<PAGE>
OPPENHEIMER GLOBAL EMERGING GROWTH FUND
ANNUAL REPORT SEPTEMBER 30, 1994
[Logo] OPPENHEIMER FUNDS.
"COLLEGE AND RETIREMENT ARE FAR IN THE FUTURE FOR US. BUT I KNOW I NEED TO START
PLANNING TODAY.
"I CHOSE THIS FUND BECAUSE IT INVESTS IN THE KINDS OF STOCKS THAT OFFER STRONG
POTENTIAL FOR LONG-TERM GROWTH."
man holding
boy
<PAGE>
FUND FACTS
IN THIS REPORT:
ANSWERS TO TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
- - HOW IS THE FUND'S PORTFOLIO POSITIONED AS IT IS RELAUNCHED AS OPPENHEIMER
GLOBAL EMERGING GROWTH FUND?
- - WHAT GEOGRAPHIC AND ECONOMIC SECTORS WILL THE FUND INVEST IN?
- - WHAT'S THE OUTLOOK FOR SMALL-COMPANY STOCKS WORLDWIDE?
FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT OPPENHEIMER GLOBAL EMERGING GROWTH
FUND
- --------------------------------------------------------------------------------
1 The Fund seeks long-term capital appreciation by investing in emerging
growth companies around the world. It is most suitable for investors with
longer investment horizons, who can accept short-term volatility in the
Fund's net asset value.
- --------------------------------------------------------------------------------
2 Total return at net asset value for the 12 months ended September 30, 1994
was --9.91%.(1)
- --------------------------------------------------------------------------------
3 Average annual total returns for the 1- and 5-year periods ended September
30, 1994 and from inception of the Fund on December 30, 1987 were --15.09%,
8.93% and 9.79%, respectively.(2)
- --------------------------------------------------------------------------------
4 The top five stock holdings as of September 30, 1994 were:(3)
AMGEN, INC.
GENETICS INSTITUTE, INC.
MATRIX PHARMACEUTICAL, INC.
GENZYME CORP.
BIOTA HOLDINGS LTD.
- --------------------------------------------------------------------------------
5 "On September 19, 1994, shareholders approved an expansion of the Fund's
investment focus from global biotechnology stocks to global emerging growth
company stocks. We believe this change will benefit shareholders
significantly by positioning the Fund to take advantage of dramatic shifts
in world markets today, while allowing greater diversification of the
Fund's assets, thereby helping to reduce some of the risks associated with
investing in a single market sector."
PORTFOLIO MANAGER JIM AYER, SEPTEMBER 30, 1994
(1) Based on the change in net asset value per share from 9/30/93 to 9/30/94,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.
(2) Average annual total returns are based on a hypothetical investment held
until 9/30/94, after deducting the current maximum initial sales charge of
5.75%.
(3) The Fund's portfolio is subject to change.
All figures assume reinvestment of dividends and capital gains distributions and
include performance prior to the change in the Fund's investment objective on
September 19, 1994.
Past performance is not indicative of future results. Investment and principal
value on an investment in the Fund will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost.
2 Oppenheimer Global Emerging Growth Fund
<PAGE>
REPORT TO SHAREHOLDERS
It is a pleasure to welcome you to Oppenheimer Global Emerging Growth Fund,
named Oppenheimer Global Bio-Tech Fund prior to the change in investment
policies that took effect on September 19, 1994. The Fund's managers are looking
forward to bringing you the benefits of superior long-term returns that
investments in smaller-growth companies worldwide can offer.
Prior to the change, your managers began building the Fund's cash
position, selling smaller positions and taking profits in stocks that appeared
to have reached their peak. At September 30, cash represented 34.5% of the
Fund's net assets, giving Fund managers the ability to begin diversifying the
portfolio across the world's attractive growth opportunities. This ability may
be strengthened considerably if, as expected, shareholders in Oppenheimer Global
Environment Fund vote to reorganize that fund into Global Emerging Growth Fund
at their shareholder meeting in November.
Fund managers intend to diversify the portfolio by country, investing
in both established and emerging markets in Europe, Asia, and Latin America. In
selecting stocks, they will use a focused, theme approach, seeking to capitalize
on trends that offer promising opportunities for long-term growth.
While biotechnology stocks will continue to play a significant role
in the Fund, your managers will also be seeking out companies positioned to
benefit from significant trends, including:
- - growth in telecommunications both in emerging markets and emerging
technologies and products
- - expansion and improvement of infrastructure in developing economies
- - the growth of consumer markets in Asia and Latin America
- - the search for efficiency-enhancing technologies
- - spending on the environment
- - the rapid development of capital markets in countries in the early stages
of industrialization
- - the development of natural resources needed to support global economic
growth.
Your Fund's portfolio managers are extremely enthusiastic about the
opportunities these trends present and are looking forward to helping our
shareholders capitalize on them.
We appreciate the confidence you have placed in the managers of
Oppenheimer Global Emerging Growth Fund, and we look forward to helping you meet
your investment objectives in the future.
