<PAGE>
Oppenheimer Global Growth & Income Fund
Semi-Annual Report March 31, 1994
[Logo]
"I've heard so much about the
potential for high returns with
global investing, but I want income
from my investments, too.
"This Fund helps me address
my growth and income needs
in one investment."
<PAGE>
-----------------------------------------------------------------
FUND FACTS
- - --------------------------------------------------------------------------------
FIVE FACTS EVERY SHAREHOLDER SHOULD KNOW ABOUT
OPPENHEIMER GLOBAL GROWTH & INCOME FUND
-----------------------------------------------------------------
1 The Fund seeks long-term capital appreciation, along
with current income, from a portfolio of stocks and
bonds diversified by country, industry, and security
type.
-----------------------------------------------------------------
2 For the six months ended March 31, 1994, the Fund
provided Class A shareholders with a total return at
net asset value of 9.27%. For the 12 months ended on
that date, the Fund's total return at net asset value
per Class A share was 25.80%. Total return at net asset
value for Class C shares from inception on December 1,
1993 to March 31, 1994 was 4.04%.1
-----------------------------------------------------------------
3 At March 31, approximately 60.4% of the Fund's
portfolio was invested in stocks, while approximately
30.8% was invested in fixed income securities and 8.8%
in short-term money market instruments.2
-----------------------------------------------------------------
4 The Fund's average annual total returns for Class A
shares for the 1-year period ended March 31, 1994 and
since the Fund's inception on October 22, 1990 were
18.57% and 9.53%, respectively.3
-----------------------------------------------------------------
5 "We expect the stock and bond markets overseas to
outperform their U.S. counterparts for some time, and
the Fund is positioned to capitalize on this trend.4
The equity portion of the portfolio is focused on
markets and stocks with attractive growth
characteristics, and the bond portfolio is positioned
to produce attractive income, and should benefit from
interest rate declines in the future. This combination
should produce solid returns going forward."
PORTFOLIO MANAGER BILL WILBY, MARCH 31, 1994
IN THIS REPORT:
ANSWERS TO THREE TIMELY QUESTIONS YOU SHOULD ASK YOUR FUND'S MANAGERS.
- - - WHAT IS THE OUTLOOK FOR EMERGING STOCK MARKETS IN ASIA AND LATIN AMERICA?
- - - WHAT TRENDS DO YOU THINK PRESENT THE BEST INVESTMENT OPPORTUNITIES TODAY?
- - - DID CHANGING INTEREST RATES AFFECT YOUR BOND-MARKET STRATEGY?
1. Based on the change in net asset value per share for the periods shown,
without considering any sales charges. All total return figures assume
reinvestment of dividends and capital gains distributions.
2. The Fund's portfolio is subject to change.
3. Average annual total returns for Class A shares are based on a hypothetical
investment held until 3/31/94, after deducting the maximum initial sales charge
of 5.75%. The total return for Class C shares from inception on 12/1/93 to
3/31/94 was 3.04%, after deducting the 5% contingent deferred sales charge. All
total return figures assume reinvestment of dividends and capital gains
distributions.
4. Global investment risks, such as currency exchange fluctuation, political
developments and difficulties in trading in foreign markets, can increase the
possibility of share price fluctuation. The special risks of investing in
foreign securities are described in greater detail in the Fund's prospectus.
Past performance does not guarantee future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than the original cost.
2 Oppenheimer Global Growth & Income Fund
<PAGE>
REPORT TO SHAREHOLDERS
Oppenheimer Global Growth & Income Fund extended its positive performance record
during the six months ended March 31, 1994, providing Class A shareholders with
a total return (income plus capital appreciation) at net asset value of 9.27%
for the period. For the 12 months ended on that date, that figure per Class A
share was 25.80%.5
While the overseas markets have been volatile in recent months, the
fundamentals for continued foreign-market outperformance compared to the U.S.
remain, in our view, firmly in place, and our outlook for the Fund remains
bright. While caution and selectivity remain your management team's investment
watchwords, Europe's economies are emerging from their recessions and certain
markets in Asia and Latin America are maintaining their momentum. Your managers
took several steps to capitalize on these developments.
Looking first at the equity portion of the portfolio, we realigned the
Fund's exposure to Asian stock markets, taking profits in Southeast Asian
markets which benefited from sharp price increases last year. We redeployed some
of the proceeds to Japan and Korea, where stock prices are more attractive. We
also reduced the Fund's positions in many Latin American markets and in the
telecommunications sector worldwide, where stocks had been overvalued.
We continued to emphasize the stocks of leading, financially strong
technology companies and consumer-driven companies poised to profit from rising
living standards in emerging economies. In recent months, however, your managers
have concentrated much of their attention on firms positioned to benefit from
strategic restructurings, acquisitions, divestitures, and the privatization of
previously state-owned industries. Recent purchases reflecting this trend
include Volvo, Fiat, and Canada's Dofasco Steel.
In seeking to take advantage of technically-driven sell-offs in
European bonds, your global team has selectively added to the Fund's European
bond exposure, investing in Spanish government bonds.
As interest rates began to rise in February and March, we also took
steps to increase the yield of the U.S. portion of the fixed income portfolio.
As a result of these moves, the Fund's managers were able to capture high yields
at what we believe will prove to be attractive bond prices over time.
Looking ahead, we believe the Fund is well positioned to take
advantage of the growth and income opportunities world markets offer.
We appreciate the confidence you have placed in Oppenheimer Global
Growth & Income Fund, and we look forward to continuing to help you meet your
investment goals.
