differentiated performance, based on the fundamentals of
their economies, markets, and individual companies. And in our view--based on 20
years of global investing experience--this development is creating outstanding
opportunities to find value at attractive prices.
For example, stock prices in most markets across Latin America have been
affected by the devaluation of the Mexican peso. In many of these countries, we
believe the downturn simply isn't justified. Chile and Argentina, for instance,
have well-managed economies with strong currencies. As that becomes clear to
investors, we expect these markets to rebound strongly.
The same is true of Asia. While Japan continues to face significant issues
that will take time to work out, other Asian markets seem undervalued to us
relative to their growth potential. Increasingly, these markets should move on
their own merits, and those merits are substantial.
Europe also appears to have under-recognized strengths. In our view,
economic recovery is gaining steam across the continent, and the restructuring
of European industry for global competitiveness has proceeded at a remarkable
pace. While many companies are dealing with the pressures of a declining U.S.
dollar, which makes U.S. goods cheaper abroad, they are dealing with those
pressures well. And as the dollar rises--as we believe it will as the U.S.
trade deficit lessens and the need to support the Mexican peso abates--the
strength of European industry should be reflected in solid gains in sales,
earnings, and stock prices.
Your portfolio manager discusses the outlook for your Fund on the
following pages. We appreciate your trust in OppenheimerFunds, and we'll
continue to do our best to help meet your investment objectives in the future.
/s/Donald W. Spiro /s/Jon S. Fossel
- ------------------ ----------------
Donald W. Spiro Jon S. Fossel
April 24, 1995
3 Oppenheimer Global Fund
<PAGE> 4
Q+A [PHOTO]
Q What kinds of companies are you focusing on today?
An interview with your Fund's manager.
THE PAST SEVERAL MONTHS HAVE BEEN A DEMANDING PERIOD FOR INVESTMENT MARKETS
WORLDWIDE. HOW DID THE FUND RESPOND TO RECENT DEVELOPMENTS?
With the devaluation of the Mexican peso, we significantly shifted the Fund's
holdings toward developed markets in the U.S. and Europe, focusing on globally
competitive companies with strong balance sheets.
At this point, in fact, about a third of the Fund's portfolio is invested
in U.S. companies. We've focused primarily on companies in the technology,
medical equipment, and biotechnology fields--firms including Cisco Systems,
IBM, DEC, Advanced Micro Devices, Intel, and Amgen--where the U.S. is the
undisputed world leader.
DOES THIS SHIFT IN EMPHASIS TOWARD THE U.S. REFLECT A LOSS OF CONFIDENCE IN THE
GLOBAL MARKETS?
Not at all. Two-thirds of the Fund's portfolio is still invested offshore and,
in our view, the case for global investing is getting stronger every day. Over
the past few years, surging capital flows into emerging markets pushed stock
prices up almost indiscriminately. This year's events, notably the peso's
devaluation, should remind us that there are major political and economic
differences among the world's markets.
With the peso-driven sell-off behind us, offshore markets are once again
beginning to rise and fall on their own merits. What's more, stock prices in
many markets have declined to very attractive levels, opening new investment
opportunities. Of course, any foreign investment is subject to adverse market
changes due to currency fluctuations, and sometimes the shifts can be sharp. By
diversifying the portfolio, by country and industry, we're able to help mitigate
those risks.(1)
WHAT KINDS OF COMPANIES ARE YOU FOCUSING ON TODAY?
In searching for companies with the best potential for growth, we use a theme-
oriented approach to capitalize on key global growth trends. We hold the stocks
of companies with strong positions in key businesses driving the
1. The Fund's portfolio is subject to change.
4 Oppenheimer Global Fund
<PAGE> 5
FACING PAGE
Top left: Bill Wilby, Portfolio
Manager
Top right: The equity trading desk
THIS PAGE
Top: Jim Ayer, member of the
Global Investments team
Bottom: Robert Doll, Executive VP,
Director of Equity Investments,
with his assistant, Pat Andrzejewski
A Those
in key
businesses
driving
the global
economy.
global economy: healthcare, efficiency-enhancing technologies, infrastructure,
telecommunications, and emerging consumer markets.
ARE YOU FINDING INVESTMENT OPPORTUNITIES IN EUROPE?
We are indeed. Our recent purchases include Buderus, a German company and global
leader in heating and burning technology; Spar Handels, a German supermarket
with a fast-growing franchise in Central Europe; and a number of U.K. cable and
telecommunications stocks.
The performance of European markets has been held back by the dollar's
decline, which makes European goods more expensive relative to those made in the
U.S. and puts manufacturers' profits under pressure. We expect that situation to
change, however, over the next few months.
[PHOTO]
WHERE ELSE ARE YOU FINDING OPPORTUNITIES TODAY?
In many areas. Outside Mexico, where we have essentially eliminated our
holdings, Latin America remains attractive for long-term investors. Argentina,
for example, got caught in the ripple effect of the peso's fall, but we view
that country's long-term political and economic fundamentals as sound. With
interest rates at their current levels, we're finding the best opportunities in
Argentine bonds, and our holdings reflect that. At this point, fully one-half of
our holdings in Argentina is bonds; the other half is invested in the stocks of
utilities, energy, and telecommunications companies that offer high yields and
whose earnings are driven by continuing infrastructure investment rather than
the economic cycle.
We're also finding attractive opportunities in Asia. For a number of
reasons, stock prices in markets across the region have fallen in recent months.
