<PAGE> 1
OPPENHEIMER GLOBAL FUND
ANNUAL REPORT SEPTEMBER 30, 1996
[PHOTO]
"We have ambitious
long-term goals,
so we need our
investments
to grow over
time."
[OPPENHEIMER LOGO]
<PAGE> 2
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the
3-Year Period Ended 9/30/96:
Oppenheimer Global Fund
Class A (at net asset value)(1)
47.15%
Lipper Global Funds Average for 75
Funds for the 3-Year Period Ended 9/30/96(3)
36.90%
THIS FUND IS FOR PEOPLE WHO WANT TO TAKE
ADVANTAGE OF OUTSTANDING GROWTH OPPORTUNITIES
THE WORLD OVER.
HOW YOUR FUND IS MANAGED
Oppenheimer Global Fund looks for outstanding growth opportunities around the
world. The Fund's managers search out companies that stand to benefit from one
or more key global trends, such as telecommunications expansion, emerging
consumer markets, infrastructure development, and global integration. The Fund
has the flexibility to invest in companies in developed markets as well as
those in emerging markets that hold huge potential demand for goods and services
of the industrialized world.
PERFORMANCE
Total returns at net asset value for the 12 months ended 9/30/96 were 12.98% for
Class A shares and 12.07% for Class B shares. Cumulative total return at net
asset value for Class C shares since inception on 10/2/95 was 12.34%.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5- and 10-year periods ended 9/30/96 were 6.49%,
9.33% and 12.26%, respectively. For Class B shares, average annual total returns
for the 1-year period ended 9/30/96 and since inception on 8/17/93 were 7.07%
and 13.05%, respectively. For Class C shares, cumulative total return since
inception on 10/2/95 was 11.34%.(2)
OUTLOOK
"Although it is difficult to forecast investment performance over short periods
of time, we are quite optimistic over the next few years. We think that as the
world evolves towards a truly global stock market, a bottom-up, global
theme-oriented investment style, such as that employed by this Fund, should do
very well."
Bill Wilby, Portfolio Manager
September 30, 1996
Total returns include change in share price and reinvestment of dividends and
capital gains distributions. In reviewing the notes that follow on performance
and rankings, please be aware that past performance does not guarantee future
results. Investment return and principal value of an investment in the Fund will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than the original cost.
1. Based on the change in net asset value per share for the period shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
2. Class A returns show results of hypothetical investments on 9/30/95, 9/30/91
and 9/30/86, after deducting the current maximum initial sales charge of 5.75%.
Class A shares were first publicly offered on 12/22/69. 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. Class B returns show results of hypothetical investments on 9/30/95
and 8/17/93 (inception of class), after the deduction of the applicable
contingent deferred sales charge of 5% (1-year) and 3% (since inception). Class
C returns show results of a hypothetical investment on 10/2/95 (inception of
class), after the deduction of the 1% contingent deferred sales charge. An
explanation of the different total returns is in the Fund's prospectus.
3. Source: Lipper Analytical Services. The average is shown for comparative
purposes only. Oppenheimer Global Fund is characterized by Lipper as a global
fund. Lipper performance does not take sales charges into consideration. The
Fund was not managed or offered as a "global" fund prior to 1987, but held
foreign securities in its portfolio prior to becoming a global fund.
2 Oppenheimer Global Fund
<PAGE> 3
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Global Fund
DEAR SHAREHOLDER,
While most of the world's markets have lagged the amazing growth of domestic
stocks this year, we believe the time is right for them to catch up. This
belief, coupled with the strong though at times unpredictable performance of the
U.S. market over the period, makes a compelling case for global funds, which
typically invest in a combination of domestic and foreign securities.
Over the past six months, the U.S. stock market has shown investors just
how resilient it can be. During this summer, the Dow declined nearly 10%, only
to soar to record highs in the fall. As a result, stock valuations are now high,
indicating that this bull market could be nearing the top of the mountain.
However, due to solid corporate profits, low inflation, and stabilized interest
rates, we remain optimistic that this market has enough strength to advance
through 1997.
While we've been pleased with earnings in the U.S. market, we believe
now is the time to focus on good opportunities abroad. Why? Analysts estimate
earnings in North America for 1996 will be up about 8% by the end of this year.
Across the rest of the globe, however, they predict corporate earnings will
increase by almost 40%, with the potential for an additional 17% gain in 1997.
In fact, particularly in Europe, we're seeing a trend in corporate
restructuring, including downsizing, outsourcing and spinoffs.
As for economic growth in developing countries, Brazil has emerged as a
dominant player in 1996, and we believe it has great potential for the coming
years. In general, the spending power of the population in developing countries
keeps growing. For the first time, a substantial number of individuals are
buying consumer products, including motorcycles, TVs and cars.
Additionally, there has been a turnabout in Japan. After a five-year
recession, the Japanese economy recently began to recover, unearthing numerous
investment opportunities. Furthermore, around the world, there has been a
significant move toward capitalism. Right now, the wealth of the world is built
on the combined spending power of 700 million people. However, as the 4.5
billion people who live in developing countries become more capitalistic, we
will undoubtedly see a chain reaction which may revitalize a number of
industries that cater to the consumer.
Despite this pickup in global economic growth, inflation has remained
low. Moreover, many European governments are now concentrating on balancing
their budgets in anticipation of a European monetary union. So, it is reasonable
to expect global interest rates to remain low into 1997. In the end, all these
changes bode well for global stock markets and economies.
Because investing abroad involves greater risk and expenses, including
political and economic uncertainties, currency rate fluctuations and liquidity
restrictions, it should be undertaken with a long-term approach in mind. That
said, we're confident that by diversifying your investments throughout the
world, you should be well positioned to participate in any economic environment.
Your portfolio managers discuss the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds. We look forward to helping you reach your investment goals in
the future.
/s/ BRIDGET A. MACASKILL
- --------------------------
Bridget A. Macaskill
October 21, 1996
3 Oppenheimer Global Fund
<PAGE> 4
Q WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
Q+A
[PHOTO]
AN INTERVIEW WITH YOUR FUND'S MANAGERS.
HOW HAS THE FUND PERFORMED OVER THE PERIOD?
The past six months have been difficult for foreign markets in general. However,
despite many uncertainties around the world, many foreign markets have shown
signs of improvement. As a result, Global Fund was ranked 59th out of 151 funds
in its category rated by Lipper Analytical Services for the 1-year period ended
9/30/96.(1)
[PHOTO]
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
Our stock selection has been good overall in our global theme areas, which are
telecommunications, emerging consumer markets, infrastructure, capital market
development, health care, natural resources, corporate restructuring and
efficiency enhancement.
In particular, we did well with many of our holdings within our natural
resources theme--specifically, oil services companies. For example, we had large
positions in energy-related companies as oil prices moved higher this year. This
rise was due to a simple matter of supply and demand. Heating oil inven-tories
have been seasonally low in the U.S., while demand has been stronger than
anticipated. Meanwhile, overseas emerging economies' demand for oil continues to
grow inexorably while non-OPEC production has slowed.(2)
[PHOTO]
DID ANY INVESTMENTS NOT PERFORM AS YOU HAD EXPECTED?
Though we were pleased with the majority of our holdings, we did have a few
disappointments. Some of them centered around our expectations for Japanese
stocks. For example, we correctly anticipated the economic recovery in Japan,
and more important, the positive impact it would have on corporate earnings
there. We also predicted that Japanese interest rates would remain low, which is
good news for a depressed economy. Normally these two conditions translate
1. Source: Lipper Analytical Services, 9/30/96. Oppenheimer Global Fund is
characterized by Lipper as a global fund. Lipper does not take sales charges
into consideration.
2. The Fund's portfolio is subject to change.
4 Oppenheimer Global Fund
<PAGE> 5
FACING PAGE
Top left: Bill Wilby, Portfolio Manager
Top right:Frank Jennings, Member
of Global Investments Team
Bottom: Robert Doll, Executive VP,
Director of Equity Investments
THIS PAGE
Top: George Evans, Member
of Global Investments Team
Bottom: Shanquan Li, Member
of Global Investments Team
A WE DID WELL WITH MANY OF OUR HOLDINGS WITHIN OUR NATURAL RESOURCE THEME.
into high stock price performance, which we were poised to enjoy; however, in
this case it didn't, and the Japanese market declined.
