OPPENHEIMER GLOBAL GROWTH & INCOME FUND
N-30D, 1995-06-06
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<PAGE>   1
                                               


OPPENHEIMER GLOBAL GROWTH & INCOME FUND
Semiannual Report March 31, 1995


                                         

                                   "We need our 
                                   money to 
                                   grow because 
                                   we have 
[photo]                            long-term 
                                   goals. But we 
                                   know stocks
                                   can have ups 
                                   and downs."

[LOGO] OPPENHEIMER FUNDS           


<PAGE>   2




This Fund is for people who want to take advantage of opportunities worldwide
but need some protection from the short-term fluctuations of growth oriented
investments.

                                BEAT THE AVERAGES

Cumulative Total Return for the
3-Year Period Ended 3/31/95:

Oppenheimer Global Growth &
Income Fund
Class A (at NAV)(1)

     30.83%
                         
S&P 500(2)

     10.54%

Lipper Global Flexible Portfolio 
Funds Average(3)

     23.91%
                                                               
- --------------------------------------------------------------------------------
HOW YOUR FUND IS MANAGED
- --------------------------------------------------------------------------------

Oppenheimer Global Growth & Income Fund seeks to take advantage of long-term
growth opportunities worldwide while trying to limit the short-term risks of
growth-oriented investments. To seek its growth objective, the Fund invests in
stocks using a focused global theme approach to identify companies and countries
that meet its criteria. At the same time, the manager invests part of the Fund's
portfolio in bonds and dividend-producing stocks to use current income in order
to seek to moderate the effects of market volatility.

- --------------------------------------------------------------------------------
PERFORMANCE
- --------------------------------------------------------------------------------

Total returns at net asset value for the 6 months ended 3/31/95 for Class A and
C shares were -3.85% and -4.23%, respectively.(1)

      Many of the world's financial markets have been volatile recently and,
like many mutual funds, your Fund felt the effects. While difficult periods are
hard to accept, they're an inevitable part of investing. That's why keeping a
long-term perspective is crucial to getting the most from your investment and
helping you through short-term market fluctuations.

      Your Fund's average annual total returns at maximum offering price for
Class A shares for the 1-year period ended 3/31/95 and since inception of the
Class on 10/22/90 were -5.49% and 7.37%, respectively. For Class C shares,
average annual total returns for the 1-year period ended 3/31/95 and since
inception of the Class on 12/1/93 were -1.44% and 2.14%, respectively.(4)

- --------------------------------------------------------------------------------
OUTLOOK
- --------------------------------------------------------------------------------

"The past six months have been a challenging period for offshore investors, but
when you compare the performance of global and international funds, the
advantages of global investing are clear. With its global focus, this Fund
provides diversification plus the flexibility to invest in the U.S. market in
volatile times."

                                                   Bill Wilby, Portfolio Manager
                                                                  March 31, 1995


All figures assume reinvestment of dividends and capital gains distributions.
Past performance is not indicative of future results. Investment and principal
value on an investment in the Fund will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than the original cost.

1. Based on the change in net asset value per share for the periods shown,
without deducting any sales charges. Such performance would have been lower if
sales charges were taken into account.

2. The S&P 500 Index is an unmanaged index of common stocks that is widely
recognized as an indicator of overall market performance. The S&P 500 Index
includes dividend reinvestments but does not take capital gains distributions
into consideration.

3. Source: Lipper Analytical Services. The Lipper total return average for the
3-year period was for 16 global flexible portfolio funds. The average is shown
for comparative purposes only. Oppenheimer Global Growth & Income Fund is
characterized by Lipper as a global flexible portfolio fund. Lipper performance
does not take sales charges into consideration.

4. Class A returns show results of hypothetical investments on 4/1/94 and
10/22/90 (inception of class), after deducting the current maximum initial sales
charge of 5.75%. Class C returns show results of hypothetical investments on
4/1/94 and 12/1/93 (inception of class), with the 1% contingent deferred sales
charge deducted for the 1-year result. An explanation of the different total
returns is in the Fund's prospectus.


2     Oppenheimer Global Growth & Income Fund
<PAGE>   3
                                                             
[PHOTO]

Donald W. Spiro
President
Oppenheimer Global
Growth & Income Fund


[PHOTO]

Jon S. Fossel
Chairman and CEO
Oppenheimer
Management
Corporation



Dear OppenheimerFunds Shareholder,

As we review events in the world's stock markets over the past several months,
such as the devaluation of the Mexican peso, the political and economic
uncertainties surrounding much of Europe, and the dollar's decline against many
other major currencies, one question comes to mind: Is the bloom off the global
investing rose?

      That's a good question and, at OppenheimerFunds, we believe there is a
good answer: For investors seeking the potential benefits of
diversification--improved returns and lower overall risk--global investing is
actually more important than ever before.

      Given the current perception of heightened global risk, this may seem like
an unusual statement. But over the past two years, there has been an
unprecedented situation--almost universally favorable conditions in many of the
world's stock markets.

      Starting in the early 1990s, investors began allocating increasing amounts
of capital offshore, causing stock prices worldwide to rise virtually in unison.
On the heels of Mexico's devaluation of the peso and following other events,
these conditions are changing. Capital inflows are diminishing and offshore
markets are no longer moving in lockstep. Instead, they are returning to their
historic pattern of differentiated performance, based on the fundamentals of
their economies, markets, and individual companies. And in our view--based on 20
years of global investing experience--this development is creating outstanding
opportunities to find value at attractive prices.

      For example, stock prices in most markets across Latin America have been
affected by the devaluation of the Mexican peso. In many of these countries, we
believe the downturn simply isn't justified. Chile and Argentina, for instance,
have well-managed economies with strong currencies. As that becomes clear to
investors, we expect these markets to rebound strongly.

      The same is true of Asia. While Japan continues to face significant issues
that will take time to work out, other Asian markets seem undervalued to us
relative to their growth potential. Increasingly, these markets should move on
their own merits, and those merits are substantial.

      Europe also appears to have under-recognized strengths. In our view,
economic recovery is gaining steam across the continent, and the restructuring
of European industry for global competitiveness has proceeded at a remarkable
pace. While many companies are dealing with the pressures of a declining U.S.
dollar, which makes U.S. goods cheaper abroad, they are dealing with those
pressures well. And as the dollar rises--as we believe it will as the U.S. trade
deficit lessens and the need to support the Mexican peso abates--the strength of
European industry should be reflected in solid gains in sales, earnings, and
stock prices.

      Your portfolio manager discusses the outlook for your Fund on the
following pages. We appreciate your trust in OppenheimerFunds, and we'll
continue to do our best to help meet your investment objectives in the future.


/s/   Donald W. Spiro                             /s/   Jon S. Fossel
- ---------------------                             -------------------
      Donald W. Spiro                                   Jon S. Fossel

April 24, 1995


3     Oppenheimer Global Growth & Income Fund
<PAGE>   4
Q+A       [PHOTOS]


Q   What Kinds of companies are you focusing on today?

                                   
An interview with your Fund's manager.


THE PAST SEVERAL MONTHS HAVE BEEN A DEMANDING PERIOD FOR INVESTMENT MARKETS
WORLDWIDE. HOW DID THE FUND RESPOND TO RECENT STOCK MARKET DEVELOPMENTS?

With the devaluation of the Mexican peso, we significantly shifted the Fund's
equity holdings toward developed markets in the U.S. and Europe, focusing on
globally competitive high-quality companies with strong balance sheets.

      At this point, in fact, about a third of the Fund's equity portfolio is
invested in U.S. companies. We've focused primarily on companies in the
technology, medical equipment, and biotechnology fields--firms including Cisco
Systems, IBM, DEC, Advanced Micro Devices, Intel, and Amgen--where the U.S. is
the undisputed world leader.

DOES THIS SHIFT IN EMPHASIS TOWARD THE U.S. REFLECT A LOSS OF CONFIDENCE IN THE 
GLOBAL MARKETS?

Not at all. Two-thirds of the Fund's equity portfolio is still invested offshore
and, in our view, the case for global investing is getting stronger every day.
Over the past few years, surging capital flows into emerging markets pushed
stock prices up almost indiscriminately. The events of this year, notably the
peso's collapse, should remind us that there are major political and economic
differences among the world's markets.

      With the peso-driven sell-off behind us, markets worldwide are once again
beginning to rise and decline on their own merits. What's more, stock prices in
many markets have fallen to very attractive levels, opening new investment
opportunities. Of course, any foreign investment is subject to adverse market
changes due to currency fluctuations, and sometimes the shifts can be sharp. By
diversifying the portfolio, by country and industry, we're able to help mitigate
those risks.

WHAT KINDS OF COMPANIES ARE YOU FOCUSING ON TODAY?

In searching for companies with the best potential for growth, we use a
theme-oriented approach to capitalize on key global growth trends. We hold the
stocks of companies with strong positions in the



4     Oppenheimer Global Growth & Income Fund
<PAGE>   5

FACING PAGE
Left: Bill Wilby, Portfolio Manager

Right: The equity trading desk


THIS PAGE
Top: Jim Ayer, member of the 
Global Investments team


Bottom: Robert Doll, Director
of Equity Investments, with his 
assistant, Pat Andrzejewski

A  Those
in key 
businesses
driving
the global 
economy.


key businesses driving the global economy: healthcare, efficiency-enhancing
technologies, infrastructure, telecommunications, and emerging consumer
markets.

WHERE ARE YOU FINDING INVESTMENT OPPORTUNITIES TODAY?