While we've reduced our Asian holdings modestly, at current price levels, we're
starting to see real value in many markets. Rather than reducing our positions,
we're focusing our holdings, concentrating on more established companies. / /
5 Oppenheimer Global Fund
<PAGE> 6
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE MARKET VALUE
AMOUNT SEE NOTE 1
===============================================================================================================
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS--2.2%
- ---------------------------------------------------------------------------------------------------------------
Argentina (Republic of) Par Bonds, 4.25%, 3/31/23 (Cost $49,078,441)(1) $118,000,000 $ 48,158,750
===============================================================================================================
CONVERTIBLE CORPORATE BONDS AND NOTES--0.1%
- ---------------------------------------------------------------------------------------------------------------
International Container Terminal Services, Inc., 6% Cv. Sr. Nts.,
2/19/00 (Cost $2,000,000)(2) 2,000,000 1,900,000
</TABLE>
<TABLE>
<CAPTION>
SHARES
===============================================================================================================
<S> <C> <C>
COMMON STOCKS--83.6%
- ---------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--4.7%
- ---------------------------------------------------------------------------------------------------------------
CHEMICALS--0.9%
Minerals Technologies, Inc. 615,000 19,833,750
- ---------------------------------------------------------------------------------------------------------------
METALS--1.8%
Dofasco, Inc. 619,600 7,840,242
- ---------------------------------------------------------------------------------------------------------------
Kangwon Industrial Co. Ltd. 264,599 5,209,042
- ---------------------------------------------------------------------------------------------------------------
Pohang Iron & Steel Co. Ltd. 100,000 9,950,945
- ---------------------------------------------------------------------------------------------------------------
Tung Ho Steel Enterprise Corp., GDR 300,000 6,450,000
- ---------------------------------------------------------------------------------------------------------------
Ugine SA 150,000 10,164,752
--------------
39,614,981
- ---------------------------------------------------------------------------------------------------------------
PAPER--2.0%
Corticeira Amorim, SA 496,100 7,904,602
- ---------------------------------------------------------------------------------------------------------------
Hansol Paper Ltd., Sponsored GDR(2) 463,238 10,649,470
- ---------------------------------------------------------------------------------------------------------------
Stora Kopparbergs Bergslags AB(7) 235,350 14,050,695
- ---------------------------------------------------------------------------------------------------------------
Svenska Cellulosa AB(7) 600,000 9,525,067
--------------
42,129,834
- ---------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--13.1%
- ---------------------------------------------------------------------------------------------------------------
AUTOS AND HOUSING--4.3%
General Motors Corp. 750,000 33,187,500
- ---------------------------------------------------------------------------------------------------------------
Philips Electronics NV 1,249,600 42,801,290
- ---------------------------------------------------------------------------------------------------------------
PT Astra International 327,000 474,866
- ---------------------------------------------------------------------------------------------------------------
Volvo AB, Series B Free(7) 1,000,000 17,299,801
--------------
93,763,457
- ---------------------------------------------------------------------------------------------------------------
LEISURE AND ENTERTAINMENT--3.4%
Euro Disneyland SCA(3)(7) 3,000,000 8,069,250
- ---------------------------------------------------------------------------------------------------------------
Genting Berhad 1,000,000 9,003,040
- ---------------------------------------------------------------------------------------------------------------
King World Productions, Inc.(3) 265,200 10,442,250
- ---------------------------------------------------------------------------------------------------------------
Nintendo Co.(7) 641,600 39,283,125
- ---------------------------------------------------------------------------------------------------------------
Vienna International Airport 150,000 6,915,290
--------------
73,712,955
MEDIA--4.4%
Carlton Communications PLC 1,500,000 22,501,869
- ---------------------------------------------------------------------------------------------------------------
Comcast Corp. 850,200 13,231,238
- ---------------------------------------------------------------------------------------------------------------
Comcast Corp., Cl. A Special 406,000 6,343,750
- ---------------------------------------------------------------------------------------------------------------
News Corp. Ltd., ADR(7) 1,400,100 26,776,913
- ---------------------------------------------------------------------------------------------------------------
Scandinavian Broadcasting System SA 325,000 7,475,000
- ---------------------------------------------------------------------------------------------------------------
Telewest Communications PLC, ADR 399,400 10,933,575
- ---------------------------------------------------------------------------------------------------------------
WPP Group PLC 2,737,000 4,547,185
- ---------------------------------------------------------------------------------------------------------------
WPP Group PLC(2) 2,233,000 3,709,852
--------------
95,519,382
</TABLE>
6 Oppenheimer Global Fund
<PAGE> 7
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
===============================================================================================================
<S> <C> <C>
RETAIL: GENERAL--0.7%
Cifra SA de C.V. 500,000 $ 629,933
- ---------------------------------------------------------------------------------------------------------------
Rinascente SpA, Ordinary(7) 557,000 2,783,195
- ---------------------------------------------------------------------------------------------------------------
Sonae Industria E. Investimentos(3) 489,000 11,839,654
--------------
15,252,782
- ---------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--0.3%
Giordano Holdings Ltd. 3,763,200 2,506,466
- ---------------------------------------------------------------------------------------------------------------
Vereinigte Baubeschlag 10,000 3,244,447
--------------
5,750,913
- ---------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--12.0%
- ---------------------------------------------------------------------------------------------------------------
BEVERAGES--1.2%
Jinro Ltd. 219,729 6,773,151
- ---------------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 100,000 19,662,280
--------------
26,435,431
- ---------------------------------------------------------------------------------------------------------------
FOOD--0.9%
Dairy Farm International Holdings Ltd. 8,000,000 10,240,000
- ---------------------------------------------------------------------------------------------------------------
Molinos Rio de la Plata SA, Cl. B(3) 326,700 1,650,241
- ---------------------------------------------------------------------------------------------------------------
PT Indofood Sukses Makmur 1,392,500 4,790,996
- ---------------------------------------------------------------------------------------------------------------
PT Sinar Mass Agro Resources & Technology 3,000,000 3,250,670
--------------
19,931,907
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--7.4%
Amgen, Inc.(3) 200,000 13,475,000
- ---------------------------------------------------------------------------------------------------------------
Astra AB Free, Series A(7) 700,000 18,615,943
- ---------------------------------------------------------------------------------------------------------------
Genzyme Corp.(3) 700,435 27,141,856
- ---------------------------------------------------------------------------------------------------------------
Gillette Co. 150,000 12,243,750
- ---------------------------------------------------------------------------------------------------------------
Johnson & Johnson 400,000 23,800,000
- ---------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(4) 376,800 2,496,300
- ---------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(4) 264,900 1,754,963
- ---------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(3)(6) 637,280 3,934,095
- ---------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(3)(6) 250,000 3,204,588
- ---------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(6) 318,473 10,390,182
- ---------------------------------------------------------------------------------------------------------------
Schering AG 30,820 22,858,957
- ---------------------------------------------------------------------------------------------------------------
Sumitomo Chemical Co. Ltd. 1,800,000 9,583,328
- ---------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 886,000 11,690,270
--------------
161,189,232
- ---------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & SERVICES--2.5%
Clinica y Maternidad Suizo Argentino(6) 1,800 8,034,318
- ---------------------------------------------------------------------------------------------------------------