Another disappointment stemmed from our investment in gold stocks. We
believed the price of gold would increase this period for two reasons. First,
easier monetary policy in China and Japan should have translated into increased
Asian demand for gold. Second, producer forward selling should have exhausted
the supply of gold to the market. However, European central banks sold
considerably more of their gold holdings than anticipated, which bridged the gap
between supply and demand. As a result, the price of gold actually declined.
[PHOTO]
WHAT AREAS ARE YOU CURRENTLY TARGETING?
We continue to focus on selecting companies among our eight global themes;
however, there are some particular areas about which we are very confident. In
health care, we recently used the sharp decline in the biotechnology sector to
add to our biotech holdings in the portfolio. We're focusing on companies that
have strong earnings profiles, as well as good R & D pipelines.
We have also established positions in several European banks, which we
feel are at giveaway levels relative to their future earnings potential. We
believe European banks are at similar stages in their development as were U.S.
banks in 1990-91. By streamlining their operations, as U.S. banks did during
that period, they too should benefit. Although restructuring efforts will be
more difficult in the highly regulated European environment, we have recently
seen concrete signs of movement in that direction.
[PHOTO]
WHAT IS YOUR OUTLOOK FOR THE FUND?
Although it is difficult to forecast investment performance over short periods
of time, we are quite optimistic over the next few years. We think that as the
world evolves towards a truly global stock market, a bottom-up, global
theme-oriented investment style, such as that employed by this Fund, should do
very well. As national economic and financial conditions converge,
company-focused stock picking from a global perspective should thrive.
5 Oppenheimer Global Fund
<PAGE> 6
FINANCIALS
- --------------------------------------------------
CONTENTS
- --------------------------------------------------
<TABLE>
<S> <C>
Statement of Investments 7
Statement of Assets and Liabilities 14
Statement of Operations 15
Statements of Changes in Net Assets 16
Financial Highlights 17
Notes to Financial Statements 18
Independent Auditors' Report 23
Federal Income Tax Information 24
</TABLE>
6 Oppenheimer Global Fund
<PAGE> 7
STATEMENT OF INVESTMENTS September 30, 1996
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
================================================================================================================================
<S> <C> <C>
COMMON STOCKS--97.7%
- --------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.3%
- --------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--0.7% Minerals Technologies, Inc. 585,000 $ 21,864,375
- --------------------------------------------------------------------------------------------------------------------------------
GOLD--1.2% Newmont Mining Corp. 750,000 35,437,500
- --------------------------------------------------------------------------------------------------------------------------------
METALS--1.4% Cia Vale Do Rio Doce, Preference 692,000 13,724,188
-----------------------------------------------------------------------------------------------
Cia de Minas Buenaventura SA, Sponsored ADR(1)(2) 285,000 5,486,250
-----------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B 757,500 23,671,875
-------------
42,882,313
- --------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--12.9%
- --------------------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--1.7% Autobacs Seven Co. Ltd. 140,000 12,356,452
-----------------------------------------------------------------------------------------------
IRSA Inversiones y Representaciones, SA 3,314,458 9,679,456
-----------------------------------------------------------------------------------------------
Porsche AG, Preference(2) 44,100 30,156,268
-------------
52,192,176
- --------------------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--0.4% Resorts World Berhad 2,125,000 12,038,584
- --------------------------------------------------------------------------------------------------------------------------------
MEDIA--1.1% News Corp. Ltd., ADR(1) 1,000,000 20,875,000
-----------------------------------------------------------------------------------------------
Reuters Holdings PLC, Series B, ADR 165,500 11,460,875
-------------
32,335,875
- --------------------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--0.6% PT Matahari Putra Prima 3,499,750 3,806,534
-----------------------------------------------------------------------------------------------
Sonae Investimentos 489,000 14,187,161
-------------
17,993,695
- --------------------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--9.1% adidas AG(1) 600,000 54,679,023
-----------------------------------------------------------------------------------------------
Benetton Group SpA(1) 1,602,100 18,051,977
-----------------------------------------------------------------------------------------------
Cifra SA de CV, Unsponsored ADR, B Shares(1)(2) 7,500,000 10,807,500
-----------------------------------------------------------------------------------------------
Circuit City Stores, Inc. 466,300 16,845,087
-----------------------------------------------------------------------------------------------
FamilyMart Co. 385,000 17,249,380
-----------------------------------------------------------------------------------------------
Giordano International Ltd. 14,160,000 12,451,542
-----------------------------------------------------------------------------------------------
Jusco Co. 600,000 18,262,624
-----------------------------------------------------------------------------------------------
Reebok International Ltd. 900,000 31,275,000
-----------------------------------------------------------------------------------------------
Wella AG(1) 120,000 72,459,540
-----------------------------------------------------------------------------------------------
Wolford AG(1) 105,200 26,863,399
-------------
278,945,072
- --------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--17.5%
- --------------------------------------------------------------------------------------------------------------------------------
BEVERAGES--2.4% Allied Domecq PLC 1,999,800 14,006,654
-----------------------------------------------------------------------------------------------
Fomento Economico Mexicano SA, Cl. B,
Sponsored ADR(1)(3) 2,600,000 7,972,121
-----------------------------------------------------------------------------------------------
Hellenic Bottling Co., SA 230,000 7,826,698
-----------------------------------------------------------------------------------------------
Panamerican Beverages, Inc., Cl. A 600,000 24,675,000
-----------------------------------------------------------------------------------------------
South African Breweries Ltd. 681,300 18,171,913
-------------
72,652,386
</TABLE>
7 Oppenheimer Global Fund
<PAGE> 8
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE/DRUGS--9.8% Amgen, Inc.(2) 835,000 $ 52,709,375
---------------------------------------------------------------------------------------------
Astra AB Free, Series A 397,800 16,798,226
---------------------------------------------------------------------------------------------
BioChem Pharma, Inc.(2) 700,000 28,087,500
---------------------------------------------------------------------------------------------
Ciba-Geigy AG 20,000 25,591,321
---------------------------------------------------------------------------------------------
Eisai Co. Ltd. 800,000 15,227,832
---------------------------------------------------------------------------------------------
Genzyme Corp.(1)(2) 1,354,270 34,533,885
---------------------------------------------------------------------------------------------
Glaxo Wellcome PLC, Sponsored ADR 2,000,000 62,250,000
---------------------------------------------------------------------------------------------
Johnson & Johnson 500,000 25,625,000
---------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(2)(4) 376,800 4,474,500
---------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(2)(4) 264,900 3,112,575
---------------------------------------------------------------------------------------------
Sanofi SA 400,000 32,798,250
-------------
301,208,464
- ------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES &
SERVICES--4.4% Clinica y Maternidad Suizo Argentino(2)(4)(5) 1,800 15,989,454
---------------------------------------------------------------------------------------------
Gehe AG 280,000 18,724,615
---------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(2)(5) 486,392 32,065,393
---------------------------------------------------------------------------------------------
Rhoen-Klinikum AG, Preference, Non-vtg. 144,688 16,126,352
---------------------------------------------------------------------------------------------
United States Surgical Corp. 1,200,000 51,000,000
-------------
133,905,814
- ------------------------------------------------------------------------------------------------------------------------------
TOBACCO--0.9% B.A.T. Industries PLC 3,005,000 19,990,049
---------------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 100,000 8,975,000
-------------
28,965,049
- ------------------------------------------------------------------------------------------------------------------------------
ENERGY--7.2%
- ------------------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES &
PRODUCERS--2.9% Coflexip SA, Sponsored ADR(2)(4) 681,000 14,811,750
---------------------------------------------------------------------------------------------
Global Marine, Inc.(2) 1,635,000 25,751,250
---------------------------------------------------------------------------------------------
Transocean Offshore, Inc. 501,549 30,719,876
---------------------------------------------------------------------------------------------
Western Atlas, Inc.(2) 300,700 18,718,575
-------------
90,001,451
- ------------------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--4.3% British Petroleum Co. PLC, ADR(1) 189,402 23,675,250
---------------------------------------------------------------------------------------------