Donald W. Spiro
President
Oppenheimer Global Emerging Growth Fund
October 21, 1994
3 Oppenheimer Global Emerging Growth Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS September 30, 1994
FACE MARKET VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS--34.5%
- ----------------------------------------------------------------------------------------------------------------------------------
Repurchase agreement with The First Boston Corp., 4.70%,
dated 9/30/94, to be repurchased at $30,011,750 on 10/3/94,
collateralized by U.S. Treasury Bills., 0%, 6/29/95, with a
value of $30,637,890 (Cost $30,000,000) $30,000,000 $ 30,000,000
-----------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets,
4.95%, dated 9/30/94, to be repurchased at $26,410,890 on
10/3/94, collateralized by U.S. Treasury Nts., 4.25%-8.50%,
4/15/95-7/15/98, with a value of $14,928,312 and U.S. Treasury
Bills, 0%, 3/16/95-3/23/95, with a value of $12,024,182
(Cost $26,400,000) 26,400,000 26,400,000
------------
Total Repurchase Agreements (Cost $56,400,000) 56,400,000
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS AND NOTES--0.7%
- ----------------------------------------------------------------------------------------------------------------------------------
Glycomed, Inc., 7.50% Cv.Sub.Debs., 1/1/03 (Cost $2,000,000) 2,000,000 1,070,000
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
UNITS
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
RIGHTS AND WARRANTS--0.4%
- ----------------------------------------------------------------------------------------------------------------------------------
Genzyme Corp. Wts., Exp. 12/96 50,000 425,000
-----------------------------------------------------------------------------------------------
PerSeptive Biosystems, Inc. Wts., Exp. 12/97 40,110 145,599
-----------------------------------------------------------------------------------------------
Protein Polymer Technologies, Inc. Wts., Exp.1/97 100,000 21,875
------------
Total Rights and Warrants (Cost $1,351,476) 592,474
SHARES
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--2.7%
- ----------------------------------------------------------------------------------------------------------------------------------
Cambridge Antibody Technology Ltd., Cv.(1)(2)(3) 100,000 2,695,769
-----------------------------------------------------------------------------------------------
Synaptic Pharmaceutical Corp., Cv. Series 3(1)(2)(3) 500,000 1,679,476
------------
Total Preferred Stocks (Cost $5,300,000) 4,375,245
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--69.7%
- ----------------------------------------------------------------------------------------------------------------------------------
BASIC MATERIALS--1.7%
- ----------------------------------------------------------------------------------------------------------------------------------
CHEMICALS--1.0% PT Tri Polyta Indonesia ADR(1) 10,000 271,250
-----------------------------------------------------------------------------------------------
Tianjin Bohai Chemical Industry Co.(1) 7,000,000 1,272,776
------------
1,544,026
- ----------------------------------------------------------------------------------------------------------------------------------
STEEL--0.7% NTS Steel Group Co. Ltd. 500,000 1,121,120
- ----------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--1.4%
- ----------------------------------------------------------------------------------------------------------------------------------
BROADCAST MEDIA--0.6% Sistem Televisyen Malaysia Berhad 350,000 914,502
- ----------------------------------------------------------------------------------------------------------------------------------
PUBLISHING--0.8% Sing Tao Holdings 1,500,000 1,286,041
- ----------------------------------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--53.1%
- ----------------------------------------------------------------------------------------------------------------------------------
BEVERAGES--0.4% Noble China, Inc.(1) 146,600 710,407
- ----------------------------------------------------------------------------------------------------------------------------------
DRUGS--0.8% Watson Pharmaceutical, Inc.(1) 50,000 1,262,500
- ----------------------------------------------------------------------------------------------------------------------------------
FOOD PROCESSING--0.4% United Foods Co. Ltd. 525,000 725,225
4 Oppenheimer Global Emerging Growth Fund
<PAGE>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE: MISCELLANEOUS--50.1%
- ----------------------------------------------------------------------------------------------------------------------------------
AGRICULTURAL BIOTECHNOLOGY--4.2% biosys(1) 60,000 $ 240,000
-----------------------------------------------------------------------------------------------
Dekalb Genetics Corp., C1. B 60,000 1,740,000
-----------------------------------------------------------------------------------------------
DNA Plant Technology Corp.(1) 300,000 1,246,890
-----------------------------------------------------------------------------------------------
Pioneer Hi-Bred International, Inc. 50,000 1,575,000
-----------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(1)(3) 213,944 1,995,183
------------
6,797,073
- ----------------------------------------------------------------------------------------------------------------------------------
ANIMAL HEALTHCARE--2.1% Idexx Laboratories, Inc.(1) 80,000 2,360,000
-----------------------------------------------------------------------------------------------
Syntro Corp.(1) 400,000 1,000,000
------------
3,360,000
- ----------------------------------------------------------------------------------------------------------------------------------
DRUGS/BIOPHARMACEUTICALS--8.6% Amylin Pharmaceuticals, Inc.(1) 200,000 1,550,000
-----------------------------------------------------------------------------------------------
Biochem Pharmaceuticals, Inc.(1) 170,000 1,763,750
-----------------------------------------------------------------------------------------------
Biota Holdings Ltd.(1) 500,000 3,403,971
-----------------------------------------------------------------------------------------------
Celtrix Pharmaceuticals, Inc.(1) 275,000 1,905,938
-----------------------------------------------------------------------------------------------
ImmuLogic Pharmaceutical Corp.(1) 147,500 1,511,875
-----------------------------------------------------------------------------------------------
Protein Design Labs, Inc.(1) 50,000 975,000
-----------------------------------------------------------------------------------------------
Sangstat Medical Corp.(1) 120,000 855,000
-----------------------------------------------------------------------------------------------
Schering AG 20 12,297
-----------------------------------------------------------------------------------------------
Vertex Pharmaceuticals, Inc.(1) 150,000 2,137,500
------------
14,115,331
- ----------------------------------------------------------------------------------------------------------------------------------
HUMAN HEALTHCARE--35.2% Advanced Tissue Sciences, Inc., Cl.A(1) 300,000 2,109,390
-----------------------------------------------------------------------------------------------
Amgen, Inc.(1) 100,000 5,325,000
-----------------------------------------------------------------------------------------------
Applied Immune Sciences, Inc.(1) 200,000 1,400,000
-----------------------------------------------------------------------------------------------
Ares-Serono Group, Cl.B 2,885 1,541,265
-----------------------------------------------------------------------------------------------
Athena Neurosciences, Inc.(1) 300,000 2,100,000
-----------------------------------------------------------------------------------------------
AutoImmune, Inc.(1) 170,000 850,000
-----------------------------------------------------------------------------------------------
Cephalon, Inc.(1) 150,000 1,603,125
-----------------------------------------------------------------------------------------------
Chiron Corp.(1)(4) 40,000 2,660,000