In many areas. Outside Mexico, where we have essentially eliminated our
holdings, Latin America remains attractive for long-term investors. Argentina,
for example, got caught in the ripple effect of the peso's fall, but we view
that country's longer-term political and economic fundamentals as sound.

      The performance of European markets has been held back by the dollar's
decline, which makes European goods more expensive relative to those made in the
U.S. and puts manufacturers' profits under pressure. However, we expect that
situation to change over the next few months.

[PHOTO]

      Our recent purchases include Buderus, a German company and global leader
in heating and burning technology; Spar Handels, a German supermarket with a
fast-growing franchise in Central Europe; and a number of U.K. cable and
telecommunications stocks.(1)

DID YOU MAKE ANY CHANGES IN THE FUND'S FIXED INCOME PORTFOLIO?

To increase yield while reducing the impact of foreign currency swings, the Fund
continues to hold a portfolio of high yield U.S. corporate bonds. We also
adjusted the foreign fixed income portion of the portfolio.

      We added to our holdings in Argentine bonds, which are providing
attractive yields, and continued to build our positions in Canadian, Australian,
and U.K. bonds, which offer exceptionally high inflation-adjusted rates of
return. We also added to our holdings of convertible securities, which offer a
conservative way to participate in equity markets.

[PHOTO]

HOW WILL YOU BE MANAGING THE FUND GOING FORWARD?

In the near term, we'll continue to be somewhat defensive, focusing on
established markets, and keeping cash at a relatively high level. As emerging
markets stabilize and established markets advance in their economic cycles,
we'll look for stocks with attractive valuations and bonds with attractive
yields, focusing not on short-lived shifts in markets or exchange rates, but on
the fundamental themes driving the global economy. / /


1. The Fund's portfolio is subject to change.

5     Oppenheimer Global Growth & Income Fund
<PAGE>   6

- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS   March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                        FACE            MARKET VALUE
                                                                        AMOUNT(1)       SEE NOTE 1
====================================================================================================
<S>                                                                     <C>               <C>
MORTGAGE-BACKED OBLIGATIONS--1.1%
Government National Mortgage Assn., 7.50%, 9/15/22 (Cost $1,581,977)    $    1,557,638    $1,511,252
- ----------------------------------------------------------------------------------------------------
U.S. Government Obligations--6.6%
U.S. Treasury Bonds, 7.625%, 11/15/22                                        4,410,000     4,469,256
- ----------------------------------------------------------------------------------------------------
U.S. Treasury Nts., 7.75%, 11/30/99                                          3,500,000     3,589,688
- ----------------------------------------------------------------------------------------------------
U.S. Treasury Nts., 8.50%, 7/15/97                                           1,000,000     1,035,000
                                                                                          ----------
Total U.S. Government Obligations (Cost $9,631,109)                                        9,093,944
====================================================================================================
FOREIGN GOVERNMENT OBLIGATIONS--12.6%
Argentina (Republic of) Bonds, Bonos de Consolidacion
de Deudas, Series I, 6.062%, 4/1/01(3)(4)                                    1,771,208       932,302
- ----------------------------------------------------------------------------------------------------
Argentina (Republic of) Par Bonds, 4.25%, 3/31/23(5)                        10,000,000     4,081,250
- ----------------------------------------------------------------------------------------------------
Brazil (Federal Republic of) Bonds, Banco do Nordeste Brasil,
10.375%, 11/6/95(2)                                                          1,000,000       995,000
- ----------------------------------------------------------------------------------------------------
Canada (Government of) Debs., 10.50%, 7/1/00 CAD                             1,200,000       934,028
- ----------------------------------------------------------------------------------------------------
German Bund (Federal Republic of) Nts., 6.125%, 7/21/97 DEM                  2,300,000     1,698,833
- ----------------------------------------------------------------------------------------------------
Italy (Republic of) Treasury Bonds, 11.50%, 5/1/98 ITL                   2,000,000,000     1,153,379
- ----------------------------------------------------------------------------------------------------
New South Wales Treasury Corp. Gtd. Exch. Bonds, 12%, 12/1/01 AUD            1,150,000       926,075
- ----------------------------------------------------------------------------------------------------
New Zealand (Republic of) Bonds, 9%, 11/15/96 NZD                            1,500,000       986,805
- ----------------------------------------------------------------------------------------------------
Queensland Treasury Corp. Gtd. Nts., 8%, 8/14/01 AUD                         2,550,000     1,696,940
- ----------------------------------------------------------------------------------------------------
Spain (Kingdom of) Bonds, 11.45%, 8/30/98 ESP                              135,000,000     1,058,035
- ----------------------------------------------------------------------------------------------------
Sweden (Kingdom of) Bonds, 11%, 1/21/99 SEK                                  7,000,000       952,547
- ----------------------------------------------------------------------------------------------------
United Kingdom Treasury Nts., 10.25%, 11/22/99 GBP                             475,000       824,936
- ----------------------------------------------------------------------------------------------------
United Kingdom Treasury Nts., 9.50%, 1/15/99 GBP                               600,000     1,012,706
                                                                                          ----------
Total Foreign Government Obligations (Cost $17,771,921)                                   17,252,836
====================================================================================================
NON-CONVERTIBLE CORPORATE BONDS AND NOTES--9.0%
BASIC MATERIALS--0.6%
CHEMICALS--0.3%
Carbide/Graphite Group, Inc., 11.50% Sr. Nts., 9/1/03                          350,000       365,750
PAPER--0.3%
PT Inti Indorayon Utama, 9.125% Sr. Nts., 10/15/00                             175,000       147,875
- ----------------------------------------------------------------------------------------------------
Stone Consolidated Corp., 10.25% Sr. Sec. Nts., 12/15/00                       300,000       304,875
                                                                                          ----------
                                                                                             452,750

CONSUMER CYCLICALS--2.1%
AUTOS AND HOUSING--0.9%
Auburn Hills Trust, 12% Gtd. Exch. Certificates, 5/1/20(3)                     300,000       415,212
- ----------------------------------------------------------------------------------------------------
Amstar Corp., 11.375% Sr. Sub. Nts., 2/15/97                                   400,000       400,000
- ----------------------------------------------------------------------------------------------------
Penda Corp., 10.75% Sr. Nts., Series B, 3/1/04                                 500,000       451,250
                                                                                          ----------
                                                                                           1,266,462

LEISURE AND ENTERTAINMENT--0.3%
Family Restaurants, Inc., 9.75% Sr. Nts., 2/1/02                               500,000       346,250
RETAIL-GENERAL--0.5%
Southland Corp., 4.50% 2nd Priority Sr. Sub. Debs., Series A, 6/15/04          700,000       453,250
- ----------------------------------------------------------------------------------------------------
Thrifty Payless, Inc., 11.75% Sr. Nts., 4/15/03                                250,000       263,125
                                                                                          ----------
                                                                                             716,375
</TABLE>

6     Oppenheimer Global Growth & Income Fund

<PAGE>   7

<TABLE>
<CAPTION>
                                                                               FACE            MARKET VALUE
                                                                               AMOUNT(1)       SEE NOTE 1
===========================================================================================================
<S>                                                                            <C>             <C>
RETAIL-SPECIALTY--0.4%
- -----------------------------------------------------------------------------------------------------------
Cole National Group, Inc., 11.25% Sr. Nts., 10/1/01                            $      500,000   $   480,000
- -----------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--1.2%
- -----------------------------------------------------------------------------------------------------------
FOOD--0.6%
- -----------------------------------------------------------------------------------------------------------
Dr. Pepper/Seven-Up Cos., Inc., 0%/11.50% Sr. Sub. Disc. Nts., 11/1/02(6)             556,000       483,720
- -----------------------------------------------------------------------------------------------------------
Grand Union Co., 11.25% Sr. Nts., 7/15/00(7)                                          300,000       313,875
                                                                                                -----------
                                                                                                    797,595

- -----------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES AND SERVICES--0.4%
Charter Medical Corp., 11.25% Sr. Sub. Nts., 4/15/04                                  500,000       527,500
- -----------------------------------------------------------------------------------------------------------
HOUSEHOLD GOODS--0.2%
Synthetic Industries, Inc., 12.75% Sr. Sub. Debs., 12/1/02                            300,000       292,500
- -----------------------------------------------------------------------------------------------------------
ENERGY--1.0%
- -----------------------------------------------------------------------------------------------------------
ENERGY SERVICES AND PRODUCERS--1.0%
Gulf Canada Resources Ltd., 9.25% Sr. Sub. Debs., 1/15/04                             500,000       470,055
- -----------------------------------------------------------------------------------------------------------
Mesa Capital Corp., 0%/12.75% Sec. Disc. Nts., 6/30/98(6)                             390,000       376,350
- -----------------------------------------------------------------------------------------------------------
OPI International, Inc., 12.875% Gtd. Sr. Nts., 7/15/02                               500,000       552,500
                                                                                                -----------
                                                                                                  1,398,905

- -----------------------------------------------------------------------------------------------------------
FINANCIAL--1.6%
- -----------------------------------------------------------------------------------------------------------
BANKS--0.6%
Rabobank Nederland, 10.375% Debs., 6/21/00 ITL                                  1,500,000,000       821,990
- -----------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--1.0%
Card Establishment Services, Inc., 10% Sr. Sub. Nts., Series B, 10/1/03               500,000       555,625
- -----------------------------------------------------------------------------------------------------------
GPA Delaware, Inc., 8.75% Gtd. Nts., 12/15/98                                         500,000       395,000
- -----------------------------------------------------------------------------------------------------------
GPA Holland BV, 9.75% Medium-Term Nts., Series B, 6/10/96                             500,000       473,750
                                                                                                -----------
                                                                                                  1,424,375