/s/ Donald W. Spiro
Donald W. Spiro, President, Oppenheimer Global Growth & Income Fund
April 25, 1994
5. See footnote 1, page 2.
3 Oppenheimer Global Growth & Income Fund
<PAGE>
.file 57704
IBM5 z:\04\oppen\57704.txt
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Statement of Investments March 31, 1994 (Unaudited)
Face Market Value
Amount See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
Repurchase Agreements--7.8%
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase agreement with J.P. Morgan Securities, Inc., 3.53%,
dated 3/31/94, to be repurchased at $9,800,948 on 4/4/94, collateralized
by U.S. Treasury Nts., 4.25%--8.875%, 5/15/95--10/15/96, with a value
of $10,035,796 (Cost $9,800,000) $9,800,000 $9,800,000
- - ------------------------------------------------------------------------------------------------------------------------
Government Obligations--17.0%
- - ------------------------------------------------------------------------------------------------------------------------
Argentina (Republic of) Bonds, Bonos de Consolidacion de Deudas,
Series I, 3.1875%, 4/1/01(1)(8) 1,693,050 1,163,562
- - ------------------------------------------------------------------------------------------------------------------------
Banco Nacional de Comercio Exterior SNC International Finance BV
Gtd. Matador Bonds, 8%, 8/5/03(3) 2,000,000 1,790,000
- - ------------------------------------------------------------------------------------------------------------------------
Bariven SA Sr. Nts., Gtd. by Petroleos de Venezuela, 10.75%, 7/8/97 1,000,000(4) 625,946
- - ------------------------------------------------------------------------------------------------------------------------
Bayerische Landesbank Sr. Unsub. Nts., 10.75%, 3/1/03 1,000,000,000(4) 683,850
- - ------------------------------------------------------------------------------------------------------------------------
Brazil (Federal Republic of) Bonds, Banco Do Nordeste Brasil,
10.375%, 11/6/95(3) 1,000,000 1,001,875
- - ------------------------------------------------------------------------------------------------------------------------
European Investment Bank Sr. Unsub. Nts., 12.20%, 2/18/03 1,000,000,000(4) 740,112
- - ------------------------------------------------------------------------------------------------------------------------
German Bund (Federal Republic of) Nts., 6.125%, 7/21/97 2,300,000(4) 1,394,901
- - ------------------------------------------------------------------------------------------------------------------------
Government National Mortgage Assn., 7.50%, 9/15/22 1,808,540 1,784,686
- - ------------------------------------------------------------------------------------------------------------------------
Italy (Republic of) Treasury Bonds, 11.50%, 5/1/98 2,000,000,000(4) 1,333,507
- - ------------------------------------------------------------------------------------------------------------------------
Polish People's Republic Loan Participation Agreement, 7.9375%, 2/3/24(5) 2,000,000(4) 374,370
- - ------------------------------------------------------------------------------------------------------------------------
Spain (Kingdom of):
Bonds, 9%, 2/28/97 300,000,000(4) 2,245,805
Bonds, 11.45%, 8/30/98 50,000,000(4) 404,054
Bonos y Obligacion del Estado Gtd. Bonds, 12.25%, 3/25/00 150,000,000(4) 1,273,045
- - ------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.625%, 11/15/22 4,410,000 4,626,363
- - ------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Nts., 8.50%, 7/15/97 1,000,000 1,080,000
- - ------------------------------------------------------------------------------------------------------------------------
Venezuela (Republic of) Front-Loaded Interest Reduction Bonds,
Series A, 6%, 3/31/07(8) 1,500,000 816,563
- - ------------------------------------------------------------------------------------------------------------------------
Total Government Obligations (Cost $22,430,990) 21,338,639
- - ------------------------------------------------------------------------------------------------------------------------
Short-Term Corporate Bonds and Notes--1.2%
- - ------------------------------------------------------------------------------------------------------------------------
Citibank, 16.75% CD, 12/19/94(6) 423,653,758(4) 993,243
- - ------------------------------------------------------------------------------------------------------------------------
Morgan Guaranty Trust Co. of New York, 12.15% CD, 2/3/95(6) 1,056,625,000(4) 490,330
- - ------------------------------------------------------------------------------------------------------------------------
Total Short-Term Corporate Bonds and Notes (Cost $1,484,097) 1,483,573
- - ------------------------------------------------------------------------------------------------------------------------
Corporate Bonds and Notes--14.2%
- - ------------------------------------------------------------------------------------------------------------------------
Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97 400,000 398,000
- - ------------------------------------------------------------------------------------------------------------------------
Argyle Television Operations, 9.875% Sr. Sub. Nts., 12/30/03 500,000 470,000
- - ------------------------------------------------------------------------------------------------------------------------
Auburn Hills Trust, 14.875% Gtd. Exch. Ctfs., 5/1/20(2) 300,000 429,750
- - ------------------------------------------------------------------------------------------------------------------------
Banco Nacional de Mexico SA, 7% Exch. Sub. Debs., 12/15/99(3) 300,000 346,500
- - ------------------------------------------------------------------------------------------------------------------------
Beaver Valley Funding Corp., 9% Debs., 6/1/17 500,000 446,138
- - ------------------------------------------------------------------------------------------------------------------------
Berjaya Leisure Berhad, 5% Nts., 8/27/98 80,000(4) 25,029
- - ------------------------------------------------------------------------------------------------------------------------
Carbide/Graphite Group, Inc., 11.50% Sr. Nts., 9/1/03 350,000 358,750
- - ------------------------------------------------------------------------------------------------------------------------
Card Establishment Services, Inc., 10% Sr. Sub. Nts., 10/1/03(3) 500,000 512,500
- - ------------------------------------------------------------------------------------------------------------------------
Carlton Communications PLC, 7.50% Cv. Bonds, 8/14/07 170,000 352,704
- - ------------------------------------------------------------------------------------------------------------------------
Charoen Pokphand Indonesia, 12.875% Cv. Bonds, 3/23/98 238,100,000(4) 110,491
- - ------------------------------------------------------------------------------------------------------------------------
Cole National Group, Inc., 11.25% Sr. Nts., 10/1/01 500,000 515,000
</TABLE>
4 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Face Market Value
Amount See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds and Notes
(continued)
Computervision Corp., 10.875% Sr. Nts., 8/15/97 $300,000 $289,500
- - ------------------------------------------------------------------------------------------------------------------------
Dr. Pepper/Seven-Up Cos., Inc., 0%/11.50% Sr. Sub. Disc. Nts., 11/1/02(7) 556,000 432,290
- - ------------------------------------------------------------------------------------------------------------------------
Envirotest Systems Corp., 9.625% Sr. Sub. Nts., 4/1/03 250,000 240,000
- - ------------------------------------------------------------------------------------------------------------------------
Epic Holdings, Inc., 0%/12% Sr. Def. Cpn. Nts., 3/15/02(7) 600,000 480,000
- - ------------------------------------------------------------------------------------------------------------------------
Family Restaurant, Inc., 9.75% Sr. Nts., 2/1/02 500,000 465,000
- - ------------------------------------------------------------------------------------------------------------------------
First PV Funding Corp., 10.15% Lease Obligation Bonds, 1/15/16 500,000 461,250
- - ------------------------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98 500,000 410,000
- - ------------------------------------------------------------------------------------------------------------------------
GPA Holland BV, 9.75% Medium-Term Nts., Series B, 6/10/96 500,000 504,232
- - ------------------------------------------------------------------------------------------------------------------------
Grand Union Co., 11.25% Sr. Nts., 7/15/00 300,000 299,250
- - ------------------------------------------------------------------------------------------------------------------------
Gulf Canada Resources Ltd., 9.25% Sr. Sub. Debs., 1/15/04 500,000 465,000
- - ------------------------------------------------------------------------------------------------------------------------
Industrial Credit and Investment Corp. India Ltd., 2.50% Cv. Debs., 4/30/00(3) 450,000 392,625
- - ------------------------------------------------------------------------------------------------------------------------
Infinity Broadcasting Corp., 10.375% Sr. Sub. Nts. 3/15/02 300,000 304,500
- - ------------------------------------------------------------------------------------------------------------------------
International Container Terminal Services, Inc., 6% Cv. Sr. Nts., 2/19/00(3) 300,000 420,000
- - ------------------------------------------------------------------------------------------------------------------------
Jindal Strips Ltd., 4.25% Cv. Debs., 3/31/99(3) 400,000 446,000
- - ------------------------------------------------------------------------------------------------------------------------
Mesa Capital Corp., 0%/12.75% Sec. Disc. Nts., 6/30/98(7) 500,000 446,250
- - ------------------------------------------------------------------------------------------------------------------------
Nextel Communications, Inc., 0%/9.75% Sr. Disc. Nts., 8/15/04(7) 525,000 312,375
- - ------------------------------------------------------------------------------------------------------------------------
OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02 500,000 582,500
- - ------------------------------------------------------------------------------------------------------------------------
Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts., 8/1/03(7) 1,000,000 615,000
- - ------------------------------------------------------------------------------------------------------------------------
Penda Industries, Inc., 10.75% Sr. Nts., 3/1/04(3) 165,000 163,350
- - ------------------------------------------------------------------------------------------------------------------------
Piv Investment Financial Cayman Ltd., 4.50% Cv. Gtd. Bonds, 12/1/00(3) 500,000 412,500
- - ------------------------------------------------------------------------------------------------------------------------
PT Inti Indorayon Utama, 9.125% Sr. Nts., 10/15/00 500,000 467,500