-----------------------------------------------------------------------------------------------
COR Therapeutics, Inc.(1) 200,000 3,050,000
-----------------------------------------------------------------------------------------------
Creative BioMolecules, Inc.(1) 300,000 1,012,500
-----------------------------------------------------------------------------------------------
Cygnus Therapeutic Systems(1) 150,000 1,087,500
-----------------------------------------------------------------------------------------------
DNX Corp.(1) 200,000 1,000,000
-----------------------------------------------------------------------------------------------
Elan Corp. PLC, ADR(1) 50,000 1,962,500
-----------------------------------------------------------------------------------------------
Elan Corp. PLC, ADR, Units(1) 13,108 378,494
-----------------------------------------------------------------------------------------------
Genentech, Inc.(1) 50,000 2,625,000
-----------------------------------------------------------------------------------------------
Genetic Therapy, Inc.(1) 68,800 533,200
-----------------------------------------------------------------------------------------------
Genetics Institute, Inc.(1) 100,000 4,537,500
-----------------------------------------------------------------------------------------------
Genzyme Corp.(1) 100,435 3,439,899
-----------------------------------------------------------------------------------------------
Gilead Sciences, Inc.(1) 200,000 2,350,000
-----------------------------------------------------------------------------------------------
IG Laboratories, Inc.(1) 325,000 1,137,500
5 Oppenheimer Global Emerging Growth Fund
<PAGE>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
HUMAN HEALTHCARE InSite Vision, Inc.(1) 57,500 $ 330,625
(CONTINUED) -----------------------------------------------------------------------------------------------
Liposome Technology, Inc.(1) 225,000 1,462,500
-----------------------------------------------------------------------------------------------
Magainin Pharmaceuticals, Inc.(1) 250,000 781,250
-----------------------------------------------------------------------------------------------
Martek Biosciences Corp.(1) 135,000 1,316,250
-----------------------------------------------------------------------------------------------
Matrix Pharmaceutical, Inc.(1) 290,000 4,132,500
-----------------------------------------------------------------------------------------------
Penederm, Inc.(1) 100,000 637,500
-----------------------------------------------------------------------------------------------
PerSeptive Biosystems, Inc.(1) 154,080 2,186,010
-----------------------------------------------------------------------------------------------
PerSeptive Technology II Corp., Units(1) 100,000 1,300,000
-----------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(1)(3) 28,950 700,228
-----------------------------------------------------------------------------------------------
Quintiles Transnational Corp.(1) 45,000 1,209,375
-----------------------------------------------------------------------------------------------
Shaman Pharmaceuticals, Inc.(1) 115,000 819,375
-----------------------------------------------------------------------------------------------
T Cell Sciences, Inc.(1) 218,500 655,500
-----------------------------------------------------------------------------------------------
T Cell Sciences, Inc.(1)(3) 120,000 342,500
-----------------------------------------------------------------------------------------------
Univax Biologics, Inc.(1) 150,000 900,000
------------
57,475,986
- ----------------------------------------------------------------------------------------------------------------------------------
HOSPITAL MANAGEMENT--0.9% Quantum Health Resources, Inc.(1) 35,000 1,476,563
- ----------------------------------------------------------------------------------------------------------------------------------
RETAIL STORES--0.5% PT Fast Food Indonesia 410,000 791,342
- ----------------------------------------------------------------------------------------------------------------------------------
ENERGY--1.7%
- ----------------------------------------------------------------------------------------------------------------------------------
OIL--0.8% Elf Gabon SA 7,000 1,361,844
- ----------------------------------------------------------------------------------------------------------------------------------
OIL AND GAS DRILLING--0.9% Petroleum Geo-Services AS(1) 10,000 195,937
-----------------------------------------------------------------------------------------------
Transocean Drilling AS(1) 200,000 1,296,427
------------
1,492,364
- ----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL--5.9%
- ----------------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS GROUP--0.6% Thai-German Ceramic Industry Company Ltd. 200,000 1,009,008
- ----------------------------------------------------------------------------------------------------------------------------------
CONTAINERS--0.5% M C Packaging Corp. Ltd. 1,614,000 751,941
- ----------------------------------------------------------------------------------------------------------------------------------
Engineering Babcock International Group PLC(1) 800,000 403,712
And Construction--0.2%
- ----------------------------------------------------------------------------------------------------------------------------------
MACHINERY--0.9% Beiren Printing Machinery Holdings Ltd. 604,000 302,500
-----------------------------------------------------------------------------------------------
Powerscreen International PLC 48,000 238,821
-----------------------------------------------------------------------------------------------
Schweizerische Industrie GmbH 500 986,159
------------
1,527,480
- ----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION--3.2% Lisnave-Estaleiros Navais de Lisbona SA(1) 200,000 964,601
-----------------------------------------------------------------------------------------------
Pacific Basin Bulk Shipping Ltd.(1) 51,500 785,375
-----------------------------------------------------------------------------------------------
Pacific Carriers, Ltd. 1,236,000 1,150,545
-----------------------------------------------------------------------------------------------
Singmarine Industries Ltd. 500,000 1,295,111
-----------------------------------------------------------------------------------------------
Vard AS(1) 244,000 1,006,499
------------
5,202,131
- ----------------------------------------------------------------------------------------------------------------------------------
Truckers--0.5% Koninklijke Frans Maas Groep NV(1) 25,000 812,813
6 Oppenheimer Global Emerging Growth Fund
<PAGE>
MARKET VALUE
SHARES SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY--5.2%
- ----------------------------------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE Cerner Corp.(1) 45,000 $ 1,839,375
AND SERVICES--2.6% -----------------------------------------------------------------------------------------------
Pyxis Corp.(1) 100,000 2,450,000
------------
4,289,375
- ----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS: Molecular Dynamics, Inc.(1) 200,000 1,100,000
INSTRUMENTATION--1.4% -----------------------------------------------------------------------------------------------
Oxford GlycoSystems Group PLC(1)(3) 515,132 1,130,447
------------
2,230,447
- ----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--0.8% Loxley Company Ltd. 80,000 1,370,970
- ----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS--0.4% Cray Electronics Hldgs. 250,000 703,736
- ----------------------------------------------------------------------------------------------------------------------------------
UTILITIES--0.7%
- ----------------------------------------------------------------------------------------------------------------------------------
ELECTRIC COMPANIES--0.7% Wing Shan International Ltd. 4,000,000 1,061,186
------------
Total Common Stocks (Cost $122,586,155) 113,797,123
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $187,637,631) 108.0% 176,234,842
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS (8.0) (12,940,058)