- -----------------------------------------------------------------------------------------------------------
TECHNOLOGY--1.7%
- -----------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY--1.7%
Celcaribe SA, 0%/13.50% Sr. Sec. Nts., 3/15/04(2)(6)                                1,750,000     1,175,229
- -----------------------------------------------------------------------------------------------------------
Panamsat LP/Panamsat Capital Corp., 0%/11.375% Sr. Sub. Disc. Nts., 8/1/03(6)       1,000,000       657,500
- -----------------------------------------------------------------------------------------------------------
USA Mobile Communications, Inc. II, 9.50% Sr. Nts., 2/1/04                            500,000       432,500
                                                                                                -----------
                                                                                                  2,265,229

- -----------------------------------------------------------------------------------------------------------
UTILITIES--0.8%
- -----------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--0.6%
First PV Funding Corp., 10.15% Lease Obligation Bonds, Series 1986B, 1/15/16          500,000       486,804
- -----------------------------------------------------------------------------------------------------------
Subic Power Corp., 9.50% Sinking Fund Debs., 12/28/08(2)                              386,206       334,069
                                                                                                -----------
                                                                                                    820,873

- -----------------------------------------------------------------------------------------------------------
GAS UTILITIES--0.2%
Beaver Valley II Funding Corp., 9% 2nd Lease Obligation Bonds, 6/1/17                 498,000       384,326
                                                                                                -----------
Total Non-Convertible Corporate Bonds and Notes (Cost $13,081,208)                               12,360,880

===========================================================================================================
Convertible Corporate Bonds and Notes--5.8%

- -----------------------------------------------------------------------------------------------------------
BASIC MATERIALS--0.3%
- -----------------------------------------------------------------------------------------------------------
METALS--0.3%
Jindal Strips Ltd., 4.25% Cv. Debs., 3/31/99                                          400,000       367,750
- -----------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--2.1%
- -----------------------------------------------------------------------------------------------------------
AUTOS AND HOUSING--0.9%
Consorcio G Grupo Dina, SA de C.V., 8% Cv. Sub. Debs., 8/8/04                       1,000,000       310,000
- -----------------------------------------------------------------------------------------------------------
Hutchison Delta Finance Ltd., 7% Exch. Gtd. Sr. Nts., 11/8/02(2)                    1,000,000     1,021,850
                                                                                                -----------
                                                                                                  1,331,850

- -----------------------------------------------------------------------------------------------------------
MEDIA--1.2%
Carlton Communications PLC, 7.50% Cv. Bonds, 8/14/07 GBP                              170,000       382,116
- -----------------------------------------------------------------------------------------------------------
Carlton Communications PLC, 7.50% Cv. Sub. Bonds, 8/14/07 GBP                         230,000       516,982
- -----------------------------------------------------------------------------------------------------------
Kinnevik Industrifoerval AB, 10.50% Cv. Sub. Debs., 7/21/97(8) SEK                  2,500,000       668,247
                                                                                                -----------
                                                                                                  1,567,345
</TABLE>


7     Oppenheimer Global Growth & Income Fund
<PAGE>   8

- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS   (Unaudited) (Continued)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                 FACE        MARKET VALUE
                                                                                 AMOUNT(1)   SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
CONSUMER NON-CYCLICALS--1.4%
- ---------------------------------------------------------------------------------------------------------
BEVERAGES--0.7%
Noble China Corp., 9% Cv. Sub. Debs., 11/30/04(9) CAD                            $1,250,000    $  953,484
- ---------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--0.7%
ICN Pharmaceuticals, Inc., 8.50% Cv. Sub. Debs., 11/15/99                         1,000,000       955,000

- ---------------------------------------------------------------------------------------------------------
ENERGY--0.2%
- ---------------------------------------------------------------------------------------------------------
OIL--INTEGRATED--0.2%
Swift Energy Co., 6.50% Cv. Sub. Debs., 6/30/03                                     300,000       283,500

- ---------------------------------------------------------------------------------------------------------
FINANCIAL--0.5%
- ---------------------------------------------------------------------------------------------------------
BANKS--0.3%
Banco de Galicia y Buenos Aires SA, 7% Cv. Negotiable Obligation Bonds, 8/1/02      600,000       378,000
- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--0.2%
Industrial Credit and Investment Corp. India Ltd., 2.50% Cv. Debs., 4/30/00(2)      450,000       330,468

- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL--1.3%
- ---------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.9%
Thermo Electron Corp., 4.625% Cv. Sr. Debs., 8/1/97(2)                              750,000     1,197,188
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--0.4%
International Container Terminal Services, Inc., 5% Cv. Sr. Nts., 9/15/01           300,000       230,250
- ---------------------------------------------------------------------------------------------------------
International Container Terminal Services, Inc., 6% Cv. Sr. Nts., 2/19/00(2)        300,000       285,000
                                                                                             ------------
                                                                                                  515,250
                                                                                             ------------
Total Convertible Corporate Bonds and Notes (Cost $8,183,088)                                   7,879,835
</TABLE>

<TABLE>
<CAPTION>
                                                                                    SHARES
=========================================================================================================
<S>                                                                                 <C>      <C>
COMMON STOCKS--58.3%
- ---------------------------------------------------------------------------------------------------------
BASIC MATERIALS--3.8%
- ---------------------------------------------------------------------------------------------------------
CHEMICALS--1.2%
Minerals Technologies, Inc.                                                          30,000       967,500
- ---------------------------------------------------------------------------------------------------------
NOVA Corp.                                                                           80,000       700,000
                                                                                             ------------
                                                                                                1,667,500

- ---------------------------------------------------------------------------------------------------------
METALS--1.2%
Dofasco, Inc.                                                                        32,100       406,185
- ---------------------------------------------------------------------------------------------------------
Kangwon Industrial Co. Ltd.                                                          34,000       669,343
- ---------------------------------------------------------------------------------------------------------
Ugine SA                                                                              7,000       474,355
                                                                                             ------------
                                                                                                1,549,883

- ---------------------------------------------------------------------------------------------------------
PAPER--1.4%
Corticeira Amorim, SA                                                                20,000       318,670
- ---------------------------------------------------------------------------------------------------------
PT Pabrik Kertas Tjiwi Kimia                                                        350,000       625,558
- ---------------------------------------------------------------------------------------------------------
Stora Kopparbergs Bergslags AB                                                        8,400       501,491
- ---------------------------------------------------------------------------------------------------------
Svenska Cellulosa AB                                                                 30,000       476,253
                                                                                             ------------
                                                                                                1,921,972

- ---------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS--8.0%
- ---------------------------------------------------------------------------------------------------------
AUTOS AND HOUSING--3.1%
Fiat SpA di Risp.                                                                   300,000       701,785
- ---------------------------------------------------------------------------------------------------------
General Motors Corp.                                                                 30,000     1,327,500
- ---------------------------------------------------------------------------------------------------------
Philips Electronics NV                                                               50,400     1,726,300
- ---------------------------------------------------------------------------------------------------------
Volvo AB, Series B Free                                                              25,000       432,495
                                                                                             ------------
                                                                                                4,188,080

- ---------------------------------------------------------------------------------------------------------
LEISURE AND ENTERTAINMENT--2.2%
Genting Berhad                                                                       50,000       450,151
- ---------------------------------------------------------------------------------------------------------
King World Productions, Inc.(10)                                                     13,700       539,438
- ---------------------------------------------------------------------------------------------------------
Nintendo Co.                                                                         34,400     2,106,203
                                                                                             ------------
                                                                                                3,095,792
</TABLE>


8     Oppenheimer Global Growth & Income Fund
<PAGE>   9


<TABLE>
<CAPTION>
                                                                                             MARKET VALUE
                                                                                 SHARES      SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
MEDIA--1.7%
Comcast Corp.                                                                      5,800       $   90,263
- ---------------------------------------------------------------------------------------------------------
Comcast Corp., Cl. A Special                                                      24,000          375,000
- ---------------------------------------------------------------------------------------------------------
News Corp. Ltd., ADR                                                              40,000          765,000
- ---------------------------------------------------------------------------------------------------------
Telewest Communications PLC, ADR                                                  20,600          563,925
- ---------------------------------------------------------------------------------------------------------
United International Holdings, Inc., Cl. A(10)                                    32,000          520,000
                                                                                               ----------
                                                                                                2,314,188

- ---------------------------------------------------------------------------------------------------------
RETAIL: GENERAL--0.9%
PT Matahari Putra Prima                                                          313,000          475,514
- ---------------------------------------------------------------------------------------------------------
Rinascente SpA, Ordinary                                                          42,000          209,864
- ---------------------------------------------------------------------------------------------------------
Sonae Industria E. Investimentos(10)                                              20,000          484,239
                                                                                               ----------
                                                                                                1,169,617

- ---------------------------------------------------------------------------------------------------------
RETAIL: SPECIALTY--0.1%
Giordano Holdings Ltd.                                                           301,500          200,813
- ---------------------------------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS--10.3%
- ---------------------------------------------------------------------------------------------------------
BEVERAGES--0.8%
Guinness PLC                                                                      75,000          569,266
- ---------------------------------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton                                                   3,000          589,868
                                                                                               ----------
                                                                                                1,159,134