- - ------------------------------------------------------------------------------------------------------------------------
Shangri-La Asia Ltd., 2.875% Cv. Sub. Debs., 6/6/00(3) 500,000 447,500
- - ------------------------------------------------------------------------------------------------------------------------
Snydergeneral Corp., 14.25% Sr. Sub. Debs., 11/15/00 500,000 525,000
- - ------------------------------------------------------------------------------------------------------------------------
Southland Corp., 4.50% 2nd Priority Sr. Sub. Debs., Series A, 6/15/04 700,000 444,500
- - ------------------------------------------------------------------------------------------------------------------------
Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08(3) 650,000 627,250
- - ------------------------------------------------------------------------------------------------------------------------
Swift Energy Co., 6.50% Cv. Sub. Debs., 6/30/03 300,000 308,250
- - ------------------------------------------------------------------------------------------------------------------------
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02 300,000 331,500
- - ------------------------------------------------------------------------------------------------------------------------
Thermo Electron Corp., 4.625% Cv. Sr. Debs., 8/1/97(3) 750,000 1,023,750
- - ------------------------------------------------------------------------------------------------------------------------
Unisys Corp., 10.625% Nts., 10/1/99 400,000 430,000
- - ------------------------------------------------------------------------------------------------------------------------
USA Mobile Communications, Inc. II, 9.50% Sr. Nts., 2/1/94 500,000 467,500
- - ------------------------------------------------------------------------------------------------------------------------
Wattachak Co., 3.50% Cv. Debs., 12/6/03(3) 500,000 638,750
- - ------------------------------------------------------------------------------------------------------------------------
Total Corporate Bonds and Notes (Cost $17,514,884) 17,817,984
- - ------------------------------------------------------------------------------------------------------------------------
Derivative Securities--2.0% Units
- - ------------------------------------------------------------------------------------------------------------------------
American Express Co. Debt Exchangeable for Common Stock, 6.25% 40,000 1,595,000
- - ------------------------------------------------------------------------------------------------------------------------
Compania de Inversiones Telecomunicaciones SA Preferred Redeemable
Increased Dividend Equity Security, 7%, 3/3/98 15,000 915,000
- - ------------------------------------------------------------------------------------------------------------------------
Total Derivative Securities (Cost $2,550,000) 2,510,000
- - ------------------------------------------------------------------------------------------------------------------------
Rights and Warrants--0.0%
- - ------------------------------------------------------------------------------------------------------------------------
Berjaya Singer Berhad Wts., Exp. 9/98 80,000 42,013
- - ------------------------------------------------------------------------------------------------------------------------
China Aerospace International Holdings Ltd. Wts., Exp. 12/95 480,000 39,754
- - ------------------------------------------------------------------------------------------------------------------------
Total Rights and Warrants (Cost $0) 81,767
</TABLE>
5 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks--58.8%
- - ------------------------------------------------------------------------------------------------------------------------
Basic Materials--3.4%
- - ------------------------------------------------------------------------------------------------------------------------
Chemicals--0.6% Minerals Technologies, Inc. 30,000 $780,000
- - ------------------------------------------------------------------------------------------------------------------------
Paper and
Forest Products--0.8%
Indah Kiat(5) 400,000 459,412
- - ------------------------------------------------------------------------------------------------------------------------
PT Sumalindo Lestari Jaya(5) 120,000 503,961
- - ------------------------------------------------------------------------------------------------------------------------
963,373
- - ------------------------------------------------------------------------------------------------------------------------
Steel--2.0% China Steel Corp., GDR(5) 70,800 1,380,600
- - ------------------------------------------------------------------------------------------------------------------------
Dofasco, Inc.(5) 32,100 510,804
- - ------------------------------------------------------------------------------------------------------------------------
Pohang Iron & Steel Co. Ltd. 7,000 637,233
- - ------------------------------------------------------------------------------------------------------------------------
2,528,637
- - ------------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--9.3%
- - ------------------------------------------------------------------------------------------------------------------------
Airlines--0.2% Vienna International Airport 6,500 285,427
- - ------------------------------------------------------------------------------------------------------------------------
Automobiles--3.7% CIADEA SA 52,206 757,048
- - ------------------------------------------------------------------------------------------------------------------------
CONSORCIO G GRUPO DINA SA, Sponsored ADR 20,000 322,500
- - ------------------------------------------------------------------------------------------------------------------------
Fiat SpA di Risp. 300,000 634,115
- - ------------------------------------------------------------------------------------------------------------------------
Suzuki Motor Corp. 46,000 559,630
- - ------------------------------------------------------------------------------------------------------------------------
Volkswagen AG 3,000 886,268
- - ------------------------------------------------------------------------------------------------------------------------
Volvo AB, Series B Free 18,500 1,443,626
- - ------------------------------------------------------------------------------------------------------------------------
4,603,187
- - ------------------------------------------------------------------------------------------------------------------------
Broadcast Media--2.3% Comcast Corp., Cl. A Special(5) 12,000 211,500
- - ------------------------------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored ADR(3)(5) 10,000 510,000
- - ------------------------------------------------------------------------------------------------------------------------
Scandinavian Broadcasting System SA 25,000 612,500
- - ------------------------------------------------------------------------------------------------------------------------
Sistem Televisyen Malaysia Berhad 300,000 659,243
- - ------------------------------------------------------------------------------------------------------------------------
TeleCommunications, Inc., Cl. A(5) 10,000 207,500
- - ------------------------------------------------------------------------------------------------------------------------
Television Broadcast 100,000 353,282
- - ------------------------------------------------------------------------------------------------------------------------
Television Francaise I 3,800 311,934
- - ------------------------------------------------------------------------------------------------------------------------
2,865,959
- - ------------------------------------------------------------------------------------------------------------------------
Household Furnishings
And Appliances--2.2%
Electrolux AB, Series B Free 10,000 460,528
- - ------------------------------------------------------------------------------------------------------------------------
Philips Gloeilamp NV 60,600 1,650,026
- - ------------------------------------------------------------------------------------------------------------------------
Sony Corp. 10,800 614,911
- - ------------------------------------------------------------------------------------------------------------------------
2,725,465
- - ------------------------------------------------------------------------------------------------------------------------
Publishing--0.7% Dun & Bradstreet Corp. (The) 3,700 217,375
- - ------------------------------------------------------------------------------------------------------------------------
Oriental Press Group 583,000 411,172
- - ------------------------------------------------------------------------------------------------------------------------
Time Warner, Inc. 7,200 279,000
- - ------------------------------------------------------------------------------------------------------------------------
907,547
- - ------------------------------------------------------------------------------------------------------------------------
Retail: Speciality--0.0% PT Modern Photo Film Co. 10,500 48,726
- - ------------------------------------------------------------------------------------------------------------------------
Textiles: Apparel
Manufacturers--0.2%
Tokyo Style Co. 15,000 254,023
</TABLE>
6 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Market Value
Shares See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Consumer Non-Cyclicals--5.5%
- - ------------------------------------------------------------------------------------------------------------------------
Beverages: Alcoholic--0.4% Compania Cervecerias Unidas SA, Sponsored ADR 6,800 $158,100
- - ------------------------------------------------------------------------------------------------------------------------
Jinro Ltd. 16,500 404,771
- - ------------------------------------------------------------------------------------------------------------------------
562,871
- - ------------------------------------------------------------------------------------------------------------------------
Drugs--1.3% Astra AB Free, Series A 30,000 587,173
- - ------------------------------------------------------------------------------------------------------------------------
Sankyo Co. Ltd. 24,000 532,573
- - ------------------------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd. 43,000 510,577
- - ------------------------------------------------------------------------------------------------------------------------
1,630,323
- - ------------------------------------------------------------------------------------------------------------------------
Food Processing--0.3% United Foods Co. Ltd. 150,000 344,839
- - ------------------------------------------------------------------------------------------------------------------------
Healthcare: Miscellaneous--1.3% Genzyme Corp.(5) 30,843 825,050
- - ------------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(3)(5) 50,072 770,098
