[FRONT COVER]
Oppenheimer Global Fund
Semiannual Report March 31, 1996
[Picture of Cafe Couple]
"We have
ambitious
long-term
goals, so we
need our
investments
to grow
over time."
[Oppenheimer Logo]
<PAGE>
This Fund is for people who want to take
advantage of outstanding growth opportunities
the world over.
News
Beat the Average
Cumulative Total Return for the
10-Year Period Ended 3/31/96:
Oppenheimer Global Fund
Class A (at NAV)1
242.81%
Lipper Global Funds Average3
200.59%
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. In
addition, 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 6 months ended 3/31/96 for Class A and
B shares were 6.03% and 5.62%, respectively.(1)
Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-, 5-, and 10-year periods ended 3/31/96 were 13.11%,
9.87% and 12.44%, respectively. For Class B shares, average annual total returns
for the 1-year period ended 3/31/96 and since inception of the Class on 8/17/93
were 14.01% and 12.78%, respectively. For Class C shares, cumulative total
return since inception on 10/2/95 was 4.87%.2
Outlook
"Our outlook is very positive. Although foreign stock markets lagged the U.S.
market during 1995, we believe lower interest rates, along with a stronger
dollar should fuel a rebound in many of the developed markets. Also, lower
interest rates and strong capital inflows should drive prices higher in many
emerging markets. These factors, together with our theme-based approach to
finding outstanding companies around the world, positions us to participate in
any environment."
Bill Wilby, Portfolio Manager
March 31, 1996
Total returns include change in share price and reinvestment of dividends and
capital gains distributions. 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 3/31/95, 3/31/91
and 3/31/86, 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 shares show results of hypothetical investments on 3/31/95
and 8/17/93 (inception of class) and the deduction of the applicable contingent
deferred sales charge of 5% (1-year) and 3% (since inception) for Class B
shares. Class C shares show results of hypothetical investments on 10/2/95 after
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 Lipper total return average for the
10-year period was for 11 global funds. The average is shown for comparative
purposes only. Oppenheimer Global Fund is characterized by Lipper as a global
fund. Lipper performance does not take sales charges into consideration. The
Fund was not managed or offered as a "global" fund prior to 1987, but held
foreign securities in its portfolio prior to becoming a global fund.
2 Oppenheimer Global Fund
<PAGE>
(PHOTO OF BRIDGET A. MACASKILL)
Bridget A. Macaskill
President
Oppenheimer
Global Fund
Dear Shareholder,
After a two-year lull, foreign stock markets are beginning to make a comeback in
1996. This, coupled with the strong, albeit choppy performance of the U.S. stock
market in the first quarter continues to make a compelling case for global
funds, which typically invest in both domestic and foreign securities.
Change, however, is in the air. It is unlikely that last year's phenomenal
gains and low volatility in the U.S. stock market will be repeated this year. A
projected slowdown in corporate earnings growth and unlikely continued help from
lower interest rates will most likely return the market to more historical
levels of performance and volatility.
With many domestic stocks now believed to be fully valued, and more
expensive than their overseas counterparts, we feel a number of foreign markets
have excellent growth potential and are poised to outperform the U.S. market
this year. As a result, the time has come for investors to refocus their sights
on opportunities that lie beyond our borders.
For example, lower interest rates in Japan and much of Europe, as well as a
stronger dollar, signal an added boost for non-U.S. stocks. A stronger dollar
allows foreign exporters to more competitively price their goods and services
for American consumers.
In addition, European companies have begun to embrace corporate
restructuring, undergoing the same cost cutting and consolidation that helped
make many American companies more competitive in the global marketplace. And
after a five-year recession, the Japanese economy is expected to grow at a rate
of more than 2% in 1996, due to relatively low interest rates.
Our outlook for the world's emerging markets continues to remain positive.
In Southeast Asia, extraordinary levels of domestic savings and equity
investment over the past 15 years have created enormous individual wealth. A
shift in focus, from savings to consumption, is beginning to occur, which should
benefit certain U.S. consumer products companies as well as companies involved
in infrastructure development. Latin America appears poised for a rebound from
the Mexican peso crisis with strong cash inflows stimulating corporate
profitability in countries like Argentina and Brazil.
Because investing abroad involves greater risks and expenses, including
political and economic uncertainties, currency rate fluctuations and liquidity
restrictions, it should only be undertaken with a long time horizon in mind.
That said, we believe foreign stock markets will continue to offer excellent
growth opportunities at attractive valuations. And we're confident that by being
able to diversify investments throughout the world, we will be positioned to
participate in any economic environment.
Your portfolio manager discusses the outlook for your Fund in light of
these broad issues on the following pages. Thank you for your confidence in
OppenheimerFunds, and we look forward to helping you reach your investment goals
in the future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill
April 19, 1996
3 Oppenheimer Global Fund
<PAGE>
Q + A
(PHOTO OF BILL WILBY)
(PHOTO OF FRANK JENNINGS)
Q What
is your
outlook
for the Fund?
An interview with your Fund's managers.
How has the Fund performed over the past six months?
Even though our performance was very good, it was difficult for any global fund
to compete given the outstanding returns of U.S. stocks over the period.
However, with the flexibility to allocate a relatively large portion of our
portfolio to domestic stocks, along with our strong stock selection, we were
able to turn in results that were better than most of our competitors'.
(PHOTO OF ROBERT DOLL)
What investments made positive contributions to performance?
The Fund's positive performance was mainly the result of our relatively large
position in U.S. stocks, which performed extremely well. The Fund also benefited
from our holdings in Japanese technology stocks which have appreciated nicely as
Japan pulls out of a five-year recession.
Another theme that was profitable for us over the period was healthcare. As
the population continues to age, the demand for healthcare products and services
should increase, particularly the stocks of biotechnology and medical companies
that offer new and innovative products.(1)
Did any investments not perform as you'd expected?
Slower than expected economic growth in Europe meant that our investments in
economically sensitive cyclicals, such as chemical, automotive and industrial
companies, did not perform as well as expected. Although some of our investments
in emerging markets suffered as a result of the generally poor performance in
those regions, we continue to believe these holdings offer the potential for
long-term growth.
What areas are you currently targeting?
Because of the tremendous rally in the domestic stock
1. The Fund's portfolio is subject to change.
4 Oppenheimer Global Fund
<PAGE>
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 Lower
interest rates
and a stronger
dollar should
fuel a
rebound.
market, we've cut back slightly on our investments in U.S. stocks. While our
outlook for domestic stocks remains favorable, we believe there are some good
values to be found overseas. Of course, foreign investments entail greater risks
and expenses, such as adverse market changes due to currency fluctuations, but
by diversifying the Fund's holdings across many countries and industries, we're
able to help mitigate those risks.
In addition, as part of our natural resources theme, we've been buying
selected gold stocks. That's because we feel these stocks should ultimately
benefit from a stagnant mine output and increasing demand for jewelry as
emerging countries' economies continue to grow. Also, gold can be a good hedge
against consumer price instability--both in inflationary and deflationary
environments--and therefore can help us to further diversify the Fund's
holdings.