Community Psychiatric Centers 100,000 1,287,500
- ---------------------------------------------------------------------------------------------------------------
Pharmacia AB 967,400 17,195,243
- ---------------------------------------------------------------------------------------------------------------
Stryker Corp. 300,000 13,725,000
- ---------------------------------------------------------------------------------------------------------------
Takare PLC 4,000,000 13,681,918
--------------
53,923,979
</TABLE>
7 Oppenheimer Global Fund
<PAGE> 8
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ENERGY--7.2%
- ---------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & PRODUCERS--1.9%
Baker Hughes, Inc. 500,000 $ 10,187,500
- ---------------------------------------------------------------------------------------------------------------
Global Marine, Inc.(3) 2,135,000 9,073,750
- ---------------------------------------------------------------------------------------------------------------
McDermott International, Inc. 260,000 7,117,500
- ---------------------------------------------------------------------------------------------------------------
Petroleum Geo-Services AS(3) 506,500 11,357,430
- ---------------------------------------------------------------------------------------------------------------
Transocean Drilling AS(3) 410,000 4,346,054
--------------
42,082,234
- ---------------------------------------------------------------------------------------------------------------
OIL--INTEGRATED--5.3%
British Petroleum Co. PLC 181,000 15,181,375
- ---------------------------------------------------------------------------------------------------------------
Chilectra Metropolitana SA 95,100 4,583,554
- ---------------------------------------------------------------------------------------------------------------
Compagnie Francaise de Petroleum Total 175,000 10,465,004
- ---------------------------------------------------------------------------------------------------------------
OeMV AG(3) 150,000 15,123,302
- ---------------------------------------------------------------------------------------------------------------
Repsol SA 325,000 9,259,916
- ---------------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 237,100 28,452,000
- ---------------------------------------------------------------------------------------------------------------
YPF Sociedad Anonima, Sponsored ADR 1,035,300 19,670,700
- ---------------------------------------------------------------------------------------------------------------
YuKong Ltd. 250,000 11,073,694
--------------
113,809,545
- ---------------------------------------------------------------------------------------------------------------
FINANCIAL--12.6%
- ---------------------------------------------------------------------------------------------------------------
BANKS--7.6%
Banco Bradesco SA 983,520,000 6,589,392
- ---------------------------------------------------------------------------------------------------------------
Banco de Galicia, Series B 500,000 1,925,474
- ---------------------------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA 300,000 1,830,450
- ---------------------------------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA, Cl. E 250,000 6,375,000
- ---------------------------------------------------------------------------------------------------------------
Banco Portugues de Investimento 649,800 11,569,000
- ---------------------------------------------------------------------------------------------------------------
Bank Bali 1,815,500 3,407,104
- ---------------------------------------------------------------------------------------------------------------
BankAmerica Corp. 250,000 12,062,500
- ---------------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. 300,000 10,687,500
- ---------------------------------------------------------------------------------------------------------------
Chemical Banking Corp. 300,000 11,325,000
- ---------------------------------------------------------------------------------------------------------------
Citicorp 632,300 26,872,750
- ---------------------------------------------------------------------------------------------------------------
Credit Local de France 150,000 12,604,293
- ---------------------------------------------------------------------------------------------------------------
Industrial Finance Corp. 4,679,999 9,492,903
- ---------------------------------------------------------------------------------------------------------------
J.P. Morgan & Co., Inc. 170,000 10,370,000
- ---------------------------------------------------------------------------------------------------------------
Korea First Bank 518,889 5,483,919
- ---------------------------------------------------------------------------------------------------------------
Northern Trust Corp. 300,000 10,537,500
- ---------------------------------------------------------------------------------------------------------------
PT Lippo Bank 2,995,000 4,014,745
- ---------------------------------------------------------------------------------------------------------------
PT Panin Bank(2) 3,975,000 5,061,997
- ---------------------------------------------------------------------------------------------------------------
Turkiye Garanti Bankasi AS, Sponsored ADR(2) 4,692,750 15,568,199
--------------
165,777,726
- ---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--2.3%
American Express Co. 440,000 15,345,000
- ---------------------------------------------------------------------------------------------------------------
First NIS Regional Fund(8) 1,320,000 4,620,000
- ---------------------------------------------------------------------------------------------------------------
H & R Block Inc. 200,000 8,675,000
- ---------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 300,000 12,787,500
- ---------------------------------------------------------------------------------------------------------------
SG Warburg & Co., Inc. Ords. 760,000 8,875,656
--------------
50,303,156
</TABLE>
8 Oppenheimer Global Fund
<PAGE> 9
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE--2.7%
American International Group, Inc. 200,000 $ 20,850,000
- ---------------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner AG 9,500 5,671,571
- ---------------------------------------------------------------------------------------------------------------
National Mutual Asia Ltd.(3) 7,001,000 4,323,452
- ---------------------------------------------------------------------------------------------------------------
Swiss Reinsurance 40,000 26,748,511
--------------
57,593,534
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL--15.1%
- ---------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.3%
LEM Holdings SA(4) 27,300 7,806,622
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--1.4%
Cimentos de Portugal SA 574,000 10,796,046
- ---------------------------------------------------------------------------------------------------------------
International de Ceramica--UB(4) 770,000 1,032,017
- ---------------------------------------------------------------------------------------------------------------
Juan Minetti SA 1,179,400 4,010,947
- ---------------------------------------------------------------------------------------------------------------
Stone Container Corp. 600,000 13,725,000
--------------
29,564,010
- ---------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--4.6%
Adia SA 65,000 11,948,911
- ---------------------------------------------------------------------------------------------------------------
First Data Corp. 92,500 4,798,438
- ---------------------------------------------------------------------------------------------------------------
Foster Wheeler Corp. 200,000 6,775,000
- ---------------------------------------------------------------------------------------------------------------
Grontmij NV(4) 205,612 7,916,228
- ---------------------------------------------------------------------------------------------------------------
IHC Caland NV 555,700 13,912,133
- ---------------------------------------------------------------------------------------------------------------
ISS International Service System AS, Series B 800,000 21,820,786
- ---------------------------------------------------------------------------------------------------------------
Raito Kogyo Co. Ltd. 770,000 18,537,027
- ---------------------------------------------------------------------------------------------------------------
WMX Technologies, Inc. 500,000 13,750,000
--------------
99,458,523
- ---------------------------------------------------------------------------------------------------------------
MANUFACTURING--5.7%
Autoliv AB(3) 253,000 9,577,577
- ---------------------------------------------------------------------------------------------------------------
Bobst Bearers AG 11,180 15,488,560
- ---------------------------------------------------------------------------------------------------------------
Bombardier, Inc. 26,200 504,295
- ---------------------------------------------------------------------------------------------------------------
Buderus AG(7) 32,000 16,836,050
- ---------------------------------------------------------------------------------------------------------------
CBI Industries, Inc. 385,000 9,865,625
- ---------------------------------------------------------------------------------------------------------------
Commercial del Plata 1,921,200 4,170,030