- ---------------------------------------------------------------------------------------------------------
FOOD--1.3%
Dairy Farm International Holdings Ltd.                                           800,000        1,024,000
- ---------------------------------------------------------------------------------------------------------
Mavesa ADR(2)                                                                     75,000          295,515
- ---------------------------------------------------------------------------------------------------------
PT Indofood Sukses Makmur                                                        139,250          479,100
                                                                                               ----------
                                                                                                1,798,615

- ---------------------------------------------------------------------------------------------------------
HEALTHCARE/DRUGS--5.3%
Amgen, Inc.(10)                                                                   14,000          943,250
- ---------------------------------------------------------------------------------------------------------
Astra AB Free, Series A                                                           30,000          797,826
- ---------------------------------------------------------------------------------------------------------
Genzyme Corp.(10)                                                                 30,843        1,195,166
- ---------------------------------------------------------------------------------------------------------
Gillette Co.                                                                       7,000          571,375
- ---------------------------------------------------------------------------------------------------------
Johnson & Johnson                                                                 20,000        1,190,000
- ---------------------------------------------------------------------------------------------------------
Pharmavit GDS(10)                                                                 16,000          136,000
- ---------------------------------------------------------------------------------------------------------
Plant Genetics Systems International NV(9)(10)                                    50,072          309,107
- ---------------------------------------------------------------------------------------------------------
Schering AG                                                                        1,500        1,112,538
- ---------------------------------------------------------------------------------------------------------
Sumitomo Chemical Co. Ltd.                                                       100,000          532,407
- ---------------------------------------------------------------------------------------------------------
Takeda Chemical Industries Ltd.                                                   34,000          448,612
                                                                                               ----------
                                                                                                7,236,281

- ---------------------------------------------------------------------------------------------------------
HEALTHCARE/SUPPLIES AND SERVICES--2.9%
Arjo AB                                                                           30,100          494,177
- ---------------------------------------------------------------------------------------------------------
Circon Corp.                                                                      52,500        1,023,750
- ---------------------------------------------------------------------------------------------------------
Pharmacia AB                                                                      57,600        1,023,823
- ---------------------------------------------------------------------------------------------------------
Stryker Corp.                                                                     20,000          915,000
- ---------------------------------------------------------------------------------------------------------
Takare PLC                                                                       150,000          513,072
                                                                                               ----------
                                                                                                3,969,822
</TABLE>


9     Oppenheimer Global Growth & Income Fund
<PAGE>   10

<TABLE>
<CAPTION>

- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS   (Unaudited) (Continued)
- --------------------------------------------------------------------------------

                                                                                             MARKET VALUE
                                                                                 SHARES      SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
ENERGY--4.3%
- ---------------------------------------------------------------------------------------------------------
ENERGY SERVICES AND PRODUCERS--1.2%
Baker Hughes, Inc.                                                                   35,000    $  713,125
- ---------------------------------------------------------------------------------------------------------
McDermott International, Inc.                                                        10,000       273,750
- ---------------------------------------------------------------------------------------------------------
Petroleum Geo-Services AS(10)                                                        30,500       683,912
                                                                                               ----------
                                                                                                1,670,787

- ---------------------------------------------------------------------------------------------------------
OIL--INTEGRATED--3.1%
British Petroleum Co. PLC                                                             7,000       587,125
- ---------------------------------------------------------------------------------------------------------
Compagnie Francaise de Petroleum Total                                                8,000       478,400
- ---------------------------------------------------------------------------------------------------------
OeMV AG(10)                                                                           5,000       504,110
- ---------------------------------------------------------------------------------------------------------
Repsol SA                                                                            16,000       455,873
- ---------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co.                                                            11,900     1,428,000
- ---------------------------------------------------------------------------------------------------------
YPF Sociedad Anonima, Sponsored ADR                                                  39,200       744,800
                                                                                               ----------
                                                                                                4,198,308

- ---------------------------------------------------------------------------------------------------------
FINANCIAL--8.9%
- ---------------------------------------------------------------------------------------------------------
BANKS--5.2%
Banco Bradesco SA                                                                32,080,000       214,930
- ---------------------------------------------------------------------------------------------------------
Banco Frances del Rio de la Plata SA                                                 30,000       183,045
- ---------------------------------------------------------------------------------------------------------
Banco Latinoamericano de Exportaciones SA, Cl. E                                     10,000       255,000
- ---------------------------------------------------------------------------------------------------------
Banco Portugues de Investimento                                                      20,000       356,079
- ---------------------------------------------------------------------------------------------------------
Banco Wiese, Sponsored ADR(10)                                                       15,464       108,250
- ---------------------------------------------------------------------------------------------------------
BankAmerica Corp.                                                                    13,000       627,250
- ---------------------------------------------------------------------------------------------------------
Chase Manhattan Corp.                                                                15,000       534,375
- ---------------------------------------------------------------------------------------------------------
Chemical Banking Corp.                                                               15,000       566,250
- ---------------------------------------------------------------------------------------------------------
Citicorp                                                                             28,600     1,215,500
- ---------------------------------------------------------------------------------------------------------
Credit Local de France                                                                7,000       588,200
- ---------------------------------------------------------------------------------------------------------
J.P. Morgan & Co., Inc.                                                               8,000       488,000
- ---------------------------------------------------------------------------------------------------------
Korea First Bank                                                                     13,000       137,392
- ---------------------------------------------------------------------------------------------------------
Northern Trust Corp.                                                                 15,000       526,875
- ---------------------------------------------------------------------------------------------------------
PT Panin Bank(2)                                                                    341,500       434,885
- ---------------------------------------------------------------------------------------------------------
Turkiye Garanti Bankasi AS, Sponsored ADR(2)                                        290,000       962,075
                                                                                               ----------
                                                                                                7,198,106

- ---------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL--1.6%
American Express Co.                                                                 20,000       697,500
- ---------------------------------------------------------------------------------------------------------
H & R Block Inc.                                                                     10,000       433,750
- ---------------------------------------------------------------------------------------------------------
Merrill Lynch & Co., Inc.                                                            15,000       639,375
- ---------------------------------------------------------------------------------------------------------
SG Warburg & Co., Inc. Ords.                                                         36,000       420,426
                                                                                               ----------
                                                                                                2,191,051

- ---------------------------------------------------------------------------------------------------------
INSURANCE--2.1%
American International Group, Inc.                                                    9,000       938,250
- ---------------------------------------------------------------------------------------------------------
Marschollek, Lautenschlaeger und Partner AG                                             500       298,504
- ---------------------------------------------------------------------------------------------------------
Reinsurance Australia Corp.(10)                                                     999,800     1,613,367
                                                                                               ----------
                                                                                                2,850,121
</TABLE>


10    Oppenheimer Global Growth & Income Fund
<PAGE>   11
<TABLE>
<CAPTION>
                                                                                             MARKET VALUE
                                                                                 SHARES      SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
INDUSTRIAL--8.1%
- ---------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--0.2%
Sasib SpA                                                                         70,000       $  284,603
- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL MATERIALS--0.7%
Cimentos de Portugal SA                                                           12,000          225,701
- ---------------------------------------------------------------------------------------------------------
Stone Container Corp.                                                             30,000          686,250
                                                                                               ----------
                                                                                                  911,951

- ---------------------------------------------------------------------------------------------------------
INDUSTRIAL SERVICES--2.6%
Adia SA                                                                            2,500          459,574
- ---------------------------------------------------------------------------------------------------------
IHC Caland NV                                                                      8,650          216,555
- ---------------------------------------------------------------------------------------------------------
Ionics, Inc.                                                                      28,000          840,000
- ---------------------------------------------------------------------------------------------------------
ISS International Service System AS, Series B                                     20,000          545,520
- ---------------------------------------------------------------------------------------------------------
Nittoc Construction                                                               50,000          567,129
- ---------------------------------------------------------------------------------------------------------
Raito Kogyo Co. Ltd.                                                              22,000          529,629
- ---------------------------------------------------------------------------------------------------------
WMX Technologies, Inc.                                                            15,000          412,500
                                                                                               ----------
                                                                                                3,570,907

- ---------------------------------------------------------------------------------------------------------
MANUFACTURING--3.0%
Bombardier, Inc.                                                                   1,300           25,022
- ---------------------------------------------------------------------------------------------------------
Bucher Holding AG, B Shares                                                        1,250          721,555
- ---------------------------------------------------------------------------------------------------------
Buderus AG                                                                           700          368,289
- ---------------------------------------------------------------------------------------------------------
Catena AB Free, Series A(10)                                                      75,000          559,699
- ---------------------------------------------------------------------------------------------------------
Compagnie Generale des Eaux                                                        7,000          712,846
- ---------------------------------------------------------------------------------------------------------
Mitsubishi Heavy Industries Ltd.                                                  78,000          562,430
- ---------------------------------------------------------------------------------------------------------
Powerscreen International PLC                                                    125,000          509,000
- ---------------------------------------------------------------------------------------------------------
VAE Eisenbahnsysteme AG(2)                                                         1,600          155,335
- ---------------------------------------------------------------------------------------------------------
Valmet Corp., Cl. A(10)                                                           25,000          488,550
                                                                                               ----------
                                                                                                4,102,726

