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SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
OPPENHEIMER GLOBAL EMERGING GROWTH FUND:
In planning and performing our audit of the financial statements of Oppenheimer
Global Emerging Growth Fund for the year ended September 30, 1996, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Oppenheimer Global Emerging Growth Fund is responsible
for establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control structure
policies and procedures. Two of the objectives of an internal control structure
are to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition and
that transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we considered to be material weaknesses as defined above as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission and should not be used for any other purpose.
/S/KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Denver, Colorado
October 21, 1996
<PAGE>
During the year ended September 30, 1996, the Fund adjusted the classification
of investment income and capital gain (loss) to shareholders to reflect the
differences between the financial statement amounts and those determined in
accordance with income tax regulations. Accordingly, during the year ended
September 30, 1996, amounts have been reclassified to reflect a decrease in
undistributed net investment income of $312,755, a decrease in accumulated net
realized loss on investments of $460,650, and a decrease in paid-in capital of
$147,895. In addition, to properly reflect foreign currency gain in the
components of capital, $411,322 of foreign exchange gain determined according to
U.S. federal income tax rules has been reclassified from net realized gain to
net investment loss.