(PHOTO OF SHANQUAN LI)
What is your outlook for the Fund?
Our outlook is very favorable. Although foreign stock markets lagged the U.S.
market during 1995, we believe lower interest rates, along with a stronger
dollar should fuel a rebound in many of the developed markets. Also, lower
interest rates and strong capital inflows should drive prices higher in many
emerging markets. These factors, together with our theme-based approach to
finding outstanding companies around the world, positions us to participate in
any environment. (Solid Box)
(PHOTO OF GEORGE EVANS)
5 Oppenheimer Global Fund
<PAGE>
Financials
Contents
Statement of Investments 7
Statement of Assets & Liabilities 14
Statement of Operations 15
Statements of Changes in Net Assets 16
Financial Highlights 17
Notes to Financial Statements 18
6 Oppenheimer Global Fund
<PAGE>
Statement of Investments March 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
<S> <C> <C> <C>
===================================================================================================================================
Short-Term Notes--3.6% New Center Asset Trust, 5.48%, 4/1/96 (Cost $100,000,000) $100,000,000 $100,000,000
Shares
===================================================================================================================================
Common Stocks--91.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Basic Materials--5.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Chemicals--0.8% Minerals Technologies, Inc. 645,000 22,333,125
- -----------------------------------------------------------------------------------------------------------------------------------
Gold--2.4% Anglo American Corp. of South Africa Ltd., ADR(1) 150,000 9,656,250
---------------------------------------------------------------------------------------------------------
Free State Consolidated Gold Mines Ltd., ADR 870,000 8,265,000
---------------------------------------------------------------------------------------------------------
Homestake Mining Co. 600,000 11,625,000
---------------------------------------------------------------------------------------------------------
Newmont Mining Corp. 560,500 31,738,312
---------------------------------------------------------------------------------------------------------
Placer Dome, Inc. 200,000 5,775,000
-----------
67,059,562
- ------------------------------------------------------------------------------------------------------------------------------------
Metals--1.6% Companhia Vale Do Rio Doce, Preference 86,500,000 13,574,686
----------------------------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B 757,500 23,955,937
----------------------------------------------------------------------------------------------------------
Gencor Ltd., Unsponsored ADR 1,500,000 5,919,600
-----------
43,450,223
- ------------------------------------------------------------------------------------------------------------------------------------
Paper--0.3% Asia Pulp & Paper Co. Ltd., ADR(1) 1,000,000 9,625,000
- ------------------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--7.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Autos & Housing--1.5% IRSA Inversiones y Representaciones, SA 3,314,458 9,316,683
----------------------------------------------------------------------------------------------------------
Volkswagen AG(2) 95,000 33,202,744
-----------
42,519,427
- ------------------------------------------------------------------------------------------------------------------------------------
Leisure & Resorts World Berhad 1,800,000 10,251,019
Entertainment--0.4%
- ------------------------------------------------------------------------------------------------------------------------------------
Media--2.4% Grupo Televisa SA, Sponsored ADR(1)(2)(3) 1,000,100 24,877,487
----------------------------------------------------------------------------------------------------------
News Corp. Ltd., ADR(2) 1,000,000 23,000,000
----------------------------------------------------------------------------------------------------------
Reuters Holdings PLC, Series B, ADR 165,500 10,778,187
----------------------------------------------------------------------------------------------------------
Time Warner, Inc. 230,000 9,401,250
-----------
68,056,924
- ------------------------------------------------------------------------------------------------------------------------------------
Retail: General--1.1% Promodes SA(2) 65,000 16,976,008
----------------------------------------------------------------------------------------------------------
PT Matahari Putra Prima 463,000 1,010,182
----------------------------------------------------------------------------------------------------------
Sonae Industria E. Investimentos 489,000 11,695,360
-----------
29,681,550
- ------------------------------------------------------------------------------------------------------------------------------------
Retail: Specialty--1.7% FamilyMart Co. 385,000 16,618,435
----------------------------------------------------------------------------------------------------------
Giordano International Ltd. 14,100,000 14,586,743
----------------------------------------------------------------------------------------------------------
Jusco Co.(2) 600,000 15,674,148
-----------
46,879,326
</TABLE>
7 Oppenheimer Global Fund
<PAGE>
Statement of Investments (Unaudited)(Continued)
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Consumer Non-Cyclicals--20.9%
- ------------------------------------------------------------------------------------------------------------------------------------
Beverages--3.4% Allied Domecq PLC 1,999,800 $ 14,958,212
----------------------------------------------------------------------------------------------------------
Buenos Aires Embotelladora SA, Sponsored ADR 445,500 7,406,437
----------------------------------------------------------------------------------------------------------
Cadbury Schweppes PLC 1,000,000 7,632,504
----------------------------------------------------------------------------------------------------------
Fomento Economico Mexicano SA, Cl. B Sponsored ADR(2)(3) 2,600,000 7,482,020
----------------------------------------------------------------------------------------------------------
Hellenic Bottling Co., SA 230,000 8,587,684
----------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton 153,000 38,834,593
----------------------------------------------------------------------------------------------------------
Panamerican Beverages, Inc., Cl. A(2) 260,000 10,497,500
----------
95,398,950
- ------------------------------------------------------------------------------------------------------------------------------------
Food--0.7% PT Indofood Sukses Makmur 1,531,750 7,159,088
----------------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg. 61,050 11,991,799
----------
19,150,887
- ------------------------------------------------------------------------------------------------------------------------------------
Healthcare/Drugs--10.1% Amgen, Inc. 400,000 23,250,000
----------------------------------------------------------------------------------------------------------
Astra AB Free, Series A(2) 900,000 41,675,887
----------------------------------------------------------------------------------------------------------
Ciba-Geigy AG 40,000 50,032,089
----------------------------------------------------------------------------------------------------------
Genentech, Inc., Special Common(1) 400,000 21,050,000
----------------------------------------------------------------------------------------------------------
Genzyme Corp.(1) 375,435 20,648,925
----------------------------------------------------------------------------------------------------------
Johnson & Johnson 250,000 23,062,500
----------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(1)(5) 376,800 5,322,300
----------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(1)(5) 264,900 3,708,600
----------------------------------------------------------------------------------------------------------
Plant Genetics Systems(1)(4)(5) 887,280 10,249,795
----------------------------------------------------------------------------------------------------------
Sanofi SA 600,000 43,614,290
----------------------------------------------------------------------------------------------------------
Taisho Pharmaceutical Co. 800,000 16,479,391
----------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 1,434,000 22,423,020
-----------
281,516,797
- ------------------------------------------------------------------------------------------------------------------------------------
Healthcare/Supplies & Clinica y Maternidad Suizo Argentino(1)(4)(5) 1,800 15,445,548
Services--6.4% ----------------------------------------------------------------------------------------------------------
Columbia/HCA Healthcare Corp. 400,000 23,100,000
----------------------------------------------------------------------------------------------------------
Gehe AG 28,000 16,120,467
----------------------------------------------------------------------------------------------------------
Gehe AG (New)(1) 6,999 3,944,210
----------------------------------------------------------------------------------------------------------
Pharmacia & Upjohn, Inc. 400,000 15,950,000
----------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(4) 486,392 28,453,932