----------- ------------
NET ASSETS 100.0% $163,294,784
----------- ------------
----------- ------------
<FN>
1. Non-income producing security.
2. 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
year ended September 30, 1994. The aggregate fair value of all securities of affiliated companies
as of September 30, 1994 amounted to $4,375,245. Transactions during the period in which the
issuer was an affiliate were as follows:
BALANCE BALANCE
SEPTEMBER 30, 1993 GROSS ADDITIONS GROSS REDUCTIONS SEPTEMBER 30, 1994
------------------- ------------------ ------------------ -------------------
SHARES COST SHARES COST SHARES COST SHARES COST
- ----------------------------------------------------------------------------------------------------------------------------------
Cambridge Antibody
Technology Ltd., Cv. 100,000 $3,300,000 -- $ -- -- $ -- 100,000 $3,300,000
- ----------------------------------------------------------------------------------------------------------------------------------
Synaptic Pharmaceutical
Corp., Cv. Series 3 500,000 2,000,000 -- -- -- -- 500,000 2,000,000
---------- --------- --------- ----------
$5,300,000 $ -- $ -- $5,300,000
---------- --------- --------- ----------
---------- --------- --------- ----------
3. Restricted security--See Note 6 of Notes to Financial Statements.
4. Securities with an aggregate market value of $1,662,500 are held in escrow to cover
outstanding call options, as follows:
SHARES SUBJECT EXPIRATION EXERCISE PREMIUM MARKET VALUE
CALL DATE PRICE RECEIVED SEE NOTE 1
- ----------------------------------------------------------------------------------------------------------------------------------
Chiron Corp. 25,000 10/94 $70.00 $57,843 $56,250
</TABLE>
See accompanying Notes to Financial Statements.
7 Oppenheimer Global Emerging Growth Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES September 30, 1994
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS Investments, at value (including repurchase agreements
of $56,400,000)(cost $187,637,631)--see accompanying statement $176,234,842
-----------------------------------------------------------------------------------------------
Receivables:
Investments sold 2,368,856
Shares of beneficial interest sold 169,927
Dividends and interest 61,076
-----------------------------------------------------------------------------------------------
Other 14,657
------------
Total assets 178,849,358
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES Bank overdraft 1,420
-----------------------------------------------------------------------------------------------
Options written, at value (premiums received $57,843)--see accompanying
statement--Note 4 56,250
-----------------------------------------------------------------------------------------------
Payables and other liabilities:
Investments purchased 14,183,456
Shares of beneficial interest redeemed 738,414
Service plan fees--Note 5 96,849
Other 478,185
------------
Total liabilities 15,554,574
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS $163,294,784
------------
------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF Paid-in capital $175,519,111
NET ASSETS -----------------------------------------------------------------------------------------------
Accumulated net investment loss (172,940)
-----------------------------------------------------------------------------------------------
Accumulated net realized loss from investment, written option and foreign
currency transactions (661,567)
-----------------------------------------------------------------------------------------------
Net unrealized depreciation on investments, options written and translation
of assets and liabilities denominated in foreign currencies (11,389,820)
------------
Net assets--applicable to 8,437,407 shares of beneficial interest outstanding $163,294,784
------------
------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $19.35
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
MAXIMUM OFFERING PRICE PER SHARE (NET ASSET VALUE PLUS SALES CHARGE OF 5.75% OF OFFERING PRICE) $20.53
</TABLE>
See accompanying Notes to Financial Statements.
8 Oppenheimer Global Emerging Growth Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the Year Ended September 30, 1994
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME Interest $ 1,102,813
-----------------------------------------------------------------------------------------------
Dividends (net of withholding taxes of $50,970) 275,054
------------
Total income 1,377,867
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
EXPENSES Management fees--Note 5 1,555,894
-----------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 5 918,113
-----------------------------------------------------------------------------------------------
Service plan fees--Note 5 479,894
-----------------------------------------------------------------------------------------------
Shareholder reports 175,057
-----------------------------------------------------------------------------------------------
Custodian fees and expenses 51,187
-----------------------------------------------------------------------------------------------
Trustees' fees and expenses 35,677
-----------------------------------------------------------------------------------------------
Legal and auditing fees 31,406
-----------------------------------------------------------------------------------------------
Other 132,189
------------
Total expenses 3,379,417
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (2,001,550)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED Net realized gain (loss) from:
GAIN (LOSS) ON INVESTMENTS, Investments 3,957,091
OPTIONS WRITTEN AND FOREIGN Closing of option contracts written (545,904)
CURRENCY TRANSACTIONS Foreign currency transactions 114,520
------------
Net realized gain 3,525,707
-----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (21,026,354)
Translation of assets and liabilities denominated
in foreign currencies 11,971
------------
Net change (21,014,383)
Net realized and unrealized loss on investments, options written
and foreign currency transactions (17,488,676)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(19,490,226)
------------
------------
</TABLE>
See accompanying Notes to Financial Statements.