Gulf Canada Resources Ltd.(2) 2,826,000 17,632,848
---------------------------------------------------------------------------------------------
Lukoil Oil Co., Sponsored ADR(1) 190,300 6,941,059
---------------------------------------------------------------------------------------------
Renaissance Energy Ltd.(2) 285,900 8,384,213
---------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 177,100 27,649,737
---------------------------------------------------------------------------------------------
Total SA, B Shares 379,627 29,899,413
---------------------------------------------------------------------------------------------
Unocal Corp. 454,000 16,344,000
-------------
130,526,520
</TABLE>
8 Oppenheimer Global Fund
<PAGE> 9
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL--16.9%
- -----------------------------------------------------------------------------------------------------------------------------
BANKS--9.2% Banco Bradesco SA, Preference 2,354,116,632 $ 19,943,420
--------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA,
Sponsored ADR(1) 575,000 15,021,875
--------------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones
SA, Cl. E 380,000 21,327,500
--------------------------------------------------------------------------------------------
Bank of East Asia Ltd.(1) 3,629,000 13,351,197
--------------------------------------------------------------------------------------------
Barclays PLC 2,025,561 29,767,544
--------------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 300,000 24,037,500
--------------------------------------------------------------------------------------------
Citicorp 300,000 27,187,500
--------------------------------------------------------------------------------------------
HSBC Holdings PLC 2,026,155 37,598,935
--------------------------------------------------------------------------------------------
Industrial Credit & Investment Corp. of
India Ltd. (The), GDR(3) 872,800 9,709,900
--------------------------------------------------------------------------------------------
Industrial Finance Corp.(4) 4,190,099 17,144,507
--------------------------------------------------------------------------------------------
Northern Trust Corp. 300,000 19,725,000
--------------------------------------------------------------------------------------------
Philippine National Bank(2) 750,000 12,364,208
--------------------------------------------------------------------------------------------
PT Lippo Bank 2,454,000 3,805,470
--------------------------------------------------------------------------------------------
Standard Chartered Bank PLC 2,884,200 31,406,266
-------------
282,390,822
- -----------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--5.6% ABN Amro Holding NV 300,000 16,639,878
--------------------------------------------------------------------------------------------
American Express Co. 400,000 18,500,000
--------------------------------------------------------------------------------------------
Cie Financiere de Paribas, Series A 500,000 32,162,745
--------------------------------------------------------------------------------------------
First NIS Regional Fund(2)(5) 1,320,000 13,860,000
--------------------------------------------------------------------------------------------
ING Groep NV 645,947 20,160,478
--------------------------------------------------------------------------------------------
MBNA Corp. 700,000 24,325,000
--------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.(1) 200,000 13,125,000
--------------------------------------------------------------------------------------------
Societe Generale 300,000 33,189,628
-------------
171,962,729
- -----------------------------------------------------------------------------------------------------------------------------
INSURANCE--2.1% American International Group, Inc. 200,000 20,150,000
--------------------------------------------------------------------------------------------
National Mutual Asia Ltd. 10,000,000 8,793,462
--------------------------------------------------------------------------------------------
Reinsurance Australia Corp. Ltd. 2,200,000 6,301,391
--------------------------------------------------------------------------------------------
Skandia Forsakrings AB 1,000,000 27,674,303
-------------
62,919,156
- -----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--13.0%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.0% FORE Systems, Inc.(2) 250,000 10,343,750
--------------------------------------------------------------------------------------------
LEM Holdings SA(4) 25,000 5,803,518
--------------------------------------------------------------------------------------------
Ushio, Inc. 1,200,000 13,683,500
-------------
29,830,768
</TABLE>
9 Oppenheimer Global Fund
<PAGE> 10
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL SERVICES--6.6% Adecco SA 100,000 $ 27,521,838
--------------------------------------------------------------------------------------------
Boskalis Westminster 1,255,000 24,499,255
--------------------------------------------------------------------------------------------
Cordiant PLC(2) 10,070,000 17,632,639
--------------------------------------------------------------------------------------------
IHC Caland NV 500,000 26,330,401
--------------------------------------------------------------------------------------------
PT Citra Marga Nusaphala Persada 8,300,000 5,631,057
--------------------------------------------------------------------------------------------
Rentokil Group PLC 2,500,000 16,337,519
--------------------------------------------------------------------------------------------
VBH Vereinigter Baubeschlag Handel AG 298,100 7,383,778
--------------------------------------------------------------------------------------------
WMX Technologies, Inc. 515,000 16,930,625
--------------------------------------------------------------------------------------------
WPP Group PLC 15,920,000 58,365,435
-------------
200,632,547
- -----------------------------------------------------------------------------------------------------------------------------
MANUFACTURING--4.1% Bic Corp. 200,000 26,272,700
--------------------------------------------------------------------------------------------
Bobst Bearers AG 12,830 16,682,940
--------------------------------------------------------------------------------------------
Bombardier, Inc., Cl. B 1,977,900 28,166,787
--------------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 5,001,000 33,628,785
--------------------------------------------------------------------------------------------
Powerscreen International PLC 2,580,000 22,164,463
-------------
126,915,675
- -----------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--1.3% Brambles Industries Ltd.(1) 1,500,000 24,330,457
--------------------------------------------------------------------------------------------
Guangshen Railway Co. Ltd., Sponsored ADR(2) 750,000 14,250,000
-------------
38,580,457
- -----------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--19.6%
- -----------------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--1.2% Rolls-Royce PLC 10,000,000 37,424,644
- -----------------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--0.6% Cascade Communications Corp.(2) 69,600 5,672,400
--------------------------------------------------------------------------------------------
QUALCOMM, Inc.(2) 329,000 13,982,500
-------------
19,654,900
- -----------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--10.1% Cap Gemini SA(2) 400,000 17,515,133
--------------------------------------------------------------------------------------------
Computer Associates International, Inc. 300,000 17,925,000
--------------------------------------------------------------------------------------------
First Data Corp. 376,000 30,691,000
--------------------------------------------------------------------------------------------
Ines Corp.(1) 600,000 10,828,281
--------------------------------------------------------------------------------------------
Microsoft Corp.(2) 200,000 26,375,000
--------------------------------------------------------------------------------------------
Misys PLC 1,260,000 17,177,377
--------------------------------------------------------------------------------------------
Nintendo Co. Ltd. 1,545,900 99,242,949
--------------------------------------------------------------------------------------------
Oracle Corp.(2) 375,000 15,960,938
--------------------------------------------------------------------------------------------
SAP AG, Preference 317,500 53,289,101
--------------------------------------------------------------------------------------------
SAP AG, Sponsored ADR, Series 1996(5) 350,000 19,687,500
---------------
308,692,279
</TABLE>
10 Oppenheimer Global Fund
<PAGE> 11
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS--4.1% Advanced Semiconductor Engineering, Inc., GDR 641,580 $ 4,876,008
--------------------------------------------------------------------------------------------
Intel Corp. 240,000 22,905,000
--------------------------------------------------------------------------------------------
Keyence Corp. 200,000 24,781,141
--------------------------------------------------------------------------------------------
Rohm Co. 204,000 12,876,496
--------------------------------------------------------------------------------------------
SGS-Thomson Microelectronics NV(2) 700,000 33,162,500
--------------------------------------------------------------------------------------------
Sony Corp.(1) 320,000 20,198,426
--------------------------------------------------------------------------------------------
Taiwan Semiconductor Manufacturing Co.(5) 3,434,000 6,685,543
------------
125,485,114
- -----------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS- Ascend Communications, Inc.(2) 87,900 5,812,388
TECHNOLOGY--3.6% --------------------------------------------------------------------------------------------
Cisco Systems, Inc.(2) 495,400 30,745,763
--------------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp. 21,819 25,336,848
--------------------------------------------------------------------------------------------
Millicom International Cellular SA(2) 600,000 24,225,000
--------------------------------------------------------------------------------------------
