<PAGE>
OPPENHEIMER GLOBAL FUND
Semiannual Report March 31, 1997
[PHOTO]
"We have ambitious LONG-TERM
goals, so we need our
investments to grow over time."
[LOGO]
OPPENHEIMERFUNDS
THE RIGHT WAY TO INVEST
<PAGE>
NEWS
BEAT THE AVERAGE
Cumulative Total Return for the
3-Year Period Ended 3/31/97:
Oppenheimer Global Fund
Class A Shares (at net asset value)(1)
42.13%
Lipper Global Funds Average for
the 97 Funds Ranked for the
3-Year Period
Ended 3/31/97(3)
36.20%
THE FUND'S CLASS A SHARES WERE RANKED **** BY MORNINGSTAR MUTUAL FUNDS FOR
478 (3-YEAR), 219 (5-YEAR) AND 79 (10-YEAR) INTERNATIONAL EQUITY FUNDS FOR
THE COMBINED 3-, 5- AND 10-YEAR PERIODS ENDED 3/31/97.(4)
This Fund is for people who want to take advantage of outstanding GROWTH
opportunities the world over.
HOW YOUR FUND IS MANAGED
Oppenheimer Global Fund looks for outstanding growth opportunities around the
world. The Fund's managers search out companies that stand to benefit from
one or more key global trends, such as telecommunications expansion, emerging
consumer markets, infrastructure development, and global integration. The
Fund has the flexibility to invest in companies in developed markets as well
as those in emerging markets that hold huge potential demand for goods and
services of the industrialized world.
PERFORMANCE
Total returns for the six months ended 3/31/97 were 9.66% for Class A shares,
9.21% for Class B shares and 9.20% for Class C shares, without deducting
sales charges.(1)
Your Fund's average annual total returns for Class A shares for the 1-,
5- and 10-year periods ended 3/31/97 were 10.13%, 11.22% and 10.76%,
respectively. For Class B shares, average annual total returns for the
1-year period ended 3/31/97 and since inception on 8/17/93 were 10.88% and
13.72%, respectively. For Class C shares, average annual total returns for
the 1-year period ended 3/31/97 and since inception on 10/2/95 were 14.87%
and 14.62%, respectively.(2)
OUTLOOK
"Although the U.S. faces the dual risks of high valuations and slowing
overseas earnings from the strong dollar, we are increasingly positive on the
outlook for our overseas holdings."
Bill Wilby, Portfolio Manager
March 31, 1997
Total returns include change in share price and reinvestment of dividends and
capital gains distributions in a hypothetical investment for the periods
shown. IN REVIEWING PERFORMANCE AND RANKINGS, PLEASE REMEMBER THAT PAST
PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL FLUCTUATE SO THAT AN
INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE
ORIGINAL COST.
(1) Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if
sales charges were taken into account.
(2) Class A returns include 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 would be less. Class
B returns include the applicable contingent deferred sales charge of 5% (1
year) and 3% (since inception). Class C returns include the 1% contingent
deferred sales charge for the 1-year result. An explanation of the
different total returns is in the Fund's prospectus. Class B and Class C
shares are subject to an annual 0.75% asset-based sales charge.
(3) Source: Lipper Analytical Services, 3/31/97. The average is shown for
comparative purposes only. Funds included in the index may have different
investment policies and risks than the Fund. Oppenheimer Global
Fund is characterized by Lipper as a global fund. Lipper performance is based
on total return and does not take sales charges into account. 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.
(4) Source: MORNINGSTAR MUTUAL FUNDS, 3/31/97. Morningstar, Inc. ranks mutual
funds in broad investment classes, based on risk-adjusted investment return
after considering sales charges and expenses. Return and risk are measured
as performance above and below 90-day U.S. Treasury bill returns,
respectively. Current star rankings are based on the weighted average of 3-,
5- and 10-year (if applicable) rankings for a fund or class and are
subject to change monthly. The top 10%: 5 stars. Next 22.5%: 4 stars. Middle
35%: 3 stars. Next 22.5%: 2 stars. Bottom 10%: 1 star. The Fund's Class A shares
are ranked 4 stars (3-year), 3 stars (5-year) and 4 stars (10-year),
weighted 20%/30%/50%, respectively, and 3 stars (1-year) among 939 funds.
2 Oppenheimer Global Fund
<PAGE>
[PHOTO]
Bridget A. Macaskill
President
Oppenheimer
Global Fund
DEAR SHAREHOLDER,
After six years of expansion, the U.S. economy has continued to demonstrate
steady growth in a low-inflation environment. One of the major reasons has
been the appreciation of the U.S. dollar. We believe that political and
financial turmoil in Japan, led by problems in the Japanese real estate and
banking markets, has shifted investor psychology in favor of the dollar. In
addition, perceptions of domestic political stability, fueled by the
re-election of President Clinton and the status quo Congressional elections,
have encouraged foreign investment in the United States, increasing demand
for the dollar and raising its value relative to foreign currencies.
In a stable domestic environment, one benefit of an appreciating U.S.
dollar is the increased spending power of the American consumer. An
appreciating dollar buys more of a foreign currency, lowering the relative
cost of foreign goods and services and encouraging Americans to purchase more
of them. In turn, the increased exports to the United States should stimulate
growth in these foreign economies. This overseas growth is extremely
important for the long-term prosperity of the U.S. economy, as we rely on
these countries to be in a strong enough economic position to purchase our
goods and services, thereby stimulating our growth. In essence, an
appreciating dollar allows the United States to bolster overseas economic
growth in the expectation that these economies will help us to maintain our
own strong domestic growth in the future.
We received mixed signals from foreign economies during the six-month
period ended March 31, 1997. On the positive side, lower interest rates and
strengthening exports could ignite a strong growth cycle in Europe. In
addition, Latin America is beginning to benefit from years of political
reform, privatization and deregulation aimed at shifting their economies
toward the U.S. capitalist model. Argentina's growth is the fastest, stemming
from the most extensive reforms. We are also looking to Brazil, the most
populous country in Latin America, to spur economic development both at home
and with South American neighbors such as Peru and Chile. On the other hand,
with the exception of Hong Kong, Asia's economic growth, dominated by a
recession in Japan, has been disappointing.
The combination of a strong U.S. economy and accelerating earnings
growth overseas makes a compelling case for funds investing in both domestic
and foreign securities. Because investing abroad involves greater risk and
expenses--including political and economic uncertainties, currency rate
fluctuations and liquidity restrictions--it should be undertaken with a
long-term approach in mind. We believe that by diversifying investments
throughout the world, investors can be well-positioned to participate in any
economic environment.
Your portfolio managers discuss the outlook for your Fund on the
following pages. Thank you for your confidence in OppenheimerFunds, THE RIGHT
WAY TO INVEST. We look forward to helping you reach your investment goals in
the future.
/s/ Bridget A. Macaskill
Bridget A. Macaskill
April 21, 1997
3 Oppenheimer Global Fund
<PAGE>
Q + A [PHOTO][PHOTO]
AN INTERVIEW WITH YOUR FUND'S MANAGERS.
Q WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS
TO PERFORMANCE?
HOW HAS THE FUND PERFORMED?
The global markets have become increasingly driven by underlying company
fundamentals, rather than by country economics. Although we select
Oppenheimer Global Fund's largest holdings from established, stable markets,
we diversify our smaller holdings by investing in strong, solid companies in
emerging markets. Using this strategy, the Fund performed reasonably well
during the period, returning 9.66% for Class A shares, without deducting
sales charges, for the six-month period ending March 31, 1997.(1)
WHAT INVESTMENTS MADE POSITIVE CONTRIBUTIONS TO PERFORMANCE?
The Fund had several top-performing holdings in the oil and gas offshore
services sector. A massive industry restructuring and the development of new
technologies for finding and extracting oil have changed the economics of the
industry. Beginning a few years ago, our natural resources theme led us to
invest in several of these companies when valuations were quite reasonable.