- - ------------------------------------------------------------------------------------------------------------------------
1,595,148
- - ------------------------------------------------------------------------------------------------------------------------
Hospital Management--0.4% Community Psychiatric Centers 35,000 560,000
- - ------------------------------------------------------------------------------------------------------------------------
Housewares--0.4% Srithai Superware Co. Ltd. 56,500 443,416
- - ------------------------------------------------------------------------------------------------------------------------
Medical Products--0.5% Arjo AB(5) 41,100 604,634
- - ------------------------------------------------------------------------------------------------------------------------
Retail Stores:
Food Chains--0.9%
PT Fast Food Indonesia 110,000 398,157
- - ------------------------------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg. 3,000 718,790
- - ------------------------------------------------------------------------------------------------------------------------
1,116,947
- - ------------------------------------------------------------------------------------------------------------------------
Energy--4.1%
- - ------------------------------------------------------------------------------------------------------------------------
Oil: Integrated
International--2.0%
British Petroleum Co. PLC 8,000 491,000
- - ------------------------------------------------------------------------------------------------------------------------
Poco Petroleum Ltd.(5) 30,000 208,857
- - ------------------------------------------------------------------------------------------------------------------------
Societe Nationale Elf Acquitaine 8,500 551,638
- - ------------------------------------------------------------------------------------------------------------------------
YPF Sociedad Anonima, Sponsored ADR 33,000 783,750
- - ------------------------------------------------------------------------------------------------------------------------
YuKong Ltd. 10,364 482,809
- - ------------------------------------------------------------------------------------------------------------------------
2,518,054
- - ------------------------------------------------------------------------------------------------------------------------
Oil and Gas Drilling--1.3% Petroleum Geo-Services AS 60,000 1,106,852
- - ------------------------------------------------------------------------------------------------------------------------
Renaissance Energy Ltd.(5) 12,000 241,948
- - ------------------------------------------------------------------------------------------------------------------------
Transocean Drilling AS 50,000 261,570
- - ------------------------------------------------------------------------------------------------------------------------
1,610,370
- - ------------------------------------------------------------------------------------------------------------------------
Oil Well Services
And Equipment--0.8%
JGC Corp. 19,800 314,113
- - ------------------------------------------------------------------------------------------------------------------------
McDermott International, Inc. 10,000 202,500
- - ------------------------------------------------------------------------------------------------------------------------
TH Loy Industries Berhad 115,000 531,119
- - ------------------------------------------------------------------------------------------------------------------------
1,047,732
- - ------------------------------------------------------------------------------------------------------------------------
Financial--10.0%
- - ------------------------------------------------------------------------------------------------------------------------
Financial Services:
Miscellaneous--4.6%
American Express Co. 20,000 552,500
- - ------------------------------------------------------------------------------------------------------------------------
Central Investment & Finance Corp.(5) 37,001 779,332
- - ------------------------------------------------------------------------------------------------------------------------
Coryo Securities Corp. 24,000 457,923
- - ------------------------------------------------------------------------------------------------------------------------
Hyundai Securities Co. 12,700 368,197
</TABLE>
7 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial Services:
Miscellaneous
(continued)
Industrial Finance Corp. 230,000 $371,495
- - ------------------------------------------------------------------------------------------------------------------------
Istituto Mobiliare Italiano 130,600 1,041,769
- - ------------------------------------------------------------------------------------------------------------------------
Korea Investment & Securities Co. 14,386 292,310
- - ------------------------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc. 15,000 558,750
- - ------------------------------------------------------------------------------------------------------------------------
Morgan Stanley Group, Inc. 4,400 281,600
- - ------------------------------------------------------------------------------------------------------------------------
Sangyoug Investment & Securities 20,000 552,580
- - ------------------------------------------------------------------------------------------------------------------------
Sun Hung Kai and Co. 1,000,000 533,805
- - ------------------------------------------------------------------------------------------------------------------------
5,790,261
- - ------------------------------------------------------------------------------------------------------------------------
Insurance: Multi-Line--0.5% American International Group, Inc. 8,000 673,000
- - ------------------------------------------------------------------------------------------------------------------------
Major Banks: Other--4.1% Banco LatinoAmericano de Exportaciones SA, Cl. E 10,000 372,500
- - ------------------------------------------------------------------------------------------------------------------------
Banco de Galicia, Series B 47,150 377,225
- - ------------------------------------------------------------------------------------------------------------------------
Bankamerica Corp. 12,000 472,500
- - ------------------------------------------------------------------------------------------------------------------------
C.S. Holdings 1,000 443,620
- - ------------------------------------------------------------------------------------------------------------------------
Grupo Financiero Bancomer, Series C 290,500 451,616
- - ------------------------------------------------------------------------------------------------------------------------
Korea First Bank 25,000 337,619
- - ------------------------------------------------------------------------------------------------------------------------
PT Lippo Bank 133,300 309,291
- - ------------------------------------------------------------------------------------------------------------------------
PT Panin Bank 350,000 552,223
- - ------------------------------------------------------------------------------------------------------------------------
Shin Han Bank Ltd. 17,030 329,154
- - ------------------------------------------------------------------------------------------------------------------------
Skandinaviska Enskilda Banken Group 75,000 508,499
- - ------------------------------------------------------------------------------------------------------------------------
Standard Chartered Bank PLC 30,230 467,195
- - ------------------------------------------------------------------------------------------------------------------------
Svenska Handelsbanken, Inc. 36,100 531,078
- - ------------------------------------------------------------------------------------------------------------------------
5,152,520
- - ------------------------------------------------------------------------------------------------------------------------
Money Center Banks--0.8% Chemical Banking Corp. 8,000 291,000
- - ------------------------------------------------------------------------------------------------------------------------
Citicorp(5) 20,000 750,000
- - ------------------------------------------------------------------------------------------------------------------------
1,041,000
- - ------------------------------------------------------------------------------------------------------------------------
Industrial--14.0%
- - ------------------------------------------------------------------------------------------------------------------------
Building Materials Group--0.5% Sung Shin Cement 14,963 608,069
- - ------------------------------------------------------------------------------------------------------------------------
Commercial Services--0.4% Eurotunnel SA, ESA-Unites 70,000 536,554
- - ------------------------------------------------------------------------------------------------------------------------
Conglomerates--1.6% Commercial del Plata 32,800 190,253
- - ------------------------------------------------------------------------------------------------------------------------
Compagnie Generale des Eaux 545 248,544
- - ------------------------------------------------------------------------------------------------------------------------
Jardine Matheson Holdings Ltd.(5) 125,000 841,148
- - ------------------------------------------------------------------------------------------------------------------------
Kinnevik Investments AB, Series B Free 15,000 341,558
- - ------------------------------------------------------------------------------------------------------------------------
Sophus Berendsen AS, Series B 4,604 406,212
- - ------------------------------------------------------------------------------------------------------------------------
2,027,715
- - ------------------------------------------------------------------------------------------------------------------------
Containers: Metal
And Glass--0.5%
M C Packaging Corp Ltd. 1,550,000 626,817
- - ------------------------------------------------------------------------------------------------------------------------
Electrical Equipment--2.0% BBC Brown Boveri AG 900 748,688
- - ------------------------------------------------------------------------------------------------------------------------
Felten & Guilleaume Energietechnik AG 1,500 347,715
- - ------------------------------------------------------------------------------------------------------------------------
Horiba 18,000 297,820
- - ------------------------------------------------------------------------------------------------------------------------
LEM Holdings SA 2,100 521,697
- - ------------------------------------------------------------------------------------------------------------------------
Sasib SPA 100,000 578,164
- - ------------------------------------------------------------------------------------------------------------------------
2,494,084
</TABLE>
8 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Market Value