----------------------------------------------------------------------------------------------------------
Rhoen Klinikum AG, Non-vtg. Preference 330,168 34,551,279
----------------------------------------------------------------------------------------------------------
Stryker Corp. 300,000 14,756,250
----------------------------------------------------------------------------------------------------------
United States Surgical Corp. 800,000 26,200,000
-----------
178,521,686
- ------------------------------------------------------------------------------------------------------------------------------------
Tobacco--0.3% B.A.T. Industries PLC 1,000,000 7,380,631
</TABLE>
8 Oppenheimer Global Fund
<PAGE>
Statement of Investments March 31, 1996 (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Energy--5.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Energy Services Baker Hughes, Inc. 575,000 $ 16,818,750
& Producers--2.8% ----------------------------------------------------------------------------------------------------------
Coflexip SA, Sponsored ADR 681,000 14,556,375
----------------------------------------------------------------------------------------------------------
Far East Levingston Shipbuilding Ltd. 1,250,000 6,971,412
----------------------------------------------------------------------------------------------------------
Global Marine, Inc. 2,135,000 21,350,000
----------------------------------------------------------------------------------------------------------
Transocean AS(1) 435,000 9,496,282
----------------------------------------------------------------------------------------------------------
Western Atlas, Inc.(1) 130,700 7,842,000
----------
77,034,819
- ------------------------------------------------------------------------------------------------------------------------------------
Oil-Integrated--2.7% British Petroleum Co. PLC, ADR 186,096 19,772,700
----------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. 177,100 25,015,375
----------------------------------------------------------------------------------------------------------
Total SA, B Shares 175,000 11,817,169
----------------------------------------------------------------------------------------------------------
Unocal Corp. 254,000 8,477,250
----------------------------------------------------------------------------------------------------------
YPF Sociedad Anonima, Cl. D, ADR 465,000 9,358,125
----------
74,440,619
- ------------------------------------------------------------------------------------------------------------------------------------
Financial--15.5%
- ------------------------------------------------------------------------------------------------------------------------------------
Banks--7.9% Banco Bradesco SA, Preference 1,569,411,088 16,445,953
----------------------------------------------------------------------------------------------------------
Banco de Galicia y Buenos Aires SA de CV, Sponsored ADR(2) 590,000 14,160,000
----------------------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA, ADR(2) 575,000 15,740,625
----------------------------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA, Cl. E(2) 250,000 12,343,750
----------------------------------------------------------------------------------------------------------
Banco Popular Espanol SA 60,000 10,364,163
----------------------------------------------------------------------------------------------------------
BankAmerica Corp. 250,000 19,375,000
----------------------------------------------------------------------------------------------------------
Chase Manhattan Corp. 300,000 22,050,000
----------------------------------------------------------------------------------------------------------
Citicorp 432,300 34,584,000
----------------------------------------------------------------------------------------------------------
HSBC Holdings PLC 1,000,000 15,000,552
----------------------------------------------------------------------------------------------------------
Industrial Finance Corp.(5) 2,929,999 10,684,101
----------------------------------------------------------------------------------------------------------
Korea Exchange Bank 865,345 12,429,550
----------------------------------------------------------------------------------------------------------
Northern Trust Corp. 300,000 16,200,000
----------------------------------------------------------------------------------------------------------
Philippine National Bank(1) 750,000 9,811,872
----------------------------------------------------------------------------------------------------------
PT Lippo Bank 1,950,000 4,066,845
----------------------------------------------------------------------------------------------------------
Turkiye Garanti Bankasi (New), ADR(3) 557,000 5,264,708
------------
218,521,119
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified ABN Amro Holding NV 300,000 14,922,501
Financial--4.7% ----------------------------------------------------------------------------------------------------------
American Express Co. 440,000 21,725,000
----------------------------------------------------------------------------------------------------------
First NIS Regional Fund(3) 1,320,000 6,600,000
----------------------------------------------------------------------------------------------------------
Internationale Nederlanden Groep NV 250,000 18,153,894
----------------------------------------------------------------------------------------------------------
MBNA Corp. 750,000 22,218,750
----------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 200,000 12,150,000
----------------------------------------------------------------------------------------------------------
Schwab (Charles) Corp. (New) 500,000 12,812,500
----------------------------------------------------------------------------------------------------------
Taiwan Fund, Inc.(2) 1,000,000 22,750,000
-----------
131,332,645
</TABLE>
9 Oppenheimer Global Fund
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Insurance--2.9% American International Group, Inc. 300,000 $ 28,087,500
----------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner AG 10,500 9,530,041
----------------------------------------------------------------------------------------------------------
National Mutual Asia Ltd. 10,000,000 9,116,715
----------------------------------------------------------------------------------------------------------
Skandia Forsakrings AB(2) 1,000,000 22,068,545
----------------------------------------------------------------------------------------------------------
Swiss Ruckversicher 12,000 12,156,890
----------
80,959,691
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial--12.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Electrical LEM Holdings SA(5) 25,000 8,190,276
Equipment--1.6% ----------------------------------------------------------------------------------------------------------
Ushio, Inc. 1,200,000 13,146,059
----------------------------------------------------------------------------------------------------------
Yokogawa Electric Corp. 2,300,000 24,119,835
----------
45,456,170
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial Grontmij NV 6 141
Services--4.1% ----------------------------------------------------------------------------------------------------------
IHC Caland NV 850,000 34,667,887
----------------------------------------------------------------------------------------------------------
Plettac AG 14,373 3,163,963
----------------------------------------------------------------------------------------------------------
PT Citra Marga Nusaphala Persada 151,000 195,412
----------------------------------------------------------------------------------------------------------
Secom Co. Ltd. 150,000 9,817,410
----------------------------------------------------------------------------------------------------------
SGS Societe Generale de Surveillance Holding SA, Series B 5,000 10,437,352
----------------------------------------------------------------------------------------------------------
VBH-Vereinigter Baubeschlag Handel AG 29,810 7,369,797
----------------------------------------------------------------------------------------------------------
WMX Technologies, Inc. 515,000 16,351,250
----------------------------------------------------------------------------------------------------------
WPP Group PLC 10,420,000 31,812,277
-----------
113,815,489
- ------------------------------------------------------------------------------------------------------------------------------------
Manufacturing--4.9% Bic Corp. 100,000 11,022,737
----------------------------------------------------------------------------------------------------------
Bobst Bearers AG 11,180 18,407,373
----------------------------------------------------------------------------------------------------------
Bombardier, Inc., Cl. B 1,977,900 29,215,647
----------------------------------------------------------------------------------------------------------
Chargeurs 50,000 12,800,278
----------------------------------------------------------------------------------------------------------
Commercial del Plata SA(1) 1,921,200 5,208,160
----------------------------------------------------------------------------------------------------------
Consolidated Electric Power Asia Ltd., ADS 5,250,000 8,689,975
----------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 3,800,000 32,876,384