Several stocks in this area have performed exceptionally well over the last
twelve months.(2)
DID ANY INVESTMENTS NOT PERFORM AS YOU HAD EXPECTED?
We entered the period with a somewhat higher exposure to Japan. A combination
of low interest rates and accelerating earnings growth, which is normally
positive for stock markets, pointed to a rebound in the Japanese stock
market. But the problems in Japan's financial system held its market back. In
addition, the yen depreciated more than expected. Good stock selection helped
limit our downside, and we cut our weighting in Japan prior to the fourth
quarter's drastic fall.
WHAT AREAS ARE YOU CURRENTLY TARGETING?
During the last few years, investors have focused on
[PHOTO]
(1) Includes change in net asset value per share without deducting any sales
charges. Such performance is not annualized and would have been lower if
sales charges were taken into account.
(2) 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 The Fund had several top-performing
holdings in the OIL AND GAS offshore
services sector.
[PHOTO]
an increasingly narrow list of global growth stocks, which have become highly
valued. As a result, we have concentrated our largest stock holdings in
low-expectation stocks with positive earnings potential. We anticipate that
these stocks have less downside risk and the potential for both earnings and
valuation expansion. A recent example is the French banks, as part of our
corporate restructuring theme. French banks, laden with massive
inefficiencies and a real-estate debacle in the early 1990s, have survived a
dismal 15-year period. The industry has begun to restructure, and management
has begun to focus on shareholder value. We expect to see rising earnings and
have begun to establish positions there.
Furthermore, deregulation within the global telecommunications industry
is creating opportunities for U.S. regional telecommunications companies.
Competition and slow growth in the telephone market have limited returns, and
shares have become very inexpensive. Meanwhile, international expansion and
the growth of Internet traffic may result in rising earnings.
WHAT IS YOUR OUTLOOK FOR THE FUND?
We remain fundamentally positive on the Fund's outlook for the coming period.
Although the U.S. faces the dual risks of high valuations and slowing
overseas earnings from the strong dollar, we are increasingly positive on the
outlook for our overseas holdings. Interest rates should remain low in Europe
and Japan, and earnings have accelerated in these markets as corporate
managements cut costs and focus on returns to shareholders. Furthermore,
although many securities in the U.S. have at times reached overvalued price
levels, reasonably valued investments with growth potential still remain
abundant in many foreign markets.
[PHOTO]
5 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS March 31, 1997 (Unaudited)
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--92.4%
- -------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.1%
- -------------------------------------------------------------------------------------------------------------------
CHEMICALS--0.6% Minerals Technologies, Inc. 585,000 $ 19,451,250
- -------------------------------------------------------------------------------------------------------------------
GOLD--0.9% Newmont Mining Corp.(1) 750,000 29,062,500
- -------------------------------------------------------------------------------------------------------------------
METALS--1.6% Cia de Minas Buenaventura SA, Sponsored ADR(1) 285,000 6,127,500
------------------------------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc., Cl. B 757,500 23,009,062
------------------------------------------------------------------------------------
S.K.F. AB, B Shares(1) 927,000 24,363,399
------------
53,499,961
- -------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--14.1%
- -------------------------------------------------------------------------------------------------------------------
AUTOS & HOUSING--2.8% Brazil Realty SA, GDR(1)(6) 200,000 5,338,141
------------------------------------------------------------------------------------
IRSA Inversiones y Representaciones SA 3,314,458 12,430,734
------------------------------------------------------------------------------------
Porsche AG, Preference 63,000 72,312,142
------------------------------------------------------------------------------------
Solidere, GDR(2) 490,000 5,757,500
------------
95,838,517
- -------------------------------------------------------------------------------------------------------------------
LEISURE & ENTERTAINMENT--4.1% International Game Technology 1,000,000 16,125,000
------------------------------------------------------------------------------------
Nintendo Co. Ltd. 1,550,900 111,234,849
------------------------------------------------------------------------------------
Resorts World Berhad 2,804,000 11,988,256
------------
139,348,105
- -------------------------------------------------------------------------------------------------------------------
MEDIA--0.2% News Corp. Ltd., ADR(1) 348,900 6,280,200
------------------------------------------------------------------------------------
Reed International plc 82,700 1,518,599
------------
7,798,799
- -------------------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--1.8% Fila Holding SpA, Sponsored ADR(1) 504,900 27,453,937
------------------------------------------------------------------------------------
PT Matahari Putra Prima 6,999,500 10,203,351
------------------------------------------------------------------------------------
Sonae Investimentos 728,000 24,583,446
------------
62,240,734
- -------------------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--5.2% adidas AG 200,000 22,536,670
------------------------------------------------------------------------------------
Giordano International Ltd. 21,160,000 12,834,131
------------------------------------------------------------------------------------
Jusco Co. 400,000 10,984,569
------------------------------------------------------------------------------------
Reebok International Ltd. 450,000 20,193,750
------------------------------------------------------------------------------------
Wella AG 163,000 89,687,555
------------------------------------------------------------------------------------
Wolford AG(1)(3) 193,000 21,695,985
------------
177,932,660
- -------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--15.5%
- -------------------------------------------------------------------------------------------------------------------
BEVERAGES--4.2% Allied Domecq plc 2,341,264 17,611,191
------------------------------------------------------------------------------------
Cia Cervejaria Brahma, Preference 19,738,000 12,854,090
------------------------------------------------------------------------------------
Fomento Economico Mexicano SA, Cl. B, Sponsored ADR(1) 2,600,000 11,506,560
------------------------------------------------------------------------------------
Guinness plc 4,500,000 37,942,291
------------------------------------------------------------------------------------
Hellenic Bottling Co., SA 230,000 7,470,856
------------------------------------------------------------------------------------
Panamerican Beverages, Inc., Cl. A 536,600 28,775,175
------------------------------------------------------------------------------------
South African Breweries Ltd. 888,500 28,139,204
------------
144,299,367
</TABLE>
6 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FOOD--0.7% Cresud SA, Sponsored ADR(1) 270,000 $ 5,062,500
------------------------------------------------------------------------------------
Dairy Farm International Holdings Ltd. 24,500,000 18,497,500
------------
23,560,000
- -------------------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--6.4% Amgen, Inc.(2) 500,000 27,937,500
------------------------------------------------------------------------------------
BioChem Pharma, Inc.(1) 484,400 20,829,200
------------------------------------------------------------------------------------
Genzyme Corp.(2) 1,354,270 30,471,075
------------------------------------------------------------------------------------
Gilead Sciences, Inc.(1) 422,200 9,657,825
------------------------------------------------------------------------------------
Glaxo Wellcome plc, Sponsored ADR(1) 2,000,000 70,750,000
------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. A(2)(3) 233,600 3,854,400
------------------------------------------------------------------------------------
K-V Pharmaceutical Co., Cl. B(2)(3) 195,900 3,232,350
------------------------------------------------------------------------------------
Novartis AG(1) 21,333 26,447,440
------------------------------------------------------------------------------------
Sanofi SA 250,000 24,429,240
------------
217,609,030
- -------------------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES & Clinica y Maternidad Suizo Argentino(2)(3)(5) 1,800 15,857,154
SERVICES--3.0% ------------------------------------------------------------------------------------
Gehe AG 280,000 19,434,282
------------------------------------------------------------------------------------
Quintiles Transnational Corp.(1)(3)(5) 486,392 24,980,789
------------------------------------------------------------------------------------
United States Surgical Corp. 1,400,000 42,700,000
------------
102,972,225
- -------------------------------------------------------------------------------------------------------------------
TOBACCO--1.2% B.A.T. Industries plc 3,005,000 25,534,003
------------------------------------------------------------------------------------
Philip Morris Cos., Inc. 100,000 11,412,500
------------------------------------------------------------------------------------
PT Hanjaya Mandala Sampoerna(2) 600,000 2,811,328
------------
39,757,831
- -------------------------------------------------------------------------------------------------------------------
ENERGY--6.8%
- -------------------------------------------------------------------------------------------------------------------
ENERGY SERVICES & Coflexip SA, Sponsored ADR(2)(3) 681,000 20,940,750
PRODUCERS--3.0% ------------------------------------------------------------------------------------
Global Marine, Inc.(2) 1,635,000 35,152,500
------------------------------------------------------------------------------------
Transocean Offshore, Inc. 501,549 28,149,438
------------------------------------------------------------------------------------
Western Atlas, Inc.(2) 300,700 18,229,937
------------
102,472,625
- -------------------------------------------------------------------------------------------------------------------
OIL-INTEGRATED--3.8% British Petroleum Co. plc, ADR(1) 192,784 26,459,604
------------------------------------------------------------------------------------
Gulf Canada Resources Ltd.(2) 2,826,000 20,937,116
------------------------------------------------------------------------------------
Lukoil Oil Co., Sponsored ADR(1) 382,200 21,636,418
------------------------------------------------------------------------------------
Petroleo Brasileiro SA, Preference 158,285,000 31,424,355
------------------------------------------------------------------------------------
Renaissance Energy Ltd.(2) 328,800 9,351,847