Shares See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Engineering and
Construction--2.3%
BAU Holdings AF, Preference 2,000 $207,243
- - ------------------------------------------------------------------------------------------------------------------------
Danieli & Co., Non-Vtg. 110,000 450,657
- - ------------------------------------------------------------------------------------------------------------------------
Dong-AH Construction Industrial Co. 16,711 631,484
- - ------------------------------------------------------------------------------------------------------------------------
Leighton Holdings Ltd. 400,000 616,889
- - ------------------------------------------------------------------------------------------------------------------------
Raito Kogyo Co. Ltd. 21,000 510,966
- - ------------------------------------------------------------------------------------------------------------------------
Societe Generale d'Enterprise 10,178 453,451
- - ------------------------------------------------------------------------------------------------------------------------
2,870,690
- - ------------------------------------------------------------------------------------------------------------------------
Machine Tools--0.6% Fanuc Ltd. 20,000 805,867
- - ------------------------------------------------------------------------------------------------------------------------
Machinery: Diversified--1.1% Bobst Bearers AG 310 367,459
- - ------------------------------------------------------------------------------------------------------------------------
Klein, Schanjlin & Becker AG, Preference 2,000 461,223
- - ------------------------------------------------------------------------------------------------------------------------
Powerscreen International PLC 120,000 497,044
- - ------------------------------------------------------------------------------------------------------------------------
Tampella AB 11,000 51,360
- - ------------------------------------------------------------------------------------------------------------------------
1,377,086
- - ------------------------------------------------------------------------------------------------------------------------
Manufacturing: Diversified
Industrials--1.0%
CBI Industries, Inc. 11,000 328,625
- - ------------------------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. 78,000 494,206
- - ------------------------------------------------------------------------------------------------------------------------
Vitro Sociedad Anonima, ADR 20,000 392,500
- - ------------------------------------------------------------------------------------------------------------------------
1,215,331
- - ------------------------------------------------------------------------------------------------------------------------
Pollution Control--0.2% Elco Looser Holdings Inhaber 540 306,630
- - ------------------------------------------------------------------------------------------------------------------------
Railroads--0.7% Voest-Alpine Eisenbahnsysteme AG(3) 6,000 866,344
- - ------------------------------------------------------------------------------------------------------------------------
Transportation:
Miscellaneous--3.1%
Brambles Industries Ltd. 65,000 619,693
- - ------------------------------------------------------------------------------------------------------------------------
Kvaerner Industrier AS 12,420 629,221
- - ------------------------------------------------------------------------------------------------------------------------
Malaysian International Shipping Corp. 150,000 474,878
- - ------------------------------------------------------------------------------------------------------------------------
Royal Nedlloyd Groep NV(5) 25,000 839,224
- - ------------------------------------------------------------------------------------------------------------------------
Sembawang Shipyard Ltd. 40,000 275,256
- - ------------------------------------------------------------------------------------------------------------------------
Singmarine Industries Ltd. 140,000 374,655
- - ------------------------------------------------------------------------------------------------------------------------
Unitor Ships Service AS 32,000 638,780
- - ------------------------------------------------------------------------------------------------------------------------
3,851,707
- - ------------------------------------------------------------------------------------------------------------------------
Technology--9.8%
- - ------------------------------------------------------------------------------------------------------------------------
Aerospace/Defense--0.0% China Aerospace International Holdings Ltd. 200 56
- - ------------------------------------------------------------------------------------------------------------------------
Computer Software
And Services--2.2%
Microsoft Corp.(5) 5,700 483,075
- - ------------------------------------------------------------------------------------------------------------------------
Novell, Inc.(5) 9,900 179,438
- - ------------------------------------------------------------------------------------------------------------------------
Oracle Systems Corp.(5) 22,000 706,750
- - ------------------------------------------------------------------------------------------------------------------------
Sap AG, Preference(5) 350 534,600
- - ------------------------------------------------------------------------------------------------------------------------
SHL Systemhouse, Inc.(5) 40,000 275,000
- - ------------------------------------------------------------------------------------------------------------------------
Sligos SA 6,000 601,979
- - ------------------------------------------------------------------------------------------------------------------------
2,780,842
- - ------------------------------------------------------------------------------------------------------------------------
Computer Systems--0.3% Cisco Systems, Inc.(5) 12,000 411,000
- - ------------------------------------------------------------------------------------------------------------------------
Electronics:
Instrumentation--0.3%
Solectron Corp. 10,000 301,250
</TABLE>
9 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------
Statement of Investments (Unaudited) (Continued)
Market Value
Shares See Note 1
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Electronics:
Semiconductors--1.9%
Advanced Micro Devices, Inc.(5) 15,000 $463,125
- - ------------------------------------------------------------------------------------------------------------------------
Austria Mikro Systems AG(5) 10,000 525,752
- - ------------------------------------------------------------------------------------------------------------------------
Intel Corp. 5,000 337,500
- - ------------------------------------------------------------------------------------------------------------------------
National Semiconductor Corp.(5) 18,000 378,000
- - ------------------------------------------------------------------------------------------------------------------------
Samsung Electronics Co. Ltd., Sponsored GDR(3) 15,500 728,500
- - ------------------------------------------------------------------------------------------------------------------------
2,432,877
- - ------------------------------------------------------------------------------------------------------------------------
Telecommunications--5.1% Korea Mobile Telecommunications(5) 700 420,044
- - ------------------------------------------------------------------------------------------------------------------------
Millicom International Cellular SA(5) 18,925 447,103
- - ------------------------------------------------------------------------------------------------------------------------
Societa Finanziora Telefonica SPA 400,000 1,429,867
- - ------------------------------------------------------------------------------------------------------------------------
Societa Italiana per L'Eserrcizio delle Telecomunicazioni SPA 482,500 1,438,914
- - ------------------------------------------------------------------------------------------------------------------------
Technology Resources Industries(5) 100,000 450,669
- - ------------------------------------------------------------------------------------------------------------------------
Telecommunication de Argentina, Cl. B 115,000 638,293
- - ------------------------------------------------------------------------------------------------------------------------
Telefonica de Espana, ADS 25,000 305,795
- - ------------------------------------------------------------------------------------------------------------------------
Telefonos de Mexico SA, Sponsored ADR 15,000 903,750
- - ------------------------------------------------------------------------------------------------------------------------
Vodafone Group 52,094 399,068
- - ------------------------------------------------------------------------------------------------------------------------
6,433,503
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--2.7%
- - ------------------------------------------------------------------------------------------------------------------------
Electric Companies--2.3% AES Corp. (The) 18,692 373,850
- - ------------------------------------------------------------------------------------------------------------------------
California Energy Co., Inc.(5) 15,000 270,000
- - ------------------------------------------------------------------------------------------------------------------------
Korea Electric Power Co.(5) 20,000 594,705
- - ------------------------------------------------------------------------------------------------------------------------
Sithe Energies, Inc.(5) 25,000 315,625
- - ------------------------------------------------------------------------------------------------------------------------
Tokyo Electric Power Corp. 30,000 922,659
- - ------------------------------------------------------------------------------------------------------------------------
Verbund Oest Electriz 6,500 375,416
- - ------------------------------------------------------------------------------------------------------------------------
2,852,255
- - ------------------------------------------------------------------------------------------------------------------------
Telephone (New)--0.4% Compania de Telefonos de Chile SA 6,200 553,350
- - ------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (Cost $66,183,457) 74,005,486
- - ------------------------------------------------------------------------------------------------------------------------
Total Investments, at Value (Cost $119,963,428) 101.0% 127,037,449
- - ------------------------------------------------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (1.0) (1,202,393)
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $125,835,056
- - ------------------------------------------------------------------------------------------------------------------------
<FN>
- - ------------------------------------------------------------------------------------------------------------------------