- ---------------------------------------------------------------------------------------------------------------
Compagnie Generale des Eaux 150,000 15,275,277
- ---------------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings(7) 1,168,000 10,512,000
- ---------------------------------------------------------------------------------------------------------------
Madeco SA, ADR(7) 100,000 2,350,000
- ---------------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 1,784,000 12,863,789
- ---------------------------------------------------------------------------------------------------------------
Plettac AG 5,500 3,074,552
- ---------------------------------------------------------------------------------------------------------------
Powerscreen International PLC 920,000 3,746,240
- ---------------------------------------------------------------------------------------------------------------
Tampella AB(3) 942,000 2,038,088
- ---------------------------------------------------------------------------------------------------------------
VAE Eisenbahnsysteme AG(2) 50,733 4,925,364
- ---------------------------------------------------------------------------------------------------------------
Valmet Corp., Cl. A(3) 620,000 12,116,020
--------------
123,343,467
</TABLE>
9 Oppenheimer Global Fund
<PAGE> 10
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION--3.1%
Brambles Industries Ltd.(7) 1,450,000 $ 13,443,504
- ---------------------------------------------------------------------------------------------------------------
Kvaerner AS 685,600 29,852,451
- ---------------------------------------------------------------------------------------------------------------
Lisnave-Estaleiros Navais de Lisbona SA(3) 827,500 4,052,942
- ---------------------------------------------------------------------------------------------------------------
Malaysian International Shipping Corp. 1,499,999 4,323,825
- ---------------------------------------------------------------------------------------------------------------
Singmarine Industries Ltd. 2,500,000 6,233,558
- ---------------------------------------------------------------------------------------------------------------
Unitor Ships Service AS 600,000 8,512,722
--------------
66,419,002
- ---------------------------------------------------------------------------------------------------------------
TECHNOLOGY--14.8%
- ---------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--3.0%
Canon USA, Inc. 500,000 8,275,458
- ---------------------------------------------------------------------------------------------------------------
Digital Equipment Corp. 600,000 22,725,000
- ---------------------------------------------------------------------------------------------------------------
International Business Machines Corp. 399,700 32,725,438
--------------
63,725,896
- ---------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--1.1%
Microsoft Corp.(3) 275,000 19,559,375
- ---------------------------------------------------------------------------------------------------------------
Oracle Systems Corp.(3) 142,500 4,453,1252
--------------
4,012,500
- ---------------------------------------------------------------------------------------------------------------
ELECTRONICS--3.7%
Advanced Micro Devices, Inc.(3) 758,300 25,687,413
- ---------------------------------------------------------------------------------------------------------------
General Motors Corp., Cl. H 400,000 16,500,000
- ---------------------------------------------------------------------------------------------------------------
Hewlett-Packard Co. 100,000 12,037,500
- ---------------------------------------------------------------------------------------------------------------
Intel Corp. 120,000 10,185,000
- ---------------------------------------------------------------------------------------------------------------
Motorola, Inc. 300,000 16,387,500
--------------
80,797,413
- ---------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY--7.0%
Airtouch Communications, Inc.(3) 600,000 16,350,000
- ---------------------------------------------------------------------------------------------------------------
AT&T Corp. 600,000 31,050,000
- ---------------------------------------------------------------------------------------------------------------
Cisco Systems, Inc.(3) 400,000 15,250,000
- ---------------------------------------------------------------------------------------------------------------
Kinnevik Investments AB Free, Series B(7) 400,000 12,211,624
- ---------------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp. 17,019 12,807,132
- ---------------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications GDR(2) 120,000 3,217,500
- ---------------------------------------------------------------------------------------------------------------
Millicom International Cellular SA 1,001,256 26,533,284
- ---------------------------------------------------------------------------------------------------------------
Millicom, Inc. 207,000 --
- ---------------------------------------------------------------------------------------------------------------
Pakistan Telecommunications, GDR(2)(3) 38,300 3,523,600
- ---------------------------------------------------------------------------------------------------------------
Petersburg Long Distance, Inc.(7) 1,259,000 7,554,000
- ---------------------------------------------------------------------------------------------------------------
Shinawatra Computer & Communication PLC 50,000 1,070,995
- ---------------------------------------------------------------------------------------------------------------
Technology Resources Industries Berhad 814,000 2,330,326
- ---------------------------------------------------------------------------------------------------------------
Vodafone Group 6,242,655 20,183,550
--------------
152,082,011
- ---------------------------------------------------------------------------------------------------------------
UTILITIES--4.1%
- ---------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--1.9%
Korea Electric Power Co. 500,000 17,420,022
- ---------------------------------------------------------------------------------------------------------------
Sithe Energies, Inc. 240,600 2,225,550
- ---------------------------------------------------------------------------------------------------------------
Veba AG(7) 60,000 21,878,096
--------------
41,523,668
</TABLE>
10 Oppenheimer Global Fund
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
GAS UTILITIES--0.5%
Hong Kong & China Gas 6,000,000 $ 10,708,473
- ---------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--1.7%
Compania Peruana de Telefonos SA 1,866,700 2,289,432
- ---------------------------------------------------------------------------------------------------------------
Telecom Italia SpA(7) 8,000,000 18,714,276
- ---------------------------------------------------------------------------------------------------------------
Telecommunication de Argentina, Cl. B 1,500,000 6,526,606
- ---------------------------------------------------------------------------------------------------------------
Telefonica de Argentina SA, Sponsored ADR(7) 360,000 8,685,000
--------------
36,215,314
--------------
Total Common Stocks (Cost $1,624,593,221) 1,812,281,697
===============================================================================================================
PREFERRED STOCKS--3.7%
- ---------------------------------------------------------------------------------------------------------------
Fiat SpA(3) 10,014,500 24,370,917
- ---------------------------------------------------------------------------------------------------------------
Rhoen Klinikum AG 31,014 21,756,386
- ---------------------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg. 80,580 20,078,875
- ---------------------------------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA 504,600,000 13,612,889
--------------
Total Preferred Stocks (Cost $63,589,221) 79,819,067
</TABLE>
<TABLE>
<CAPTION>
UNITS
===============================================================================================================
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- ---------------------------------------------------------------------------------------------------------------
American Satellite Networks Wts., Exp. 6/99 51,750 --
- ---------------------------------------------------------------------------------------------------------------
Plant Genetics, Inc. Wts., Exp. 6/99(6) 187,500 390,973
--------------
Total Rights, Warrants and Certificates (Cost $0) 390,973
</TABLE>
<TABLE>
<CAPTION>
FACE
AMOUNT
===============================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENTS--10.6%
- ---------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets, 6.25%,
dated 3/31/95, to be repurchased at $229,519,479 on 4/3/95, collateralized
by U.S. Treasury Nts., 4.75%--8.875%, 5/15/96--10/31/99, with a value of
$200,169,539 and U.S. Treasury Bonds, 8.125%--12.50%, 8/15/14--8/15/19,
with a value of $34,067,765 (Cost $229,400,000) $229,400,000 229,400,000
- ---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $1,968,660,883) 100.2% 2,171,950,487
- ---------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (4,468,550)
------------ --------------
NET ASSETS 100.0% $2,167,481,937
============ ==============
</TABLE>
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
<TABLE>
<CAPTION>
COUNTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
United States $ 885,227,783 40.7%