------------------------------------------------------------------------------------
Saga Petroleum AS, Cl. A 400,000 6,911,260
------------------------------------------------------------------------------------
Unocal Corp. 366,600 13,976,625
------------
130,697,225
</TABLE>
7 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FINANCIAL--20.7%
- -------------------------------------------------------------------------------------------------------------------
BANKS--14.8% ABN AMRO Holding NV 300,000 $ 20,631,626
------------------------------------------------------------------------------------
Banco Bradesco SA, Preference 2,354,116,632 19,427,215
------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA, Sponsored ADR(1) 661,250 19,837,500
------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA, Cl. E 380,000 17,955,000
------------------------------------------------------------------------------------
Banque Libanaise Pour Le Comm SAL, GDR, Cl. B(2) 230,000 3,266,000
------------------------------------------------------------------------------------
Banque Nationale de Paris 750,000 33,325,925
------------------------------------------------------------------------------------
Barclays plc 2,025,561 33,891,964
------------------------------------------------------------------------------------
Chase Manhattan Corp. (New) 300,000 28,087,500
------------------------------------------------------------------------------------
Cie Financiere de Paribas, Series A(1) 1,400,000 97,429,138
------------------------------------------------------------------------------------
Citicorp 300,000 32,475,000
------------------------------------------------------------------------------------
HSBC Holdings plc(1) 1,026,155 23,836,276
------------------------------------------------------------------------------------
Industrial Finance Corp.(3) 5,453,999 14,487,988
------------------------------------------------------------------------------------
Merita Ltd., Cl. A(1) 12,000,000 41,188,814
------------------------------------------------------------------------------------
Northern Trust Corp. 600,000 22,500,000
------------------------------------------------------------------------------------
Philippine National Bank(2) 750,000 8,960,729
------------------------------------------------------------------------------------
PT Panin Bank 4,044,000 5,726,613
------------------------------------------------------------------------------------
Societe Generale(1) 700,000 81,833,511
------------
504,860,799
- -------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--4.5% American Express Co. 400,000 23,950,000
------------------------------------------------------------------------------------
Fannie Mae 600,000 21,675,000
------------------------------------------------------------------------------------
First NIS Regional Fund(5) 1,320,000 20,790,000
------------------------------------------------------------------------------------
Housing Development Finance Corp. Ltd. 29,750 2,280,486
------------------------------------------------------------------------------------
Industrial Credit & Investment Corp.
of India Ltd. (The), GDR(2)(6) 1,835,300 19,729,475
------------------------------------------------------------------------------------
ING Groep NV 645,947 25,448,596
------------------------------------------------------------------------------------
MBNA Corp. 525,000 14,634,375
------------------------------------------------------------------------------------
Promise Co. Ltd. 200,000 8,367,657
------------------------------------------------------------------------------------
Takefuji Corp.(1) 325,000 14,752,438
------------
151,628,027
- -------------------------------------------------------------------------------------------------------------------
INSURANCE--1.4% American International Group, Inc. 200,000 23,475,000
------------------------------------------------------------------------------------
National Mutual Asia Ltd. 10,000,000 10,452,928
------------------------------------------------------------------------------------
Reinsurance Australia Corp. Ltd.(1) 3,700,000 12,433,285
------------
46,361,213
</TABLE>
8 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INDUSTRIAL--10.2%
- -------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.6% FORE Systems, Inc.(2) 250,000 $ 3,750,000
------------------------------------------------------------------------------------
LEM Holdings SA(3) 25,000 5,327,564
------------------------------------------------------------------------------------
Ushio, Inc. 1,200,000 13,084,560
------------
22,162,124
- -------------------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--5.0% Adecco SA(2) 100,000 32,555,405
------------------------------------------------------------------------------------
Boskalis Westminster 1,255,000 25,022,911
------------------------------------------------------------------------------------
Grupo Elektra SA de CV, CPO 284,500 2,676,044
------------------------------------------------------------------------------------
IHC Caland NV 500,000 26,709,160
------------------------------------------------------------------------------------
PT Citra Marga Nusaphala Persada 8,300,000 7,432,319
------------------------------------------------------------------------------------
VBH Holding AG 298,100 5,395,986
------------------------------------------------------------------------------------
WPP Group plc 16,800,000 69,793,167
------------
169,584,992
- -------------------------------------------------------------------------------------------------------------------
MANUFACTURING--3.4% Bic Corp. 100,000 15,190,545
------------------------------------------------------------------------------------
Bobst Bearers AG 12,830 18,924,998
------------------------------------------------------------------------------------
Bombardier, Inc., Cl. B 1,977,900 35,812,356
------------------------------------------------------------------------------------
Hutchison Whampoa Ltd. 2,500,000 18,792,687
------------------------------------------------------------------------------------
Powerscreen International plc 2,580,000 25,981,682
------------
114,702,268
- -------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--1.2% Brambles Industries Ltd.(1) 1,469,500 24,154,536
------------------------------------------------------------------------------------
Guangshen Railway Co. Ltd., Sponsored ADR(1) 750,000 16,406,250
------------
40,560,786
- -------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--17.9%
- -------------------------------------------------------------------------------------------------------------------
AEROSPACE/DEFENSE--2.1% Rolls-Royce plc 19,364,600 72,355,082
- -------------------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--0.1% Accton Technology Corp., GDR(1) 600,000 4,770,000
- -------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--4.9% Cap Gemini SA(2) 1,020,000 61,868,693
------------------------------------------------------------------------------------
First Data Corp. 752,000 25,474,000
------------------------------------------------------------------------------------
Konami Co. Ltd.(1) 500,000 13,690,327
------------------------------------------------------------------------------------
Microsoft Corp.(2) 300,000 27,506,250
------------------------------------------------------------------------------------
Misys plc 1,130,000 23,009,146
------------------------------------------------------------------------------------
SAP AG, Preference(1) 100,000 17,064,335
------------
168,612,751
- -------------------------------------------------------------------------------------------------------------------
ELECTRONICS--3.9% Intel Corp. 240,000 33,390,000
------------------------------------------------------------------------------------
Keyence Corp. 220,000 25,054,509
------------------------------------------------------------------------------------
SGS-Thomson Microelectronics NV(2) 745,500 49,296,187
------------------------------------------------------------------------------------
Sony Corp.(1) 225,000 15,719,645
------------------------------------------------------------------------------------
Taiwan Semiconductor Manufacturing Co.(2)(5) 3,434,000 8,790,737
------------
132,251,078
</TABLE>
9 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
MARKET VALUE
SHARES SEE NOTE 1
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TELECOMMUNICATIONS- Alcatel Alsthom SA 385,000 $ 46,376,469
TECHNOLOGY--6.9% ------------------------------------------------------------------------------------
Ascend Communications, Inc.(2) 131,400 5,354,550
------------------------------------------------------------------------------------
Cisco Systems, Inc.(2) 495,400 23,841,125
------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp. 22,473 20,403,860
------------------------------------------------------------------------------------
Millicom International Cellular SA(2) 908,200 37,576,775
------------------------------------------------------------------------------------
Millicom, Inc.(2) 207,000 --
------------------------------------------------------------------------------------
Newbridge Networks Corp.(2) 600,000 17,175,000
------------------------------------------------------------------------------------
QUALCOMM, Inc.(2) 989,900 55,805,612
------------------------------------------------------------------------------------
Telecom Italia Mobile SpA 10,000,000 28,772,663
--------------
235,306,054
- -------------------------------------------------------------------------------------------------------------------
UTILITIES--4.1%
- -------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.8% Empresa Nacional de Electricidad SA(1) 400,000 25,760,027
- -------------------------------------------------------------------------------------------------------------------
GAS UTILITIES--0.2% Gazprom, ADR(2)(6) 380,000 6,327,000
- -------------------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--3.1% CPT Telefonica del Peru SA, Cl. B 11,599,949 25,733,433
------------------------------------------------------------------------------------
PLD Telekom, Inc.(2) 565,800 3,324,075
------------------------------------------------------------------------------------
SBC Communications, Inc. 742,300 39,063,538
------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA, Preference 370,000,000 38,246,068
--------------
106,367,114
--------------
Total Common Stocks (Cost $2,488,504,894) 3,148,150,144
- -------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--0.9%
- -------------------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner-VO,
Non-vtg. Preferred Stock (Cost $10,445,545) 139,700 29,641,595
UNITS
- -------------------------------------------------------------------------------------------------------------------
RIGHTS, WARRANTS AND
CERTIFICATES--0.0%
- -------------------------------------------------------------------------------------------------------------------
American Satellite Network, Inc. Wts.,
Exp. 6/99 (Cost $0) 51,750 --
FACE
AMOUNT
- -------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--6.3%
- -------------------------------------------------------------------------------------------------------------------
Repurchase agreement with Goldman, Sachs & Co.,
6.35%, dated 3/31/97, to be repurchased at
$216,238,135 on 4/1/97, collateralized by U.S.