- ---------------------------------------------------------------------------------------------------------
TRANSPORTATION--1.6%
Brambles Industries Ltd.                                                          50,000          463,569
- ---------------------------------------------------------------------------------------------------------
Kvaerner AS                                                                       15,400          670,548
- ---------------------------------------------------------------------------------------------------------
Lisnave-Estaleiros Navais de Lisbona SA(10)                                       45,000          220,402
- ---------------------------------------------------------------------------------------------------------
Singmarine Industries Ltd.                                                       175,000          436,349
- ---------------------------------------------------------------------------------------------------------
Unitor Ships Service AS                                                           32,000          454,012
                                                                                               ----------
                                                                                                2,244,880

- ---------------------------------------------------------------------------------------------------------
TECHNOLOGY--11.1%
- ---------------------------------------------------------------------------------------------------------
COMPUTER HARDWARE--2.1%
Canon USA, Inc.                                                                   40,000          662,036
- ---------------------------------------------------------------------------------------------------------
Digital Equipment Corp.                                                           25,000          946,875
- ---------------------------------------------------------------------------------------------------------
International Business Machines Corp.                                             15,300        1,252,688
                                                                                               ----------
                                                                                                2,861,599

- ---------------------------------------------------------------------------------------------------------
COMPUTER SOFTWARE--0.7%
Microsoft Corp.(10)                                                               10,000          711,250
- ---------------------------------------------------------------------------------------------------------
Oracle Systems Corp.(10)                                                           7,500          234,375
                                                                                               ----------
                                                                                                  945,625
</TABLE>


11    Oppenheimer Global Growth & Income Fund
<PAGE>   12

- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS   (Unaudited) (Continued)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                             MARKET VALUE
                                                                                 SHARES      SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
ELECTRONICS--3.0%
Advanced Micro Devices, Inc.(10)                                                  20,000       $  677,500
- ---------------------------------------------------------------------------------------------------------
Austria Mikro Systeme International AG                                             7,000          657,783
- ---------------------------------------------------------------------------------------------------------
General Motors Corp., Cl. H                                                       20,000          825,000
- ---------------------------------------------------------------------------------------------------------
Hewlett-Packard Co.                                                                5,000          601,875
- ---------------------------------------------------------------------------------------------------------
Intel Corp.                                                                        6,000          509,250
- ---------------------------------------------------------------------------------------------------------
Motorola, Inc.                                                                    16,000          874,000
                                                                                               ----------
                                                                                                4,145,408

- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-TECHNOLOGY--5.3%
Airtouch Communications, Inc.(10)                                                 25,000          681,250
- ---------------------------------------------------------------------------------------------------------
AT&T Corp.                                                                        30,000        1,552,500
- ---------------------------------------------------------------------------------------------------------
Cisco Systems, Inc.(10)                                                           20,000          762,500
- ---------------------------------------------------------------------------------------------------------
International CableTel, Inc.                                                      30,000          892,500
- ---------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications Corp.                                              1,000          752,520
- ---------------------------------------------------------------------------------------------------------
Korea Mobile Telecommunications GDR(2)                                             6,400          171,600
- ---------------------------------------------------------------------------------------------------------
Millicom International Cellular SA                                                41,225        1,092,463
- ---------------------------------------------------------------------------------------------------------
Millicom, Inc.                                                                    15,500               --
- ---------------------------------------------------------------------------------------------------------
Pakistan Telecommunications, GDR(2)(10)                                            2,522          232,024
- ---------------------------------------------------------------------------------------------------------
SR Telecom, Inc.                                                                  16,500          166,147
- ---------------------------------------------------------------------------------------------------------
Technology Resources Industries Berhad                                           150,000          429,421
- ---------------------------------------------------------------------------------------------------------
Vodafone Group                                                                   157,629          509,641
                                                                                               ----------
                                                                                                7,242,566

- ---------------------------------------------------------------------------------------------------------
UTILITIES--3.8%
- ---------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES--1.7%
Central Costanera SA, Cl. B                                                      150,000          442,609
- ---------------------------------------------------------------------------------------------------------
Korea Electric Power Co.                                                          20,000          696,802
- ---------------------------------------------------------------------------------------------------------
Sithe Energies, Inc.                                                              26,700          246,975
- ---------------------------------------------------------------------------------------------------------
Veba AG                                                                            1,500          546,952
- ---------------------------------------------------------------------------------------------------------
Verbund Oest Electriz                                                              6,500          404,274
                                                                                               ----------
                                                                                                2,337,612

- ---------------------------------------------------------------------------------------------------------
GAS UTILITIES--0.9%
British Gas PLC                                                                  100,000          466,651
- ---------------------------------------------------------------------------------------------------------
Hong Kong & China Gas                                                            400,000          713,898
                                                                                               ----------
                                                                                                1,180,549

- ---------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--0.2%
Celcaribe SA(2)(10)                                                              284,550          259,771
- ---------------------------------------------------------------------------------------------------------
TELEPHONE UTILITIES--1.0%
Compania Peruana de Telefonos SA                                                 133,300          163,487
- ---------------------------------------------------------------------------------------------------------
Telecom Italia SpA                                                               300,000          701,785
- ---------------------------------------------------------------------------------------------------------
Telecommunication de Argentina, Cl. B                                            115,000          500,373
                                                                                               ----------
                                                                                                1,365,645
                                                                                               ----------
Total Common Stocks (Cost $73,949,406)                                                         79,833,912
</TABLE>


12    Oppenheimer Global Growth & Income Fund
<PAGE>   13

<TABLE>
<CAPTION>
                                                                                             MARKET VALUE
                                                                                 SHARES      SEE NOTE 1
=========================================================================================================
<S>                                                                              <C>         <C>
PREFERRED STOCKS--3.7%
- ---------------------------------------------------------------------------------------------------------
American Express Co., Debt Exchangeable for Common Stock
of First Data Corp., 6.25%, 10/15/96                                                 40,000  $  1,795,000
- ---------------------------------------------------------------------------------------------------------
Compania de Inversiones en Telecomunicaciones SA, Provisionally
Redeemable Income Debt Exchangeable for Stock, 7%, 3/3/98(2)                         15,000       768,750
- ---------------------------------------------------------------------------------------------------------
Fiat SpA(10)                                                                        200,000       486,713
- ---------------------------------------------------------------------------------------------------------
Rhoen Klinikum AG                                                                       800       561,202
- ---------------------------------------------------------------------------------------------------------
Spar Handels AG, Non-Vtg.                                                             3,000       747,538
- ---------------------------------------------------------------------------------------------------------
Telecomunicacoes Brasileiras SA                                                  24,600,000       663,647
                                                                                             ------------
Total Preferred Stocks (Cost $4,805,254)                                                        5,022,850
</TABLE>

<TABLE>
<CAPTION>
                                                                                     UNITS
=========================================================================================================
<S>                                                                                  <C>     <C>
RIGHTS, WARRANTS AND CERTIFICATES--0.0%
- ---------------------------------------------------------------------------------------------------------
American Satellite Networks Wts., Exp. 6/99                                           3,875            --
- ---------------------------------------------------------------------------------------------------------
Sasib SpA Wts., Exp. 7/97                                                            16,666            --
                                                                                             ------------
Total Rights, Warrants and Certificates (Cost $0)                                                      --
</TABLE>

<TABLE>
<CAPTION>
                                                                                    FACE
                                                                                   AMOUNT
=========================================================================================================
<S>                                                                              <C>         <C>
REPURCHASE AGREEMENTS--1.8%
- ---------------------------------------------------------------------------------------------------------
Repurchase agreement with First Chicago Capital Markets, 6.25%, dated
3/31/95, to be repurchased at $2,501,302 on 4/3/95, collateralized by
U.S. Treasury Nts., 4.75%--8.875%, 5/15/96--10/31/99, with a value of
$2,181,447 and U.S. Treasury Bonds, 8.125%--12.50%, 8/15/14--8/15/19,
with a value of $371,270 (Cost $2,500,000)                                       $2,500,000     2,500,000
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS, AT VALUE (COST $131,503,963)                                       98.9%   135,455,509
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS NET OF LIABILITIES                                                         1.1     1,456,781
                                                                                 ----------  ------------
NET ASSETS                                                                           100.0%  $136,912,290
                                                                                 ==========  ============
</TABLE>

Distribution of investments by country of issue, as a percentage of total
investments at value, is as follows:

<TABLE>
<CAPTION>
COUNTRY                                          MARKET VALUE            PERCENT
================================================================================
<S>                                               <C>                      <C>
United States                                     $58,881,389              43.5%
- --------------------------------------------------------------------------------
Argentina                                           8,031,129               5.9
- --------------------------------------------------------------------------------
Great Britain                                       6,875,845               5.1
- --------------------------------------------------------------------------------
Sweden                                              5,906,559               4.4
- --------------------------------------------------------------------------------
Australia                                           5,464,949               4.0
- --------------------------------------------------------------------------------
Japan                                               5,408,446               4.0
- --------------------------------------------------------------------------------
Germany                                             5,333,857               3.9
- --------------------------------------------------------------------------------
Italy                                               4,360,120               3.2
- --------------------------------------------------------------------------------
Canada                                              3,654,921               2.7
- --------------------------------------------------------------------------------
Netherlands                                         3,370,856               2.5
- --------------------------------------------------------------------------------
France                                              2,843,670               2.1
- --------------------------------------------------------------------------------
Korea, Republic of (South)                          2,427,655               1.8
- --------------------------------------------------------------------------------
Indonesia                                           2,162,933               1.6
- --------------------------------------------------------------------------------
Brazil                                              1,873,578               1.4
- --------------------------------------------------------------------------------
Norway                                              1,808,472               1.3
- --------------------------------------------------------------------------------
Austria                                             1,721,502               1.3
- --------------------------------------------------------------------------------
Portugal                                            1,605,091               1.2
- --------------------------------------------------------------------------------
Spain                                               1,513,908               1.1
- --------------------------------------------------------------------------------
Singapore                                           1,460,349               1.1
</TABLE>