Millicom, Inc.(2) 207,000 --
--------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA(1) 10,918,200 24,245,927
-------------
110,365,926
- -----------------------------------------------------------------------------------------------------------------------------
UTILITIES--7.3%
- -----------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--2.3% Consolidated Electric Power Asia Ltd., ADS 12,000,000 25,371,724
--------------------------------------------------------------------------------------------
Empresa Nacional de Electricidad SA 400,000 23,550,482
--------------------------------------------------------------------------------------------
Veba AG 400,000 20,958,981
-------------
69,881,187
- -----------------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--5.0% Cia de Telecommunicaciones de Chile SA,
Sponsored ADR(1) 16,600 1,603,975
--------------------------------------------------------------------------------------------
CPT Telefonica del Peru SA, Cl. B 11,599,949 26,203,430
--------------------------------------------------------------------------------------------
PLD Telekom, Inc.(2) 1,136,200 8,237,450
--------------------------------------------------------------------------------------------
Portugal Telecom SA 777,700 20,005,947
--------------------------------------------------------------------------------------------
PT Telekomunikasi Indonesia, Sponsored ADR(1) 342,000 10,644,750
--------------------------------------------------------------------------------------------
Telecom Italia SpA(1) 13,000,000 28,911,662
--------------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA, Preference 732,452,000 57,854,758
--------------
153,461,972
--------------
Total Common Stocks (Cost $2,431,368,922) 2,989,147,450
=============================================================================================================================
PREFERRED STOCKS--0.5%
- -----------------------------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner-VO,
Non-vtg. Preferred Stock (Cost $8,842,223) 127,000 15,986,730
</TABLE>
11 Oppenheimer Global Fund
<PAGE> 12
STATEMENT OF INVESTMENTS (Continued)
<TABLE>
<CAPTION>
MARKET VALUE
UNITS SEE NOTE 1
=============================================================================================================================
<S> <C> <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.1%
- -----------------------------------------------------------------------------------------------------------------------------
American Satellite Network, Inc. Wts., Exp. 6/99 51,750 $ --
----------------------------------------------------------------------------------------------
PT Matahari Putra Prima Rts., Exp. 11/96 3,499,750 2,298,996
------------
Total Rights, Warrants and Certificates (Cost $0) 2,298,996
<CAPTION>
FACE
AMOUNT
=============================================================================================================================
<S> <C> <C>
REPURCHASE AGREEMENT--0.7%
- -----------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Zion First National Bank, 5.62%,
dated 9/30/96, to be repurchased at $20,303,169 on 10/1/96,
collateralized by U.S. Treasury Nts., 5.75%--8.875%,
5/15/97--8/15/04, with a value of $20,717,367 (Cost
$20,300,000) $20,300,000 20,300,000
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $2,460,511,145) 99.0% 3,027,733,176
- -----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 1.0 29,867,779
---------- --------------
NET ASSETS 100.0% $3,057,600,955
========== ==============
<CAPTION>
Distribution of investments by country of issue, as a percentage of
total investments at value, is as follows:
COUNTRY MARKET VALUE PERCENT
----------------------------------------------------------------------------------------------
<S> <C> <C>
United States $ 822,042,630 27.1%
----------------------------------------------------------------------------------------------
Great Britain 361,658,715 11.9
----------------------------------------------------------------------------------------------
Germany 309,451,887 10.2
----------------------------------------------------------------------------------------------
Japan 244,707,080 8.1
----------------------------------------------------------------------------------------------
France 219,812,119 7.3
----------------------------------------------------------------------------------------------
Hong Kong 131,195,646 4.3
----------------------------------------------------------------------------------------------
The Netherlands 115,279,750 3.8
----------------------------------------------------------------------------------------------
Brazil 91,522,366 3.0
----------------------------------------------------------------------------------------------
Canada 82,271,348 2.7
----------------------------------------------------------------------------------------------
Switzerland 75,599,617 2.5
----------------------------------------------------------------------------------------------
Italy 71,209,566 2.4
----------------------------------------------------------------------------------------------
Australia 51,506,848 1.7
----------------------------------------------------------------------------------------------
Sweden 44,472,529 1.5
----------------------------------------------------------------------------------------------
Mexico 43,454,621 1.4
----------------------------------------------------------------------------------------------
Argentina 40,690,785 1.3
----------------------------------------------------------------------------------------------
Portugal 34,193,108 1.1
----------------------------------------------------------------------------------------------
Peru 31,689,680 1.0
----------------------------------------------------------------------------------------------
Russia 29,038,509 1.0
----------------------------------------------------------------------------------------------
Austria 26,863,399 0.9
----------------------------------------------------------------------------------------------
Indonesia 26,186,807 0.9
----------------------------------------------------------------------------------------------
Korea, Republic of (South) 25,336,848 0.8
----------------------------------------------------------------------------------------------
Spain 23,550,482 0.8
----------------------------------------------------------------------------------------------
Panama 21,327,500 0.7
----------------------------------------------------------------------------------------------
South Africa 18,171,913 0.6
----------------------------------------------------------------------------------------------
Thailand 17,144,507 0.6
----------------------------------------------------------------------------------------------
China 14,250,000 0.5
----------------------------------------------------------------------------------------------
Philippines 12,364,208 0.4
----------------------------------------------------------------------------------------------
Malaysia 12,038,584 0.4
----------------------------------------------------------------------------------------------
Taiwan 11,561,551 0.4
----------------------------------------------------------------------------------------------
India 9,709,900 0.3
----------------------------------------------------------------------------------------------
Greece 7,826,698 0.3
----------------------------------------------------------------------------------------------
Chile 1,603,975 0.1
-------------- ------
Total $3,027,733,176 100.0%
============== ======
</TABLE>
12 Oppenheimer Global Fund
<PAGE> 13
1. Loaned security--See Note 7 of Notes to Financial Statements.
2. Non-income producing security.
3. Represents securities sold under Rule 144A, which is exempt from
registration under the Securities Act of 1933, as amended. These securities
have been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $17,682,021 or 0.58% of the Fund's net
assets, at September 30, 1996.
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 September 30,
1996. The aggregate fair value of all securities of affiliated companies as of
September 30, 1996 amounted to $44,191,797. Transactions during the period in
which the issuer was an affiliate are as follows:
<TABLE>
<CAPTION>
BALANCE SEPTEMBER 30, 1995 GROSS ADDITIONS GROSS REDUCTIONS
-------------------------- ------------------ --------------------
SHARES COST SHARES COST SHARES COST
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 1,800 $6,990,000 -- $6,300,000 -- $ --
- -----------------------------------------------------------------------------------------------------------------------
Coflexip SA, Sponsored ADR 681,000 11,809,866 -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Industrial Finance Corp.(6) 5,929,999 9,939,527 1,260,100 4,723,154 3,000,000 6,286,924
- -----------------------------------------------------------------------------------------------------------------------
International de Ceramica--UB 385,000 2,007,953 -- -- 385,000 2,007,953
- -----------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 25,000 5,024,555 -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A 376,800 2,120,350 -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B 264,900 928,721 -- -- -- --
----------- ----------- ----------
$38,820,972 $11,023,154 $8,294,877
=========== =========== ==========
<CAPTION>
BALANCE SEPTEMBER 30, 1996
-------------------------- DIVIDEND
SHARES COST INCOME
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 1,800 $13,290,000 $ --
- ------------------------------------------------------------------------------
Coflexip SA, Sponsored ADR 681,000 11,809,866 --
- ------------------------------------------------------------------------------
Industrial Finance Corp.(6) 4,190,099 8,375,757 --
- ------------------------------------------------------------------------------
International de Ceramica--UB -- -- --
- ------------------------------------------------------------------------------
LEM Holdings SA 25,000 5,024,555 235,753
- ------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A 376,800 2,120,350 --
- ------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B 264,900 928,721 --
----------- --------
$41,549,249 $235,753
=========== ========
</TABLE>
5. Identifies issues considered to be illiquid--See Note 6 of Notes to
Financial Statements.