Treasury Nts., 6.375%--9.125%, 5/15/99--8/15/05,
with a value of $221,102,456 (Cost $216,200,000) $216,200,000 216,200,000
- -------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE
(COST $2,715,150,439) 99.6% 3,393,991,739
- -------------------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES 0.4 12,884,305
------------ --------------
NET ASSETS 100.0% $3,406,876,044
------------ --------------
------------ --------------
</TABLE>
10 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 $1,009,530,227 29.7%
- --------------------------------------------------------------------------------
France 430,690,458 12.7
- --------------------------------------------------------------------------------
Great Britain 404,846,728 11.9
- --------------------------------------------------------------------------------
Germany 256,072,566 7.5
- --------------------------------------------------------------------------------
Japan 212,888,553 6.3
- --------------------------------------------------------------------------------
Brazil 107,289,869 3.2
- --------------------------------------------------------------------------------
The Netherlands 97,812,292 2.9
- --------------------------------------------------------------------------------
Canada 86,930,519 2.6
- --------------------------------------------------------------------------------
Hong Kong 84,413,522 2.5
- --------------------------------------------------------------------------------
Switzerland 83,255,407 2.5
- --------------------------------------------------------------------------------
Italy 56,226,600 1.7
- --------------------------------------------------------------------------------
Argentina 53,187,888 1.6
- --------------------------------------------------------------------------------
Russia 52,077,493 1.5
- --------------------------------------------------------------------------------
Mexico 42,957,779 1.3
- --------------------------------------------------------------------------------
Australia 42,868,021 1.3
- --------------------------------------------------------------------------------
Finland 41,188,814 1.2
- --------------------------------------------------------------------------------
Peru 31,860,933 0.9
- --------------------------------------------------------------------------------
South Africa 28,139,204 0.8
- --------------------------------------------------------------------------------
Indonesia 26,173,612 0.8
- --------------------------------------------------------------------------------
Spain 25,760,027 0.7
- --------------------------------------------------------------------------------
Portugal 24,583,446 0.7
- --------------------------------------------------------------------------------
Sweden 24,363,399 0.7
- --------------------------------------------------------------------------------
India 22,009,961 0.6
- --------------------------------------------------------------------------------
Austria 21,695,985 0.6
- --------------------------------------------------------------------------------
Korea, Republic of (South) 20,403,860 0.6
- --------------------------------------------------------------------------------
Panama 17,955,000 0.5
- --------------------------------------------------------------------------------
China 16,406,250 0.5
- --------------------------------------------------------------------------------
Thailand 14,487,988 0.4
- --------------------------------------------------------------------------------
Taiwan 13,560,737 0.4
- --------------------------------------------------------------------------------
Malaysia 11,988,256 0.4
- --------------------------------------------------------------------------------
Lebanon 9,023,500 0.3
- --------------------------------------------------------------------------------
Philippines 8,960,729 0.3
- --------------------------------------------------------------------------------
Greece 7,470,856 0.2
- --------------------------------------------------------------------------------
Norway 6,911,260 0.2
-------------- -----
Total $3,393,991,739 100.0%
-------------- -----
-------------- -----
11 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS (Unaudited) (Continued)
- ---------------------------------------------------------------------------------------------------------------------------------
(1) Loaned security--See Note 7 of Notes to Financial Statements.
(2) Non-income producing security.
(3) Affiliated company. Represents ownership of at least 5% of the voting securities of the issuer
and is or was an affiliate, as defined in the Investment Company Act of 1940, at or during the period
ended March 31, 1997. The aggregate fair value of all securities of affiliated companies as of
March 31, 1997 amounted to $67,861,491. Transactions during the period in which the issuer was an
affiliate are as follows:
BALANCE SEPTEMBER 30, 1996 GROSS ADDITIONS GROSS REDUCTIONS BALANCE MARCH 31, 1997
-------------------------- ---------------------- ------------------- -----------------------
SHARES COST SHARES COST SHARES COST SHARES COST
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Clinica y Maternidad
Suizo Argentino 1,800 $13,290,000 -- $ -- -- $ -- 1,800 $13,290,000
- ---------------------------------------------------------------------------------------------------------------------------------
Coflexip SA, Sponsored
ADR(4) 681,000 11,809,866 -- -- -- -- 681,000 11,809,866
- ---------------------------------------------------------------------------------------------------------------------------------
Industrial Finance Corp. 4,190,099 8,375,757 1,263,900 4,389,565 -- -- 5,453,999 12,765,322
- ---------------------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co.,
Cl. A(4) 376,800 2,120,350 -- -- 143,200 1,320,377 236,600 799,973
- ---------------------------------------------------------------------------------------------------------------------------------
K-V Pharmaceutical Co.,
Cl. B(4) 264,900 928,721 -- -- 69,000 283,756 195,900 644,965
- ---------------------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 25,000 5,024,555 -- -- -- -- 25,000 5,024,555
- ---------------------------------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 486,392 4,199,995 -- -- -- -- 486,392 4,199,995
- ---------------------------------------------------------------------------------------------------------------------------------
Wolford AG 105,200 24,325,141 105,200 -- 17,400 2,104,863 193,000 22,220,278
----------- ---------- ---------- -----------
$70,074,385 $4,389,565 $3,708,996 $70,754,954
----------- ---------- ---------- -----------
----------- ---------- ---------- -----------
<CAPTION>
<S><C>
(4) Not an affiliate as of March 31, 1997.
(5) Identifies issues considered to be illiquid or restricted--See Note 6 of Notes to Financial
Statements.
(6) Represents securities sold under Rule 144A, which are exempt from registration under the
Securities Act of 1933, as amended. These securities have been determined to be liquid under
guidelines established by the Board of Trustees. These securities amount to $31,394,616 or 0.92% of
the Fund's net assets, at March 31, 1997.
See accompanying Notes to Financial Statements.