----------------------------------------------------------------------------------------------------------
Powerscreen International PLC 1,980,000 13,147,752
----------------------------------------------------------------------------------------------------------
Valmet Corp., Cl. A 243,700 5,600,867
----------
136,969,173
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation--1.4% Brambles Industries Ltd. 1,500,000 19,805,775
----------------------------------------------------------------------------------------------------------
Keppel Corp. Ltd. 1,000,000 9,093,919
----------------------------------------------------------------------------------------------------------
Lisnave-Estaleiros Navais de Lisbona SA(1) 147,200 364,696
----------------------------------------------------------------------------------------------------------
Sembawang Shipyard Ltd. 2,000,000 10,017,520
----------
39,281,910
</TABLE>
10 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Technology--17.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Computer Hardware--3.3% Canon, Inc. 500,000 $ 9,550,556
----------------------------------------------------------------------------------------------------------
Cisco Systems, Inc.(1) 686,600 31,841,075
----------------------------------------------------------------------------------------------------------
Digital Equipment Corp.(1) 550,000 30,318,750
----------------------------------------------------------------------------------------------------------
International Business Machines Corp. 99,700 11,079,163
----------------------------------------------------------------------------------------------------------
Tokyo Electron Ltd. 260,000 8,885,762
-----------
91,675,306
- ------------------------------------------------------------------------------------------------------------------------------------
Computer Software--3.7% First Data Corp. 376,000 26,508,000
----------------------------------------------------------------------------------------------------------
Ines Corp.(1) 600,000 9,775,275
----------------------------------------------------------------------------------------------------------
Microsoft Corp.(1) 200,000 20,625,000
----------------------------------------------------------------------------------------------------------
Nintendo Co. Ltd. 641,600 41,091,211
----------------------------------------------------------------------------------------------------------
Sap AG, Preference 25,000 3,579,692
-----------
101,579,178
- ------------------------------------------------------------------------------------------------------------------------------------
Electronics--5.1% Advanced Semiconductor Engineering GDR(1) 398,100 4,343,271
----------------------------------------------------------------------------------------------------------
Advantest Corp. 220,000 9,928,833
----------------------------------------------------------------------------------------------------------
General Motors Corp., Cl. H 400,000 25,300,000
----------------------------------------------------------------------------------------------------------
Intel Corp. 240,000 13,650,000
----------------------------------------------------------------------------------------------------------
Keyence Corp. 200,000 23,970,023
----------------------------------------------------------------------------------------------------------
Matsushita Electric Industrial Co. Ltd. 1,200,000 19,550,550
----------------------------------------------------------------------------------------------------------
Omron Corp. 460,000 10,207,859
----------------------------------------------------------------------------------------------------------
Rohm Co. 204,000 11,651,678
----------------------------------------------------------------------------------------------------------
SGS-Thomson Microelectronics NV(1) 600,000 21,750,000
-----------
140,352,214
- ------------------------------------------------------------------------------------------------------------------------------------
Telecommunications- Alcatel Alsthom SA 250,000 23,182,505
Technology--4.9% ----------------------------------------------------------------------------------------------------------
AT&T Corp. 300,000 18,375,000
----------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp. 20,019 24,405,392
----------------------------------------------------------------------------------------------------------
L.M. Ericsson Telephone Co., Cl. B, ADR 709,150 15,158,081
----------------------------------------------------------------------------------------------------------
Millicom International Cellular SA(1) 800,000 34,600,000
----------------------------------------------------------------------------------------------------------
Millicom, Inc. 207,000 --
----------------------------------------------------------------------------------------------------------
Petersburg Long Distance, Inc.(1) 1,259,000 6,216,313
----------------------------------------------------------------------------------------------------------
PT Telekomunikasi Indonesia, ADR(1)(2) 342,000 10,559,250
----------------------------------------------------------------------------------------------------------
Vodafone Group PLC 756,521 2,800,463
-----------
135,297,004
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities--8.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Electric Utilities--2.1% Empresa Nacional de Electridad SA 180,000 10,310,988
----------------------------------------------------------------------------------------------------------
Huaneng Power International, Inc., Cl. N, Sponsored ADR(1) 465,400 7,969,975
----------------------------------------------------------------------------------------------------------
Korea Electric Power Co. 520,000 21,896,835
----------------------------------------------------------------------------------------------------------
Veba AG(2) 400,000 19,447,515
----------
59,625,313
</TABLE>
11 Oppenheimer Global Fund
<PAGE>
Statement of Investments (Unaudited) (Continued)
<TABLE>
<CAPTION>
Market Value
Shares See Note 1
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Gas Utilities--0.2% Transportadora de Gas del Sur SA, ADR(2) 500,000 $ 6,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Telephone Utilities--5.7% Compania de Telefonos de Chile SA, Sponsored ADR(2) 255,000 21,611,250
----------------------------------------------------------------------------------------------------------
CPT Telefonica del Peru SA, Cl. B 11,599,949 23,904,839
----------------------------------------------------------------------------------------------------------
DDI Corp. 2,900 22,130,136
----------------------------------------------------------------------------------------------------------
Portugal Telecom SA(1) 480,000 10,838,304
----------------------------------------------------------------------------------------------------------
Tele Danmark AS, B Shares(2) 400,000 20,847,255
----------------------------------------------------------------------------------------------------------
Telecom Italia Mobile SpA(1)(2) 6,000,000 10,893,280
----------------------------------------------------------------------------------------------------------
Telecom Italia SpA(1) 13,000,000 20,579,381
----------------------------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA, Preference 529,200,000 26,361,306
-------------
157,165,751
-------------
Total Common Stocks (Cost $2,015,012,672) 2,531,331,508
Units
===================================================================================================================================
Rights, Warrants and Certificates--0.0%
- -----------------------------------------------------------------------------------------------------------------------------------
American Satellite Network, Inc. Wts., Exp. 6/99 51,750 --
---------------------------------------------------------------------------------------------------------
Plant Genetics Systems Wts., Exp. 12/99(4) 187,500 361,943
-------
Total Rights, Warrants and Certificates (Cost $0) 361,943
Face
Amount
===================================================================================================================================
Repurchase Agreement--3.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital
Markets, 5.375%, dated 3/29/96, to be repurchased at
$93,942,059 on 4/1/96, collateralized by U.S. Treasury
Nts., 5.75%-8%, 9/30/96--9/30/97, with a value of
$78,602,398, and U.S. Treasury Bills maturing
10/17/96--11/14/96, with a value of $17,253,415
(Cost $93,900,000) $ 93,900,000 93,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $2,208,912,672) 98.1% 2,725,593,451
- -----------------------------------------------------------------------------------------------------------------------------------
Other Assets Net of Liabilities 1.9 52,623,086
------------ --------------
Net Assets 100.0% $2,778,216,537
============ ==============
</TABLE>
12 Oppenheimer Global Fund
<PAGE>
- --------------------------------------------------------------------------------
Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:
Country Market Value Percent
- --------------------------------------------------------------------------------
United States $ 992,545,121 36.4%
- --------------------------------------------------------------------------------
Japan 317,896,564 11.7
- --------------------------------------------------------------------------------