6. Not an affiliate as of September 30, 1996.
See accompanying Notes to Financial Statements.
13 Oppenheimer Global Fund
<PAGE> 14
Statement of Assets and Liabilities September 30, 1996
<TABLE>
=============================================================================================================================
<S> <C> <C>
ASSETS Investments, at value--see accompanying statement:
Unaffiliated companies (cost $2,427,337,653) $2,983,541,379
Affiliated companies (cost $33,173,492) 44,191,797
----------------------------------------------------------------------------------------------
Cash 5,046,698
----------------------------------------------------------------------------------------------
Collateral for securities loaned--Note 7 230,470,279
----------------------------------------------------------------------------------------------
Unrealized appreciation on forward foreign currency exchange contracts--Note 5 16,440,657
----------------------------------------------------------------------------------------------
Receivables:
Investments sold 15,197,168
Interest and dividends 6,985,490
Shares of beneficial interest sold 4,508,578
----------------------------------------------------------------------------------------------
Other 64,199
--------------
Total assets 3,306,446,245
=============================================================================================================================
LIABILITIES Return of collateral for securities loaned--Note 7 230,470,279
----------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency exchange contracts--Note 5 4,862
----------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 10,444,530
Shares of beneficial interest redeemed 4,715,946
Distribution and service plan fees 1,402,720
Transfer and shareholder servicing agent fees 278,435
Trustees' fees 274,972
Other 1,253,546
--------------
Total liabilities 248,845,290
=============================================================================================================================
NET ASSETS $3,057,600,955
==============
=============================================================================================================================
COMPOSITION OF
NET ASSETS
Paid-in capital $2,357,134,687
----------------------------------------------------------------------------------------------
Undistributed net investment income 19,988,584
----------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency
transactions 95,703,909
----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets
and liabilities denominated in foreign currencies 584,773,775
--------------
Net assets $3,057,600,955
==============
=============================================================================================================================
NET ASSET VALUE
PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net assets of
$2,498,748,991 and 64,074,825 shares of beneficial interest
outstanding) $39.00
Maximum offering price per share (net asset value plus sales charge of
5.75% of offering price) $41.38
----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based
on net assets of $541,225,350 and 14,172,475 shares of beneficial interest
outstanding) $38.19
----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on
net assets of $17,626,614 and 455,146 shares of beneficial interest outstanding) $38.73
See accompanying Notes to Financial Statements.
</TABLE>
14 Oppenheimer Global Fund
<PAGE> 15
Statement of Operations For the Year Ended September 30, 1996
<TABLE>
=============================================================================================================================
<S> <C> <C>
INVESTMENT INCOME Interest $12,222,133
----------------------------------------------------------------------------------------------
Dividends:
Unaffiliated companies (net of foreign withholding taxes of $2,646,317) 37,079,276
Affiliated companies (net of foreign withholding taxes of $41,604) 235,753
--------------
Total income 49,537,162
=============================================================================================================================
EXPENSES Management fees--Note 4 19,638,352
----------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 4,149,778
Class B 4,373,990
Class C 81,790
----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 4,246,782
----------------------------------------------------------------------------------------------
Custodian fees and expenses 1,789,474
----------------------------------------------------------------------------------------------
Shareholder reports 1,104,222
----------------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 174,654
----------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 34,685
Class B 49,648
Class C 5,682
----------------------------------------------------------------------------------------------
Legal and auditing fees 85,064
----------------------------------------------------------------------------------------------
Insurance expenses 35,117
----------------------------------------------------------------------------------------------
Other 249,885
--------------
Total expenses 36,019,123
=============================================================================================================================
NET INVESTMENT INCOME 13,518,039
=============================================================================================================================
REALIZED AND UNREALIZED
GAIN (LOSS)
Net realized gain (loss) on:
Investments:
Unaffiliated companies 130,775,299
Affiliated companies 586,139
Foreign currency transactions (5,377,602)
--------------
Net realized gain 125,983,836
----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 220,550,346
Translation of assets and liabilities denominated in foreign currencies (26,103,773)
--------------
Net change 194,446,573
--------------
Net realized and unrealized gain 320,430,409
=============================================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $333,948,448
==============
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Global Fund
<PAGE> 16
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended September 30,
1996 1995
=============================================================================================================================
<S> <C> <C> <C>
OPERATIONS Net investment income $13,518,039 $18,111,834
----------------------------------------------------------------------------------------------
Net realized gain 125,983,836 118,657,828
----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 194,446,573 76,284,116
----------- -----------
Net increase in net assets resulting from operations 333,948,448 213,053,778
=============================================================================================================================
DIVIDENDS AND
DISTRIBUTIONS TO
SHAREHOLDERS
Dividends from net investment income:
Class A (14,009,023) --
Class B (3,568) --
Class C (7,369) --
----------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (120,623,278) (194,601,466)
Class B (20,905,412) (22,711,659)
Class C (131,770) --
=============================================================================================================================
BENEFICIAL INTEREST
TRANSACTIONS
Net increase in net assets resulting from beneficial interest
transactions--Note 2:
Class A 165,278,694 273,668,816
Class B 170,668,404 150,133,375
Class C 16,731,958 --
=============================================================================================================================
NET ASSETS Total increase 530,947,084 419,542,844
----------------------------------------------------------------------------------------------
Beginning of period 2,526,653,871 2,107,111,027
-------------- -------------
End of period (including undistributed net investment
income of $19,988,584 and $13,182,028, respectively) $3,057,600,955 $2,526,653,871
============== ==============
</TABLE>
See accompanying Notes to Financial Statements.
16 Oppenheimer Global Fund
<PAGE> 17
Financial Highlights
<TABLE>
<CAPTION>
Class A Class B
------------------------------------------- ------------------------------------
Year Ended September 30, Year Ended September 30,
1996 1995 1994 1993 1992 1996 1995 1994 1993(2)
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period $36.84 $37.69 $35.04 $30.03 $32.05 $36.16 $37.36 $34.99 $33.33
- -------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .23 .31 .17 .26 .17 (.05) .06 .08 .03
Net realized and unrealized
gain (loss) 4.22 2.59 6.10 4.99 (1.50) 4.13 2.49 5.83 1.63
Total income (loss) from ---- ---- ---- ---- ----- ---- ---- ---- ----
investment operations 4.45 2.90 6.27 5.25 (1.33) 4.08 2.55 5.91 1.66
- -------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment
income (.24) -- (.25) (.12) (.11) -- -- (.18) --
Distributions from net realized gain (2.05) (3.75) (3.37) (.12) (.58) (2.05) (3.75) (3.36) --
Total dividends and distributions ---- ---- ---- ---- ----- ---- ---- ---- ----
to shareholders (2.29) (3.75) (3.62) (.24) (.69) (2.05) (3.75) (3.54) --
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $39.00 $36.84 $37.69 $35.04 $30.03 $38.19 $36.16 $37.36 $34.99
====== ====== ====== ====== ====== ====== ====== ====== ======
===============================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3) 12.98% 9.26% 19.19% 17.67% (4.23)% 12.07% 8.34% 18.10% 3.64%
===============================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) $2,499 $2,186 $1,921 $1,389 $1,215 $541 $340 $187 $6
- -------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $2,309 $1,979 $1,711 $1,213 $1,194 $438 $258 $ 88 $3
- -------------------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A N/A N/A N/A $60,000 N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Average amount of debt outstanding
throughout each period
(in thousands) N/A N/A N/A $18,247 $60,000 N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Average number of shares outstanding
throughout each period
(in thousands) N/A N/A N/A 39,853 37,435 N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Average amount of debt per share
outstanding throughout each period N/A N/A N/A $0.46 $1.60 N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.62% 0.90% 0.38% 0.84% 0.55% (0.17)% 0.09% (0.30)% 1.52%(4)
Expenses 1.17% 1.20% 1.15% 1.18% 1.36% 2.00% 2.03% 2.08% 2.40%(4)
- -------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 102.9% 84.4% 78.3% 86.9% 18.0% 102.9% 84.4% 78.3% 86.9%
Average brokerage
commission rate(6) $0.0071 -- -- -- -- $0.0071 -- -- --
<CAPTION>
Class C
-------
Period
Ended
Sept. 30,
1996(1)
==========================================================
<S> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period $36.67
- ----------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .09
Net realized and unrealized
gain (loss) 4.13
Total income (loss) from ----
investment operations 4.22
- ----------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment
income (.11)
Distributions from net realized gain (2.05)
Total dividends and distributions ------
to shareholders (2.16)
- ----------------------------------------------------------
Net asset value, end of period $38.73
======
==========================================================
TOTAL RETURN, AT NET ASSET VALUE(3) 12.34%
==========================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) $18
- ----------------------------------------------------------
Average net assets (in millions) $8
- ----------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A
- ----------------------------------------------------------
Average amount of debt outstanding
throughout each period
(in thousands) N/A
- ----------------------------------------------------------
Average number of shares outstanding
throughout each period
(in thousands) N/A
- ----------------------------------------------------------
Average amount of debt per share
outstanding throughout each period N/A
- ----------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.04%(4)
Expenses 1.99%(4)
- ----------------------------------------------------------
Portfolio turnover rate(5) 102.9%
Average brokerage
commission rate(6) $0.0071
</TABLE>
1. For the period from October 2, 1995 (inception of offering) to September 30,
1996.