</TABLE>
12 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES March 31, 1997 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS Investments, at value--see accompanying statement:
Unaffiliated companies (cost $2,657,650,289) $3,311,642,259
Affiliated companies (cost $57,500,150) 82,349,480
----------------------------------------------------------------------------------------------------
Collateral for securities loaned--Note 7 481,241,948
----------------------------------------------------------------------------------------------------
Unrealized appreciation on forward foreign currency exchange contracts--Note 5 104,850
----------------------------------------------------------------------------------------------------
Receivables:
Investments sold 61,174,132
Closed forward foreign currency exchange contracts 12,456,707
Interest and dividends 9,090,588
Shares of beneficial interest sold 6,704,567
----------------------------------------------------------------------------------------------------
Other 123,244
--------------
Total assets 3,964,887,775
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Bank overdraft 362,193
----------------------------------------------------------------------------------------------------
Return of collateral for securities loaned--Note 7 481,241,948
----------------------------------------------------------------------------------------------------
Unrealized depreciation on forward foreign currency exchange contracts--Note 5 65,608
----------------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 64,063,216
Shares of beneficial interest redeemed 8,783,969
Distribution and service plan fees 1,623,860
Transfer and shareholder servicing agent fees 486,927
Trustees' fees 263,341
Other 1,120,669
--------------
Total liabilities 558,011,731
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $3,406,876,044
--------------
--------------
- ---------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $2,560,778,090
NET ASSETS ----------------------------------------------------------------------------------------------------
Overdistributed net investment income (19,883,448)
----------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments and foreign currency transactions 186,057,616
----------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation of assets and
liabilities denominated in foreign currencies 679,923,786
--------------
Net assets $3,406,876,044
--------------
--------------
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE Class A Shares:
PER SHARE Net asset value and redemption price per share (based on net assets of
$2,718,738,948 and 66,789,285 shares of beneficial interest outstanding) $40.71
Maximum offering price per share (net asset value plus sales charge
of 5.75% of offering price) $43.19
----------------------------------------------------------------------------------------------------
Class B Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $656,344,379 and 16,433,609 shares of beneficial interest outstanding) $39.94
----------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share (based on net assets
of $31,792,717 and 786,607 shares of beneficial interest outstanding) $40.42
See accompanying Notes to Financial Statements.
</TABLE>
13 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS For the Six Months Ended March 31, 1997 (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME Dividends (net of foreign withholding taxes of $1,099,052) $ 14,706,214
----------------------------------------------------------------------------------------------------
Interest 4,397,761
--------------
Total income 19,103,975
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 4 11,507,477
----------------------------------------------------------------------------------------------------
Distribution and service plan fees--Note 4:
Class A 2,353,492
Class B 3,005,026
Class C 122,894
----------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 2,333,708
----------------------------------------------------------------------------------------------------
Custodian fees and expenses 800,827
----------------------------------------------------------------------------------------------------
Shareholder reports 568,746
----------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 30,979
Class B 26,729
Class C 4,003
----------------------------------------------------------------------------------------------------
Trustees' fees and expenses--Note 1 43,835
----------------------------------------------------------------------------------------------------
Legal and auditing fees 25,555
----------------------------------------------------------------------------------------------------
Insurance expenses 14,206
----------------------------------------------------------------------------------------------------
Other 138,680
--------------
Total expenses 20,976,157
- ---------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (1,872,182)
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain on:
GAIN (LOSS) Investments:
Unaffiliated companies 160,733,804
Affiliated companies 163,604
Foreign currency transactions 38,882,870
--------------
Net realized gain 199,780,278
----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments 188,549,500
Translation of assets and liabilities denominated in foreign currencies (93,399,489)
--------------
Net change 95,150,011
--------------
Net realized and unrealized gain 294,930,289
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $293,058,107
--------------
--------------
See accompanying Notes to Financial Statements.
</TABLE>
14 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30,
(UNAUDITED) 1996
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OPERATIONS Net investment income (loss) $ (1,872,182) $ 13,518,039
----------------------------------------------------------------------------------------------------
Net realized gain 199,780,278 125,983,836
----------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation 95,150,011 194,446,573
-------------- --------------
Net increase in net assets resulting from operations 293,058,107 333,948,448
- ---------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Dividends from net investment income:
DISTRIBUTIONS TO Class A (33,892,926) (14,009,023)
SHAREHOLDERS Class B (3,899,339) (3,568)
Class C (207,585) (7,369)
----------------------------------------------------------------------------------------------------
Distributions from net realized gain:
Class A (88,234,357) (120,623,278)
Class B (20,403,541) (20,905,412)
Class C (788,673) (131,770)
- ---------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase in net assets resulting from beneficial interest
TRANSACTIONS transactions--Note 2:
Class A 102,230,093 165,278,694
Class B 88,204,092 170,668,404
Class C 13,209,218 16,731,958
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase 349,275,089 530,947,084
----------------------------------------------------------------------------------------------------
Beginning of period 3,057,600,955 2,526,653,871
-------------- --------------
End of period [including undistributed (overdistributed) net
investment income of $(19,883,448) and $19,988,584, respectively] $3,406,876,044 $3,057,600,955
-------------- --------------
-------------- --------------
See accompanying Notes to Financial Statements.
</TABLE>
15 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
CLASS A
---------------------------------------------------------------------
SIX MONTHS ENDED
MARCH 31, 1997 YEAR ENDED SEPTEMBER 30,
(UNAUDITED) 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $39.00 $36.84 $37.69 $35.04 $30.03 $32.05
- ------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) .12 .23 .31 .17 .26 .17
Net realized and unrealized gain (loss) 3.50 4.22 2.59 6.10 4.99 (1.50)
------ ------ ------ ------ ------ ------
Total income (loss) from investment operations 3.62 4.45 2.90 6.27 5.25 (1.33)
- ------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.53) (.24) -- (.25) (.12) (.11)
Distributions from net realized gain (1.38) (2.05) (3.75) (3.37) (.12) (.58)
------ ------ ------ ------ ------ ------
Total dividends and distributions to shareholders (1.91) (2.29) (3.75) (3.62) (.24) (.69)
- ------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $40.71 $39.00 $36.84 $37.69 $35.04 $30.03
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
- ------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 9.66% 12.98% 9.26% 19.19% 17.67% (4.23)%
- ------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $2,719 $2,499 $2,186 $1,921 $1,389 $1,215
- ------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $2,646 $2,309 $1,979 $1,711 $1,213 $1,194
- ------------------------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A N/A N/A N/A N/A $60,000
- ------------------------------------------------------------------------------------------------------------------------
Average amount of debt outstanding throughout
each period (in thousands) N/A N/A N/A N/A $18,247 $60,000
- ------------------------------------------------------------------------------------------------------------------------
Average number of shares outstanding throughout
each period (in thousands) N/A N/A N/A N/A 39,853 37,435
- ------------------------------------------------------------------------------------------------------------------------
Average amount of debt per share outstanding
throughout each period N/A N/A N/A N/A $0.46 $1.60
- ------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) 0.07%(4) 0.62% 0.90% 0.38% 0.84% 0.55%
Expenses 1.13%(4) 1.17% 1.20% 1.15% 1.18% 1.36%
- ------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 29.4% 102.9% 84.4% 78.3% 86.9% 18.0%
Average brokerage commission rate(6) $0.0054 $0.0071 -- -- -- --
(1) For the period from October 2, 1995 (inception of offering) to
September 30, 1996.
(2) For the period from August 17, 1993 (inception of offering) to
September 30, 1993.
(3) Assumes a hypothetical initial investment on the business day
before the first day of the fiscal period (or inception of offering),
with all dividends and distributions reinvested in additional shares
on the reinvestment date, and redemption at the net asset value
calculated on the last business day of the fiscal period. Sales charges
are not reflected in the total returns. Total returns are not
annualized for periods of less than one full year.