13    Oppenheimer Global Growth & Income Fund

<PAGE>   14

- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS   (Unaudited) (Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COUNTRY                                          MARKET VALUE            PERCENT
================================================================================
<S>                                              <C>                       <C>
Colombia                                            1,435,000                1.1%
- --------------------------------------------------------------------------------
Switzerland                                         1,181,126                0.9
- --------------------------------------------------------------------------------
New Zealand                                           986,805                0.7
- --------------------------------------------------------------------------------
Turkey                                                962,075                0.7
- --------------------------------------------------------------------------------
Hong Kong                                             914,711                0.7
- --------------------------------------------------------------------------------
Malaysia                                              879,573                0.6
- --------------------------------------------------------------------------------
Philippines                                           849,319                0.6
- --------------------------------------------------------------------------------
India                                                 698,219                0.5
- --------------------------------------------------------------------------------
Denmark                                               545,520                0.4
- --------------------------------------------------------------------------------
Finland                                               488,549                0.4
- --------------------------------------------------------------------------------
Mexico                                                310,000                0.2
- --------------------------------------------------------------------------------
Belgium                                               309,107                0.2
- --------------------------------------------------------------------------------
Venezuela                                             295,515                0.2
- --------------------------------------------------------------------------------
Peru                                                  271,737                0.2
- --------------------------------------------------------------------------------
Panama                                                255,000                0.2
- --------------------------------------------------------------------------------
Pakistan                                              232,024                0.2
- --------------------------------------------------------------------------------
Hungary                                               136,000                0.1
                                                 ------------              -----
Total                                            $135,455,509              100.0%
                                                 ============              =====
</TABLE>

1. Face amount is reported in local currency. Foreign currency abbreviations are
as follows:
AUD--Australian Dollar       GBP--British Pound Sterling
CAD--Canadian Dollar         NZD--New Zealand Dollar
DEM--German Deutsche Mark    SEK--Swedish Krona
ESP--Spanish Peseta
2. Represents a security sold under Rule 144A, which is exempt from registration
under the Securities Act of 1933, as amended. This security has been determined
to be liquid under guidelines established by the Board of Trustees. These
securities amount to $8,618,759 or 6.3% of the Fund's net assets, at March 31,
1995.
3. Represents the current interest rate for a variable rate security.
4. Interest or dividend is paid in kind.
5. Represents the current interest rate for an increasing rate security.
6. Represents a zero coupon bond that converts to a fixed rate of interest at a
designated future date.
7. Non-income producing--issuer is in default of interest payment.
8. Affiliated company. Represents ownership of at least 5% of the voting
securities of the issuer and is or was an affiliate, as defined in the
Investment Company Act of 1940, at or during the period ended March 31, 1995.
The aggregate fair value of all securities of affiliated companies as of March
31, 1995 amounted to $668,247. Transactions during the period in which the
issuer was an affiliate are as follows:

<TABLE>
<CAPTION>
                                    BALANCE SEPTEMBER 30, 1994  GROSS ADDITIONS  GROSS REDUCTIONS     BALANCE MARCH 31, 1995
                                    --------------------------  ---------------  -------------------  ----------------------  
                                    FACE            COST        FACE     COST    FACE       COST      FACE          COST      
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                 <C>             <C>         <C>      <C>     <C>        <C>       <C>           <C>    
Kinnevik Industrifoerval AB,
10.50% Cv. Sub. Debs., 7/21/97 SEK  5,000,000       $1,028,610   --      $   --  2,500,000  $514,305  2,500,000     $514,305 
</TABLE>

<TABLE>
<CAPTION>
                                     
                                     INTEREST
                                     INCOME
- ---------------------------------------------
<S>                                  <C>
Kinnevik Industrifoerval AB,
10.50% Cv. Sub. Debs., 7/21/97 SEK   $30,903
</TABLE>

9. Identifies issues considered to be illiquid--See Note 6 of Notes to Financial
Statements.
10. Non-income producing security.
See accompanying Notes to Financial Statements.


14    Oppenheimer Global Growth & Income Fund

<PAGE>   15

- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES   MARCH 31, 1995 (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
===========================================================================================================
<S>         <C>                                                                                <C>
ASSETS      
Investments, at value (cost $131,503,963)--see accompanying statement                          $135,455,509
- -----------------------------------------------------------------------------------------------------------
Cash                                                                                                297,142
- -----------------------------------------------------------------------------------------------------------
Receivables:
Interest and dividends                                                                            1,475,098
Investments sold                                                                                  1,346,989
Shares of beneficial interest sold                                                                  470,872
- -----------------------------------------------------------------------------------------------------------
Other                                                                                                12,804
                                                                                               ------------
Total assets                                                                                    139,058,414

===========================================================================================================
LIABILITIES 
Unrealized depreciation on forward foreign currency exchange contracts--Note 5                       22,818
- -----------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed                                                              952,949
Investments purchased                                                                               924,117
Distribution and service plan fees--Note 4                                                           82,009
Trustees' fees                                                                                        2,986
Other                                                                                               161,245
                                                                                               ------------
Total liabilities                                                                                 2,146,124

===========================================================================================================
NET ASSETS                                                                                     $136,912,290
                                                                                               ============

===========================================================================================================
COMPOSITION OF NET ASSETS
Paid-in capital                                                                                $135,035,968
- -----------------------------------------------------------------------------------------------------------
Overdistributed net investment income                                                              (502,838)
- -----------------------------------------------------------------------------------------------------------
Accumulated net realized loss from investment and foreign currency transactions                  (1,572,284)
- -----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments and translation
of assets and liabilities denominated in foreign currencies                                       3,951,444
                                                                                               ------------
Net assets                                                                                     $136,912,290
                                                                                               ============

===========================================================================================================
NET ASSET VALUE PER SHARE
Class A Shares:
Net asset value and redemption price per share (based on net
assets of $115,269,801 and 8,479,998 shares of beneficial interest outstanding)                      $13.59
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price)                                                                   $14.42
- -----------------------------------------------------------------------------------------------------------
Class C Shares:
Net asset value, redemption price and offering price per share
(based on net assets of $21,642,489 and 1,598,055 shares of beneficial interest outstanding)         $13.54
</TABLE>

See accompanying Notes to Financial Statements.


15    Oppenheimer Global Growth & Income Fund

<PAGE>   16

- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS   For the Six Months Ended March 31, 1995 (Unaudited)
- --------------------------------------------------------------------------------

<TABLE>
===========================================================================================================
<S>                                                                                             <C>
INVESTMENT INCOME
Interest:
Unaffiliated companies (net of foreign withholding taxes of $9,492)                             $ 2,622,212
Affiliated companies                                                                                 30,903
- -----------------------------------------------------------------------------------------------------------
Dividends (net of foreign withholding taxes of $32,530)                                             369,885
                                                                                                -----------
Total income                                                                                      3,023,000

===========================================================================================================
EXPENSES    
Management fees--Note 4                                                                             565,640
- -----------------------------------------------------------------------------------------------------------
Distribution and service plan fees:
Class A--Note 4                                                                                     144,855
Class C--Note 4                                                                                      96,124
- -----------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees--Note 4                                               180,039
- -----------------------------------------------------------------------------------------------------------
Custodian fees and expenses                                                                          92,736
- -----------------------------------------------------------------------------------------------------------
Shareholder reports                                                                                  90,993
- -----------------------------------------------------------------------------------------------------------
Legal and auditing fees                                                                              42,507
- -----------------------------------------------------------------------------------------------------------
Trustees' fees and expenses                                                                           4,725
- -----------------------------------------------------------------------------------------------------------
Registration and filing fees--Class C                                                                 1,861
- -----------------------------------------------------------------------------------------------------------
Other                                                                                                22,474
                                                                                                -----------
Total expenses                                                                                    1,241,954

===========================================================================================================
NET INVESTMENT INCOME                                                                             1,781,046

===========================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments                                                                                      (3,000,527)
Foreign currency transactions                                                                     2,132,304
                                                                                                -----------
Net realized loss                                                                                  (868,223)
- -----------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on:
Investments                                                                                      (7,607,392)
Translation of assets and liabilities denominated in foreign currencies                             858,438
                                                                                                -----------
Net change                                                                                       (6,748,954)
                                                                                                -----------
Net realized and unrealized loss on investments and foreign currency transactions                (7,617,177)

===========================================================================================================
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS                                            $(5,836,131)
                                                                                                ===========
</TABLE>

See accompanying Notes to Financial Statements.