2. For the period from August 17, 1993 (inception of offering) to September 30,
1993.
3. Assumes a hypothetical initial investment on the business day before the
first day of the fiscal period (or inception of offering), 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.
4. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities
owned during the period. Securities with a maturity or expiration date at the
time of acquisition of one year or less are excluded from the calculation.
Purchases and sales of investment securities (excluding short-term securities)
for the period ended September 30, 1996 were $2,961,733,794 and $2,678,446,475,
respectively.
6. Total brokerage commissions paid on applicable purchases and sales of
portfolio securities for the period divided by the total number of related
shares purchased and sold.
See accompanying Notes to Financial Statements.
17 Oppenheimer Global Fund
<PAGE> 18
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. SIGNIFICANT
ACCOUNTING POLICIES
Oppenheimer Global Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified,
open-end management investment company. The Fund's investment
objective is capital appreciation. The Fund invests primarily in
common stocks of U.S. and foreign companies. The Fund's investment
adviser is OppenheimerFunds, Inc. (the Manager). The Fund offers
Class A, Class B and Class C shares. Class A shares are sold with a
front-end sales charge. Class B and Class C shares may be subject to
a contingent deferred sales charge. All three 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 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 are valued 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 foreign currency
exchange contracts are valued based on the closing prices of the
forward currency contract rates in the London foreign exchange
markets on a daily basis as provided by a reliable bank or dealer.
---------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are
maintained in U.S. dollars. Prices of securities denominated in
foreign currencies are translated into U.S. dollars at the closing
rates of exchange. Amounts related to the purchase and sale of
securities and investment income are translated at the rates of
exchange prevailing on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates
on investments is separately identified from the fluctuations
arising from changes in market values of securities held and
reported with all other foreign currency gains and losses in the
Fund's Statement of Operations.
---------------------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to take
possession, to have legally segregated in the Federal Reserve Book
Entry System or to have segregated within the custodian's vault, all
securities held as collateral for repurchase agreements. The market
value of the underlying securities is required to be at least 102%
of the resale price at the time of purchase. If the seller of the
agreement defaults and the value of the collateral declines, or if
the seller enters an insolvency proceeding, realization of the value
of the collateral by the Fund may be delayed or limited.
---------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND LOSSES. Income,
expenses (other than those attributable to a specific class) and
gains and losses are allocated daily to each class of shares based
upon the relative proportion of net assets represented by such
class. Operating expenses directly attributable to a specific class
are charged against the operations of that class.
---------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with
provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income,
including any net realized gain on investments not offset by loss
carryovers, to shareholders. Therefore, no federal income or excise
tax provision is required.
---------------------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a nonfunded
retirement plan for the Fund's independent trustees. Benefits are
based on years of service and fees paid to each trustee during the
years of service. During the year ended September 30, 1996, a
provision of $101,127 was made for the Fund's projected benefit
obligations and payments of $7,479 were made to retired trustees,
resulting in an accumulated liability of $262,675 at September 30,
1996.
---------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to
shareholders are recorded on the ex-dividend date.
18 Oppenheimer Global Fund
<PAGE> 19
1. SIGNIFICANT
ACCOUNTING POLICIES
(CONTINUED)
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment
income (loss) and net realized gain (loss) may differ for financial
statement and tax purposes. The character of the distributions made
during the year from net investment income or net realized gains may
differ from their ultimate characterization for federal income tax
purposes. Also, due to timing of dividend distributions, the fiscal
year in which amounts are distributed may differ from the year that
the income or realized gain (loss) was recorded by the Fund.
During the year ended September 30, 1996, the Fund
adjusted the classification of distributions to shareholders to
reflect the differences between the financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, during the year ended September 30, 1996, amounts have
been reclassified to reflect a decrease in undistributed net
investment income and an increase in accumulated net realized gain
on investments of $367,527. In addition, to properly reflect foreign
currency gain in the components of capital, $7,676,004 of foreign
exchange gain determined according to U.S. federal income tax rules
has been reclassified from net realized gain to net investment
income.
---------------------------------------------------------------------
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. 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.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. Actual results
could differ from those estimates.
================================================================================
2. SHARES OF
BENEFICIAL INTEREST
The Fund has authorized an unlimited number of no par value shares
of beneficial interest of each class. Transactions in shares of
beneficial interest were as follows:
<TABLE>
<CAPTION>
Year Ended September 30, 1996(1) Year Ended September 30, 1995
-------------------------------- ------------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 13,445,573 $494,129,386 14,970,471 $515,346,870
Dividends and distributions reinvested 3,791,424 129,022,228 5,837,688 185,638,506
Redeemed (12,511,334) (457,872,920) (12,413,877) (427,316,560)
----------- ------------ ----------- ------------
Net increase 4,725,663 $165,278,694 8,394,282 $273,668,816
=========== ============ =========== ============
- -------------------------------------------------------------------------------------------------------------------
Class B:
Sold 6,760,563 $244,252,699 5,628,673 $192,633,540
Dividends and distributions reinvested 596,683 20,012,734 687,798 21,610,609
Redeemed (2,599,758) (93,597,029) (1,894,767) (64,110,774)
----------- ------------ ----------- ------------
Net increase 4,757,488 $170,668,404 4,421,704 $150,133,375
=========== ============ =========== ============
- -------------------------------------------------------------------------------------------------------------------
Class C:
Sold 549,240 $20,205,091 -- $ --
Dividends and distributions reinvested 4,029 137,151 -- --
Redeemed (98,123) (3,610,284) -- --
----------- ------------ ----------- ------------
Net increase 455,146 $16,731,958 -- $ --
=========== ============ =========== ============
</TABLE>
1. For the year ended September 30, 1996 for Class A and Class B
shares, and for the period from October 2, 1995 (inception of
offering) to September 30, 1996 for Class C shares.
================================================================================
3. UNREALIZED GAINS AND
LOSSES ON INVESTMENTS
At September 30, 1996, net unrealized appreciation on investments of
$567,222,031 was composed of gross appreciation of $597,401,994, and
gross depreciation of $30,179,963.
19 Oppenheimer Global Fund
<PAGE> 20
NOTES TO FINANCIAL STATEMENTS (Continued)
================================================================================
4. MANAGEMENT FEES
AND OTHER TRANSACTIONS
WITH AFFILIATES
Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Fund which provides for
a fee of 0.80% on the first $250 million of net assets, 0.77%
on the next $250 million, 0.75% on the next $500 million, 0.69%
on the next $1 billion and 0.67% on net assets in excess of $2
billion. The Manager has voluntarily agreed to reduce the
management fee to which it is entitled under the Agreement to
0.65% on net assets in excess of $3.5 billion. The Manager has
agreed to reimburse the Fund if aggregate expenses (with
specified exceptions) exceed the most stringent applicable
regulatory limit on Fund expenses.