9 Oppenheimer Global Emerging Growth Fund
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Statements of Changes in Net Assets
Year Ended September 30,
1994 1993
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS Net investment loss $ (2,001,550) $ (1,538,653)
-----------------------------------------------------------------------------------------------
Net realized gain (loss) on investments, options written
and foreign currency transactions 3,525,707 (680,679)
-----------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on
investments, options written and translation of assets and
liabilities denominated in foreign currencies (21,014,383) 13,448,220
------------ ------------
Net increase (decrease) in net assets resulting from
operations (19,490,226) 11,228,888
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND Distributions in excess of net realized gain on investments,
DISTRIBUTIONS TO options written and foreign currency transactions ($.169 and
SHAREHOLDERS $.202 per share, respectively) (1,561,312) (1,873,746)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST Net increase (decrease) in net assets resulting from
TRANSACTIONS beneficial interest transactions--Note 2 (15,350,295) 60,707,523
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS Total increase (decrease) (36,401,833) 70,062,665
-----------------------------------------------------------------------------------------------
Beginning of year 199,696,617 129,633,952
------------ ------------
End of year [including accumulated net investment losses
of ($172,940) and ($2,926,679), respectively] $163,294,784 $199,696,617
------------ ------------
------------ ------------
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Global Emerging Growth Fund
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
YEAR ENDED SEPTEMBER 30,
1994 1993 1992 1991(2) 1990 1989 1988(1)
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period $21.64 $20.25 $26.90 $11.81 $12.09 $10.63 $10.00
-------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income (loss) (.01) (.10) (.17) (.03) (.02) (.10) .14
Net realized and unrealized
gain (loss) on investments,
options written and foreign
currency transactions (2.11) 1.69 (6.47) 15.12 (.26) 1.69 .49
------ ------ ------ ------ ------ ------ ------
Total income (loss) from
investment operations (2.12) 1.59 (6.64) 15.09 (.28) 1.59 .63
-------------------------------------------------------------------------------------------
Dividends and distributions
to shareholders:
Dividends from net
investment income -- -- (.01) -- -- (.10) --
Distributions in excess
of net realized gain
on investments,
options written and foreign
currency transactions (.17) (.20) -- -- -- (.03) --
------ ------ ------ ------ ------ ------ ------
Total dividends and
distributions to shareholders (.17) (.20) (.01) -- -- (.13) --
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $19.35 $21.64 $20.25 $26.90 $11.81 $12.09 $10.63
------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
TOTAL RETURN, AT NET ASSET
VALUE(3) (9.91)% 7.79% (24.70)% 127.78% (2.32)% 15.21% 6.30%
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands) $163,295 $199,697 $129,634 $103,352 $16,217 $3,872 $1,921
-------------------------------------------------------------------------------------------
Average net assets
(in thousands) $190,984 $194,184 $166,144 $50,989 $8,716 $2,343 $1,394
-------------------------------------------------------------------------------------------
Number of shares
outstanding at end of
period (in thousands) 8,437 9,226 6,400 3,841 1,373 320 181
-------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income (loss) (1.05)% (.80)% (.71)% (.18)% (.37)% (.70)% 1.41%(4)
Expenses 1.77% 1.59% 1.39% 1.50% 1.78% 2.40% 2.06%(4)
-------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 54.7% 41.0% 2.6% 11.2% 16.6% 17.1% 1.7%
<FN>
1. For the period from December 30, 1987 (commencement of operations) to September 30, 1988. Per
share amounts calculated based on the weighted average number of shares outstanding during the
period.
2. Per share amounts calculated based on the weighted average number of shares outstanding during
the period.
3. Assumes a hypothetical initial investment on the business day before the first day of the
fiscal period, with all dividends and distributions reinvested in additional shares on the
reinvestment date, and redemption at the net asset value calculated on the last business day of
the fiscal period. Sales charges are not reflected in the total returns.
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 year ended September 30, 1994 were $92,464,689 and $140,116,746, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Global Emerging Growth Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT Oppenheimer Global Emerging Growth Fund (the Fund),
ACCOUNTING POLICIES operating under the name Oppenheimer Global Bio-Tech Fund
through September 19, 1994, is registered under the
Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company. The
Fund's investment advisor is Oppenheimer Management
Corporation (the Manager). The following is a summary of
significant accounting policies consistently followed by
the Fund.
----------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at
4:00 p.m. (New York time) on each trading day. Listed and
unlisted securities for which such information is
regularly reported are valued at the last sale price of
the day or, in the absence of sales, at values based on
the closing bid or asked price or the last sale price on
the prior trading day. Long-term debt securities are
valued by a portfolio pricing service approved by the
Board of Trustees. Long-term debt securities which cannot
be valued by the approved portfolio pricing service are
valued by averaging the mean between the bid and asked
prices obtained from two active market makers in such
securities. Short-term 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. Securities for which
market quotes are not readily available are valued under
procedures established by the Board of Trustees to
determine fair value in good faith. A call option is
valued based upon the last sales price on the principal
exchange on which the option is traded or, in the absence
of any transactions that day, the value is based upon the
last sale on the prior trading date if it is within the
spread between the closing bid and asked prices. If the
last sale price is outside the spread, the closing bid or
asked price closest to the last reported sale price is
used.