France 172,803,954 6.3
- --------------------------------------------------------------------------------
Germany 142,901,507 5.2
- --------------------------------------------------------------------------------
Great Britain 108,282,726 4.0
- --------------------------------------------------------------------------------
Netherlands 103,371,536 3.7
- --------------------------------------------------------------------------------
Switzerland 99,223,982 3.6
- --------------------------------------------------------------------------------
Argentina 82,635,579 3.0
- --------------------------------------------------------------------------------
Sweden 78,902,513 2.8
- --------------------------------------------------------------------------------
Korea, Republic of (South) 58,731,777 2.2
- --------------------------------------------------------------------------------
Brazil 56,381,945 2.1
- --------------------------------------------------------------------------------
Hong Kong 47,393,984 1.7
- --------------------------------------------------------------------------------
Mexico 42,857,007 1.6
- --------------------------------------------------------------------------------
Australia 42,805,775 1.6
- --------------------------------------------------------------------------------
Singapore 35,707,851 1.4
- --------------------------------------------------------------------------------
Canada 34,990,647 1.3
- --------------------------------------------------------------------------------
Italy 31,472,661 1.2
- --------------------------------------------------------------------------------
Taiwan 27,093,271 1.0
- --------------------------------------------------------------------------------
Peru 23,904,839 0.9
- --------------------------------------------------------------------------------
South Africa 23,840,850 0.9
- --------------------------------------------------------------------------------
Indonesia 22,990,776 0.8
- --------------------------------------------------------------------------------
Portugal 22,898,359 0.8
- --------------------------------------------------------------------------------
Chile 21,611,250 0.8
- --------------------------------------------------------------------------------
Denmark 20,847,255 0.8
- --------------------------------------------------------------------------------
Spain 20,675,151 0.8
- --------------------------------------------------------------------------------
Russia 12,816,313 0.5
- --------------------------------------------------------------------------------
Panama 12,343,750 0.5
- --------------------------------------------------------------------------------
Thailand 10,684,101 0.4
- --------------------------------------------------------------------------------
Malaysia 10,251,019 0.4
- --------------------------------------------------------------------------------
Philippines 9,811,872 0.3
- --------------------------------------------------------------------------------
Norway 9,496,282 0.3
- --------------------------------------------------------------------------------
Greece 8,587,684 0.3
- --------------------------------------------------------------------------------
China 7,969,975 0.3
- --------------------------------------------------------------------------------
Finland 5,600,867 0.2
- --------------------------------------------------------------------------------
Turkey 5,264,708 0.2
-------------- -----
Total $2,725,593,451 100.0%
============== =====
1. Non-income producing security.
2. Loaned security--See Note 7 of Notes to Financial Statements.
3. Represents a security sold under Rule 144A, which is exempt from registration
under the Securities Act of 1933, as amended. This security has been determined
to be liquid under guidelines established by the Board of Trustees. These
securities amount to $44,224,215 or 1.59% of the Fund's net assets, at March 31,
1996.
4. Identifies issues considered to be illiquid--See Note 6 of Notes to Financial
Statements.
5. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended March 31, 1996.
The aggregate fair value of all securities of affiliated companies as of March
31, 1996 amounted to $42,916,519. 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 -- $ --
- -------------------------------------------------------------------------------------------------------------------
Industrial Finance Corp.(6) 5,929,999 9,939,527 -- -- 3,000,000 6,286,924
- -------------------------------------------------------------------------------------------------------------------
International de Ceramica--UB 385,000 2,007,953 -- -- 385,000 2,007,953
- -------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A 376,800 2,120,350 -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B 264,900 928,721 -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 25,000 5,024,555 -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems 887,280 10,640,509 -- -- -- --
----------- ---------- ----------
$37,651,615 $6,300,000 $8,294,877
=========== ========== ==========
Balance March 31, 1996
----------------------- Dividend
Shares Cost Income
- -------------------------------------------------------------------------
Clinica y Maternidad Suizo
Argentino 1,800 $13,290,000 $ --
- -------------------------------------------------------------------------
Industrial Finance Corp.(6) 2,929,999 3,652,603 209,037
- -------------------------------------------------------------------------
International de Ceramica--UB -- -- --
- -------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A 376,800 2,120,350 --
- -------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B 264,900 928,721 --
- -------------------------------------------------------------------------
LEM Holdings SA 25,000 5,024,555 --
- -------------------------------------------------------------------------
Plant Genetics Systems 887,280 10,640,509 --
----------- --------
$35,656,738 $209,037
=========== ========
</TABLE>
6. Not an affiliate as of March 31, 1996.
See accompanying Notes to Financial Statements.
13 Oppenheimer Global Fund
<PAGE>
Statement of Assets and Liabilities March 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
<S> <C> <C>
===============================================================================================================
Assets Investments, at value--see accompanying statement:
Unaffiliated companies (cost $2,176,908,537) $2,682,676,932
Affiliated companies (cost $32,004,135) 42,916,519
------------------------------------------------------------------------------------------------
Cash 376,772
------------------------------------------------------------------------------------------------
Collateral for securities loaned--Note 7 264,227,519
------------------------------------------------------------------------------------------------
Unrealized appreciation on forward foreign currency exchange contracts--Note 5 7,722,125
------------------------------------------------------------------------------------------------
Receivables:
Investments sold 45,053,203
Shares of beneficial interest sold 6,575,579
Interest and dividends 4,961,119
Closed forward foreign currency exchange contracts 32,061
------------------------------------------------------------------------------------------------
Other 51,197
--------------
Total assets 3,054,593,026
===============================================================================================================
Liabilities Return of collateral for securities loaned--Note 7 264,227,519
------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency exchange contracts--Note 5 21,185
------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 4,755,011
Investments purchased 4,407,500
Distribution and service plan fees 1,284,612
Shareholder reports 442,715
Trustees' fees 247,897
Transfer and shareholder servicing agent fees 92,255
Other 897,795
-----------
Total liabilities 276,376,489
===============================================================================================================
Net Assets $2,778,216,537
==============
===============================================================================================================
Composition of Paid-in capital $2,258,359,270
Net Assets -----------------------------------------------------------------------------------------------
Overdistributed net investment income (1,826,049)
-----------------------------------------------------------------------------------------------
Accumulated net realized loss on investment and foreign currency transactions (2,623,413)
-----------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 524,306,729
--------------
Net assets $2,778,216,537
==============
===============================================================================================================
Net Asset Class A Shares:
Value Per Net asset value and redemption price per share (based on net assets of
Share $2,330,478,343 and 63,678,008 shares of beneficial interest outstanding) $36.60
Maximum offering price per share (net asset value plus sales charge of 5.75% of
offering price) $38.83
-----------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $439,592,520 and 12,215,459 shares of beneficial interest outstanding) $35.99
-----------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net
assets of $8,145,674 and 223,154 shares of beneficial interest outstanding) $36.50
See accompanying Notes to Financial Statements.