1. Interest or dividend is paid in kind.
2. Represents the current interest rate for an increasing rate security.
3. Restricted security--See Note 5 of Notes to Financial Statements.
4. Face amount is reported in foreign currency.
5. Non-income producing security.
6. Indexed instrument for which the principal amount at maturity is affected by the relative value of a foreign
currency.
7. Represents a zero coupon bond that converts to a fixed rate of interest at a designated future date.
8. Represents the current interest rate for a variable rate security.
</TABLE>
See accompanying Notes to Financial Statements.
10 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1994 (Unaudited)
- - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets Investments, at value (cost $119,963,428)--see accompanying statement $127,037,449
- - -----------------------------------------------------------------------------------------------------------------------------
Cash 430,638
- - -----------------------------------------------------------------------------------------------------------------------------
Receivables:
Shares of beneficial interest sold 1,818,435
Dividends and interest 1,271,549
Investments sold 516,938
- - -----------------------------------------------------------------------------------------------------------------------------
Deferred organization costs 4,878
- - -----------------------------------------------------------------------------------------------------------------------------
Other 7,628
- - -----------------------------------------------------------------------------------------------------------------------------
Total assets 131,087,515
- - -----------------------------------------------------------------------------------------------------------------------------
Liabilities Payables and other liabilities:
Investments purchased 3,014,929
Shares of beneficial interest redeemed 2,008,388
Distribution and service plan fees--Note 4 78,452
Other 150,690
- - -----------------------------------------------------------------------------------------------------------------------------
Total liabilities 5,252,459
- - -----------------------------------------------------------------------------------------------------------------------------
Net Assets $125,835,056
- - -----------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------
Composition of
Net Assets
Paid-in capital $111,855,512
- - -----------------------------------------------------------------------------------------------------------------------------
Undistributed net investment income 737,528
- - -----------------------------------------------------------------------------------------------------------------------------
Accumulated net realized gain from investment and foreign currency transactions 6,166,310
- - -----------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies 7,075,706
- - -----------------------------------------------------------------------------------------------------------------------------
Net assets $125,835,056
- - -----------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------
Net Asset Value
Per Share
Class A Shares:
Net asset value and redemption price per share (based on net
assets of $119,538,160 and 8,086,452 shares of beneficial interest outstanding) $14.78
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) $15.68
- - -----------------------------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $6,296,896 and 426,739 shares of beneficial interest outstanding) $14.76
</TABLE>
See accompanying Notes to Financial Statements.
11 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------
Statement of Operations For the Six Months Ended March 31, 1994 (Unaudited)
- - -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income Interest $1,518,327
- - -----------------------------------------------------------------------------------------------------------------------------
Dividends (net of withholding taxes of $53,817) 354,422
- - -----------------------------------------------------------------------------------------------------------------------------
Total income 1,872,749
- - -----------------------------------------------------------------------------------------------------------------------------
Expenses Management fees--Note 4 417,305
- - -----------------------------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4 136,235
Class C--Note 4 7,937
- - -----------------------------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4 106,622
- - -----------------------------------------------------------------------------------------------------------------------------
Custodian fees and expenses 49,686
- - -----------------------------------------------------------------------------------------------------------------------------
Shareholder reports 29,146
- - -----------------------------------------------------------------------------------------------------------------------------
Legal and auditing fees 21,112
- - -----------------------------------------------------------------------------------------------------------------------------
Registration and filing fees:
Class A 9,782
Class C 2,203
- - -----------------------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 9,828
- - -----------------------------------------------------------------------------------------------------------------------------
Other 13,352
- - -----------------------------------------------------------------------------------------------------------------------------
Total expenses 803,208
- - -----------------------------------------------------------------------------------------------------------------------------
Net Investment Income 1,069,541
- - -----------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) on Investments
And Foreign Currency
Transactions
Net realized gain (loss) from:
Investments 8,986,859
Foreign currency transactions (581,395)
- - -----------------------------------------------------------------------------------------------------------------------------
Net realized gain 8,405,464
- - -----------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments (2,253,056)
Translation of assets and liabilities denominated in foreign currencies 161,793
- - -----------------------------------------------------------------------------------------------------------------------------
Net change (2,091,263)
- - -----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments and foreign currency transactions 6,314,201
- - -----------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting From Operations $7,383,742
- - -----------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
</TABLE>
12 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
Statements of Changes in Net Assets
Six Months Ended Year Ended
March 31, 1994 September 30,
(Unaudited) 1993
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations Net investment income $1,069,541 $1,607,411
- - ------------------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments and foreign currency transactions 8,405,464 2,657,100
- - ------------------------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments
and translation of assets and liabilities denominated in foreign currencies (2,091,263) 8,068,309
- - ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 7,383,742 12,332,820
- - ------------------------------------------------------------------------------------------------------------------------------------
Dividends and
Distributions to
Shareholders
Dividends from net investment income:
Class A ($.15 and $.173 per share, respectively) (1,152,746) (867,342)
Class C ($.131 per share) (34,186) --
- - ----------------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments
and foreign currency transactions:
Class A ($.481 and $.105 per share, respectively) (3,355,202) (450,227)
Class C ($.481 per share) (7,410) --
- - ----------------------------------------------------------------------------------------------------------------------------------
Beneficial Interest
Transactions
Net increase in net assets resulting from Class A beneficial
interest transactions--Note 2 30,357,788 25,269,073
- - ---------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class C beneficial
interest transactions--Note 2 6,624,079 --
- - ---------------------------------------------------------------------------------------------------------------------------------
Net Assets Total increase 39,816,065 36,284,324
- - ---------------------------------------------------------------------------------------------------------------------------------
Beginning of period 86,018,991 49,734,667
- - ---------------------------------------------------------------------------------------------------------------------------------
End of period (including undistributed net investment
income of $737,528 and $854,919, respectively) $125,835,056 $86,018,991
- - ---------------------------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