- ---------------------------------------------------------------------------------------------------------------
Germany 115,398,935 5.3
- ---------------------------------------------------------------------------------------------------------------
Sweden 105,950,949 4.9
- ---------------------------------------------------------------------------------------------------------------
Argentina 104,662,515 4.8
- ---------------------------------------------------------------------------------------------------------------
Great Britain 103,361,220 4.8
- ---------------------------------------------------------------------------------------------------------------
Japan 100,232,999 4.6
- ---------------------------------------------------------------------------------------------------------------
Netherlands 96,677,212 4.4
- ---------------------------------------------------------------------------------------------------------------
Korea, Republic of (South) 82,584,878 3.8
- ---------------------------------------------------------------------------------------------------------------
France 76,240,856 3.5
- ---------------------------------------------------------------------------------------------------------------
Switzerland 61,992,604 2.9
- ---------------------------------------------------------------------------------------------------------------
Norway 54,068,657 2.5
- ---------------------------------------------------------------------------------------------------------------
Portugal 46,162,245 2.1
- ---------------------------------------------------------------------------------------------------------------
Italy 45,868,388 2.1
</TABLE>
11 Oppenheimer Global Fund
<PAGE> 12
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUNTRY MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Australia $ 40,220,417 1.9%
- ---------------------------------------------------------------------------------------------------------------
Singapore 26,985,557 1.2
- ---------------------------------------------------------------------------------------------------------------
Austria 26,963,956 1.2
- ---------------------------------------------------------------------------------------------------------------
Denmark 21,820,786 1.0
- ---------------------------------------------------------------------------------------------------------------
Indonesia 21,000,377 1.0
- ---------------------------------------------------------------------------------------------------------------
Brazil 20,202,282 0.9
- ---------------------------------------------------------------------------------------------------------------
Hong Kong 17,538,390 0.8
- ---------------------------------------------------------------------------------------------------------------
Malaysia 15,657,191 0.7
- ---------------------------------------------------------------------------------------------------------------
Turkey 15,568,199 0.7
- ---------------------------------------------------------------------------------------------------------------
Finland 14,154,108 0.7
- ---------------------------------------------------------------------------------------------------------------
Russia 12,174,000 0.6
- ---------------------------------------------------------------------------------------------------------------
Thailand 10,563,898 0.5
- ---------------------------------------------------------------------------------------------------------------
Spain 9,259,916 0.4
- ---------------------------------------------------------------------------------------------------------------
Canada 8,344,538 0.4
- ---------------------------------------------------------------------------------------------------------------
Chile 6,933,554 0.3
- ---------------------------------------------------------------------------------------------------------------
Taiwan 6,450,000 0.3
- ---------------------------------------------------------------------------------------------------------------
Panama 6,375,000 0.3
- ---------------------------------------------------------------------------------------------------------------
Belgium 3,934,095 0.2
- ---------------------------------------------------------------------------------------------------------------
Pakistan 3,523,600 0.2
- ---------------------------------------------------------------------------------------------------------------
Peru 2,289,432 0.1
- ---------------------------------------------------------------------------------------------------------------
Philippines 1,900,000 0.1
- ---------------------------------------------------------------------------------------------------------------
Mexico 1,661,950 0.1
-------------- -----
Total $2,171,950,487 100.0%
============== =====
</TABLE>
1. Represents the current interest rate for an increasing rate security.
2. 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 $48,555,982 or 2.24% of the Fund's net assets, at March 31,
1995.
3. Non-income producing security.
4. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended March 31, 1995.
The aggregate fair value of all securities of affiliated companies as of March
31, 1995 amounted to $21,006,130. 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 MARCH 31, 1995
-------------------------- --------------- --------------------- ----------------------
SHARES COST SHARES COST SHARES COST SHARES COST
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Grontmij NV 205,612 $ 5,659,302 -- $-- -- $ -- 205,612 $ 5,659,302
- -----------------------------------------------------------------------------------------------------------------------------------
International de Ceramica--UB 770,000 4,229,354 -- -- -- -- 770,000 4,229,354
- -----------------------------------------------------------------------------------------------------------------------------------
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 Industrier AS(5) 849,230 31,138,037 -- -- 849,230 31,138,037 -- --
- -----------------------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 27,300 5,580,815 -- -- -- -- 27,300 5,580,815
- -----------------------------------------------------------------------------------------------------------------------------------
Neozyme II Corp., Units(5) 146,000 2,205,987 -- -- 146,000 2,205,987 -- --
----------- ---- ----------- -----------
$51,862,566 $-- $33,344,024 $18,518,542
=========== ==== =========== ===========
</TABLE>
5. Not an affiliate as of March 31, 1995.
6. Identifies issues considered to be illiquid--See Note 6 of Notes to Financial
Statements.
7. Loaned Security--See Note 5 of Notes to Financial Statements.
8. First NIS Regional Fund, a closed end fund listed on the Luxembourg Stock
Exchange, is offered in installments. The Fund entered into 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.
See accompanying Notes to Financial Statements.
12 Oppenheimer Global Fund
<PAGE> 13
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
=================================================================================================================
<S> <C>
ASSETS
Investments, at value (including repurchase agreements of $229,400,000)
(cost $1,968,660,883)--see accompanying statement $2,171,950,487
- -----------------------------------------------------------------------------------------------------------------
Receivables:
Investments sold 21,364,766
Shares of beneficial interest sold 9,668,162
Interest and dividends 6,235,901
- -----------------------------------------------------------------------------------------------------------------
Other 169,669
--------------
Total assets 2,209,388,985
=================================================================================================================
LIABILITIES
Bank overdraft 4,866,011
- -----------------------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency exchange contracts--Note 7 214,130
- -----------------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 20,139,745
Shares of beneficial interest redeemed 15,154,455
Distribution and service plan fees--Note 4 959,887
Trustees' fees 16,212
Dividends 1,175
Other 555,433
--------------
Total liabilities 41,907,048
=================================================================================================================
NET ASSETS $2,167,481,937
==============
=================================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital $1,933,146,455
- -----------------------------------------------------------------------------------------------------------------
Overdistributed net investment income (56,207)
- -----------------------------------------------------------------------------------------------------------------
Accumulated net realized gain from investment and foreign currency transactions 31,152,320
- -----------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and liabilities
denominated in foreign currencies 203,239,369
--------------
Net assets $2,167,481,937
==============
=================================================================================================================
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of $1,920,933,893 and
59,006,053 shares of beneficial interest outstanding) $32.55
Maximum offering price per share (net asset value plus sales charge of 5.75% of offering price) $34.54
- -----------------------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $246,548,044 and 7,681,855 shares of beneficial interest outstanding) $32.09
</TABLE>
See accompanying Notes to Financial Statements.