</TABLE>
14 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
Statement of Operations For the Six Months Ended March 31, 1996 (Unaudited)
===============================================================================================================
<S> <C> <C>
Investment Income Dividends:
Unaffiliated companies (net of foreign withholding taxes of $569,582) $ 11,120,924
Affiliated companies (net of foreign withholding taxes of $23,226) 209,037
---------------------------------------------------------------------------------------
Interest 4,944,898
---------------------------------------------------------------------------------------
Lending fees--Note 7 245,875
----------
Total income 16,520,734
===============================================================================================================
Expenses Management fees--Note 4 9,310,587
---------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 1,974,333
Class B 1,910,235
Class C 16,961
---------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 1,953,134
---------------------------------------------------------------------------------------
Custodian fees and expenses 1,459,330
---------------------------------------------------------------------------------------
Shareholder reports 512,792
---------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 107,294
---------------------------------------------------------------------------------------
Legal and auditing fees 52,088
---------------------------------------------------------------------------------------
Registration and filing fees:
Class A 28,668
Class B 24,482
Class C 2,692
---------------------------------------------------------------------------------------
Other 156,535
----------
Total expenses 17,509,131
===============================================================================================================
Net Investment Loss (988,397)
===============================================================================================================
Realized and Net realized gain on:
Unrealized Gain Investments:
Unaffiliated companies 19,767,209
Affiliated companies 586,139
-----------
Net realized gain 20,353,348
----------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 121,993,416
Translation of assets and liabilities denominated in foreign currencies 11,986,111
-----------
Net change 133,979,527
-----------
Net realized and unrealized gain 154,332,875
===============================================================================================================
Net Increase in Net Assets Resulting From Operations $153,344,478
============
</TABLE>
See accompanying Notes to Financial Statements.
15 Oppenheimer Global Fund
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended Year Ended
March 31, 1996 September 30,
(Unaudited) 1995
===============================================================================================================
<S> <C> <C> <C>
Operations Net investment income (loss) $ (988,397) $ 18,111,834
-----------------------------------------------------------------------------------------------
Net realized gain 20,353,348 118,657,828
-----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 133,979,527 76,284,116
-------------- -----------
Net increase in net assets resulting from operations 153,344,478 213,053,778
===============================================================================================================
Dividends and Dividends from net investment income:
Distributions Class A (14,008,737) --
to Class B (3,568) --
Shareholders Class C (7,375) --
-----------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (120,620,823) (194,601,466)
Class B (20,913,071) (22,711,659)
Class C (131,877) --
===============================================================================================================
Beneficial Net increase in net assets resulting from beneficial interest
Interest transactions--Note 2:
Transactions Class A 147,604,694 273,668,816
Class B 98,264,343 150,133,375
Class C 8,034,602 --
===============================================================================================================
Net Assets Total increase 251,562,666 419,542,844
-----------------------------------------------------------------------------------------------
Beginning of period 2,526,653,871 2,107,111,027
-------------- --------------
End of period [including undistributed (overdistributed)
net investment income of $(1,826,049) and $13,182,028,
respectively] $2,778,216,537 $2,526,653,871
============== ==============
</TABLE>
See accompanying Notes to Financial Statements.
16 Oppenheimer Global Fund
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
(RESTUBBED TABLE)
Class A Class B
----------------------------------------------------- -----------
Six Months Six Months
Ended Ended
March 31, March 31,
1996 Year Ended September 30, 1996
(Unaudited) 1995 1994 1993 1992 1991 (Unaudited)
=======================================================================================================================
<S> <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 $27.63 $36.16
- -----------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .01 .31 .17 .26 .17 .05 (.12)
Net realized and unrealized gain (loss) 2.04 2.59 6.10 4.99 (1.50) 6.14 2.00
------ ------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations 2.05 2.90 6.27 5.25 (1.33) 6.19 1.88
- -----------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.24) -- (.25) (.12) (.11) (.08) --
Distributions from net realized gain (2.05) (3.75) (3.37) (.12) (.58) (1.69) (2.05)
------ ------ ------ ------ ------ ------ ------
Total dividends and distributions
to shareholders (2.29) (3.75) (3.62) (.24) (.69) (1.77) (2.05)
- -----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $36.60 $36.84 $37.69 $35.04 $30.03 $32.05 $35.99
====== ====== ====== ====== ====== ====== ======
=======================================================================================================================
Total Return, at Net Asset Value(3) 6.03% 9.26% 19.19% 17.67% (4.23)% 23.71% 5.62%
=======================================================================================================================
Ratios/Supplemental Data:
Net assets, end of period (in millions) $2,330 $2,186 $1,921 $1,389 $1,215 $1,076 $440
- -----------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $2,215 $1,979 $1,711 $1,213 $1,194 $ 899 $383
- -----------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A N/A N/A $ -- $60,000 $60,000 N/A
- -----------------------------------------------------------------------------------------------------------------------
Average amount of debt outstanding
throughout each period
(in thousands) N/A N/A N/A $18,247 $60,000 $60,000 N/A
- -----------------------------------------------------------------------------------------------------------------------
Average number of shares outstanding
throughout each period
(in thousands) N/A N/A N/A 39,853 37,435 30,607 N/A
- -----------------------------------------------------------------------------------------------------------------------
Average amount of debt per share
outstanding throughout each period N/A N/A N/A $.46 $1.60 $1.96 N/A
- -----------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.05%(4) 0.90% 0.38% 0.84% 0.55% 0.22% (0.78)%(4)
Expenses 1.22%(4) 1.20% 1.15% 1.18% 1.36% 1.65% 2.05%(4)
- -----------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 51.6% 84.4% 78.3% 86.9% 18.0% 19.9% 51.6%
Average brokerage commission rate(6) $0.0082 -- -- -- -- -- $0.0082
</TABLE>
<TABLE>
<CAPTION>
Class B Class C
------------------------ -----------
Period
Ended
March 31,
Year Ended September 30, 1996(1)
1995 1994 1993(2) (Unaudited)
=====================================================================================
<S> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $37.36 $34.99 $33.33 $36.67
- -------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income .06 .08 .03 .01
Net realized and unrealized gain (loss) 2.49 5.83 1.63 1.98
------ ------ ------ ------
Total income (loss) from
investment operations 2.55 5.91 1.66 1.99
- -------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income -- (.18) -- (.11)
Distributions from net realized gain (3.75) (3.36) -- (2.05)
------ ------ ------ ------
Total dividends and distributions
to shareholders (3.75) (3.54) -- (2.16)
- -------------------------------------------------------------------------------------
Net asset value, end of period $36.16 $37.36 $34.99 $36.50
====== ====== ====== ======