16    Oppenheimer Global Growth & Income Fund

<PAGE>   17

- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                  SIX MONTHS ENDED   YEAR ENDED
                                                                                  MARCH 31, 1995     SEPTEMBER 30,
                                                                                  (UNAUDITED)        1994
==================================================================================================================
<S>                                                                               <C>                <C>
OPERATIONS
Net investment income                                                             $   1,781,046      $   2,979,507
- ------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investments and foreign currency transactions              (868,223)         8,432,699
- ------------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation or depreciation on investments
and translation of assets and liabilities denominated in foreign currencies          (6,748,954)         1,533,429
                                                                                  -------------      -------------
Net increase (decrease) in net assets resulting from operations                      (5,836,131)        12,945,635

==================================================================================================================
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income:
Class A ($.20 and $.35 per share, respectively)                                      (1,709,401)        (2,811,077)
Class C ($.157 and $.289 per share, respectively)                                      (227,765)          (180,983)
- ------------------------------------------------------------------------------------------------------------------
Distributions from net realized gain on investments
and foreign currency transactions:
Class A ($.818 and $.481 per share, respectively)                                    (6,990,963)        (3,355,571)
Class C ($.818 and $.481 per share, respectively)                                    (1,095,494)            (7,409)

==================================================================================================================
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from Class A beneficial
interest transactions--Note 2                                                         5,042,400         31,386,177
- ------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from Class C beneficial
interest transactions--Note 2                                                         6,704,186         17,029,695

==================================================================================================================
NET ASSETS  
Total increase (decrease)                                                            (4,113,168)        55,006,467
- ------------------------------------------------------------------------------------------------------------------
Beginning of period                                                                 141,025,458         86,018,991
                                                                                  -------------      -------------
End of period (including overdistributed net investment
income of $502,838 and $346,718, respectively)                                     $136,912,290       $141,025,458
</TABLE>

See accompanying Notes to Financial Statements.


17    Oppenheimer Global Growth & Income Fund

<PAGE>   18

- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                     CLASS A                                                           CLASS C
                                     -------------------------------------------------------------     -------------------------
                                     SIX MONTHS                                                        SIX MONTHS      PERIOD
                                     ENDED MAR. 31,  YEAR ENDED                                        ENDED           ENDED
                                     1995            SEPTEMBER 30,                                     MAR. 31, 1995   SEPT. 30,
                                     (UNAUDITED)     1994           1993        1992       1991(2)     (UNAUDITED)     1994(1)
=================================================================================================================================
<S>                                  <C>             <C>            <C>         <C>        <C>         <C>             <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period                              $15.21          $14.09        $11.91      $12.43      $11.43       $15.17          $14.85
- --------------------------------------------------------------------------------------------------------------------------------
Income (loss) from
investment operations:
Net investment income                     .19             .33           .29         .26         .37          .14             .22
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions                    (.79)           1.62          2.17        (.47)        .95         (.79)            .87
                                       ------          ------        ------      ------      ------       ------          ------
Total income (loss) from                              
investment operations                    (.60)           1.95          2.46        (.21)       1.32         (.65)           1.09
- --------------------------------------------------------------------------------------------------------------------------------
Dividends and distributions to
shareholders:
Dividends from net investment
income                                   (.20)           (.35)         (.17)       (.28)       (.32)        (.16)           (.29)
Distributions from net realized                                                                             
gain on investments and foreign
currency transactions                    (.82)           (.48)         (.11)       (.03)         --         (.82)           (.48)
                                       ------          ------        ------      ------      ------       ------          ------
Total dividends and distributions
to shareholders                         (1.02)           (.83)         (.28)       (.31)       (.32)        (.98)           (.77)
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period         $13.59          $15.21        $14.09      $11.91      $12.43       $13.54          $15.17
                                       ------          ------        ------      ------      ------       ------          ------

================================================================================================================================
TOTAL RETURN, AT NET ASSET VALUE(3)     (3.85)%         13.96%        21.00%      (1.76)%     11.73%       (4.23)%          7.41%
================================================================================================================================
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands)                       $115,270        $124,017       $86,019     $49,735     $29,239      $21,642         $17,008
- --------------------------------------------------------------------------------------------------------------------------------
Average net assets
(in thousands)                       $122,565        $117,164       $59,951     $37,116     $19,340      $19,216          $7,896
- --------------------------------------------------------------------------------------------------------------------------------
Number of shares outstanding at
end of period (in thousands)            8,480           8,154         6,104       4,177       2,352        1,598           1,121
- --------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets:
Net investment income                    2.63%(4)        2.44%         2.68%       2.41%       4.05%(4)     1.85%(4)        1.85%(4)
Expenses                                 1.65%(4)        1.49%         1.56%       1.74%       1.94%(4)     2.42%(4)        2.44%(4)
- --------------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate(5)               51.9%           87.4%         90.6%       51.3%       23.5%        51.9%           87.4%
</TABLE>

1. For the period from December 1, 1993 (inception of offering) to 
September 30, 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. Total returns are not annualized for
periods of less than one full year.
4. Annualized.
5. The lesser of purchases or sales of portfolio securities for a period,
divided by the monthly average of the market value of portfolio securities owned
during the period. Securities with a maturity or expiration date at the time of
acquisition of one year or less are excluded from the calculation. Purchases and
sales of investment securities (excluding short-term securities) for the six
months ended March 31, 1995 were $71,254,436 and $66,800,064, respectively.
See accompanying Notes to Financial Statements.

18    Oppenheimer Global Growth & Income Fund

<PAGE>   19

- --------------------------------------------------------------------------------
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 of shares
have identical rights to earnings, assets and voting privileges, except that
each class has its own distribution and/or service plan, expenses directly
attributable to a particular class and exclusive voting rights with respect to
matters affecting a single class. The following is a summary of significant
accounting policies consistently followed by the Fund.

- --------------------------------------------------------------------------------
INVESTMENT VALUATION. Portfolio securities are valued at the close of the New
York Stock Exchange on each trading day. Listed and unlisted securities for
which such information is regularly reported are valued at the last sale price
of the day or, in the absence of sales, at values based on the closing bid or
asked price or the last sale price on the prior trading day. Long-term and
short-term "non-money market" debt securities are valued by a portfolio
pricing service approved by the Board of Trustees. Such securities which cannot
be valued by the approved portfolio pricing service are valued using
dealer-supplied valuations provided the Manager is satisfied that the firm
rendering the quotes is reliable and that the quotes reflect current market
value, or under consistently applied procedures established by the Board of
Trustees to determine fair value in good faith. Short-term "money market type"
debt securities having a remaining maturity of 60 days or less are valued at
cost (or last determined market value) adjusted for amortization to maturity of
any premium or discount. Forward contracts are valued based on the closing
prices of the forward currency contract rates in the London foreign exchange
markets on a daily basis as provided by a reliable bank or dealer. Options are
valued based upon the last sale price on the principal exchange on which the
option is traded or, in the absence of any transactions that day, the value is
based upon the last sale price on the prior trading date if it is within the
spread between the closing bid and asked prices. If the last sale price is
outside the spread, the closing bid or asked price closest to the last reported
sale price is used.

- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSLATION. The accounting records of the Fund are maintained
in U.S. dollars. Prices of securities denominated in foreign currencies are
translated into U.S. dollars at the closing rates of exchange. Amounts related
to the purchase and sale of securities and investment income are translated at
the rates of exchange prevailing on the respective dates of such transactions.

            The 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. The market value of the underlying securities is required
to be at least 102% of the resale price at the time of purchase. If the seller
of the agreement defaults and the value of the collateral declines, or if the
seller enters an insolvency proceeding, realization of the value of the
collateral by the Fund may be delayed or limited.

- --------------------------------------------------------------------------------
ALLOCATION OF INCOME, EXPENSES AND GAINS AND LOSSES. Income, expenses (other
than those attributable to a specific class) and gains and losses are allocated
daily to each class of shares based upon the relative proportion of net assets
represented by such class. Operating expenses directly attributable to a
specific class are charged against the operations of that class.

- --------------------------------------------------------------------------------
FEDERAL TAXES. The Fund intends to continue to comply with provisions of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income, including any net realized gain on
investments not offset by loss carryovers, to shareholders. Therefore, no
federal income or excise tax provision is required.

- --------------------------------------------------------------------------------
TRUSTEES' FEES AND EXPENSES. The Fund has adopted a nonfunded retirement plan
for the Fund's independent trustees. Benefits are based on years of service and
fees paid to each trustee during the years of service. During the six months
ended March 31, 1995, the Fund's projected benefit obligations were reduced by
$3,844, and a payment of $507 was made to a retired trustee resulting in an
accumulated liability of $29,755 at March 31, 1995.


19    Oppenheimer Global Growth & Income Fund

<PAGE>   20

- --------------------------------------------------------------------------------
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.

- --------------------------------------------------------------------------------
CLASSIFICATION OF DISTRIBUTIONS TO SHAREHOLDERS. Net investment income (loss)
and net realized gain (loss) may differ for financial statement and tax purposes
primarily because of the recognition of certain foreign currency gains (losses)
as ordinary income (loss) for tax purposes. The character of the distributions
made during the year from net investment income or net realized gains may differ
from their ultimate characterization for federal income tax purposes. Also, due
to timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gain (loss) was
recorded by the Fund. Effective October 1, 1993, the Fund adopted Statement of
Position 93-2: Determination, Disclosure, and Financial Statement Presentation
of Income, Capital Gain, and Return of Capital Distributions by Investment
Companies. As a result, the Fund changed the classification of distributions to
shareholders to better disclose the differences between financial statement
amounts and distributions determined in accordance with income tax regulations.