----------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of
the Fund are maintained in U.S. dollars. Prices of
securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of
exchange. Amounts related to the purchase and sale of
securities and investment income are translated at the
rates of exchange prevailing on the respective dates of
such transactions.
The Fund generally enters into forward currency
exchange contracts as a hedge, upon the purchase or sale
of a security denominated in a foreign currency. Risks may
arise from the potential inability of the counterparty to
meet the terms of the contract and from unanticipated
movements in the value of a foreign currency relative to
the U.S. dollar.
The effect of changes in foreign currency exchange
rates on investments is separately identified from
fluctuations arising from changes in market values of
securities held and reported with all other foreign
currency gains and losses in the Fund's results of
operations.
----------------------------------------------------------
REPURCHASE AGREEMENTS. The Fund requires the custodian to
take possession, to have legally segregated in the Federal
Reserve Book Entry System or to have segregated within the
custodian's vault, all securities held as collateral for
repurchase agreements. 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.
----------------------------------------------------------
CALL OPTIONS WRITTEN. The Fund may write covered call
options. When an option is written, the Fund receives a
premium and becomes obligated to sell the underlying
security at a fixed price, upon exercise of the option. In
writing an option, the Fund bears the market risk of an
unfavorable change in the price of the security underlying
the written option. Exercise of an option written by the
Fund could result in the Fund selling a security at a
price different from the current market value. All
securities covering call options written are held in
escrow by the custodian bank.
----------------------------------------------------------
FEDERAL INCOME 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
tax provision is required. At September 30, 1994, the Fund
had available for federal income tax purposes an unused
capital loss carryover of approximately $656,000, which
will expire in 2002.
----------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a
nonfunded retirement plan for the Fund's independent
trustees. Benefits are based on years of service and fees
paid to each trustee during the years of service. During
the year ended September 30, 1994, the Fund's projected
benefit obligations were reduced by $873, resulting in an
accumulated liability of $62,948 at September 30, 1994. No
payments have been made under the plan.
12 Oppenheimer Global Emerging Growth Fund
<PAGE>
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- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT DISTRIBUTIONS TO SHAREHOLDERS. Dividends and
ACCOUNTING POLICIES distributions to shareholders are recorded on the ex-
(CONTINUED) dividend date.
----------------------------------------------------------
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS.
Effective October 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial
Statement Presentation of Income, Capital Gain, and Return
of Capital Distributions by Investment Companies. As a
result, the Fund changed the classification of
distributions to shareholders to better disclose the
differences between financial statement amounts and
distributions determined in accordance with income tax
regulations. Accordingly, subsequent to September 30,
1993, amounts have been reclassified to reflect a decrease
in paid-in capital of $2,497,012, a decrease in
undistributed net investment loss of $2,793,695, and an
increase in undistributed capital loss on investments of
$296,683. During the year ended September 30, 1994, in
accordance with Statement of Position 93-2, paid-in
capital was decreased by $2,002,781, undistributed net
investment loss was decreased by $1,961,594 and
undistributed capital loss was decreased by $41,187.
----------------------------------------------------------
OTHER. Investment transactions are accounted for on the
date the investments are purchased or sold (trade date)
and dividend income is recorded on the ex-dividend date.
Discount on securities purchased is amortized over the
life of the respective securities, in accordance with
federal income tax requirements. Realized gains and losses
on investments and unrealized appreciation and
depreciation are determined on an identified cost basis,
which is the same basis used for federal income tax
purposes.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2. SHARES OF The Fund has authorized an unlimited number of no par
BENEFICIAL INTEREST value shares of beneficial interest. Transactions in
shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30, 1994 YEAR ENDED SEPTEMBER 30, 1993
----------------------------- -----------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold 2,216,798 $48,631,842 5,810,447 $123,150,808
Distributions reinvested 63,096 1,414,325 72,297 1,686,679
Redeemed (3,068,893) (65,396,462) (3,056,478) (64,129,964)
---------- ------------ ---------- ------------
Net increase (decrease) (788,999) $(15,350,295) 2,826,266 $60,707,523
---------- ------------ ---------- ------------
---------- ------------ ---------- ------------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. UNREALIZED GAINS At September 30, 1994, net unrealized depreciation on
AND LOSSES ON investments and options written of $11,401,196 was
INVESTMENTS AND composed of gross appreciation of $13,169,919, and gross
OPTIONS WRITTEN depreciation of $24,571,115.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. CALL OPTION Call option activity for the year ended September 30, 1994
ACTIVITY was as follows:
<TABLE>
<CAPTION>
NUMBER AMOUNT
OF OPTIONS OF PREMIUMS
------------------------------------------------------------------------------
<S> <C> <C>
Options outstanding at September 30, 1993 500 $232,867
------------------------------------------------------------------------------
Options written 1,750 516,953
------------------------------------------------------------------------------
Options cancelled in closing purchase transactions (2,000) (691,977)
------ ---------
Options outstanding at September 30, 1994 250 $57,843
------ ---------
------ ---------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. MANAGEMENT FEES Management fees paid to the Manager were in accordance
AND OTHER with the investment advisory agreement with the Fund which
TRANSACTIONS WITH provides for an annual fee of 1% on the first $50 million
AFFILIATES of net assets, .75% on the next $150 million with a
reduction of .03% on each $200 million thereafter to $800
million, and .60% on net assets in excess of $800 million.
The Manager has agreed to reimburse the Fund if aggregate
expenses (with specified exceptions) exceed the most
stringent applicable regulatory limit on Fund expenses.
13 Oppenheimer Global Emerging Growth Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. MANAGEMENT FEES For the year ended September 30, 1994, commissions (sales
AND OTHER charges paid by investors) on sales of Fund shares totaled
TRANSACTIONS WITH $1,033,737, of which $262,284 was retained by Oppenheimer
AFFILIATES Funds Distributor, Inc. (OFDI), a subsidiary of the
(CONTINUED) Manager, as general distributor, and by an affiliated
broker/dealer.