=====================================================================================
Total Return, at Net Asset Value(3) 8.34% 18.10% 3.64% 5.87%
=====================================================================================
Ratios/Supplemental Data:
Net assets, end of period (in millions) $340 $187 $6 $8
- -------------------------------------------------------------------------------------
Average net assets (in millions) $258 $ 88 $3 $3
- -------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A N/A N/A N/A
- -------------------------------------------------------------------------------------
Average amount of debt outstanding
throughout each period
(in thousands) N/A N/A N/A N/A
- -------------------------------------------------------------------------------------
Average number of shares outstanding
throughout each period
(in thousands) N/A N/A N/A N/A
- -------------------------------------------------------------------------------------
Average amount of debt per share
outstanding throughout each period N/A N/A N/A N/A
- -------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.09% (0.30)% 1.52%(4) (0.82)%(4)
Expenses 2.03% 2.08% 2.40%(4) 2.18%(4)
- -------------------------------------------------------------------------------------
Portfolio turnover rate(5) 84.4% 78.3% 86.9% 51.6%
Average brokerage commission rate(6) -- -- -- $0.0082
(END OF RESTUBBED TABLE)
</TABLE>
1. From the period from October 2, 1995 (inception of offering) to March 31,
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, 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 March 31, 1996 were $1,249,286,541 and $1,257,578,961, 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>
Notes to Financial Statements (Unaudited)
================================================================================
1. Significant
Accounting Policies
Oppenheimer Global Fund (the Fund) is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Fund's investment objective is to seek high total return (which
includes current income and capital appreciation in the value of its shares)
from equity and debt securities. The Fund's investment advisor 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
asked price or the last sale price on the prior trading day. Long-term and
short-term "non-money market" debt securities are valued by a portfolio pricing
service approved by the Board of Trustees. Such securities which cannot be
valued by the approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is satisfied that the firm
rendering the quotes is reliable and that the quotes reflect current market
value, or 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 six months
ended March 31, 1996, a provision of $74,682 was made for the Fund's projected
benefit obligations and payments of $7,429 were made to retired trustees,
resulting in an accumulated liability of $236,230 at March 31, 1996.
- --------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
18 Oppenheimer Global Fund
<PAGE>
================================================================================
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
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund.
- --------------------------------------------------------------------------------
Other. Investment transactions are accounted for on the date the investments are
purchased or sold (trade date) and dividend income is recorded on the
ex-dividend date. Discount on securities purchased is amortized over the life of
the respective securities, in accordance with federal income tax requirements.
Realized gains and losses on investments and unrealized appreciation and
depreciation are determined on an identified cost basis, which is the same basis
used for federal income tax purposes.
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>
Six Months Ended March 31, 1996(1) Year Ended September 30, 1995
---------------------------------- -----------------------------
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A:
Sold 7,288,136 $261,786,584 14,970,471 $515,346,870
Dividends and distributions reinvested 3,791,339 129,019,328 5,837,688 185,638,506
Redeemed (6,750,629) (243,201,218) (12,413,877) (427,316,560)
---------- ------------ ----------- ------------
Net increase 4,328,846 $147,604,694 8,394,282 $273,668,816
========== ============ =========== ============
- -----------------------------------------------------------------------------------------------------------------------------------
Class B:
Sold 3,525,936 $125,009,892 5,628,673 $192,633,540
Dividends and distributions reinvested 596,786 20,016,199 687,798 21,610,609
Redeemed (1,322,250) (46,761,748) (1,894,767) (64,110,774)
---------- ------------ ----------- ------------
Net increase 2,800,472 $ 98,264,343 4,421,704 $150,133,375
========== ============ =========== ============
- -----------------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 240,970 $ 8,682,672 -- $ --
Dividends and distributions reinvested 4,032 137,265 -- --
Redeemed (21,848) (785,335) -- --
---------- ------------ ----------- ------------
Net increase 223,154 $ 8,034,602 -- $ --
========== ============ =========== ============
</TABLE>
1. For the six months ended March 31, 1996 for Class A and Class B shares, and
for the period from October 2, 1995 (inception of offering) to March 31, 1996
for Class C shares.
================================================================================
3. Unrealized Gains and
Losses on Investments
At March 31, 1996, net unrealized appreciation on investments of $516,680,779
was composed of gross appreciation of $560,788,809, and gross depreciation of
$44,108,030.
================================================================================
4. Management Fees and
Other Transactions
With Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .80% on the first
$250 million of average annual net assets, .77% on the next $250 million, .75%
on the next $500 million, .69% on the next $1 billion and .67% on net assets in
excess of $2 billion. The Manager has voluntarily agreed to reduce the
management fee to which it is entitled under the Agreement to .65% on net assets
in excess of $3.5 billion. The Manager has agreed to reimburse the Fund if
aggregate expenses (with specified exceptions) exceed the most stringent
applicable regulatory limit on Fund expenses.
19 Oppenheimer Global Fund
<PAGE>
Notes to Financial Statements (Unaudited) (Continued)
================================================================================
4. Management Fees
And Other Transactions
With Affiliates
(continued)
For the six months ended March 31, 1996, commissions (sales charges paid by
investors) on sales of Class A shares totaled $3,092,397, of which $944,705 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 $3,548,197 and $68,843, of which $165,507 and $812,
respectively, was paid to an affiliated broker/dealer. During the six months
ended March 31, 1996, OFDI received contingent deferred sales charges of
$336,870 and $537, 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 .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 six months ended March 31, 1996, OFDI paid $117,668 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 .75% per year on Class B shares that are
outstanding for 6 years or less. OFDI also receives a service fee of .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 six months ended March 31,
1996, OFDI paid $23,162 to an affiliated broker/dealer as reimbursement for
Class B personal service and maintenance expenses and retained $1,628,784 as
reimbursement for Class B sales commissions and service fee advances, as well as
financing costs. As of March 31, 1996, OFDI had incurred unreimbursed expenses
of $15,123,414 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 .75% per year on Class C shares. OFDI also
receives a service fee of .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 six months ended March 31, 1996, OFDI retained $16,961 as
compensation for Class C sales commissions and service fee advances, as well as
financing costs. As of March 31, 1996, OFDI had incurred unreimbursed expenses
of $119,733 for Class C.
================================================================================
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.
20 Oppenheimer Global Fund
<PAGE>
================================================================================
5. Forward Contracts
(continued)
Risks include the potential inability of the counterparty to meet the terms of
the contract and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.