</TABLE>
16 Oppenheimer Global Fund
<PAGE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------
SIX MONTHS ENDED
MARCH 31, 1997 YEAR ENDED SEPTEMBER 30,
(UNAUDITED) 1996 1995 1994 1993(2)
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $38.19 $36.16 $37.36 $34.99 $33.33
- -----------------------------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.05) (.05) .06 .08 .03
Net realized and unrealized gain (loss) 3.44 4.13 2.49 5.83 1.63
------ ------ ------ ------ ------
Total income (loss) from investment operations 3.39 4.08 2.55 5.91 1.66
- -----------------------------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.26) -- -- (.18) --
Distributions from net realized gain (1.38) (2.05) (3.75) (3.36) --
------ ------ ------ ------ ------
Total dividends and distributions to shareholders (1.64) (2.05) (3.75) (3.54) --
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $39.94 $38.19 $36.16 $37.36 $34.99
------ ------ ------ ------ ------
------ ------ ------ ------ ------
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 9.21% 12.07% 8.34% 18.10% 3.64%
- -----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $656 $541 $340 $187 $6
- -----------------------------------------------------------------------------------------------------------
Average net assets (in millions) $605 $438 $258 $ 88 $3
- -----------------------------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A 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 N/A
- -----------------------------------------------------------------------------------------------------------
Average number of shares outstanding throughout
each period (in thousands) N/A 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 N/A
- -----------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (0.89)%(4) (0.17)% 0.09% (0.30)% 1.52%(4)
Expenses 1.96%(4) 2.00% 2.03% 2.08% 2.40%(4)
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 29.4% 102.9% 84.4% 78.3% 86.9%
Average brokerage commission rate(6) $0.0054 $0.0071 -- -- --
</TABLE>
<TABLE>
<CAPTION>
CLASS C
-------------------------------
PERIOD
SIX MONTHS ENDED ENDED
MARCH 31, 1997(1) SEPT. 30,
(UNAUDITED) 1996(1)
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
<S> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $38.73 $36.67
- -------------------------------------------------------------------------------------
Income (loss) from investment operations:
Net investment income (loss) (.07) .09
Net realized and unrealized gain (loss) 3.50 4.13
------ ------
Total income (loss) from investment operations 3.43 4.22
- -------------------------------------------------------------------------------------
Dividends and distributions to shareholders:
Dividends from net investment income (.36) (.11)
Distributions from net realized gain (1.38) (2.05)
------ ------
Total dividends and distributions to shareholders (1.74) (2.16)
- -------------------------------------------------------------------------------------
Net asset value, end of period $40.42 $38.73
------ ------
------ ------
- -------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET VALUE(3) 9.20% 12.34%
- -------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) $32 $18
- -------------------------------------------------------------------------------------
Average net assets (in millions) $25 $ 8
- -------------------------------------------------------------------------------------
Amount of debt outstanding at end
of period (in thousands) N/A N/A
- -------------------------------------------------------------------------------------
Average amount of debt outstanding throughout
each period (in thousands) N/A N/A
- -------------------------------------------------------------------------------------
Average number of shares outstanding throughout
each period (in thousands) N/A N/A
- -------------------------------------------------------------------------------------
Average amount of debt per share outstanding
throughout each period N/A N/A
- -------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (1.37)%(4) 0.04%(4)
Expenses 1.97%(4) 1.99%(4)
- -------------------------------------------------------------------------------------
Portfolio turnover rate(5) 29.4% 102.9%
Average brokerage commission rate(6) $0.0054 $0.0071
(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, 1997 were
$914,835,075 and $1,007,289,190, 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.
</TABLE>
17 Oppenheimer Global Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
- ------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Global Fund (the Fund) is registered
ACCOUNTING POLICIES under the Investment Company Act of 1940, as
amended, as a diversified, open-end management
investment company. The Fund's investment
objective is capital appreciation. The Fund
invests primarily in common stocks of U.S. and
foreign companies. The Fund's investment
adviser is OppenheimerFunds, Inc. (the
Manager). The Fund offers Class A, Class B and
Class C shares. Class A shares are sold with a
front-end sales charge. Class B and Class C
shares may be subject to a contingent deferred
sales charge. All classes of shares have
identical rights to earnings, assets and voting
privileges, except that each class has its own
distribution and/or service plan, expenses
directly attributable to a particular class and
exclusive voting rights with respect to matters
affecting a single class. Class B shares will
automatically convert to Class A shares six
years after the date of purchase. The following
is a summary of significant accounting policies
consistently followed by the Fund.
--------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are
valued at the close of the New York Stock
Exchange on each trading day. Listed and
unlisted securities for which such information
is regularly reported are valued at the last
sale price of the day or, in the absence of
sales, at values based on the closing bid or
the last sale price on the prior trading day.
Long-term and short-term "non-money market"
debt securities are valued by a portfolio
pricing service approved by the Board of
Trustees. Such securities which cannot be
valued by the approved portfolio pricing
service are valued using dealer-supplied
valuations provided the Manager is satisfied
that the firm rendering the quotes is reliable
and that the quotes reflect current market
value, or are valued under consistently applied
procedures established by the Board of Trustees
to determine fair value in good faith.
Short-term "money market type" debt securities
having a remaining maturity of 60 days or less
are valued at cost (or last determined market
value) adjusted for amortization to maturity of
any premium or discount. Forward foreign
currency exchange contracts are valued based on
the closing prices of the forward currency
contract rates in the London foreign exchange
markets on a daily basis as provided by a
reliable bank or dealer.
--------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting
records of the Fund are maintained in U.S.
dollars. Prices of securities denominated in
foreign currencies are translated into U.S.
dollars at the closing rates of exchange.
Amounts related to the purchase and sale of
securities and investment income are translated
at the rates of exchange prevailing on the
respective dates of such transactions.
The effect of changes in foreign currency
exchange rates on investments is separately
identified from the fluctuations arising from
changes in market values of securities held and
reported with all other foreign currency gains
and losses in the Fund's Statement of
Operations.
--------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the
custodian to take possession, to have legally
segregated in the Federal Reserve Book Entry
System or to have segregated within the
custodian's vault, all securities held as
collateral for repurchase agreements. The
market value of the underlying securities is
required to be at least 102% of the resale
price at the time of purchase. If the seller of
the agreement defaults and the value of the
collateral declines, or if the seller enters
an insolvency proceeding, realization of the
value of the collateral by the Fund may be
delayed or limited.
--------------------------------------------------
ALLOCATION OF INCOME, EXPENSES, AND GAINS AND
LOSSES. Income, expenses (other than those
attributable to a specific class) and gains and
losses are allocated daily to each class of
shares based upon the relative proportion of
net assets represented by such class. Operating
expenses directly attributable to a specific
class are charged against the operations of
that class.
--------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to
comply with provisions of the Internal Revenue
Code applicable to regulated investment
companies and to distribute all of its taxable
income, including any net realized gain on
investments not offset by loss carryovers, to
shareholders. Therefore, no federal income or
excise tax provision is required.
--------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has
adopted a nonfunded retirement plan for the
Fund's independent trustees. Benefits are based
on years of service and fees paid to each
trustee during the years of service. During the
six months ended March 31, 1997, a reduction of
$3,274 was made for the Fund's projected
benefit obligations and payments of $13,575
were made to retired trustees, resulting in an
accumulated liability of $245,826 at March 31,
1997.
--------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
distributions to shareholders are recorded on
the ex-dividend date.