13 Oppenheimer Global Fund
<PAGE> 14
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
===============================================================================================================
<S> <C>
INVESTMENT INCOME
Interest $ 7,479,089
- ---------------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $577,041) 9,843,884
- ---------------------------------------------------------------------------------------------------------------
Securities lending fees--Note 5 250,000
-------------
Total income 17,572,973
===============================================================================================================
EXPENSES
Management fees--Note 4 7,553,106
- ---------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 1,652,696
Class B--Note 4 1,070,047
- ---------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 1,457,073
- ---------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 736,554
- ---------------------------------------------------------------------------------------------------------------
Shareholder reports 341,166
- ---------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 25,644
Class B 24,681
- ---------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 42,668
- ---------------------------------------------------------------------------------------------------------------
Legal and auditing fees 22,800
- ---------------------------------------------------------------------------------------------------------------
Other 164,911
-------------
Total expenses 13,091,346
===============================================================================================================
NET INVESTMENT INCOME 4,481,627
===============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments:
Unaffiliated companies (3,852,949)
Affiliated companies 10,900,205
Foreign currency transactions 24,506,177
-------------
Net realized gain 31,553,433
- ---------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (153,996,850)
Translation of assets and liabilities denominated in foreign currencies 43,193,133
-------------
Net change (110,803,717)
-------------
Net realized and unrealized loss on investments and foreign currency transactions (79,250,284)
=================================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (74,768,657)
=============
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Global Fund
<PAGE> 15
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1995 SEPTEMBER 30,
(UNAUDITED) 1994
======================================================================================================================
<S> <C> <C>
OPERATIONS
Net investment income $ 4,481,627 $ 6,228,615
- ----------------------------------------------------------------------------------------------------------------------
Net realized gain on investments and foreign currency transactions 31,553,433 222,933,956
- ----------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments
and translation of assets and liabilities denominated in foreign currencies (110,803,717) 44,664,808
-------------- --------------
Net increase (decrease) in net assets resulting from operations (74,768,657) 273,827,379
======================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A ($.251 per share) -- (10,150,479)
Class B ($.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) (194,602,256) (135,248,957)
Class B ($3.749 and $3.365 per share, respectively) (22,710,993) (1,541,613)
======================================================================================================================
BENEFICIAL INTEREST
TRANSACTIONS
Net increase in net assets resulting from Class A beneficial
interest transactions--Note 2 262,234,750 407,788,581
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class B beneficial
interest transactions--Note 2 90,218,066 177,716,315
======================================================================================================================
NET ASSETS
Total increase 60,370,910 712,309,382
- ----------------------------------------------------------------------------------------------------------------------
Beginning of period 2,107,111,027 1,394,801,645
-------------- --------------
End of period (including overdistributed net investment income
of $56,207 and $4,537,834, respectively) $2,167,481,937 $2,107,111,027
============== ==============
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Global Fund
<PAGE> 16
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A
-----------------------------------------------------------------------
SIX MONTHS
ENDED
MARCH 31, 1995 YEAR ENDED SEPTEMBER 30,
(UNAUDITED) 1994 1993 1992 1991 1990
=====================================================================================================================
<S> <C> <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 $30.43
- ---------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .08 .17 .26 .17 .05 .02
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions (1.47) 6.10 4.99 (1.50) 6.14 .29
------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations (1.39) 6.27 5.25 (1.33) 6.19 .31
- ---------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.25) (.12) (.11) (.08) (.11)
Distributions from net realized
gain on investments and foreign
currency transactions (3.75) (3.37) (.12) (.58) (1.69) (3.00)
------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (3.75) (3.62) (.24) (.69) (1.77) (3.11)
- ---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $32.55 $37.69 $35.04 $30.03 $32.05 $27.63
====== ====== ====== ====== ====== ======
=====================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) (3.46)% 19.19% 17.67% (4.23)% 23.71% .79%
=====================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) $1,921 $1,921 $1,389 $1,215 $1,076 $720
- ---------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $1,868 $1,711 $1,213 $1,194 $899 $672
- ---------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 59,006 50,955 39,632 40,441 33,585 26,056
- ---------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at
end of period (in thousands) N/A N/A $-- $60,000 $60,000 $60,000
- ---------------------------------------------------------------------------------------------------------------------
Average amount of debt
outstanding throughout each
period (in thousands) N/A N/A $18,247 $60,000 $60,000 $42,877
- ---------------------------------------------------------------------------------------------------------------------
Average number of shares
outstanding throughout
each period (in thousands) N/A N/A 39,853 37,435 30,607 21,982
- ---------------------------------------------------------------------------------------------------------------------
Amount of debt per share
outstanding throughout each period N/A N/A $.46 $1.60 $1.96 $1.95
- ---------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) .51%(3) .38% .84% .55% .22% .16%
Expenses 1.17%(3) 1.15% 1.18% 1.36% 1.65% 1.68%
- ---------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(4) 43.4% 78.3% 86.9% 18.0% 19.9% 27.2%
</TABLE>
<TABLE>
<CAPTION>
CLASS B
------------------------------------
SIX MONTHS
ENDED
MARCH 31, 1995 YEAR ENDED SEPT. 30,
(UNAUDITED) 1994 1993(1)
==================================================================================
<S> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $37.36 $34.99 $33.33
- ----------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.02) .08 .03
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions (1.50) 5.83 1.63
------ ------ ------
Total income (loss) from
investment operations (1.52) 5.91 1.66
- ----------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.18) --
Distributions from net realized
gain on investments and foreign
currency transactions (3.75) (3.36) --
------ ------ ------
Total dividends and distributions
to shareholders (3.75) (3.54) --
- ----------------------------------------------------------------------------------
Net asset value, end of period $32.09 $37.36 $34.99
====== ====== ======
==================================================================================
TOTAL RETURN, AT NET ASSET VALUE(2) (3.86)% 18.10% 3.64%
==================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) $247 $187 $6
- ----------------------------------------------------------------------------------
Average net assets (in millions) $217 $88 $3
- ----------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 7,682 4,993 172
- ----------------------------------------------------------------------------------
Amount of debt outstanding at
end of period (in thousands) N/A N/A N/A
- ----------------------------------------------------------------------------------
Average amount of debt
outstanding throughout each
period (in thousands) N/A N/A N/A
- ----------------------------------------------------------------------------------
Average number of shares
outstanding throughout
each period (in thousands) N/A N/A N/A
- ----------------------------------------------------------------------------------
Amount of debt per share
outstanding throughout each period N/A N/A N/A
- ----------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (.29)%(3) (.3)% 1.52%(3)
Expenses 2.01%(3) 2.08% 2.40%(3)
- ----------------------------------------------------------------------------------
Portfolio turnover rate(4) 43.4% 78.3% 86.9%
</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.