Oppenheimer Shareholder Services (OSS), a division of
the Manager, is the transfer and shareholder servicing
agent for the Fund, and for other registered investment
companies. OSS's total costs of providing such services
are allocated ratably to these companies.
Under an approved service plan, the Fund may expend
up to .25% of its net assets annually to reimburse OFDI
for costs incurred in connection with the personal service
and maintenance of accounts that hold shares of the Fund,
including amounts paid to brokers, dealers, banks and
other financial institutions. During the year ended
September 30, 1994, OFDI paid $17,768 to an affiliated
broker/dealer as reimbursement for personal service and
maintenance expenses.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
6. RESTRICTED The Fund owns securities purchased in private placement
SECURITIES transactions, without registration under the Securities
Act of 1933 (the Act). The securities are valued under
methods approved by the Board of Trustees as reflecting
fair value. The Fund intends to invest no more than 10% of
its net assets (determined at the time of purchase) in
restricted and illiquid securities, excluding securities
eligible for resale pursuant to Rule 144A of the Act that
are determined to be liquid by the Board of Trustees or by
the Manager under Board-approved guidelines. Restricted
and illiquid securities, excluding securities eligible for
resale pursuant to Rule 144A of the Act amount to
$8,543,603, or 5.2% of the Fund's net assets, at
September 30, 1994. Illiquid and/or restricted securities,
including those restricted securities that are
transferable under Rule 144A of the Act are listed below.
<TABLE>
<CAPTION>
VALUATION PER UNIT
SECURITY ACQUISITION DATE COST PER UNIT AS OF SEPTEMBER 30, 1994
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cambridge Antibody Technology Ltd., Cv. 2/5/93 $33.00 $26.96
-----------------------------------------------------------------------------------------------------------
Oxford GlycoSystems Group PLC 5/21/93 $ 1.94 $ 2.19
-----------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV 5/27/92 $11.18 $ 9.33
-----------------------------------------------------------------------------------------------------------
Quintiles Transnational Corp. 8/2/93 $17.27 $24.19
-----------------------------------------------------------------------------------------------------------
Synaptic Pharmaceutical Corp., Cv. Series 3 1/19/93 $ 4.00 $ 3.36
-----------------------------------------------------------------------------------------------------------
T Cell Sciences, Inc. 11/23/93 $ 6.35 $ 2.85
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
7. REORGANIZATION At a shareholder meeting scheduled for November 11, 1994,
shareholders of Oppenheimer Global Environment Fund
("Global Environment Fund") will be asked to approve a
reorganization of Global Environment Fund with and into
Oppenheimer Global Emerging Growth Fund ("Emerging Growth
Fund"). Shareholders of Global Environment Fund would
receive shares of Emerging Growth Fund and Global
Environment Fund would be liquidated. If shareholder
approval is received, it is expected that the
reorganization will be consummated on or about
November 18, 1994.
14 Oppenheimer Global Emerging Growth Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Board of Trustees and Shareholders of Oppenheimer
Global Emerging Growth Fund:
We have audited the accompanying statements of investments
and assets and liabilities of Oppenheimer Global Emerging
Growth Fund (formerly Oppenheimer Global Bio-Tech Fund) as
of September 30, 1994, and the related statement of
operations for the year then ended, the statements of
changes in net assets for each of the years in the two-
year period then ended and the financial highlights for
each of the years in the six-year period then ended and
the period from December 30, 1987 (commencement of
operations) to September 30, 1988. These financial
statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures
included confirmation of securities owned as of September
30, 1994 by correspondence with the custodian and brokers;
and where confirmations were not received from brokers, we
performed other auditing procedures. An audit also
includes assessing the accounting principles used and
significant estimates made by management, as well as
evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and
financial highlights referred to above present fairly, in
all material respects, the financial position of
Oppenheimer Global Emerging Growth Fund as of September
30, 1994, the results of its operations for the year then
ended, the changes in its net assets for each of the years
in the two-year period then ended, and the financial
highlights for each of the years in the six-year period
then ended and the period from December 30, 1987
(commencement of operations) to September 30, 1988, in
conformity with generally accepted accounting principles.
KPMG PEAT MARWICK LLP
Denver, Colorado
October 21, 1994
15 Oppenheimer Global Emerging Growth Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 1995 shareholders will receive information
regarding all dividends and distributions paid to them by
the Fund during calendar year 1994. Regulations of the
U.S. Treasury Department require the Fund to report this
information to the Internal Revenue Service.
A distribution of $.169 per share was paid on
December 27, 1993 which was designated as a "capital gain
distribution" for federal income tax purposes. Whether
received in stock or in cash, the capital gain
distribution should be treated by shareholders as a gain
from the sale of capital assets held for more than one
year (long-term capital gains).
None of the dividends paid by the Fund during the
fiscal year ended September 30, 1994 are eligible for the
corporate dividend-received deduction.
The foregoing information is presented to assist
shareholders in reporting distributions received from the
Fund to the Internal Revenue Service. Because of the
complexity of the federal regulations which may affect
your individual tax return and the many variations in
state and local tax regulations, we recommend that you
consult your tax advisor for specific guidance.