</TABLE>
13 Oppenheimer Global Growth & Income Fund
<PAGE>
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
Financial Highlights
Class A Class C
- - ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Period Ended
March 31, Year Ended September 30, March 31, 1994(1)
1994 (Unaudited) 1993 1992 1991(2) (Unaudited)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Data:
Net asset value, beginning of period $14.09 $11.91 $12.43 $11.43 $14.76
- - -----------------------------------------------------------------------------------------------------------------------------------
Income (loss) from investment
operations:
Net investment income (loss) .10 .29 .26 .37 (.03)
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions 1.22 2.17 (.47) .95 .64
- - -----------------------------------------------------------------------------------------------------------------------------------
Total income (loss) from
investment operations 1.32 2.46 (.21) 1.32 .61
- - -----------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income (.15) (.17) (.28) (.32) (.13)
Distributions from net realized
gain on investments and foreign
currency transactions (.48) (.11) (.03) -- (.48)
- - -----------------------------------------------------------------------------------------------------------------------------------
Total dividends and distributions
to shareholders (.63) (.28) (.31) (.32) (.61)
- - -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.78 $14.09 $11.91 $12.43 $14.76
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Total Return, at Net Asset Value(3) 9.27% 21.00% (1.76)% 11.73% 4.04%
- - -----------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) $119,538 $86,019 $49,735 $29,239 $6,297
- - -----------------------------------------------------------------------------------------------------------------------------------
Average net assets (in thousands) $106,442 $59,951 $37,116 $19,340 $2,470
- - -----------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands) 8,086 6,104 4,177 2,352 427
- - -----------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income 2.00%(4) 2.68% 2.41% 4.05%(4) 1.23%(4)
Expenses 1.48%(4) 1.56% 1.74% 1.94%(4) 2.36%(4)
- - -----------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5) 69.9% 90.6% 51.3% 23.5% 69.9%
<FN>
1. For the period from December 1, 1993 (inception of offering) to March 31, 1994.
2. For the period from October 22, 1990 (commencement of operations) to September 30, 1991.
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
six months ended March 31, 1994 were $102,007,347 and $68,988,870, respectively.
</TABLE>
See accompanying Notes to Financial Statements.
14 Oppenheimer Global Growth & Income Fund
<PAGE>
- - --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited)
- - --------------------------------------------------------------------------------
1. Significant
Accounting Policies
Oppenheimer Global Growth & Income Fund (the Fund) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's investment advisor is Oppenheimer
Management Corporation (the Manager). The Fund offers both Class A and Class C
shares. Class A shares are sold with a front-end sales charge. Class C shares
may be subject to a contingent deferred sales charge. Both classes 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. 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.
- - --------------------------------------------------------------------------------
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 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 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.
- - --------------------------------------------------------------------------------
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 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.
- - --------------------------------------------------------------------------------
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, 1994, a provision of $2,912 was made for the Fund's projected
benefit obligations, resulting in an accumulated liability of $31,642 at March
31, 1994. No payments have been made under the plan.
15 Oppenheimer Global Growth & Income Fund
<PAGE>
- - --------------------------------------------------------------------------------
Notes to Financial Statements (Unaudited) (Continued)
- - --------------------------------------------------------------------------------
1. Significant
Accounting Policies
(continued)
Organization Costs. The Manager advanced $15,751 for organization and
start-up costs of the Fund. Such expenses are being amortized over a five-year
period from the date operations commenced. In the event that all or part of the
Manager's initial investment in shares of the Fund is withdrawn during the
amortization period, the redemption proceeds will be reduced to reimburse the
Fund for any unamortized expenses, in the same ratio as the number of shares
redeemed bears to the number of initial shares outstanding at the time of such
redemption.
- - --------------------------------------------------------------------------------
Distributions to Shareholders. Dividends and distributions to shareholders are
recorded on the ex-dividend date.
- - --------------------------------------------------------------------------------
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
Beneficial Interest
The Fund has authorized an unlimited number of no par value shares of
beneficial interest of each class. Transactions in shares of beneficial interest
were as follows:
<TABLE>
<CAPTION>
Six Months Ended March 31, 1994(1) Year Ended September 30, 1993
- - ------------------------------------------------------------------------------------------------------------------------
Shares Amount Shares Amount
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A:
Sold 916,133 $14,034,831 3,291,571 $42,379,689
Dividends and distributions reinvested 2,531,873 38,669,328 102,240 1,265,994
Redeemed (1,465,391) (22,346,371) (1,466,579) (18,376,610)
- - ------------------------------------------------------------------------------------------------------------------------
Net increase 1,982,615 $30,357,788 1,927,232 $25,269,073
- - ------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------
Class C:
Sold 435,912 $6,764,879 -- $--
Dividends and distributions reinvested 14,048 212,297 -- --
Redeemed (23,221) (353,097) -- --
- - ------------------------------------------------------------------------------------------------------------------------
Net increase 426,739 $6,624,079 -- $--
- - ------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------
</TABLE>
1. For the six months ended March 31, 1994 for Class A shares and for the period
from December 1, 1993
(inception of offering) to March 31, 1994 for Class C shares.
- - --------------------------------------------------------------------------------
3. Unrealized Gains
And Losses on
Investments
At March 31, 1994, net unrealized appreciation of investments of $7,074,021 was
composed of gross appreciation of $12,210,566, and gross depreciation of
$5,136,545.
- - --------------------------------------------------------------------------------
4. Management Fees
And Other Transactions
With Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for an annual fee of .75% on the
first $200 million of net assets 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.
For the six months ended March 31, 1994, commissions (sales charges paid by
investors) on sales of Class A shares totaled $554,708, of which $145,961 was
retained by Oppenheimer Funds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. During the
six months ended March 31, 1994, OFDI received contingent deferred sales charges
of $498 upon redemption of Class C shares, as reimbursement for sales
commissions advanced by OFDI at the time of sale of such shares.
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.
16 Oppenheimer Global Growth & Income Fund
<PAGE>
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
4. Management Fees
And Other Transactions
With Affiliates
(continued)
Under separate approved plans, each class 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 institutions. In
addition, Class C shares are subject to an asset-based sales charge of .75% of
net assets annually, to reimburse OFDI for sales commissions paid from its own
resources at the time of sale and associated financing costs. In the event of
termination or discontinuance of the Class C plan, the Board of Trustees may
allow the Fund to continue payment of the asset-based sales charge to OFDI for
distribution expenses incurred on Class C shares sold prior to termination or
discontinuance of the plan. During the six months ended March 31, 1994, OFDI
paid $3,768 to an affiliated broker/dealer as reimbursement for Class A personal
service and maintenance expenses and retained $7,937 as reimbursement for Class
C sales commissions and service fee advances, as well as financing costs.