3. Annualized.
4. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases
and sales of investment securities (excluding short-term securities) for the six
months ended March 31, 1995 were $946,610,899 and $816,913,633, respectively.
See accompanying Notes to Financial Statements.
16 Oppenheimer Global Fund
<PAGE> 17
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Oppenheimer Global Fund (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment advisor is Oppenheimer Management Corporation
(the Manager). The Fund offers both Class A and Class B shares. Class A shares
are sold with a front-end sales charge. Class B shares may be subject to a
contingent deferred sales charge. Both classes of shares have identical rights
to earnings, assets and voting privileges, except that each class has its own
distribution and/or service plan, expenses directly attributable to a
particular class and exclusive voting rights with respect to matters affecting a
single class. Class B shares will automatically convert to Class A shares six
years after the date of purchase. The following is a summary of significant
accounting policies consistently followed by the Fund.
- --------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at 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. Options are
valued based upon the last sale price on the principal exchange on which the
option is traded or, in the absence of any transactions that day, the value is
based upon the last sale price on the prior trading date if it is within the
spread between the closing bid and asked prices. If the last sale price is
outside the spread, the closing bid or asked price closest to the last reported
sale price is used.
- --------------------------------------------------------------------------------
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 results of operations.
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. 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 six months
ended March 31, 1995, a payment of $3,122 was made to a retired trustee,
resulting in an accumulated liability of $165,747 at March 31, 1995.
17 Oppenheimer Global Fund
<PAGE> 18
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
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. Effective October 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital Distributions by Investment
Companies. As a result, the Fund changed the classification of distributions to
shareholders to better disclose the differences between financial statement
amounts and distributions determined in accordance with income tax regulations.
- --------------------------------------------------------------------------------
OTHER. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
================================================================================
2. SHARES OF BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares of beneficial
interest of each class. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED MARCH 31, 1995 YEAR ENDED SEPTEMBER 30, 1994
------------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 8,515,729 $ 289,097,678 17,855,832 $ 660,092,556
Dividends and distributions reinvested 5,837,685 185,638,391 4,104,346 137,249,235
Redeemed (6,302,241) (212,501,319) (10,636,826) (389,553,210)
---------- ------------- ----------- -------------
Net increase 8,051,173 $ 262,234,750 11,323,352 $ 407,788,581
========== ============= =========== =============
- -------------------------------------------------------------------------------------------------------------------
Class B:
Sold 3,003,212 $ 101,705,620 5,282,343 $ 194,604,861
Dividends and distributions reinvested 687,781 21,610,069 46,691 1,559,020
Redeemed (1,002,421) (33,097,623) (508,033) (18,447,566)
---------- ------------- ----------- -------------
Net increase 2,688,572 $ 90,218,066 4,821,001 $ 177,716,315
========== ============= =========== =============
</TABLE>
================================================================================
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS
At March 31, 1995, net unrealized appreciation on investments of $203,075,476
was composed of gross appreciation of $254,562,783, and gross depreciation of
$51,487,307.
================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .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, .67 % on the next
$1.5 billion and .65% on net assets in excess of $3.5 billion. The Manager has
voluntarily undertaken that the total expenses of the Fund (with specified
exceptions) shall not exceed the most stringent state regulatory limit on Fund
expenses.
For the six months ended March 31, 1995, commissions (sales charges
paid by investors) on sales of Class A shares totaled $3,707,993, of which
$1,135,323 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 $3,210,979, of which $377,175 was paid to an
affiliated broker/dealer. During the six months ended March 31, 1995, OFDI
received contingent deferred sales charges of $197,066 upon redemption of Class
B shares, as reimbursement for sales commissions advanced by OFDI at the time of
sale of such shares.
Oppenheimer Shareholder Services (OSS), a division of the Manager,
is the transfer and shareholder servicing agent for the Fund, and for other
registered investment companies. OSS's total costs of providing such services
are allocated ratably to these companies.
18 Oppenheimer Global Fund
<PAGE> 19
================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (CONTINUED)
Under separate approved plans, each class may expend up to .25% of its net
assets annually to reimburse OFDI for costs incurred in connection with the
personal service and maintenance of accounts that hold shares of the Fund,
including amounts paid to brokers, dealers, banks and other institutions. In
addition, Class B shares are subject to an asset-based sales charge of .75% of
net assets annually, to reimburse OFDI for sales commissions paid from its own
resources at the time of sale and associated financing costs. In the event of
termination or discontinuance of the Class B plan, the Boar d of Trustees may
allow the Fund to continue payment of the asset-based sales charge to OFDI for
distribution expenses incurred on Class B shares sold prior to termination or
discontinuance of the plan. During the six months ended March 31, 1995, OFDI
paid $92,402 and $3,697, respectively, to an affiliated broker/dealer as
reimbursement for Class A and Class B personal service and maintenance expenses
and retained $1,032,788 as reimbursement for Class B sales commissions and
service fee advances, as well as financing costs.
================================================================================
5. SECURITIES LOANED
The Fund has entered into a securities lending arrangement with the custodian.
Under the terms of the agreement, the Fund receives an annual fee of $500,000,
plus 25% of the annual net income from lending transactions in excess of
$1,500,000. In exchange for such fees, the custodian is authorized to loan
securities on behalf of the Fund, against receipt of cash collateral at least
equal in value to the value of the securities loaned. The collateral is invested
by the custodian in money market instruments approved by the Manager. As of
March 31, 1995, the Fund had on loan securities valued at $180,050,757. Cash of
$178,268,000 was received as collateral for the loans, and has been invested in
the approved instruments identified below. U.S. Treasury Notes valued at
$1,798,000 were also received as collateral. The Fund bears the risk of any
deficiency in the amount of collateral available for return to a borrower due
to a loss in an approved investment.