18 Oppenheimer Global Fund
<PAGE>
- ------------------------------------------------------------------------------
1. SIGNIFICANT CLASSIFICATION OF DISTRIBUTIONS TO
ACCOUNTING POLICIES SHAREHOLDERS. Net investment income (loss) and
(CONTINUED) 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 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. 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 The Fund has authorized an unlimited number of no
BENEFICIAL INTEREST par value shares of beneficial interest of each
class. Transactions in shares of beneficial
interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 1997 SEPTEMBER 30, 1996(1)
-------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 5,343,652 $ 216,435,370 13,445,573 $ 494,129,386
Dividends and distributions reinvested 3,097,487 117,118,085 3,791,424 129,022,228
Redeemed (5,726,679) (231,323,362) (12,511,334) (457,872,920)
---------- ------------- ----------- -------------
Net increase 2,714,460 $ 102,230,093 4,725,663 $ 165,278,694
---------- ------------- ----------- -------------
---------- ------------- ----------- -------------
- ----------------------------------------------------------------------------------------------------
Class B:
Sold 2,652,847 $ 105,212,472 6,760,563 $ 244,252,699
Dividends and distributions reinvested 624,052 23,202,915 596,683 20,012,734
Redeemed (1,015,765) (40,211,295) (2,599,758) (93,597,029)
---------- ------------- ----------- -------------
Net increase 2,261,134 $ 88,204,092 4,757,488 $ 170,668,404
---------- ------------- ----------- -------------
---------- ------------- ----------- -------------
- ----------------------------------------------------------------------------------------------------
Class C:
Sold 497,709 $ 20,063,587 549,240 $ 20,205,091
Dividends and distributions reinvested 25,342 953,635 4,029 137,151
Redeemed (191,590) (7,808,004) (98,123) (3,610,284)
---------- ------------- ----------- -------------
Net increase 331,461 $ 13,209,218 455,146 $ 16,731,958
---------- ------------- ----------- -------------
---------- ------------- ----------- -------------
(1) For the year ended September 30, 1996 for Class A and Class B shares, and for the period from
October 2, 1995 (inception of offering) to September 30, 1996 for Class C shares.
</TABLE>
- ------------------------------------------------------------------------------
3. UNREALIZED GAINS AND At March 31, 1997, net unrealized appreciation on
LOSSES ON INVESTMENTS investments of $678,841,300 was composed of gross
appreciation of $736,878,417, and gross
depreciation of $58,037,117.
19 Oppenheimer Global Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
4. MANAGEMENT FEES Management fees paid to the Manager were in
AND OTHER TRANSACTIONS accordance with the investment advisory agreement
WITH AFFILIATES with the Fund which provides for a fee of 0.80% on
the first $250 million of net assets, 0.77% on the
next $250 million, 0.75% on the next $500 million,
0.69% on the next $1 billion and 0.67% on net
assets in excess of $2 billion. The Manager had
voluntarily reduced the management fee to which
it is entitled under the Agreement to 0.65% on
net assets in excess of $3.5 billion. Effective
February 27, 1997, the new investment advisory
agreement incorporates the breakpoint of 0.65%
on net assets in excess of $3.5 billion that
was previously agreed to by the voluntary
undertaking.
For the six months ended March 31, 1997,
commissions (sales charges paid by investors)
on sales of Class A shares totaled $2,574,499,
of which $872,185 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 $3,178,046
and $118,594, of which $264,472 and $2,805,
respectively, was paid to an affiliated
broker/dealer. During the six months ended
March 31, 1997, OFDI received contingent
deferred sales charges of $484,332 and $5,168,
respectively, upon redemption of Class B and
Class C shares, as reimbursement for sales
commissions advanced by OFDI at the time of
sale of such shares.
OppenheimerFunds Services (OFS), a
division of the Manager, is the transfer and
shareholder servicing agent for the Fund, and
for other registered investment companies.
OFS's total costs of providing such services
are allocated ratably to these companies.
The Fund has adopted a Service Plan for
Class A shares to reimburse OFDI for a portion
of its costs incurred in connection with the
personal service and maintenance of accounts
that hold Class A shares. Reimbursement is made
quarterly at an annual rate that may not exceed
0.25% of the average annual net assets of Class
A shares of the Fund. OFDI uses the service fee
to reimburse brokers, dealers, banks and other
financial institutions quarterly for providing
personal service and maintenance of accounts of
their customers that hold Class A shares.
During the six months ended March 31, 1997,
OFDI paid $155,869 to an affiliated
broker/dealer as reimbursement for Class A
personal service and maintenance expenses.
The Fund has adopted compensation type
Distribution and Service Plans for Class B and
Class C shares to compensate OFDI for its
services and costs in distributing Class B and
Class C shares and servicing accounts. Under
the Plans, the Fund pays OFDI an annual
asset-based sales charge of 0.75% per year on
Class B shares and Class C shares, as
compensation for sales commissions paid from
its own resources at the time of sale and
associated financing costs. OFDI also receives
a service fee of 0.25% per year as compensation
for costs incurred in connection with the
personal service and maintenance of accounts
that hold shares of the Fund, including amounts
paid to brokers, dealers, banks and other
financial institutions. Both fees are computed
on the average annual net assets of Class B and
Class C shares, determined as of the close of
each regular business day. During the six
months ended March 31, 1997, OFDI paid $39,109
to an affiliated broker/dealer as reimbursement
for Class B personal service and maintenance
expenses and retained $2,490,821 and $97,870,
respectively, as compensation for Class B and
Class C sales commissions and service fee
advances, as well as financing costs. If the
Plans are 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 Plans were terminated. At March 31, 1997,
OFDI had incurred unreimbursed expenses of
$17,340,336 for Class B and $306,884 for
Class C.
20 Oppenheimer Global Fund
<PAGE>
- --------------------------------------------------------------------------------
5. FORWARD CONTRACTS A forward foreign currency exchange contract
(forward contract) is a commitment to purchase
or sell a foreign currency at a future date, at
a negotiated rate.
The Fund uses forward contracts to seek to
manage foreign currency risks. They may also be
used to tactically shift portfolio currency
risk. The Fund generally enters into forward
contracts as a hedge upon the purchase or sale
of a security denominated in a foreign
currency. In addition, the Fund may enter into
such contracts as a hedge against changes in
foreign currency exchange rates on portfolio
positions.
Forward contracts are valued based on the
closing prices of the forward currency contract
rates in the London foreign exchange markets on
a daily basis as provided by a reliable bank or
dealer. The Fund will realize a gain or loss
upon the closing or settlement of the forward
transaction.
Securities held in segregated accounts to
cover net exposure on outstanding forward
contracts are noted in the Statement of
Investments where applicable. Unrealized
appreciation or depreciation on forward
contracts is reported in the Statement of
Assets and Liabilities. Realized gains and
losses are reported with all other foreign
currency gains and losses in the Fund's
Statement of Operations.
Risks include the potential inability of
the counterparty to meet the terms of the
contract and unanticipated movements in the
value of a foreign currency relative to the
U.S. Dollar.
At March 31, 1997, the Fund had outstanding
forward contracts to purchase and sell
currencies as follows:
<TABLE>
<CAPTION>
CONTRACT VALUATION AS
AMOUNT OF MARCH 31, UNREALIZED UNREALIZED
CONTRACTS TO PURCHASE EXPIRATION DATES (000s) 1997 APPRECIATION DEPRECIATION
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
French Franc (FRF) 4/30/97 57,625 FRF $10,287,187 $ 34,593 $ --
- ----------------------------------------------------------------------------------------------------
Italian Lira (ITL) 4/4/97 40,903,535 ITL 24,518,826 35,220 --
- ----------------------------------------------------------------------------------------------------
Mexican Peso (MXP) 4/1/97 9,662 MXP 1,218,237 -- 7,729
- ----------------------------------------------------------------------------------------------------
Swedish Krona (SEK) 4/2/97 7,540 SEK 1,000,804 3,841 --
- ----------------------------------------------------------------------------------------------------
Portugese Escudo (PTE) 4/1/97--4/3/97 1,151,480 PTE 824,221 31,196 --
----------- -------- -------
$37,849,275 104,850 7,729
----------- -------- -------
-----------
CONTRACTS TO SELL
- ----------------------------------------------------------------------------------------------------
Austrian Schilling
(ATS) 4/7/97 22,918 ATS $ 1,941,620 $ -- $10,208
- ----------------------------------------------------------------------------------------------------
Australian Dollar
(AUD) 4/7/97 641 AUD 641,082 -- 350
- ----------------------------------------------------------------------------------------------------
British Pound (GBP) 4/5/97--4/7/97 4,977 GBP 4,977,800 -- 42,336
- ----------------------------------------------------------------------------------------------------
Malaysian Ringgit
(MYR) 4/2/97 4,723 MYR 4,725,752 -- 3,688
- ----------------------------------------------------------------------------------------------------
Indian Rupee (INR) 4/1/97--4/3/97 26,127 INR 26,127,112 -- 1,297
----------- -------- -------
$38,413,366 -- 57,879
----------- -------- -------
-----------
Total Unrealized Appreciation and Depreciation $104,850 $65,608
-------- -------
-------- -------
</TABLE>
- --------------------------------------------------------------------------------
6. ILLIQUID AND At March 31, 1997, investments in securities
RESTRICTED SECURITIES included issues that are illiquid or restricted.