- - --------------------------------------------------------------------------------
5. Restricted
Securities
The Fund owns securities purchased in private placement 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 amount to $770,098, or .61% of
the Fund's net assets, at March 31, 1994.
<TABLE>
<CAPTION>
Cost Per Unit Valuation Per Unit as of
Security Acquisition Date March 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Banco Nacional de Comercio Exterior SNC International
Finance BV Gtd. Matador Bonds, 8%, 8/5/03(1) 11/12/93 $97.87 $89.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Banco Nacional de Mexico SA, 7% Exch. Sub. Debs., 12/15/99(1) 12/1/92 $100.00 $115.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Brazil (Federal Republic of) Bonds, Banco Do
Nordeste Brasil, 10.375%, 11/6/95(1) 4/27/93 $99.80 $100.18
- - ------------------------------------------------------------------------------------------------------------------------------------
Card Establishment Services, Inc., 10% Sr. Sub. Nts., 10/1/03(1) 1/18/94 $105.75 $102.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Compania de Inversiones Telecomunicaciones SA Preferred
Redeemable Increased Dividend Equity Security, 7%, 3/3/98 2/28/94 $72.00 $61.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Grupo Televisa SA, Sponsored ADR(1) 4/28/92 $27.62 $51.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Industrial Credit and Investment Corp. India Ltd.,
2.50% Cv. Debs., 4/30/00(1) 2/4/94 $100.00 $87.25
- - ------------------------------------------------------------------------------------------------------------------------------------
International Container Terminal Services, Inc.,
6% Cv. Sr. Nts., 2/19/00(1) 2/19/93 $100.00 $140.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Jindal Strips Ltd., 4.25% Cv. Debs., 3/31/99(1) 11/9/93 $99.75 $111.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Penda Industries, Inc., 10.75% Sr. Nts., 3/1/04(1) 3/11/94 $100.00 $99.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Piv Investment Financial Cayman Ltd., 4.50% Cv. Gtd. Bonds, 12/1/00(1) 1/25/94 $100.00 $82.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV 5/27/92 $11.18 $15.38
- - ------------------------------------------------------------------------------------------------------------------------------------
Samsung Electronics Co. Ltd., Sponsored GDR(1) 2/3/94 $0.00 $47.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Shangri-La Asia Ltd., 2.875% Cv. Sub. Debs., 6/6/00(1) 12/9/93 $84.94 $89.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Subic Power Corp., 9.50% Sr. Sec. Nts., Series A, 12/28/08(1) 12/20/93 $99.93 $96.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Thermo Electron Corp., 4.625% Cv. Sr. Debs., 8/1/97(1) 7/15/92 $100.00 $136.50
- - ------------------------------------------------------------------------------------------------------------------------------------
Voest-Alpine Eisenbahnsysteme AG(1) 7/19/93--12/7/93 $99.50 $144.39
- - ------------------------------------------------------------------------------------------------------------------------------------
Wattachak Co., 3.50% Cv. Debs., 12/6/03(1) 11/22/93 $100.00 $127.75
<FN>
1. Transferable under Rule 144A of the Act.
</TABLE>
17 Oppenheimer Global Growth & Income Fund
<PAGE>
- - -------------------------------------------------------------------------------
Oppenheimer Global Growth & Income 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
William L. Wilby, Vice President
George C. Bowen, Treasurer
Lynn M. Coluccy, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary
- - -------------------------------------------------------------------------------
Investment Advisor Oppenheimer Management Corporation
- - -------------------------------------------------------------------------------
Distributor Oppenheimer Funds Distributor, Inc.
- - -------------------------------------------------------------------------------
Transfer and Shareholder
Servicing Agent
Oppenheimer Shareholder Services
- - -------------------------------------------------------------------------------
Custodian of
Portfolio Securities
The Bank of New York
- - -------------------------------------------------------------------------------
Independent Auditors KPMG Peat Marwick
- - -------------------------------------------------------------------------------
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 Growth & Income
Fund. This report must be preceded or accompanied by a Prospectus of Oppenheimer
Global Growth & Income Fund. For material information concerning the Fund, see
the Prospectus.
18 Oppenheimer Global Growth & Income Fund
<PAGE>
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The Family of OppenheimerFunds
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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.
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Specialty Stock Funds
Global Bio-Tech Fund
Global Environment Fund
Gold & Special Minerals Fund
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Stock Funds
Discovery Fund
Time Fund
Target Fund
Special Fund
Global Fund
Oppenheimer Fund
Value Stock Fund
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Stock and Bond Funds
Main Street Income & Growth Fund
Total Return Fund
Global Growth & Income Fund
Equity Income Fund
Asset Allocation Fund
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Bond Funds
High Yield Fund
Champion High Yield Fund
Strategic Income & Growth Fund
Strategic Income Fund
Strategic Diversified Income Fund
Strategic Investment Grade Bond Fund
Strategic Short-Term Income Fund
Investment Grade Bond Fund
Mortgage Income Fund
U.S. Government Trust
Limited-Term Government(2)
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Tax-Exempt Funds
New York Tax-Exempt Fund(3)
California Tax-Exempt Fund(3)
Pennsylvania Tax-Exempt Fund(3)
Florida Tax-Exempt Fund(3)
New Jersey Tax-Exempt Fund(3)
Tax-Free Bond Fund
Insured Tax-Exempt Bond Fund
Intermediate Tax-Exempt Bond Fund
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Money Market Funds
Money Market Fund
Cash Reserves
Tax-Exempt Cash Reserves
1. The fee is waived for PhoneLink exchanges between existing accounts. Exchange
privileges are subject to change or termination.
2. Formerly Government Securities Fund.
3. 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.
19 Oppenheimer Global Growth & Income Fund
<PAGE>
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``How may I help you?''
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``Just as OppenheimerFunds offers over 35 different mutual funds designed to
help meet virtually every investment need, Oppenheimer Shareholder Services
offers a variety of services to satisfy your individual needs. Whenever you
require help, we're only a toll-free phone call away.
``For personalized assistance and account information, call our General
Information number to speak with our knowledgeable Customer Service
Representatives and get the help you need.
``When you want to make account transactions, it's easy for you to redeem
shares, exchange shares, or conduct AccountLink transactions, simply by 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
even make purchases, exchanges and redemptions using your touch-tone phone. Of
course, PhoneLink will always give you the option to speak with a Customer
Service Representative during the hours shown to the left.
``When you invest in OppenheimerFunds, you know you'll receive a high
level of customer service. The International Customer Service Association knows
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.''
1993 AWARD OF EXCELLENCE LOGO
B&W PHOTO
Barbara Hennigar
Chief Executive Officer
Oppenheimer Shareholder Services
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.
Telecommunication
Device for the Deaf
1-800-843-4461
Service for the hearing impaired.
Monday through Friday from 8:30 a.m. to 8:00 p.m. ET.
OppenheimerFunds
Information Hotline
1-800-835-3104
Hear timely and insightful messages on the economy and issues that affect your
finances. 24 hours a day, 7 days a week.
RS215.0594.N
Oppenheimer Funds Distributor, Inc.
P.O. Box 5270
Denver, CO 80217-5270
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