<TABLE>
<CAPTION>
VALUATION AS OF
SECURITY MARCH 31, 1995
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
Repurchase agreement with Goldman, Sachs, & Co., 6.40%, dated 3/31/95 and maturing 4/3/95,
collateralized by Federal Home Loan Mortgage Corp., 6%, 12/15/23, with a value of $21,219,559,
and by Federal National Mortgage Assn., 6%--7%, 11/1/07--11/1/23, with a value of $55,048,441 $76,268,000
- -------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 6.25%, dated 3/31/95 and maturing
4/3/95, collateralized by Federal National Mortgage Assn., 8%, 11/15/23, with a value of $2,000,000 2,000,000
- -------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Morgan Stanley & Co., 6.03%, dated 3/24/95 and maturing 4/7/95, collateralized
by Federal National Mortgage Assn., 5.85%--6.66%, 3/1/24--4/1/34, with a value of $100,000,000 100,000,000
- -------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 8.875%, 8/15/17 1,798,000
============
$180,066,000
============
</TABLE>
================================================================================
6. ILLIQUID SECURITIES
At March 31, 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 or
restricted securities. The aggregate value of these securities subject to this
limitation at March 31, 1995 wa s $25,954,156, which represents 1.2% 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 MARCH 31, 1995
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 5/16/94 $3,883 $4,464
- ------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV 5/27/92 $11.18 $ 6.17
- ------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV 3/7/95 $14.07 $12.82
- ------------------------------------------------------------------------------------------------------------------
Plant Genetics, Inc. Wts., Exp. 6/99 3/7/95 $ -- $ 2.09
- ------------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 $17.27 $32.63
</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.
19 Oppenheimer Global Fund
<PAGE> 20
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
================================================================================
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. Gains and losses on outstanding contracts
(unrealized appreciation or depreciation on forward contracts) are reported in
the Statement of Assets and Liabilities. Realized 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 March 31, 1995, the Fund had outstanding forward contracts to purchase and
sell foreign currencies as follows:
<TABLE>
<CAPTION>
CONTRACT UNREALIZED
AMOUNT VALUATION AS OF APPRECIATION
CONTRACTS TO PURCHASE EXPIRATION DATE (000'S) MARCH 31, 1995 (DEPRECIATION)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
German Deutsche Mark 4/4/95--4/28/95 1,509 $ 1,516,955 $ 7,817
- ------------------------------------------------------------------------------------------------
French Franc 4/28/95 9,692 9,706,659 14,177
- ------------------------------------------------------------------------------------------------
Hong Kong Dollar 4/3/95--4/4/95 861 861,220 (68)
- ------------------------------------------------------------------------------------------------
Japanese Yen 4/5/95 5,917 5,918,080 1,366
- ------------------------------------------------------------------------------------------------
Netherlands Guilder 4/6/95--4/7/95 2,118 2,136,831 19,247
----------- ---------
$20,139,745 $ 42,539
=========== =========
</TABLE>
<TABLE>
<CAPTION>
CONTRACT UNREALIZED
AMOUNT VALUATION AS OF APPRECIATION
CONTRACTS TO SELL EXPIRATION DATE (000'S) MARCH 31, 1995 (DEPRECIATION)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Argentine Austral 4/3/95--4/4/95 370 $ 370,336 $ (462)
- ------------------------------------------------------------------------------------------------
Austrian Schilling 4/3/95--4/10/95 8,804 9,047,558 (244,007)
- ------------------------------------------------------------------------------------------------
Indonesian Rupiah 4/3/95--4/5/95 3,067 3,070,091 (2,724)
- ------------------------------------------------------------------------------------------------
Swedish Krone 4/3/95--4/5/95 4,931 4,940,081 (9,476)
----------- ---------
$17,428,066 (256,669)
----------- ---------
$(214,130)
=========
</TABLE>
20 Oppenheimer Global Fund
<PAGE> 21
- --------------------------------------------------------------------------------
OPPENHEIMER GLOBAL FUND
- --------------------------------------------------------------------------------
================================================================================
OFFICERS AND TRUSTEES
Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
William L. Wilby, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
INVESTMENT ADVISOR
Oppenheimer Management Corporation
================================================================================
DISTRIBUTOR
Oppenheimer Funds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER SERVICING AGENT
Oppenheimer Shareholder Services
================================================================================
CUSTODIAN OF PORTFOLIO SECURITIES
The Bank of New York
================================================================================
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL
Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken from the records of the
Fund without examination by the independent auditors. This is a copy of a report
to shareholders of Oppenheimer Global Fund. This report must be preceded or
accompanied by a Prospectus of Oppenheimer Global Fund. For material information
concerning the Fund, see the Prospectus.
21 Oppenheimer Global Fund
<PAGE> 22
- --------------------------------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
- --------------------------------------------------------------------------------
================================================================================
OppenheimerFunds offers over 35 funds designed to fit virtually every investment
goal. Whether you're investing for retirement, your children's education or
tax-free income, we have the funds to help you seek your objective.
When you invest with OppenheimerFunds, you can feel comfortable knowing
that you are investing with a respected financial institution with over 30 years
of experience in helping people just like you reach their financial goals. And
you're investing with a leader in global, growth stock and flexible fixed income
investments--with over 2.4 million shareholder accounts and more than $30
billion under Oppenheimer's management and that of our affiliates.
At OppenheimerFunds, we don't charge a fee to exchange shares of eligible
funds of the same class. And you can exchange shares easily by mail or by
telephone.1 For more information on OppenheimerFunds, please contact your
financial advisor or call us at 1-800-525-7048 for a prospectus. You may also
write us at the address shown on the back cover. As always, please read the
prospectus carefully before you invest.
================================================================================
STOCK FUNDS
Discovery Fund Global Fund
Global Emerging Growth Fund(2) Oppenheimer Fund
Time Fund Value Stock Fund
Target Fund Gold & Special Minerals Fund
Growth Fund(3)
================================================================================
STOCK & BOND FUNDS
Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth & Income Fund
================================================================================
BOND FUNDS
High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income & Growth Fund Mortgage Income Fund
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Limited-Term Government Fund
Strategic Investment Grade Bond Fund
================================================================================
TAX-EXEMPT FUNDS
New York Tax-Exempt Fund(4) New Jersey Tax-Exempt Fund(4)
California Tax-Exempt Fund(4) Tax-Free Bond Fund
Pennsylvania Tax-Exempt Fund(4) Insured Tax-Exempt Bond Fund
Florida Tax-Exempt Fund(4) Intermediate Tax-Exempt Bond Fund
================================================================================
MONEY MARKET FUNDS
Money Market Fund Cash Reserves
1. Exchange privileges are subject to change or termination.
2. Formerly Global Bio-Tech Fund.
3. Formerly Special Fund.
4. Available only to residents of certain states.
OppenheimerFunds are distributed by Oppenheimer Funds Distributor, Inc., Two
World Trade Center, New York, NY10048-0203. (C) Copyright 1995 Oppenheimer
Management Corporation. All rights reserved.
22 Oppenheimer Global Fund
<PAGE> 23
================================================================================
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
RS0330.001.0595 May 31, 1995
"How may I help you?"
As an OppenheimerFunds 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 OppenheimerFunds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get auto-mated 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.
[PHOTO]
Jennifer Leonard, Customer Service Representative
Oppenheimer Shareholder Services
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 OppenheimerFunds' 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. 314
Farmingdale, NY
---------------