Restricted securities are often purchased in
private placement transactions, are not
registered under the Securities Act of 1933,
may have contractual restrictions on resale,
and are valued under methods approved by the
Board of Trustees as reflecting fair value. A
security may be considered illiquid if it lacks
a readily-available market or if its valuation
has not changed for a certain period of time.
The Fund intends to invest no more than 10% of
its net assets (determined at the time of
purchase and reviewed from time to time) in
illiquid or restricted securities. Certain
restricted securities, eligible for resale to
qualified institutional investors, are not
subject to that limit. The aggregate value of
illiquid or restricted securities subject to
this limitation at March 31, 1997 was
$70,418,680, which represents 2.07% of the
Fund's net assets. Information concerning
restricted securities is as follows:
<TABLE>
<CAPTION>
VALUATION PER UNIT
SECURITY ACQUISITION DATE COST PER UNIT AS OF MARCH 31, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Clinica y Maternidad Suizo Argentino 5/16/94 $7,383.33 $8,809.53
- ----------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 8.64 51.36
</TABLE>
21 Oppenheimer Global Fund
<PAGE>
Notes to Financial Statements (Unaudited)
(Continued)
- --------------------------------------------------------------------------------
7. SECURITIES LOANED The Fund has entered into a securities lending
arrangement with the custodian. Under the terms
of the agreement, the Fund receives 60% of the
annual net income from lending transactions. In
exchange for such fees, the custodian is
authorized to loan securities on behalf of the
Fund, against receipt of collateral at least
equal in value to the value of the securities
loaned. Cash collateral is invested by the
custodian in money market instruments approved
by the Manager. As of March 31, 1997, the Fund
had on loan securities valued at $478,634,935.
Cash of $478,635,000 was received as collateral
for the loans, and has been invested in the
approved instruments identified below. 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, 1997
- ----------------------------------------------------------------------------------------------------
<S> <C>
Repurchase agreement with CS First Boston Corp., dated 3/31/97, collateralized by
Federal Home Loan Mortgage Corp., 5%--673.81%, 2/15/03--12/15/23, with a value of
$138,474,429, and by Federal National Mortgage Assn., 0%--8.40%, 7/25/03--3/25/27,
with a value of $331,607,668 $470,079,097
- ----------------------------------------------------------------------------------------------------
Repurchase agreement with Goldman, Sachs & Co., dated 3/31/97 and maturing 4/1/97,
collateralized by U.S. Treasury Bonds, 8.25%--8.375%, 5/15/05--8/15/08 11,162,851
------------
$481,241,948
------------
------------
</TABLE>
- --------------------------------------------------------------------------------
8. SHAREHOLDER MEETING On February 2, 1997, a special shareholder
meeting was held at which the eleven Trustees
identified below were elected, the selection of
KPMG Peat Marwick LLP as the independent
certified public accountants and auditors of
the Fund for the fiscal year beginning October
1, 1996 was ratified (Proposal No. 1), the
proposed change in the Investment Advisory
Agreement between the Fund and
OppenheimerFunds, Inc. was approved (Proposal
No. 2), the Fund's Class B 12b-1 Distribution
and Service Plan was approved by Class B
shareholders (Proposal No. 3), and the Fund's
Class C 12b-1 Distribution and Service Plan was
approved by Class C shareholders (Proposal No.
4) as described in the Fund's proxy statement
for that meeting. The following is a report of
the votes cast:
<TABLE>
<CAPTION>
BROKER
NOMINEE/PROPOSAL FOR AGAINST WITHHELD/ABSTAIN NON-VOTES TOTAL
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TRUSTEES
Robert G. Galli 46,479,003.899 513,372.523 768,462 46,992,376.422
Leon Levy 46,199,095.781 793,280.641 768,462 46,992,376.422
Benjamin Lipstein 46,348,371.078 644,005.344 768,462 46,992,376.422
Bridget A. Macaskill 46,472,809.433 519,566.989 768,462 46,992,376.422
Elizabeth Moynihan 46,373,234.984 619,141.438 768,462 46,992,376.422
Kenneth A. Randall 46,446,896.976 545,479.446 768,462 46,992,376.422
Edward V. Regan 46,461,082.196 531,294.226 768,462 46,992,376.422
Russell S. Reynolds, Jr. 46,257,087.547 717,288.875 768,462 46,992,376.422
Donald W. Spiro 46,379,802.554 594,573.868 768,462 46,992,376.422
Pauline Trigere 46,261,214.949 731,161.473 768,462 46,992,376.422
Clayton K. Yeutter 46,272,647.720 719,728.702 768,462 46,992,376.422
- ----------------------------------------------------------------------------------------------------
Proposal No. 1 43,693,690.505 363,644.207 1,637,136.268 1,821,129 45,694,490.980
Proposal No. 2 42,337,425.188 856,345.364 2,524,876.601 1,821,133 45,718,647.153
Proposal No. 3 6,925,315.483 224,313.953 458,519.620 2,748,378 7,608,149.056
Proposal No. 4 309,131.462 8,356.534 29,191.918 142,589 346,679.914
</TABLE>
22 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
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
William L. Wilby, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
INVESTMENT ADVISER OppenheimerFunds, Inc.
- --------------------------------------------------------------------------------
DISTRIBUTOR OppenheimerFunds Distributor, Inc.
- --------------------------------------------------------------------------------
TRANSFER AND SHAREHOLDER OppenheimerFunds Services
SERVICING AGENT
- --------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
- --------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
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, are not insured by the
FDIC or any other agency, and involve
investment risks, including possible loss of
the principal amount invested.
23 Oppenheimer Global Fund
<PAGE>
INFORMATION
GENERAL INFORMATION
Monday-Friday 8:30 a.m.-9 p.m. ET
Saturday 10 a.m.-2 p.m. ET
1-800-525-7048
TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-852-8457
PHONELINK
24 hours a day, automated
information and transactions
1-800-533-3310
TELECOMMUNICATIONS DEVICE
FOR THE DEAF (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET
1-800-843-4461
OPPENHEIMERFUNDS
INFORMATION HOTLINE
24 hours a day, timely and insightful
messages on the economy and
issues that affect your investments
1-800-835-3104
RS0330.001.0397 May 31, 1997
[PHOTO]
Customer Service Representative
OppenheimerFunds Services
"HOW MAY I HELP YOU?"
As an Oppenheimer fund shareholder, you have some special privileges. Whether
it's automatic investment plans, informative newsletters and hotlines, or
ready account access, you can benefit from services designed to make
investing simple.
And when you need help, our Customer Service Representatives are only a
toll-free phone call away. They can provide information about your account
and handle administrative requests. You can reach them at our General
Information number.
When you want to make a transaction, you can do it easily by calling our
toll-free Telephone Transactions number. And, by enrolling in AccountLink, a
convenient service that "links" your Oppenheimer funds accounts and your bank
checking or savings account, you can use the Telephone Transactions number to
make investments.
For added convenience, you can get automated information with
OppenheimerFunds PhoneLink service, available 24 hours a day, 7 days a week.
PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.
You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the Oppenheimer funds' transfer agent,
OppenheimerFunds Services, with their Award of Excellence in 1993.
So call us today--we're here to help.
- --------------------------------------------------------------------------------
[LOGO]
OppenheimerFunds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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PAID
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