For the year ended September 30, 1996, commissions (sales
charges paid by investors) on sales of Class A shares totaled
$5,830,983, of which $1,861,170 was retained by
OppenheimerFunds 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 and Class C shares totaled
$6,952,591 and $156,720, of which $413,273 and $2,797,
respectively, was paid to an affiliated broker/dealer. During
the year ended September 30, 1996, OFDI received contingent
deferred sales charges of $743,491 and $6,445, respectively,
upon redemption of Class B and Class C shares, as reimbursement
for sales commissions advanced by OFDI at the time of sale of
such shares.
OppenheimerFunds Services (OFS), a division of the
Manager, is the transfer and shareholder servicing agent for
the Fund, and for other registered investment companies. OFS's
total costs of providing such services are allocated ratably to
these companies.
The Fund has adopted a Service Plan for Class A shares to
reimburse OFDI for a portion of its costs incurred in
connection with the personal service and maintenance of
accounts that hold Class A shares. Reimbursement is made
quarterly at an annual rate that may not exceed 0.25% of the
average annual net assets of Class A shares of the Fund. OFDI
uses the service fee to reimburse brokers, dealers, banks and
other financial institutions quarterly for providing personal
service and maintenance of accounts of their customers that
hold Class A shares. During the year ended September 30, 1996,
OFDI paid $252,591 to an affiliated broker/dealer as
reimbursement for Class A personal service and maintenance
expenses.
The Fund has adopted a reimbursement type Distribution and
Service Plan for Class B shares to reimburse OFDI for its
services and costs in distributing Class B shares and servicing
accounts. Under the Plan, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on Class B shares.
OFDI also receives a service fee of 0.25% per year to reimburse
dealers for providing personal services for accounts that hold
Class B shares. Both fees are computed on the average annual
net assets of Class B shares, determined as of the close of
each regular business day. If the Plan is terminated by the
Fund, the Board of Trustees may allow the Fund to continue
payments of the asset-based sales charge to OFDI for certain
expenses it incurred before the Plan was terminated. During the
year ended September 30, 1996, OFDI paid $53,520 to an
affiliated broker/dealer as reimbursement for Class B personal
service and maintenance expenses and retained $3,701,675 as
reimbursement for Class B sales commissions and service fee
advances, as well as financing costs. As of September 30, 1996,
OFDI had incurred unreimbursed expenses of $16,226,094 for
Class B.
The Fund has adopted a compensation type Distribution and
Service Plan for Class C shares to compensate OFDI for its
services and costs in distributing Class C shares and servicing
accounts. Under the Plan, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on Class C shares.
OFDI also receives a service fee of 0.25% per year to
compensate dealers for providing personal services for accounts
that hold Class C shares. Both fees are computed on the average
annual net assets of Class C shares, determined as of the close
of each regular business day. If the Plan is terminated by the
Fund, the Board of Trustees may allow the Fund to continue
payments of the asset-based sales charge to OFDI for certain
expenses it incurred before the Plan was terminated. During the
year September 30, 1996, OFDI retained $75,623 as compensation
for Class C sales commissions and service fee advances, as well
as financing costs. As of September 30, 1996, OFDI had incurred
unreimbursed expenses of $200,447 for Class C.
20 Oppenheimer Global Fund
<PAGE> 21
================================================================================
5. 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.
Securities held in segregated accounts to cover net
exposure on outstanding forward contracts are noted in the
Statement of Investments where applicable. Unrealized
appreciation or depreciation on forward contracts is reported
in the Statement of Assets and Liabilities. Realized gains and
losses are reported with all other foreign currency gains and
losses in the Fund's Statement of Operations.
Risks include the potential inability of the counterparty
to meet the terms of the contract and unanticipated movements
in the value of a foreign currency relative to the U.S. dollar.
At September 30, 1996, the Fund had outstanding forward
contracts to purchase and sell currencies as follows:
<TABLE>
<CAPTION>
CONTRACT AMOUNT VALUATION AS OF UNREALIZED UNREALIZED
CONTRACTS TO PURCHASE EXCHANGE DATE (000S) SEPT. 30, 1996 APPRECIATION DEPRECIATION
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
German Deutsche Mark (DEM) 10/1/96--10/2/96 5,025 DEM $3,294,412 $ -- $4,862
========== --------- ------
CONTRACTS TO SELL
- ----------------------------------------------------------------------------------------------------------------------------
Swiss Franc (CHF) 10/8/96 114,690 CHF $91,561,452 $8,438,548 $ --
- ----------------------------------------------------------------------------------------------------------------------------
Italian Lira (ITL) 10/1/96 2,250,167 ITL 1,478,379 5,313 --
- ----------------------------------------------------------------------------------------------------------------------------
German Deutsche Mark (DEM) 10/1/96--1/8/97 149,342 DEM 98,494,144 5,431,912 --
- ----------------------------------------------------------------------------------------------------------------------------
Indonesian Rupiah (IDR) 10/1/96--10/2/96 393,913 IDR 169,680 35 --
- ----------------------------------------------------------------------------------------------------------------------------
Japanese Yen (JPY) 10/7/96 15,382,499 JPY 138,205,862 2,564,849 --
------------ ----------- -------
$329,909,517 16,440,657 --
============ =========== -------
Total Unrealized Appreciation and Depreciation $16,440,657 $4,862
=========== =======
</TABLE>
6. ILLIQUID AND
RESTRICTED SECURITIES
At September 30, 1996, investments in securities included
issues that are illiquid or restricted. Restricted 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. A security may also be considered illiquid if it lacks a
readily-available market or if its valuation has not changed
for a certain period of time. The Fund intends to invest no
more than 10% of its net assets (determined at the time of
purchase and reviewed from time to time) in illiquid or
restricted securities. Certain restricted securities, eligible
for resale to qualified institutional investors, are not
subject to that limit. The aggregate value of illiquid or
restricted securities subject to this limitation at September
30, 1996 was $88,287,890, which represents 2.89% of the Fund's
net assets. Information concerning restricted securities is as
follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT AS
SECURITY ACQUISITION DATE COST PER UNIT OF SEPT. 30, 1996
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Quintiles Transnational Corp. 8/2/93 $ 8.64 $ 65.93
- ---------------------------------------------------------------------------------------------------------------------------
Clinica y Maternidad Suizo Argentino 5/16/94 7,383.33 8,883.03
</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.
21 Oppenheimer Global Fund
<PAGE> 22
Notes to Financial Statements (Continued)
7. SECURITIES LOANED
The Fund has entered into a securities lending arrangement with
the custodian. Under the terms of the agreement, the Fund
receives 60% of the annual net income from lending
transactions. In exchange for such fees, the custodian is
authorized to loan securities on behalf of the Fund, against
receipt of collateral at least equal in value to the value of
the securities loaned. Cash collateral is invested by the
custodian in money market instruments approved by the Manager.
As of September 30, 1996, the Fund had on loan securities
valued at $223,463,921. Cash of $187,481,049 was received as
collateral for the loans, and has been invested in the approved
instruments identified below. U.S. Treasury Bills, Notes and
Bonds valued at $42,989,230 were also received as collateral.
The Fund bears the risk of any deficiency in the amount of
collateral available for return to a borrower due to a loss in
an approved investment.