16 Oppenheimer Global Emerging Growth Fund
<PAGE>
----------------------------------------------------------
----------------------------------------------------------
OPPENHEIMER GLOBAL EMERGING GROWTH FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OFFICERS AND TRUSTEES Leon Levy, Chairman of the Board of Trustees
Leo Cherne, Trustee
Edmund T. Delaney, Trustee
Robert G. Galli, Trustee
Benjamin Lipstein, Trustee
Elizabeth B. Moynihan, Trustee
Kenneth A. Randall, Trustee
Edward V. Regan, Trustee
Russell S. Reynolds, Jr., Trustee
Sidney M. Robbins, Trustee
Donald W. Spiro, Trustee and President
Pauline Trigere, Trustee
Clayton K. Yeutter, Trustee
James Ayer, Vice President
George C. Bowen, Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR Oppenheimer Management Corporation
- --------------------------------------------------------------------------------
DISTRIBUTOR Oppenheimer Funds Distributor, Inc.
- --------------------------------------------------------------------------------
TRANSFER AND Oppenheimer Shareholder Services
SHAREHOLDER
SERVICING AGENT
- --------------------------------------------------------------------------------
CUSTODIAN OF The Bank of New York
PORTFOLIO SECURITIES
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS KPMG Peat Marwick LLP
- --------------------------------------------------------------------------------
LEGAL COUNSEL Gordon Altman Butowsky Weitzen Shalov & Wein
This is a copy of a report to shareholders of Oppenheimer
Global Emerging Growth Fund. This report must be preceded
or accompanied by a Prospectus of Oppenheimer Global
Emerging Growth Fund. For material information concerning
the Fund, see the Prospectus.
17 Oppenheimer Global Emerging Growth Fund
<PAGE>
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----------------------------------------------------------
OPPENHEIMERFUNDS FAMILY
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OppenheimerFunds offers over 35 funds designed to fit
virtually every investment goal. Whether you're investing
for retirement, your children's education or tax-free
income, we have the funds to help you seek your objective.
When you invest with OppenheimerFunds, you can feel
comfortable knowing that you are investing with a
respected financial institution with over 30 years of
experience in helping people just like you reach their
financial goals. And you're investing with a leader in
global, growth stock and flexible fixed-income
investments--with over 1.8 million shareholder accounts
and more than $26 billion under Oppenheimer's management
and that of our affiliates.
As an OppenheimerFunds shareholder, you can easily
exchange shares of eligible funds of the same class by
mail or by telephone for a small administrative fee.1 For
more information on OppenheimerFunds, please contact your
financial advisor or call us at 1-800-525-7048 for a
prospectus. You may also write us at the address shown on
the back cover. As always, please read the prospectus
carefully before you invest.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
STOCK FUNDS Discovery Fund Global Fund
Global Emerging Growth Fund2 Oppenheimer Fund
Time Fund Value Stock Fund
Target Fund Gold & Special Minerals Fund
Growth Fund3
- ---------------------------------------------------------------------------------------------
STOCK & BOND FUNDS Main Street Income & Growth Fund Equity Income Fund
Total Return Fund Asset Allocation Fund
Global Growth & Income Fund
- ----------------------------------------------------------------------------------------------
BOND FUNDS High Yield Fund Strategic Short-Term Income Fund
Champion High Yield Fund Investment Grade Bond Fund
Strategic Income & Growth Fund Mortgage Income Fund
Strategic Income Fund U.S. Government Trust
Strategic Diversified Income Fund Limited-Term Government
Strategic Investment Grade Bond Fund
- ----------------------------------------------------------------------------------------------
TAX-EXEMPT FUNDS New York Tax-Exempt Fund4 New Jersey Tax-Exempt Fund4
California Tax-Exempt Fund4 Tax-Free Bond Fund
Pennsylvania Tax-Exempt Fund4 Insured Tax-Exempt Bond Fund
Florida Tax-Exempt Fund4 Intermediate Tax-Exempt Bond Fund
- ----------------------------------------------------------------------------------------------
MONEY MARKET FUNDS Money Market Fund Cash Reserves
<FN>
1. The fee is waived for PhoneLink exchanges between existing accounts.
Exchange privileges are subject to change or termination.
2. Formerly Oppenheimer Global Bio-Tech Fund and Oppenheimer Global
Environment Fund.
3. Formerly Special Fund.
4. Available only to residents of those states.
OppenheimerFunds are distributed by Oppenheimer Funds Distributor, Inc.,
Two World Trade Center, New York, NY 10048-0203.
(C) Copyright 1994 Oppenheimer Management Corporation. All rights reserved.
</TABLE>
18 Oppenheimer Global Emerging Growth Fund
<PAGE>
"HOW MAY I HELP YOU?"
GENERAL INFORMATION
1-800-525-7048
TALK TO A CUSTOMER SERVICE REPRESENTATIVE.
MONDAY THROUGH FRIDAY FROM
8:30 A.M. TO 8:00 P.M., AND SATURDAY FROM 10:00 A.M.
TO 2:00 P.M. ET.
TELEPHONE TRANSACTIONS
1-800-852-8457
MAKE ACCOUNT TRANSACTIONS WITH A CUSTOMER SERVICE REPRESENTATIVE.
MONDAY THROUGH FRIDAY FROM
8:30 A.M. TO 8:00 P.M. ET.
PHONELINK
1-800-533-3310
GET AUTOMATED INFORMATION OR MAKE AUTOMATED TRANSACTIONS.
24 HOURS A DAY, 7 DAYS A WEEK.
phone of B.H.
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we're only a toll-free phone call away.
"For personalized assistance and account information, call our General
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calling our Telephone Transactions number.
"And for added convenience, OppenheimerFunds' PhoneLink, an automated
voice response system is available 24 hours a day, 7 days a week. PhoneLink
gives you access to a variety of fund, account, and market information. You can
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"When you invest in OppenheimerFunds, you know you'll receive a high
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it, too, as it awarded Oppenheimer Shareholder Services a 1993 Award of
Excellence for consistently demonstrating superior customer service.
"Whatever your needs, we're ready to assist you."
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P.O. BOX 5270
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