- --------------------------------------------------------------------------------
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, 1995     YEAR ENDED SEPTEMBER 30, 1994(1)
                                        -------------------------------     --------------------------------
                                        SHARES            AMOUNT            SHARES          AMOUNT
- ------------------------------------------------------------------------------------------------------------
<S>                                     <C>               <C>               <C>             <C>
Class A:
Sold                                     1,755,731        $24,780,283        4,823,552      $73,290,047
Dividends and distributions reinvested     624,865          8,399,907          392,494        5,940,555
Redeemed                                (2,054,906)       (28,137,790)      (3,165,575)     (47,844,425)
                                        ----------        -----------       ----------      -----------
Net increase                               325,690         $5,042,400        2,050,471      $31,386,177

- ------------------------------------------------------------------------------------------------------------
Class C:
Sold                                       574,577         $8,069,956        1,177,454      $17,876,870
Dividends and distributions reinvested      92,552          1,243,086           11,355          170,041
Redeemed                                  (190,373)        (2,608,856)         (67,510)      (1,017,216)
                                        ----------        -----------       ----------      -----------
Net increase                               476,756         $6,704,186        1,121,299      $17,029,695
</TABLE>


1. For the year ended September 30, 1994 for Class A shares and for the period
from December 1, 1993 (inception of offering) to September 30, 1994 for Class C
shares.

================================================================================
3. UNREALIZED GAINS AND LOSSES ON INVESTMENTS

At March 31, 1995, net unrealized appreciation on investments of $3,951,546 was
composed of gross appreciation of $10,256,272, and gross depreciation of
$6,304,726.

================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Fund which provides for a fee of .80% on the first
$250 million of average annual net assets; the rate is .77% of the next $250
million, .75% of the next $500 million, .69% of the next $1 billion and .67%
thereafter. The Manager has agreed to reimburse the Fund if aggregate expenses
(with specified exceptions) exceed the most stringent state regulatory limit on
Fund expenses.


20    Oppenheimer Global Growth & Income Fund

<PAGE>   21

================================================================================
4. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES (Continued)

For the six months ended March 31, 1995, commissions (sales charges paid by
investors) on sales of Class A shares totaled $454,728, of which $133,419 was
retained by Oppenheimer Funds Distributor, Inc. (OFDI), a subsidiary of the
Manager, as general distributor, and by an affiliated broker/dealer. Sales
charges advanced to broker/dealers by OFDI on sales of the Fund's Class C shares
totaled $70,231, of which $5,769 was paid to an affiliated broker/dealer. During
the six months ended March 31, 1995, OFDI received contingent deferred sales
charges of $7,747 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.

            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, 1995, OFDI
paid $6,246 and $255, respectively, to an affiliated broker/dealer as
reimbursement for Class A and Class C personal service and maintenance expenses 
and retained $96,124 as reimbursement for Class C sales commissions and 
service fee advances, as well as financing costs.


================================================================================
5. FORWARD CONTRACTS

A forward foreign currency exchange contract (forward contract) is a commitment
to purchase or sell a foreign currency at a future date, at a negotiated rate.

            The Fund uses forward contracts to seek to manage foreign currency
risks. They may also be used to tactically shift portfolio currency risk. The
Fund generally enters into forward contracts as a hedge upon the purchase or
sale of a security denominated in a foreign currency. In addition, the Fund may
enter into such contracts as a hedge against changes in foreign currency
exchange rates on portfolio positions.

            Forward contracts are valued based on the closing prices of the
forward currency contract rates in the London foreign exchange markets on a
daily basis as provided by a reliable bank or dealer. The Fund will realize a
gain or loss upon the closing or settlement of the forward transaction. 

            In this report, securities held in segregated accounts to cover 
net exposure on outstanding forward contracts are noted in the Statement of 
Investments where applicable. Gains and losses on outstand ing contracts 
(unrealized appreciation or depreciation on forward contracts) are reported in 
the Statement of Assets and Liabilities. Realized gains and losses are reported
with all other foreign currency gains and losses in the Fund's Statement of 
Operations.

            Risks include the potential inability of the counterparty to meet
the terms of the contract and unanticipated movements in the value of a foreign
currency relative to the U.S. dollar.

At March 31, 1995, the Fund had outstanding forward contracts to purchase and
sell foreign currencies as follows:

<TABLE>
<CAPTION>
                                         NUMBER OF                     UNREALIZED
                        EXPIRATION       CONTRACTS   VALUATION AS OF   APPRECIATION
CONTRACTS TO PURCHASE   DATE             (000s)      MARCH 31, 1995    (DEPRECIATION)
- -------------------------------------------------------------------------------------
<S>                     <C>                 <C>         <C>                    <C>
French Franc            4/28/95             455         $455,566               $  665
- -------------------------------------------------------------------------------------
Hong Kong Dollar        4/3/95--4/4/95       70           69,539                  (5)
- -------------------------------------------------------------------------------------
Japanese Yen            4/5/95              183          183,303                   42
- -------------------------------------------------------------------------------------
Netherlands Guilder     4/6/95--4/7/95      214          215,709                1,906
                                                        --------               ------
                                                        $924,117               $2,608
                                                        ========               ======
</TABLE>

<TABLE>
<CAPTION>
                                         NUMBER OF                     UNREALIZED
                        EXPIRATION       CONTRACTS   VALUATION AS OF   APPRECIATION
CONTRACTS TO PURCHASE   DATE             (000s)      MARCH 31, 1995    (DEPRECIATION)
- -------------------------------------------------------------------------------------
<S>                     <C>                 <C>       <C>                    <C>
Austrian Schilling      4/3/95--4/10/95     903         $926,831             $(23,892)
- -------------------------------------------------------------------------------------
Italian Lira            4/28/95             102          103,092                 (945)
- -------------------------------------------------------------------------------------
Swedish Krone           4/3/95--4/5/95      304          304,174                 (589)
                                                      ----------             --------
                                                      $1,334,097              (25,426)
                                                      ==========             --------
                                                                             $(22,818)
                                                                             ========
</TABLE>



21    Oppenheimer Global Growth & Income Fund

<PAGE>   22

- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS   (Unaudited) (Continued)
- --------------------------------------------------------------------------------


================================================================================
6. ILLIQUID SECURITIES

At March 31, 1995, investments in securities included issues that are illiquid
or restricted. The securities are often purchased in private placement
transactions, are not registered under the Securities Act of 1933, may have
contractual restrictions on resale, and are valued under methods approved by the
Board of Trustees as reflecting fair value. The Fund intends to invest no more
than 10% of its net assets (determined at the time of purchase) in illiquid or
restricted securities. The aggregate value of these securities subject to this
limitation at March 31, 1995 was $1,262,591, which represents .92% of the Fund's
net assets. Information concerning these securities is as follows:

<TABLE>
<CAPTION>
                                                                                 VALUATION
                                                                                 PER UNIT AS OF
SECURITY                                        ACQUISITION DATE  COST PER UNIT  MARCH 31, 1995
- -----------------------------------------------------------------------------------------------
<S>                                                 <C>               <C>            <C>
Plant Genetics Systems International NV              5/27/92          $11.18         $6.17
- -----------------------------------------------------------------------------------------------
Noble China Corp., 9% Cv. Sub. Debs., 11/30/04       11/21/94         $  .73         $ .76
</TABLE>

Pursuant to guidelines adopted by the Board of Trustees, certain unregistered
securities are determined to be liquid and are not included within the 10%
limitations specified above.



22    Oppenheimer Global Growth & Income Fund

<PAGE>   23

- --------------------------------------------------------------------------------
OPPENHEIMER GLOBAL GROWTH & INCOME FUND
- --------------------------------------------------------------------------------

================================================================================
OFFICERS AND TRUSTEES   
Leon Levy, Chairman of the Board of Trustees
Leo Cherne, 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
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Andrew J. Donohue, Secretary
Robert G. Zack, Assistant Secretary

================================================================================
INVESTMENT ADVISOR      
Oppenheimer Management Corporation

================================================================================
DISTRIBUTOR             
Oppenheimer Funds Distributor, Inc.

================================================================================
TRANSFER AND SHAREHOLDER SERVICING AGENT
Oppenheimer Shareholder Services

================================================================================
CUSTODIAN OF PORTFOLIO SECURITIES
The Bank of New York

================================================================================
INDEPENDENT AUDITORS    
KPMG Peat Marwick LLP

================================================================================
LEGAL COUNSEL           
Gordon Altman Butowsky Weitzen Shalov & Wein


The financial statements included herein have been taken from the records of the
Fund without examination by the independent auditors.

This is a copy of a report to shareholders of Oppenheimer Global 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.


23    Oppenheimer Global Growth & Income Fund

<PAGE>   24
        INFORMATION


GENERAL INFORMATION
Monday-Friday 8:30 a.m.-8 p.m. ET
Saturday 10 a.m.-2 p.m. ET

 1-800-525-7048


TELEPHONE TRANSACTIONS
Monday-Friday 8:30 a.m.-8 p.m. ET

 1-800-852-8457


PHONELINK
24 hours a day, automated 
information and transactions

 1-800-533-3310


TELECOMMUNICATIONS DEVICE
for the Deaf (TDD)
Monday-Friday 8:30 a.m.-8 p.m. ET

 1-800-843-4461


OPPENHEIMERFUNDS
Information Hotline
24 hours a day, timely and insightful
messages on the economy and 
issues that affect your investments

 1-800-835-3104


RS0215.001.0595  May 31, 1995


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      And when you need help, our Customer Service Representatives are only a
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PhoneLink gives you access to a variety of fund, account, and market
information. Of course, you can always speak with a Customer Service
Representative during the General Information hours shown at the left.


[PHOTO]

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Oppenheimer Shareholder Services


      You can count on us whenever you need assistance. That's why the
International Customer Service Association, an independent, nonprofit
organization made up of over 3,200 customer service management professionals
from around the country, honored the OppenheimerFunds' transfer agent,
Oppenheimer Shareholder Services, with their Award of Excellence in 1993.

      So call us today--we're here to help.

- --------------------------------------------------------------------------------

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