<TABLE>
<CAPTION>
VALUATION AS OF
SECURITY SEPTEMBER 30, 1996
----------------------------------------------------------------------------------------------------------
<S> <C>
Repurchase agreement with CS First Boston Corp., 5.975%, dated 9/30/96 and maturing
12/31/96, collateralized by Federal Home Loan Mortgage Corp., 7%--9.50%,
5/15/17--7/1/26, with a value of $117,360,046, and by Federal National Mortgage Assn.,
0%, 6/1/23, with a value of $46,110,000 $160,470,046
----------------------------------------------------------------------------------------------------------
Repurchase agreement with Goldman, Sachs & Co., 5.75%, dated 9/30/96 and maturing
10/1/96, collateralized by Federal Mortgage Acceptance Corp., 7.31%, 8/7/01, with a
value of $10,068,530, and by Federal Home Loan Bank, 5.60%, 7/24/97, with a value of
$10,001,710, and by Federal National Mortgage Assn., 7.15%, 6/26/01, with a value of
$6,940,763 27,011,003
----------------------------------------------------------------------------------------------------------
U.S. Treasury Bills, 1/2/97--5/29/97 1,083,519
----------------------------------------------------------------------------------------------------------
U.S. Treasury Nts., 5.125%--8.50%, 11/30/97--3/31/00 25,925,761
----------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 6.25%, 8/15/23 15,979,950
------------
$230,470,279
============
</TABLE>
22 Oppenheimer Global Fund
<PAGE> 23
INDEPENDENT AUDITORS' REPORT
================================================================================
The Board of Trustees and Shareholders of Oppenheimer Global
Fund:
We have audited the accompanying statements of investments and
assets and liabilities of Oppenheimer Global Fund as of
September 30, 1996, and the related statement of operations for
the year then ended, the statements of changes in net assets
for each of the years in the two year period then ended and the
financial highlights for each of the years in the five year
period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights are
free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included
confirmation of securities owned as of September 30, 1996, by
correspondence with the custodian and brokers; and where
confirmations were not received from brokers, we performed
other auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Oppenheimer Global Fund as
of September 30, 1996, the results of its operations for the
year then ended, the changes in its net assets for each of the
years in the two year period then ended, and the financial
highlights for each of the years in the five year period then
ended, in conformity with generally accepted accounting
principles.
KPMG Peat Marwick LLP
Denver, Colorado
October 21, 1996
23 Oppenheimer Global Fund
<PAGE> 24
FEDERAL INCOME TAX INFORMATION (UNAUDITED)
================================================================================
In early 1997, shareholders will receive information regarding
all dividends and distributions paid to them by the Fund during
calendar year 1996. Regulations of the U.S. Treasury Department
require the Fund to report this information to the Internal
Revenue Service.
Distributions of $2.2892, $2.051 and $2.1657 per share
were paid to Class A, Class B and Class C shareholders,
respectively, on December 19, 1995, of which $2.051 was
designated as a "capital gain distribution" for federal income
tax purposes. Whether received in stock or cash, the capital
gain distribution should be treated by shareholders as a gain
from the sale of capital assets held for more than one year
(long-term capital gains).
Dividends paid by the Fund during the fiscal year ended
September 30, 1996 which are not designated as capital gain
distributions should be multiplied by 17.73% to arrive at the
net amount eligible for the corporate dividend-received
deduction.
The Fund has elected the application of Section 853 of
the Internal Revenue Code to permit shareholders to take a
federal income tax credit or deduction, at their option, on a
per share basis for an aggregate amount of $2,687,921 of
foreign income taxes paid by the Fund during the fiscal year
ended September 30, 1996. A separate notice will be mailed to
each shareholder in January of 1997, which will reflect the
proportionate share of such foreign taxes (as well as the
dividend expected to be paid by the Fund in December of 1996)
which must be treated by shareholders as gross income for
federal income tax purposes.
The foregoing information is presented to assist
shareholders in reporting distributions received from the Fund
to the Internal Revenue Service. Because of the complexity of
the federal regulations which may affect your individual tax
return and the many variations in state and local tax
regulations, we recommend that you consult your tax adviser for
specific guidance.
24 Oppenheimer Global Fund
<PAGE> 25
OPPENHEIMER GLOBAL FUND
================================================================================
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Donald W. Spiro, Vice Chairman of the Board of
Trustees
Bridget A. Macaskill, Trustee and President
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
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
William L. Wilby, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
================================================================================
INVESTMENT ADVISER OppenheimerFunds, Inc.
================================================================================
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
================================================================================
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
================================================================================
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
================================================================================
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
================================================================================
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of
Oppenheimer Global Fund. This report must be preceded
or accompanied by a Prospectus of Oppenheimer Global
Fund. For material information concerning the Fund,
see the Prospectus.
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any
bank, and are not insured by the FDIC or any other
agency, and involve investment risks, including
possible loss of the principal amount invested.
25 Oppenheimer Global Fund
<PAGE> 26
OPPENHEIMERFUNDS FAMILY
================================================================================
OppenheimerFunds offers over 50 funds designed to fit
virtually every investment goal. Whether you're
investing for retirement, your children's education
or tax-free income, we have the funds to help you
seek your objective.
When you invest with OppenheimerFunds, you can
feel comfortable knowing that you are investing with
a respected financial institution with over 35 years
of experience in helping people just like you reach
their financial goals. And you're investing with a
leader in global, growth stock and flexible
fixed-income investments--with over 3 million
shareholder accounts and more than $55 billion under
OppenheimerFunds' management and that of our
affiliates.
At OppenheimerFunds we don't charge a fee to
exchange shares. And you can exchange shares easily
by mail or by telephone.1 For more information on
Oppenheimer funds, please contact your financial
adviser 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.
<TABLE>
===========================================================================================================
<S> <C> <C>
STOCK FUNDS Global Emerging Growth Fund Growth Fund
Enterprise Fund(2) Global Fund
International Growth Fund Quest Global Value Fund
Discovery Fund Disciplined Value Fund
Quest Small Cap Value Fund Oppenheimer Fund
Gold & Special Minerals Fund Value Stock Fund
Target Fund Quest Value Fund
===========================================================================================================
STOCK & BOND FUNDS Main Street Income & Growth Fund Equity Income Fund
Quest Opportunity Value Fund Disciplined Allocation Fund
Total Return Fund Asset Allocation Fund
Quest Growth & Income Value Fund Strategic Income & Growth Fund
Global Growth & Income Fund Bond Fund for Growth
===========================================================================================================
BOND FUNDS International Bond Fund Bond Fund
High Yield Fund U.S. Government Trust
Champion Income Fund Limited-Term Government Fund
Strategic Income Fund
===========================================================================================================
MUNICIPAL FUNDS California Municipal Fund(3) Insured Municipal Fund
Florida Municipal Fund(3) Intermediate Municipal Fund
New Jersey Municipal Fund(3)
New York Municipal Fund(3) Rochester Division
Pennsylvania Municipal Fund(3) Rochester Fund Municipals
Municipal Bond Fund Limited Term New York Municipal Fund
===========================================================================================================
Money Market Funds(4) Money Market Fund Cash Reserves
===========================================================================================================
LIFESPAN Growth Fund Income Fund
Balanced Fund
</TABLE>
1. Exchange privileges are subject to change or termination. Shares may be
exchanged only for shares of the same class of eligible funds.
2. Effective 4/1/96, the Fund is closed to new investors.
3. Available only to investors in certain states.
4. An investment in money market funds is neither insured nor guaranteed by the
U.S. government and there can be no assurance that a money market fund will be
able to maintain a stable net asset value of $1.00 per share. Oppenheimer
funds are distributed by OppenheimerFunds Distributor, Inc., Two World Trade
Center, New York, NY 10048-0203.
(C) Copyright 1996 OppenheimerFunds, Inc. All rights reserved.
26 Oppenheimer Global Fund
<PAGE> 27
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 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
RA0330.001.0996 November 30, 1996
[PHOTO]
Customer Service Representative
OppenheimerFunds Services
"How may I help you?"
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or ready
account access, you can benefit from services designed to make investing
simple.
And when you need help, our Customer Service Representatives are only
a toll-free phone call away. They can provide information about your account
and handle administrative requests. You can reach them at our General
Information number.
When you want to make a transaction, you can do it easily by calling
our toll-free Telephone Transactions number. And, by enrolling in AccountLink,
a convenient service that "links" your Oppenheimer funds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
[OPPENHEIMER LOGO]
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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