At March 31, 1996, outstanding forward contracts to purchase and sell currencies
were as follows:
<TABLE>
<CAPTION>
Contract Amount Valuation as of Unrealized Unrealized
Contracts to Purchase Exchange Date (000s) March 31, 1996 Appreciation Depreciation
<S> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Japanese Yen (JPY) 4/1/96 841,239 JPY $ 7,876,765 $ -- $19,969
- ---------------------------------------------------------------------------------------------------------------------------------
Indonesian Rupiah (IDR) 4/3/96 458,074 IDR 195,821 -- 230
------------ ---------- -------
$ 8,072,586 -- 20,199
============ ---------- -------
Contracts to Sell
- ---------------------------------------------------------------------------------------------------------------------------------
Portuguese Escudo (PTE) 4/3/96 4,065 PTE $ 26,642 $ 29 $ --
- ---------------------------------------------------------------------------------------------------------------------------------
Japanese Yen (JPY) 4/1/96-7/5/96 18,193,828 JPY 171,539,385 4,867,382 --
- ---------------------------------------------------------------------------------------------------------------------------------
Finnish Markka (FIM) 4/1/96 2,340 FIM 505,074 -- 986
- ---------------------------------------------------------------------------------------------------------------------------------
Swiss Franc (CHF) 10/8/96 114,690 CHF 98,303,358 1,696,642 --
- ---------------------------------------------------------------------------------------------------------------------------------
German Deutsche Mark (DEM) 1/8/97 143,400 DEM 98,841,928 1,158,072 --
------------ ---------- -------
$369,216,387 $7,722,125 986
============ ========== -------
$21,185
=======
</TABLE>
================================================================================
6. Illiquid and
Restricted Securities
At March 31, 1996, investments in securities included issues that are illiquid
or restricted. The securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. The Fund intends to invest no more
than 10% of its net assets (determined at the time of purchase) in illiquid and
restricted securities. The aggregate value of these securities subject to this
limitation at March 31, 1996 was $54,511,218, which represents 1.96% of the
Fund's net assets. Information concerning these securities is as follows:
<TABLE>
<CAPTION>
Valuation
Per Unit as of
Security Acquisition Date Cost Per Unit March 31, 1996
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 5/16/94 $7,383.33 $8,580.86
- ------------------------------------------------------------------------------------------
Plant Genetics Systems 5/27/92-3/7/95 $ 11.99 $ 11.55
- ------------------------------------------------------------------------------------------
Plant Genetics Systems Wts., Exp 12/99 3/7/95 $ -- $ 1.93
- ------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 $ 8.64 $ 58.50
</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.
================================================================================
7. Securities Loaned
The Fund has entered into a securities lending arrangement with the custodian.
Under the terms of the agreement, the Fund receives an annual fee of $500,000,
plus 25% of the annual net income from lending transactions in excess of
$1,500,000. In exchange for such fees, the custodian is authorized to loan
securities on behalf of the Fund, against receipt of cash collateral at least
equal in value to the value of the securities loaned. The collateral is invested
by the custodian in money market instruments approved by the Manager. As of
March 31, 1996, the Fund had on loan securities valued at $264,227,519. Cash of
$263,987,510 was received as collateral for the loans, and has been invested in
the approved instruments identified below. U.S. Treasury Bonds valued at
$240,009 were also received as collateral. The Fund bears the risk of any
deficiency in the amount of collateral available for return to a borrower due to
a loss in an approved investment.
<TABLE>
<CAPTION>
Valuation as of
Security March 31, 1996
<S> <C>
- --------------------------------------------------------------------------------------------------------------------
Repurchase agreement with First Boston Corp., 5.85%, dated 3/29/96 and maturing on 4/1/96,
collateralized by Federal Home Loan Mortgage Corp., 7.27%, 6/15/35, with a value of $270,236,819 $263,973,000
- --------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50%, 11/15/16 240,009
- --------------------------------------------------------------------------------------------------------------------
Cash on hand 14,510
------------
$264,227,519
============
</TABLE>
21 Oppenheimer Global Fund
<PAGE>
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 Advisor OppenheimerFunds, Inc.
================================================================================
Distributor OppenheimerFunds Distributor, Inc.
================================================================================
Transfer and Shareholder
Servicing Agent OppenheimerFunds Services
================================================================================
Custodian of
Portfolio Securities The Bank of New York
================================================================================
Independent Auditors KPMG Peat Marwick LLP
================================================================================
Legal Counsel Gordon Altman Butowsky Weitzen Shalov & Wein
The financial statements included herein have been taken
from the records of the Fund without examination by the
independent auditors.
This is a copy of a report to
shareholders of Oppenheimer Global Fund. This report
must be preceded or accompanied by a Prospectus of
Oppenheimer Global Fund. For material information
concerning the Fund, see the Prospectus.
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.
22 Oppenheimer Global Fund
<PAGE>
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 2.8 million shareholder accounts and more than $50
billion under Oppenheimer's management and that of our affiliates.
At OppenheimerFunds we don't charge a fee to exchange shares. And you can
exchange shares easily by mail or by telephone.(1) For more information on
Oppenheimer funds, please contact your financial advisor or call us at
1-800-525-7048 for a prospectus. You may also write us at the address shown on
the back cover. As always, please read the prospectus carefully before you
invest.
<TABLE>
================================================================================
<S> <C> <C>
Stock Funds Disciplined Value Fund Oppenheimer Fund
Discovery Fund Quest Global Value Fund
Enterprise Fund Quest Small Cap Value Fund
Global Emerging Growth Fund Quest Value Fund
Global Fund Target Fund
Gold & Special Minerals Fund Value Stock Fund
Growth Fund
================================================================================
Stock & Bond Funds Asset Allocation Fund Main Street Income & Growth Fund
Bond Fund for Growth Quest Growth & Income Value Fund
Disciplined Allocation Fund Quest Opportunity Value Fund
Equity Income Fund Strategic Income & Growth Fund
Global Growth & Income Fund Total Return Fund
================================================================================
Bond Funds Bond Fund Limited-Term Government Fund
Champion Income Fund Strategic Income Fund
High Yield Fund U.S. Government Trust
International Bond Fund
================================================================================
Tax-Exempt Funds California Tax-Exempt Fund(2) Pennsylvania Tax-Exempt Fund(2)
Florida Tax-Exempt Fund(2) Tax-Free Bond Fund
Insured Tax-Exempt Fund
Intermediate Tax-Exempt Fund Rochester Division
New Jersey Tax-Exempt Fund(2) Limited-Term N.Y. Municipal Fund
New York Tax-Exempt Fund(2) Rochester Fund Municipals
================================================================================
Money Market Funds Cash Reserves Money Market Fund
================================================================================
Lifespan Balanced Fund Income Fund
Growth 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. Available only to investors in certain states.
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.
23 Oppenheimer Global Fund
<PAGE>
[BACK COVER]
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
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OppenheimerFunds
Information Hotline
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1-800-835-3104
RS0330.001.0396 May 31, 1996
[Picture of Jennifer Leonard]
[Caption] Jennifer Leonard, Customer Service Representative
OppenheimerFunds Service
"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,
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And when you need help, our Customer Service Representatives are only a
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For added convenience, you can get automated information with
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PhoneLink gives you access to a variety of fund, account, and market
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You can count on us whenever you need assistance. That's why the
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